Debunking 7 Myths About Home Buying
Buying a home is one of the biggest decisions you'll ever make—and understandably, it comes with a lot of advice. The problem? Not all of that advice is accurate. Believe me, I hear all sorts of myths and misconceptions all the time. This often scares buyers, stalls their journey, or leads them down the wrong path. That said, let’s set the record straight.
Myth #1: You need a 20% down payment to buy a home.
The Truth: While a 20% down payment can help you avoid private mortgage insurance (PMI), it’s certainly not required. There are several loan programs that offer options with as little as 3-5% down, VA and USDA are 100% financing, and there are some state sponsored programs that are also zero down that are available particularly to first time homebuyers. So maybe you don’t quite have 20% saved, you can still buy a house, enjoy the tax benefit, and the benefits of equity.
Myth #2: You should wait until the market crashes to buy.
The Truth: Trying to "time the market" is a gamble. Real estate is a long-term investment, and has proven itself to be one of the most conservative asset classes to invest in. It’s not nearly as volatile as some other investment vehicles. This as an investment is primarily founded on a few factors. The first being Location. Location fundamentally drives demand, rental rates, appreciation potential, and tenant quality. Second is, Market Conditions (Supply and Demand) Real estate values are heavily influenced by the balance between the number of properties available and the number of people wanting to buy or rent them. Third is Financing. Most real estate purchases involve borrowing money (a mortgage). The terms of this financing are crucial. The more favorable those terms become, the more interest this causes amongst the buying folks.
Myth #5: Your credit must be perfect to get a mortgage.
The Truth: You don’t need a perfect score. Many lenders approve buyers with credit scores in the mid-600s, this is quite common actually. In a later blog we’ll talk about credit score and they work. For now, just unlearn that your credit must be impeccable to buy a home. Furthermore, If there are any necessary changes your credit needs certain lenders have access to tools that can determine the change necessary to get your score where we need it in order to take you across the finish line and you moving into your new home!
Final Thoughts – Make a Plan
There’s no shortage of opinions when it comes to buying a home—and that can make it hard to know what’s actually true. The good news? You don’t have to figure it all out on your own.
Whether you're just starting to explore your options or you're ready to take the next step, having the right guidance can make all the difference. Our role isn’t to sell you on a house—it’s to help you make sense of the process, avoid the expensive pitfalls, and make decisions that are right for you!
Even if you’re not planning to buy for another 6 or 12 months, now is a great time to get clear on what’s possible, what to expect, and how to prepare. A little planning upfront can go a long way in making the experience smooth and successful when you're ready.
If you ever want to talk through your options, ask questions, or just get a feel for the market—we’re always happy to connect. No pressure. Just real conversations and honest advice, whenever you’re ready.