The earnest money you pay when purchasing a home can vary widely. Some home buyers pay as little as $500, while others pay several thousand dollars. The amount is negotiable between you and the sellers. It can depend on various factors, including the price of the home, the strength of the local real estate market, and your financial situation.
As a general rule, the earnest money deposit should be enough to show the seller that you're serious about purchasing the house, but it shouldn't be so large that it puts a strain on your finances. In most cases, earnest money deposits are a small percentage of the home's purchase price, typically ranging from 1% to 3%.
However, the sellers may view a larger deposit as a stronger show of commitment and good faith on your part. A larger deposit can be significant in a competitive real estate market when multiple buyers are interested in the same property.