Welcome Friends! Thank you for joining me for another blog post about the home buying process. Today we are going to chat about some home buying myths you may have heard through the grape-vine. Let’s jump right in!
The first MYTH:
YOU HAVE TO PUT 20% DOWN TO PURCHASE A HOME
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 lender to discuss your options. There are loans that require as little as 3% down as well as resources for buyers struggling with money for a down payment. My #1 Tip is do not get pre-approved from an online lender. Find someone LOCAL who you can actually sit down with so you make the best decision for your financial future. I always recommend at least 3 local lenders to my homebuyers, and your agent may have some top references for you as well!
The second MYTH:
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 means they are on their own for scheduling showings, being alerted of new listings and when it comes time to negotiations, they won’t have anyone working in their best interest. This combination 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 you losing money or overspending because you don’t have anyone negotiating on your behalf. If you decided not to work with a Real Estate Agent to represent you, the listing agent (who works for the sellers) will be the one writing your offer and handling both sides of the transaction.
The third MYTH:
WAIT UNTIL SPRING TO START LOOKING FOR HOMES
As a Real Estate Agent, we hear this all the time but I want to share why starting your home search before Spring isn’t a bad idea. 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 less buyers out there which means less potential competition when writing an offer.
Thank you so much for joining me for another blog post. I want to know what other home buying questions you may have and I am inviting you to send me a message on instagram with all your questions! Let’s chat real estate and all the things! I look forward to hearing from you!
-Until Next Time!