What's traditional for earnest money in your local market? (contingency, 1%, percent)

[Wry_Martini]

I've lived all over the country, and have seen a range in what is normal or traditional for earnest money in different markets.

What's the normal in your local market?

Mine is 3% (minimum) of the offered price.

[MrRational]

Originally Posted by Wry_Martini

what is normal or traditional for earnest money in different markets.

I've never put down more than $1000.

[kww]

1% is the norm, minimum of $1,000

[MikeJaquish]

Used to be 2% was nearly total standard practice.
1% +/- usually gets it done now.

[davebarnes]

Originally Posted by Wry_Martini

Mine is 3% (minimum) of the offered price.

Ours was that when we sold in 2011 in Denver.

[city living]

I think ours was 10%. But that's because of where we live and what we were buying into. A majority of coops in NYC require you to put down 20% anyway.

[Graycee]

Most earnest money I ever submitted was $1000. Haven't bought a house in 12 years though.

[KathrynAragon]

1 percent of the asking price is the going rate here, never under $1000. We just put $3500 down on a contingency offer.

[faabala]

$500-$1000 depending on home price. I would not put down more in a buyer's market.

[michgc]

We put $10K earnest money on our house purchase in Chapel Hill. House was about $500K. In NoVa, we had 3 offers on our house (also about $500K). Two did $10K earnest. One did $4K earnest.