[quote=bearishgurl]Of course, it’s anecdotal, but I believe at least 40% of homebuyers put down at least 30%. We in lower-priced properties (this includes YOU, AN and ME) don’t see this because we don’t come into contact with it, like a RE professional would. In properties above $600K, I believe that the majority of current buyers put down 30% to 50%. Of course, this didn’t happen during the “millenium boom.” During that time, lenders routinely approved unqualified buyers to borrow far more $$ than they could ever pay back and also routinely made 100% LTV mortgages using 2nd TDs. This enabled purchasers who could qualify for a $150-$300K purchase on a bright sunny day (in a “normal” lending environment) to qualify for a $500-$850K purchase and drove up the prices of properties that should have been $200-$600K less under normal circumstances.[/quote]
I wasn’t talking about the $600k+ move up buyers. I know they put down a lot. I’m talking about the $400-600k buyers in 4S. I highly doubt there are that many move up buyers who would want to buy in the $400-600k range. Those tend to be the “detached condo” type. BTW, I know a few who are those buyers. They all are first time buyers and they’re professionals in their late 20s – early 30s.
