Are you considering buying a home in 2020? Don’t fall for these common home buyer myths!
Myth #1: You need a 20% down payment.
Plenty of buyers are purchasing homes with down payments of less than 20% of the total cost of the property. In fact, some are even buying homes with as little as 3-5% down.
There are multiple programs out there that allow you to have a lower down payment, and a lender or mortgage broker can talk you through which option is the best for you.
Myth #2: Real estate agents are expensive.
Your agent is with you every step of the way throughout your home buying journey, and he or she spends countless hours working on your behalf. It sounds like having an agent is expensive, right? Well, not for you. Buyers usually don’t pay a real estate agent’s commission. Your agent’s fee is paid for at closing by the seller of the home you’re buying.1 The seller knows to factor this cost into the property’s total purchase price.
Check out this infographic which helps explain the microeconomics of this process:
Myth #3: Don’t call a real estate agent until you’re ready to buy.
The earlier you bring in an agent to help with the purchasing process, the better. Even if you’re in the very early stages of casually browsing online, a real estate professional can be a huge help.
Your agent can create a search for you that updates in real-time, so you get notifications for every house that meets your criteria as soon as it hits the market. Setting up a search a few months before you’re considering buying gives you a good idea of what’s out there in your town that’s in your budget. Reviewing the available inventory and speaking with an agent as soon as possible can help you set realistic expectations for when you actually start the house-hunting process.
Ready to start your home search? Give one of our trusted real estate experts a call!
This blog originally was published on Coldwell Banker Wallace’s site.
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