Posts in category 'Real Estate Myths'

Freddie Mac recently released a report entitled, "Perceptions of Down Payment Consumer Research." Their research revealed that,

"For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment…

…Based on our recent survey of individuals planning to purchase a home in the next three years, nearly a third think they need to put more than 20% down."

Myth #1: "I Need a 20% Down Payment"

Buyers often overestimate the funds needed...

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Some Highlights:

• The average down payment for first-time homebuyers is only 6%!
• Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate!
• 88% of property managers raised their rents in the last 12 months!
• The average credit score on approved loans continues to fall across many loan types!

BUSTED! We've got the low-down on some common real estate myths and the truth behind them. 

Myth: Homes can only "pass" or "fail" inspections.

Truth: The home inspector's job isn't to pass or fail your home. They are there to outline potential problems and issues that need addressed for health and safety. They will also give you an evaluation with an estimation on the remaining economic life for some key systems like plumping, electric, HVAC and roofing. Think of it like a health check-up for your home instead of a test.

Myth: It's best to overprice your home for wiggle room during negotiation.

Truth: Although a high primary price point is a good negotiation tactic, it may not bode so well in the real estate market. In fact, overpricing your h...

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