Today I’ll discuss three myths I hear from buyers that are worth busting.
We at the Peak Properties Group have been out talking with buyers in the market recently, and we keep hearing three common myths being passed around. Today, I’ll explain what those are, why they’re myths, and how to bust them.
1. Is now a good time to buy? It absolutely is! We keep hearing about how low inventory and the fact that we’re in a seller’s market will make it difficult for buyers to find their dream home. Really, it’s just an opportunity. Lock down that listing, make a strong offer, and get it under contract.
2. Buyers need 20% down to buy a home. This is false. There are amazing loan products out there that will allow you to buy a home for as little 3% down, such as with a conventional loan. FHA loans allow for a 3.5% down payment. There are different rates for different products, so we recommend that you speak with a lender to find out what is your best option.
Here’s a pro tip: The program called NACA allows you to pay no money down and no closing cost (they pay the seller’s closing costs), and you can get a lower-than-market interest rate. It may sound too good to be true, but I assure you that it’s worth looking into.
3. It will be hard or impossible for sellers to sell their home and find a new one. In today’s market, with the lack of inventory, it might be that a seller will have to make multiple moves, but it all comes down to timing and logistics. There are two strategies you can use to make that transition easier:
B. Look at new construction. Buying new construction will give you a good time frame as far as when you’ll be able to move into your new home and close on it.
If you have any other questions about these myths or real estate in general, feel free to reach out to us. We’ll be happy to help you out.