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Real Estate
Reply to "When million-dollar-plus homes are purchased, do people put more than 20% down?"
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[quote=Anonymous]"Slow and steady" is not betting on riding price appreciation for a few years to trade up to a home that costs 33 percent more. High-value homes (even in DC) tend to appreciate very slowly relative to cheaper homes. Unless you got one helluva deal when you bought the 900k house, chances of you generating a large return on equity in the short run (especially when you tack on transaction costs) are low. [quote=Anonymous]We bought a $900k house with about $150k down. We have a $750k mortgage at 3.5% fixed which is how we're making it work. We expect we'll live in this house for a few years and then, hopefully, generate enough equity (through paydown and market) to have a bigger down payment on the next house (thinking around $1.2M). Slow and steady is how we look at it.[/quote][/quote]
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