The dollar amount for the earnest money is generally, dictated by the market. If it is a seller’s market the buyers need to put larger earnest money deposits at the time of the sales contract signing, hoping that it will show a stronger offer compared to the competition.
When it shifts back to the buyer’s market, you can go pretty low on the earnest money deposit.
Typically, the earnest money deposit could be anywhere between 1 to 10 percent of the purchase price obviously going higher in the seller market.
However, that is something you and your real estate agent will discuss and determine the right amount to put in as your earnest money deposit.
The dollar amount for the earnest money is generally, dictated by the market. If it is a seller’s market the buyers need to put larger earnest money deposits at the time of the sales contract signing, hoping that it will show a stronger offer compared to the competition.
When it shifts back to the buyer’s market, you can go pretty low on the earnest money deposit.
Typically, the earnest money deposit could be anywhere between 1 to 10 percent of the purchase price obviously going higher in the seller market.
However, that is something you and your real estate agent will discuss and determine the right amount to put in as your earnest money deposit.