Friday, November 18, 2022 / by Jake Uriegas
Buying and Selling a home is a BIG decision. You want good advice from the people you can trust. Your family and friends are the people you can trust the most, but if you’re trusting their advice with all things real estate, they may be giving you outdated or incorrect information.
A Real Estate Agent is a trusted professional who deals with real estate issues every day. I can help dispel myths that could limit your search or unduly influence one of the most important financial decisions you’ll ever make.
Beware of the following myths:
MYTH: YOU NEED A 20% DOWN PAYMENT
Reality: Though many buyers do put down 20% or more, first-time homebuyers paid a median 6%. There are many types of loans and programs you may qualify for to help you buy a home even if you don’t have a 20% down payment.
MYTH: YOU HAVE TO HAVE SPOTLESS CREDIT
Reality: You may be able to secure a loan even with a low credit score. There are also steps you can take to improve your credit score to boost your chances of getting a loan.
MYTH: DON’T BUY THE BIGGEST/MOST EXPENSIVE HOUSE IN THE NEIGHBORHOOD
Reality: This myth suggests that you may have difficulty finding a buyer when it comes time to sell or that your property value won’t rise in proportion to other homes in the neighborhood. But that is an overgeneralization. Many factors come into play for how much a home is worth. You should buy the house that best meets your needs and lifestyle.
MYTH: YOU NEED TO TIME THE MARKET
Reality: Don’t wait to buy a home because you think the price will go down. What if it doesn’t? It’s a bad idea to try to time your home purchase to avoid a seller’s market or join a buyer’s market. Those market conditions may not apply to the house or neighborhood you’re considering. You should buy when it makes sense for you.
Don’t rely on bad information when it comes to your home. I can dispel the myths and make the real estate transaction as smooth as possible.
Source: Texas REALTORS®
Photo by Kalhh