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Common Myths Behind Buying a House
by Tammy Emineth on Jun 3, 2021
Whether you’re considering purchasing a home or are already well into your house hunting journey, buying Real Estate is surrounded by a multitude of myths that can easily scare off buyers. Purchasing a house is generally the largest investment you’ll make during your lifetime, and because of that, it can often be quite a scary purchase. Due to the large price tag that accompanies Real Estate, it is easy for many potential buyers to begin a nosedive into the negatives, cons, and unfortunately, the myths that surround the process which can cause paranoia and in some cases, cause buyers to end their house hunting journey altogether. Luckily, these myths can easily be debunked!
Myth One: You’ll Save Money by Forgoing a Buyer’s Agent
It’s all about saving money, right? While it may seem as if you can save big bucks by choosing not to use a buyer’s agent this couldn't be further from the truth and using a buyer’s agent is surprisingly completely free! Buyers Agent wants to remind buyers that buyer's agent receives their checks come from the seller’s, giving you the financial freedom to hire an agent who has your best interests at heart.
Myth Two: You Need 20% For a Down Payment
Penny pinching and skipping your morning latte are only a few of the dozens of ways people choose to save up for purchasing a house, and while funds are indeed needed, a 20% down payment is not required on all purchases and loan types, making the idea of saving up for your home much more attainable.
Myth Three: It’s Best to Wait for a Buyer’s Market
It’s no secret that the Real Estate Market can shift to favor either buyers or sellers, however, this shift isn’t drastic enough to end your house hunting journey if the market is leaning more toward the sellers. Buying in a seller’s market is essentially the same as buying in a buyer’s market, while slight differences may be present regarding pricing and negotiations, the actual process remains the same.
Myth Four: You Need to Have Great Credit
Shooting for a score of 800? Great! However, it is not needed to secure a home loan. While rates and approval amounts may differ pending on your scores, you can actually get approval for a home loan with scores in the 500s.Great news for many buyers!
Myth Five: The List Price is the Selling Price
Budgeting is key when purchasing Real Estate and a common myth is that the list price is the price you will pay. In some cases, this may be true, however, in most scenarios, some negotiations take place that can either cause the sale price to be lower or higher than the list price.
The list of myths that seem to surround the home buying process is quite lengthy, however, these 5 myths seem to be the most commonly discussed amongst potential home buyers. As mentioned in Myth One, working with a buyer’s agent is key in the home buying process and by working alongside a reputable agent you will generally see better results than if you chose to work independently.
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