home is a huge decision! As REALTORS, we like to help educate our buyers on the
home-buying process so that they know what to expect. Today, let’s talk about
some of the popular buyer myths out there that may be limiting buyers from
their home search:
Myth: Buyers have to have a 20% down
payment. Reality: While some buyers do put down 20% or more, this is not a
requirement. According to the Texas Profile of Homebuyers and Sellers, Texas
homebuyers paid a median 14% down payment in 2020. First-time Texan homebuyers
paid a median 6% down! There are many loans and programs out there that offer
homebuyers low down payment options. Contact us for great lender
recommendations to see if you qualify.
Myth: Buyers have to have perfect
credit. Reality: Buyers do not need to have perfect credit or crazy high credit
scores to secure a loan. For example, FHA loans require a minimum score of 580
to qualify for low down payment. There are also many steps buyers can take to
improve their credit score and boost their chances of getting a loan. We can
help you work with a lender or a credit repair company to get you where you
need to be.
Myth: Don’t buy the biggest or most
expensive house in the neighborhood. Reality: Buyers may be worried that being the largest home on the block
may make it harder to sell later or even that property value won’t rise in
proportion to the other homes. This myth overgeneralizes the situation; there
are many factors that play a part in determining what a home is worth. Buyers
should buy the house that best meets their needs and lifestyle.
Myth: Buyers need to time the market. Reality: Buyers should not wait to buy a home because they think prices
may go down in the future. What if it doesn’t? It’s difficult to try to time
your home purchase to avoid a seller’s market or join a buyer’s market. There
are many factors that affect the market and it can be hard to predict the
“perfect” time to buy. Buyers should buy when it makes sense for them.
Don’t rely on misinformation when you’re buying
a home. As REALTORS we can help dispel the myths and help you through the home
buying process! Give us a call today at (214) 449-1022 and we can help you get
started with your home search!