Buyers: Don’t Let Real Estate Myths Limit Your Search | Columnists
GRANBURY REAL ESTATE AGENTS ASSOCIATION
Lisamarie Sheck is president of the Granbury Association of Realtors.
With a decision as big as a real estate transaction, you’ll want good advice from people you can trust. Your friends and family may not have all the answers – in fact, they may be giving you outdated or incorrect information.
Your real estate agent is a trusted professional who deals with real estate issues on a daily basis. Real estate agents can help dispel myths that could limit your search or improperly influence one of the most important financial decisions you can make.
THE FOLLOWING MYTHS
Myth: You need a 20% down payment
Reality: Although many buyers put down 20% or more, Texas homebuyers paid a median down payment of 14% in 2020, according to the Profile of Texas Homebuyers and Sellers report. First-time home buyers paid a median of 6%. There are many types of loans and programs you may qualify for to help you buy a home even if you don’t have a 20% down payment.
Myth: You must have impeccable credit
Fact: You may be able to get a loan even with a low credit score. There are also steps you can take to improve your credit score to increase your chances of getting a loan.
Myth: Don’t buy the biggest/most expensive house in the neighborhood
Reality: Don’t wait to buy a house because you think the price will drop. And if not? It’s a bad idea to try to tie your home purchase to avoid a seller’s market or join a buyer’s market. These market conditions may not apply to the home or neighborhood you are considering. You should buy when it makes sense to you.
Don’t rely on bad information about your home. Your real estate agent can dispel myths and make the real estate transaction as smooth as possible.
You can find a complete listing of real estate agents for Hood and Somervell counties on the Granbury Association of Realtors website — under Directory: granburyRealtors.com.
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