Subscribe to Answers
$500 to $1000 and some have almost nothing. It is not a percentage of the purchase price.
Oro Valley, AZ
If a house is under $100,000 the EM is about $500. $100,000-$200,000 the EM is $1,000. If over $250,000 and up the EM is typically $2,000 - $2,500.
Oro Valley, AZ
It varies in my market with the minimum that I've seen is $1,000.
We see a lot of $1000 on anything under $200K. Over that, Buyers should make it $5000 or a percentage - otherwise, the Seller may counter for more deposit money.
Cape Coral, FL
My market sees about 1% or less. Depends on the situation really. Sometimes more EMD sweetens the deal for sure, but I've never advised less than $1,000.
It depends on the individual market but in my primary area, it's 3%. I remember a transaction where the listing brokers were also the sellers of their home and the listing clearly stated --- all offers must have a $2000 earnest money deposit. It was many years ago and the house was in the 400K range --- there was no argument from my clients who I had prepared for a much larger amount.
Ryan Huggins - Thousan...
Thousand Oaks, CA
Usually 1 - 2% but increasingly 3% especially when there multiple bids
1 to 5%. It varies depending on buyer and price of property.
I write the good faith deposit as low as possible. That is the most a buyer can lose if they default after removing all contingencies. That is if the Liquidated Damages clause is initialed by all parties. That is if I represent the buyer. When representing the seller usually a minimum of 1% but up to 3%. I don't like to scare off buyers.
5% of the sale price for resales...
10% is what I would require for my builders.....my builders loved me!!!!
Agree with Fred Griffin
Fred Griffin Tallahass...
No std but I usually suggest 1% or $1k which ever is closest
Panama City, FL
I've seen it as a dollar amount and not a percentage amount Hella M. Rothwell, Broker/Realtor® - depending on the sale price, I see either $2K or $5K as the EMD.
1-2% is used in this market
Oro Valley, AZ
Typically 3% however the contract is between Buyer and Seller. In our market it's typically the 3%.
Beginner homes $500 to $1000
Secondary homes $1500-$3000 or more
3% is standard or $10,000 is too.
Depends on the buyer & the price point.
I try not to exceed small claims court limits, or at least the liquidated damages max.
2500-5000 should make the point. There are many other important criteria
If we get one at all usually 500-1,000,00
In our area it is a flat dollar amount of about $1000
1% is normal in our market.
Cash amount I do not use a percentage.
Typically 1% in our market. Always fun to explain that to the family member from an area that gets a lot more....!
In my area it's 1% initially and then if there are multiple offers it's often raised to 3% total after contingencies are removed.
Typically 1% is expected in my market, but when multiple offers are involved that can increase quite a bit.
1% of sale price in most cases
Typically it is 1% or 2%, however, our market is so competitive that we are seeing EMD much higher than that.
We typically have a low initial deposit of around $1,000 and then a second deposit where I like to see about 5 to 10% of the sales price.
1% of proposed purchase price at offer, then goes up to 5-10% at time of deposit.
No standard I'm aware of but personally the range has been from $1.00 up to the maximum I can get them to part with. No fancy terms or secondary deposit is the preferred method.
3% has been common here for the last 20+ years. For certain types of loans, it can be less.
1% of the offer price in CT
We don't have a std - but try to go for at least 1%
Most of the time it has been $1000.
1% is the standard in Arizona
The amount of deposit varies, but no as much now as in previous years!
In my opinion there are many factors that go into determining that amount.
That would be high for my area. It depends on sales price. $1K for up to 100K, 3K for $200K. Our contract does not state a percentage.
The initial deposit amount has dropped thru the years because there are so many other contingencies in the Agreement .
Hella 3% no matter if it is $50k transaction or $50 million transaction, Endre
I just put down $500, easy to remember and generally does the job.
Hella M. Rothwell, Broker/Realtor® - it's $1,000 for most purchases, followed by up to 5% of agreed upon price.
There is no standard percentage or amount in my area.
1 to 3%
that sounds about right.
No specific standard in Erie, PA
I agree, 3% earnest money deposit is standard depending on the terms and price of the home.
Hi Hella - In northern Colorado, it's typically 1% of the list price.
want to impress sellers I have seen 5-10%,
One promised 100% EMD 24 hour coe it was rejected due to low offer price.
Hella M. Rothwell, Broker/Realtor® In commercial real estate it is as much as you can get.
That % is about right, unless a high-end custom home, or property
Usually about 1%, but new construction or new developments can be much higher.
There is no standard.
EMD can vary from $500 to 3%.
However, the amount and the heat of the market can compel the buyer to deomsonstrate a greater commitment.
I have been allowed the benefit of listing agents countering with the sellers level of comfort regarding EMD, keeping my buyers in the game.