Earnest money standard for private deals (or any deals)

[Asher Carr]

I'm planning on closing a deal with the seller and we agree to the whole contract except for the earnest money. He wanted $1000 in earnest money at signing while I want (and really can afford) only $100. He came back and said it was a standard is 1% of purchase or minimum $1000. How should I approach this? Is that a true standard in business? I thought earnest money is to just bind the contract until closing.