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 Your friends and family may not have all the answers—in fact, they may give you outdated or incorrect information.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.
Buying a home is a thrilling experience—and one that’s educational. Here are tips to avoid being overwhelmed as a first-time homebuyer. Don’t Rush the Home Search Some homeowners wish they spent more time searching for their perfect home. It’s important to weigh your options so you find the place that fits your needs. It’s also essential to find a REALTOR® who understands your needs, and patiently guides you to your dream home. Don’t Overlook Home Inspections It can be tempting go all in when you find the property that looks right. But always get a home inspection to avoid major problems. If you brush this off to the side, you risk major headaches that could cost you far more than the price of an inspection. Don’t Overreach You have criteria that limit your search, whether it’s location, budget, time, or something else specific to your situation. Ignore these limitations at your peril. For example, blowing your budget will cause financial stress, and putting aside location limitations could make your commute untenable. Your REALTOR® can help you identify and prioritize your limitations.