Myths when Buying a Home

By
Real Estate Agent with HomeSmart

Three Myths when Purchasing a Home

Most of the time myths are just myths with no basis in fact.  Here are a few home buying myths.  

1. A Low Ball Offer is good so we can Negotiate

When in a buyer's market the buyer is usually in the driver’s seat.  That being the case, buyers should not run stop signs, exceed speed limits or insult sellers. That is a risk buyers run with an obscenely low offer.  

Sellers are emotionally attached to their homes.  Making a low offer could be offensive to sellers who takes pride in the home. Even if the seller counters, the damage is done.  He thinks you are a jerk and now you may have to work with someone who does not like you.  

If repairs are needed you have put the seller on the defensive, and he may be willing to make only necessary repairs.

Your real estate agent can help figure out the best offer on a home that will not insult the seller and still help the buyer fell like they are getting a good deal.  Check out my webpage for great Arizona Homes for Sale.  

2. When the Market Hits Rock Bottom is when I will Buy.

Timing the real estate market is impossible.  I will say it again, IMPOSSIBLE.  Unless you can see into the future, you will never know what the housing market will do.  The way you will know the market has reached the bottom is when it starts to go back up. Then you missed your chance.  

3. I need to wait until I have 20 Percent to Put Down

If you do not have 20% down you will have to pay Private Mortgage Insurance.  There are stricter lending standards for good reason, but that has not stopped millions from finding that perfect home and buying it.  There are many down payment assistance programs to help buyers get into homes that are still available.  The more you have to put down, the less PMI you need to pay each month.  VA Loans and doctor loans do not have PMI assessed.  VA Loans and USDA loans require no down payment for qualified buyers.  Check out my lending page and contact a lender for more information! Awesome Lenders!

There...  Three real estate myths were just busted!

 

Colette Cordner
My Home Group
HomeByColette.com
480-221-9619
colettecordner@gmail.com

Comments (1)

Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

All great myths. The last one is what gets me. So many still believe they need a 20% down to purchase a home. 

Jun 12, 2017 11:36 AM

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