Buying a HOME - Some Major Myths!

Think you're ready to buy a home? Let's bust some major myths!

There are a few homebuying myths that are keeping renters stuck in a lease. With all the different information sources available today, it’s no surprise there are quite a few misconceptions about the home-buying process. Here are just a few:

1. You need a 20% down payment.

The truth: In 2022, 6% was needed for first-time home buyers, and 17% was the typical down payment for repeat buyers.

2. You need perfect credit to buy a home.

The truth: While a higher credit score can help you secure better mortgage rates, you don’t need perfect credit to buy a home. There are various loan programs available for buyers with less-than-perfect credit.

3. Step Number 1 is looking for homes.

The truth: Looking is fun, but if you get pre-approved first, you know how much you can afford and don’t waste time scrambling when you find the home you want.

4. You should wait until spring to buy.

The truth: Many people put their homes on the market in the spring so they can move during the summer. A lot of inventory means more buyers as well, which can drive up prices. Buying in the off-season could save you money.

5. Agents aren't a vital part of the home-buying process.

You could try to do it on your own, but it's likely the biggest investment you'll ever make, and buying real estate is a complex process. There are many benefits to working with a qualified agent, including exclusive access to private sales, expert negotiation skills, market & neighborhood knowledge, and more.

Let me know if you have any questions; I'm just a reply away!