3 Home Buying Myths You Need To Know

If you’ve been thinking about buying your first home, chances are you’re getting tons of advice from everyone you mention it to. It can be pretty overwhelming which is why I want to share 3 home buying myths you need to know if you’re considering homeownership. These will help debunk some of the things you may be hearing from people who want to give their advice from the kindness of their hearts but probably aren’t professionals.

MYTH #1: You Have to Put 20% Down to Purchase a Home

This could be the biggest home-buying myth of all time! Putting a minimum of 20% down on a house does have some financial benefits .. BUT it isn’t required.

There are several options when it comes to financing your home so you’ll want to meet with a local lender to discuss these options before jumping headfirst into the process. There are loans that require as little as 0% down as well as resources for buyers struggling with down payment money and first-time home buyer programs.

Tip #1: Do not get pre-approved from just any online lender. Find someone local who you can actually sit down with, understand your options and make the best decision for your financial future.

Tip #2: You have a 2-week window to shop around with as many lenders as you like to make sure you’re getting the best value and working with a lender you connect with!

MYTH #2: It Doesn’t Matter if I Don’t Have a Real Estate Agent

Some buyers prefer not to commit to working with one specific agent and therefore they don’t take advantage of hiring a buyer’s agent to help them with their home purchase. This is unfortunate because as a buyers agent, I’m a completely free resource! Without an agent, a buyer will be on their own for scheduling showings or finding new listings. When it comes time to negotiations, they won’t have anyone working in their best interest.

This is not a great combination because it can prevent you from getting an Accepted Offer on the house you really love because you haven’t been educated on the market or how quickly you need to make a move. It could also result in a home buyer losing money or overspending because you don’t have anyone negotiating on your behalf.

As a buyer’s agent, I work to guide my clients through the process as if it was their very first time. It begins with a one-hour buyer consultation. Where we discuss the timeline of the buying process and when money is due along the way. We will talk about which loan programs you qualify for, and I’ll connect you with lenders who best fit your needs!

MYTH #3: Wait Until “Spring” to Start Looking For Homes

As a real estate agent, I hear this ALL. THE. TIME. I want to share why you shouldn’t wait for a specific time of year to start your home search, especially Spring.

There is less competition when you’re not in the prime months for buying and selling real estate. Buying in the “off season” could save you money because there are fewer buyers which means less potential competition when writing an offer. It’s best to start your home search when you are ready rather than waiting for a certain time of year. There are always new listings coming on the market and you could be missing your perfect house if you wait to start your search until a specific time of year.

If you’re considering homeownership, you’re already ahead of the game by knowing about these 3 myths. Your next step should be to sit down with me over a cup of coffee so can go over the entire process with you and set you up for success!