It can be hard to tell the real estate tricks from treats, so let’s clear the confusion once and for all. Here are some of the most common real estate myths, debunked:
MYTH: “You don’t need a real estate agent to buy a home.”
TRUTH: Buyer agents 1) Are duty-bound to put your interests first, 2) Will ensure you stay organized (and calm!) through the buying process, and 3) Use their local knowledge and expertise to help you realize the perfect home at a price you feel great about. Why would you want to skimp on that?
MYTH: “You should start the buying process by looking at homes.”
TRUTH: It’s critical to start the process by getting your financial ducks in a row. First stop? A preapproval letter from a trusted lender. You’ll thank yourself later when you’re able to put in that offer lightning fast.
MYTH: “You need 20% down plus closing costs to buy.”
TRUTH: While 20% is ideal, most buyers don’t have that amount of cash lying around. There are many loans that have down payments as low as 3.5% (or even 0%!), so ask your agent or lender what’s right for you.
When it comes to buying and selling, knowledge is power. Never blindly follow the advice you’ve heard from the internet or your friends without talking with an experienced agent.
Have other thoughts or questions about buying? DM us, no strings attached.
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