Common Homebuyer Myths: Don't Let These Limit Your Home Search!

Buying a 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:

1. 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.
2. 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.
3. 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.
4. 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!