Don't Let Real Estate Myths Hold You Back

When it comes to buying a home, getting advice from trusted sources is crucial. Friends and family might mean well, but their guidance often comes from personal experiences that may not apply to your situation. Worse, they might share outdated or incorrect information that can cloud your judgment.

That’s why your best bet is to turn to a REALTOR®. As real estate professionals, REALTORS® deal with these issues every day and can help debunk myths that could limit your home search or misguide one of the most significant financial decisions of your life. Here are some common real estate myths you should stop believing:

Myth #1: You Need a 20% Down Payment

Reality: While putting down 20% or more is common, it’s far from a requirement. In fact, the median down payment for Texas homebuyers in 2020 was just 14%, and for first-time homebuyers, it was even lower at 6%, according to the Profile of Texas Homebuyers and Sellers report. There are various loan programs and options available that allow you to buy a home without a 20% down payment. So, don’t let this myth stop you from exploring your options!

Myth #2: You Must Have Spotless Credit

Reality: It’s a common misconception that you need perfect credit to buy a home. While a high credit score can improve your chances of securing a loan, many lenders offer options for those with lower scores. Plus, there are actionable steps you can take to boost your credit score and enhance your loan eligibility. Your REALTOR® can connect you with trusted lenders who specialize in helping people in all kinds of credit situations.

Myth #3: Don’t Buy the Biggest or Most Expensive House in the Neighborhood

Reality: This myth often stems from the idea that buying the largest or priciest house will make it harder to sell later or that it won’t appreciate as much as smaller homes nearby. However, this is an oversimplification. A home’s value depends on multiple factors, including market conditions, neighborhood trends, and individual property features. The right home for you is one that meets your needs and suits your lifestyle—don’t let fear of resale dictate your choice.

Myth #4: You Need to Time the Market

Reality: Many prospective buyers think they should wait to buy a home until market conditions are just right, such as waiting for prices to drop. But trying to time the market is risky—what if prices rise instead? Market trends can vary greatly depending on the area and the type of home you’re interested in. The best time to buy is when you’re ready financially and personally. Your REALTOR® can help you navigate the current market conditions, ensuring you make a well-informed decision rather than a reactionary one.

Bottom Line
Navigating the homebuying process can be overwhelming, especially with all the conflicting advice floating around. But by working with a REALTOR®, you’ll get expert insights to help you cut through the noise and make decisions based on facts, not myths. Don’t let outdated beliefs stand in the way of your dream home!