79 percent of Americans think now is NOT a good time to buy a home.
Yet, these people’s perception about homebuying is misguided by the wrong information they follow. They believe lies about the real estate market, and that’s why they’re reluctant to buy a home. As an individual, it’s hard to go against the masses when making real estate investment decisions, yet it’s the right move.
That’s why you should take the time to get the right information about homebuying.
To help you out, this blog will debunk the most common homebuying myths that exist today.
So, please keep reading.
The First Step Is to Search for a House
Some people believe the myth the first homebuying step is to search for houses. The problem is when they find a perfect house on sale and fail to secure financing. That’s why you need to start with getting a mortgage preapproval.
The idea is to know whether you qualify for a mortgage and, if you do, how much. With this figure in mind, it’s easy and fast to compare various homes on sale and pick the best one.
You Don’t Need to Involve a Realtor
With the help of the internet, you may feel you don’t need the help of the best realtor when planning to buy a home. You argue that all you need is to check out various websites and social media to find homes listed for sale. Yet this is a fatal mistake that only makes things hard for you.
Without a realtor, you’ll have a hard time accessing the housing market information. And that’s why you’ll end up overpaying for a home in the wrong neighborhood. To overcome this problem, use resources like https://searchnwa.com/ to find the best real estate agent.
You Must Have Excellent Credit to Buy a Home
Some people believe the lie that you can’t access a mortgage with a low credit score. These people claim that if you wish to access house financing, you must have a perfect credit score. Yet, this is inaccurate as credit score isn’t the only thing mortgage lenders check.
The most important thing that all lenders check is the ability to repay the home loan. So, even if you have a low credit score, you still qualify for a mortgage when you provide evidence that you can afford to repay.
Renting Is Cheaper than Homebuying
Most Americans believe the myth that it’s cheaper to rent a home than buy one. Yet, these people’s arguments focus solely on the short-run and disregard the long term. As a visionary person, you need to know that it’s cheaper to buy a house than rent in the long run.
Make Smart Decisions by Ignoring Homebuying Myths
You need to disregard the above homebuying myths to make the right decision. Understand that even without a perfect credit score, it’s still possible to qualify for a mortgage. Also, know that it’s more economical to buy a house in the long run than rent.
Please see our other articles for more insightful content.