'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'
'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'
With housing costs near a record high, home buyers are mostly staying on the sidelines.
Well I am just shocked, SHOCKED I say! Well...not that shocked
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who's got 5 digits in the bank for a down payment? let alone a bank that will approve a loan for the only "affordable" house which is affordable because it's falling apart?
Five digits? Where you getting housing that it only takes five digits for a down payment?
hint: the population is ~3000 and we have confederate statues
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"
Srsly