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In Boston most sellers won't consider an offer if it doesn't have at least 20% down. I can tell you that it has not grounded the market at all mostly because th
by djb_hackernews 11y ago
In Boston most sellers won't consider an offer if it doesn't have at least 20% down. I can tell you that it has not grounded the market at all mostly because the offers are so much over offer and the offers are so much over appraisals that anything less than 20% means the sale is likely to be blocked by the lender due to LTV issues.
My beef is 3 fold: NIMBY, weak public transport, REITs buying SFHs and small multis that historically have always been owner occupied.
- jazzyk 11y agoI don't think what you said ("won;t consider an offer" applies to first-time buyers. With the median home price in Boston around $467K, a young family would need ~$100K (including tx costs) in _cash_ to buy. I am a bit puzzled by where this down money would come from. Given college debt payments and stagnant wages. Also, saving money is not a practiced virtue in the US :-)