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 Your friends and family may not have all the answers—in fact, they may give you outdated or incorrect information. Your REALTOR® s a trusted professional who deals with real estate issues every day. REALTORS® can help dispel myths that could limit your search or unduly influence one of the most important financial decisions you’ll ever make. Beware of the following myths: Myth: You Need a 20% Down Payment. Reality: Though many buyers do put down 20% or more, Texas homebuyers paid a median 14% down payment in 2020, according to the Profile of Texas Homebuyers and Sellers report. First-time homebuyers paid a median 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 Spotless Credit. Reality: You may be able to secure a loan even with a low credit score. There are also steps you can take to improve your credit score to boost your chances of getting a loan. Myth: Don’t Buy the Biggest or Most Expensive House in the Neighborhood. Reality: This myth suggests that you may have difficulty finding a buyer when it comes time to sell or that your property value won’t rise in proportion to other homes in the neighborhood. But that is an overgeneralization. Many factors come into play for how much a home is worth. You should buy the house that best meets your needs and lifestyle. Myth: You Need to Time the Market. Reality: Don’t wait to buy a home because you think the price will go down. What if it doesn’t? It’s a bad idea to try to time your home purchase to avoid a seller’s market or join a buyer’s market. Those market conditions may not apply to the house or neighborhood you’re considering. You should buy when it makes sense for you. Don’t rely on bad information when it comes to your home. Your REALTOR® can dispel the myths and make the real estate transaction as smooth as possible.