Last Updated on March 9, 2024 by Nasir Hanif
So you’re finally getting ready to find your first dream home. You’ve created a mood board, you’ve drafted plans, and you have a decent amount of money saved up for your future down payment. It’s time for a home to fall into your lap.
Unfortunately, the real estate market isn’t as simple as that. You’re going to have to put some effort into finding your new home. But how can you navigate the complicated real estate market when there are so many myths going around about it?
We’re here to talk about a few common real estate myths so you can stay informed. Read on to learn more.
Table of Contents
You Need a Huge Down Payment
Anyone who’s never bought a home before might feel hopeless when they look at the current housing market. When houses are more expensive than ever, how are you supposed to get the standard 20% down? Sure, you know that your mortgage will be less than your rent, but you can’t get to the point of paying a mortgage if no one lets you buy the home in the first place!
If you’re a first-time homebuyer, you’re in luck. Ask around about the advantages that you have in your position. It’s not uncommon for first-time buyers to pay five percent or less on a down payment.
Even if this isn’t your first home, ask around to local lenders and see what you can come up with.
You Should Skip The Inspection
It’s tempting in such a hot market to skip the home inspection so you can buy the house as soon as possible. While this may land you the house, it can also bring you plenty of other problems.
Inspections will find things that you can’t see on your own. Whether the homeowner was purposefully trying to hide them or they also didn’t notice, they can dramatically impact the value of the home.
Don’t miss problems like water damage or electrical issues by skipping the inspection.
Real Estate Agents Are Only In It For The Money
If you’re lucky, you’ll come across the perfect home that’s for sale by the owner and you’ll be able to buy it without going through your (or their) real estate agent. In reality, it usually doesn’t work that way.
Many people don’t want to use real estate agents because of the extra fees that come along with them. While it’s true that it may cost more to use a real estate agent, they can also make the process far easier for you.
The best real estate agent, like the agents at jeffcookrealestate.com, knows the local area so they can help you find your dream home. They also know how to help you navigate the negotiation process.
If You Offer The Asking Price, You’ll Get The House
Speaking of negotiation, don’t get too confident when you offer the asking price for the house. It used to be easy to get a home if you were willing to pay what the homeowners asked, but this is no longer true.
In a hot housing market, homeowners are getting plenty of bids, some of which are over their asking price. Be prepared to pay more than what the home appears to cost and think about other ways to appeal to sellers.
Did You Believe These Real Estate Myths?
These real estate myths are pervasive. Keep them in the back of your mind when you start your hunt for a new home and start looking for agents and lenders.
Good luck finding your dream home!
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