cm0002@lemmy.world to United States | News & Politics@midwest.social · edit-23 days ago'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.comexternal-linkmessage-square22fedilinkarrow-up191file-text
arrow-up191external-link'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.comcm0002@lemmy.world to United States | News & Politics@midwest.social · edit-23 days agomessage-square22fedilinkfile-text
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up5·3 days agoUh, even in more expensive areas $100k down payment seems a little insane
minus-squareBartyDeCanter@lemmy.sdf.orglinkfedilinkarrow-up1·20 hours agoThe floor price to buy a 2/1 house is $750,000 in my town. Assuming a standard 20% down payment you have to come up with $150,000 cash to buy the worst house in town.
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up1·19 hours agoMaybe. But. That’s assuming people are actually putting 20% down, which I doubt. And either way, even though prices are rising everywhere your area is still an outlier
minus-squaregrue@lemmy.worldlinkfedilinkarrow-up3·edit-23 days ago$100k is 20% of a $500k house. 20% is the traditionally “normal” amount, and $500k is a pretty average price in big cities these days…
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up2·3 days agoI don’t think most people are putting 20% down anymore tbh. Especially not in those places
minus-squareBreadstickNinja@lemmy.worldlinkfedilinkEnglisharrow-up1·3 days agoA lot of people put down 10-15% and pay the PMI. That’s what we had to do.
minus-squaregrue@lemmy.worldlinkfedilinkarrow-up1·3 days agoOr 3.5% with an FHA loan (if that’s still a thing?).
minus-squareActuallyGoingCrazy@sh.itjust.workslinkfedilinkEnglisharrow-up1·3 days ago100k is 6 digits
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up5·3 days agoRight, the comment I’m replying to is saying that 5 digits wouldn’t be enough
minus-squareExtantHuman@lemm.eelinkfedilinkarrow-up2·3 days agoNo it isn’t. It says “who has that?”, and “what bank would approve the loan for the falling apart shack that would buy”
Uh, even in more expensive areas $100k down payment seems a little insane
The floor price to buy a 2/1 house is $750,000 in my town. Assuming a standard 20% down payment you have to come up with $150,000 cash to buy the worst house in town.
Maybe. But. That’s assuming people are actually putting 20% down, which I doubt.
And either way, even though prices are rising everywhere your area is still an outlier
$100k is 20% of a $500k house. 20% is the traditionally “normal” amount, and $500k is a pretty average price in big cities these days…
I don’t think most people are putting 20% down anymore tbh. Especially not in those places
A lot of people put down 10-15% and pay the PMI. That’s what we had to do.
Or 3.5% with an FHA loan (if that’s still a thing?).
100k is 6 digits
Right, the comment I’m replying to is saying that 5 digits wouldn’t be enough
No it isn’t. It says “who has that?”, and “what bank would approve the loan for the falling apart shack that would buy”