{"id":144,"date":"2024-08-23T13:49:24","date_gmt":"2024-08-23T18:49:24","guid":{"rendered":"https:\/\/twilabertrand.sites.c21.homes\/?p=144"},"modified":"2024-08-23T13:49:24","modified_gmt":"2024-08-23T18:49:24","slug":"todays-biggest-housing-market-myths","status":"publish","type":"post","link":"https:\/\/twilabertrand.sites.c21.homes\/?p=144","title":{"rendered":"Today\u2019s Biggest Housing Market Myths"},"content":{"rendered":"

Today\u2019s Biggest Housing Market Myths<\/a><\/h2>\n
For Buyers,\u00a0<\/a><\/span>Mortgage Rates,\u00a0<\/a><\/span>Buying Tips,\u00a0<\/a><\/span>Economy<\/a><\/span><\/div>\n
Article from Keeping Current Matters<\/div>\n
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Have you ever heard the phrase: don\u2019t believe everything you hear? That\u2019s especially true if you\u2019re thinking about\u00a0buying<\/a>\u00a0or\u00a0selling<\/a>\u00a0a home in today\u2019s\u00a0housing market<\/a>. There\u2019s a lot of\u00a0misinformation<\/a> out there. And right now, making sure you have someone you can go to for trustworthy information is extra important. Keep reading for more on Today\u2019s Biggest Housing Market Myths.<\/p>\n

If you partner with a\u00a0real estate agent<\/a>, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.<\/p>\n

1. I\u2019ll Get a Better Deal Once Prices Crash<\/strong><\/h4>\n

If you\u2019ve heard\u00a0home prices<\/a>\u00a0are going to come\u00a0crashing down<\/a>, it\u2019s time to look at what\u2019s actually happening. While prices vary by local market, there\u2019s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to\u00a0prices<\/a>\u00a0crashing. Across the board, there\u2019s an\u00a0undersupply<\/a>\u00a0of homes\u00a0for sale<\/a>\u00a0today. That makes this market a whole different scenario (see chart below<\/em>):<\/p>\n

\"No<\/a>So, if you think waiting will score you a deal, know that\u00a0data<\/a>\u00a0shows there\u2019s\u00a0not a crash<\/a>\u00a0on the horizon, and waiting isn\u2019t going to pay off the way you\u2019d hoped.<\/p>\n

2. I Won\u2019t Be Able To Find Anything To Buy<\/strong><\/h4>\n

If this nagging fear about finding the right home if you move is still holding you back, you probably haven\u2019t talked with an expert\u00a0real estate agent<\/a>\u00a0lately. Throughout the year, the supply of\u00a0homes for sale<\/a>\u00a0has grown.\u00a0Data<\/a>\u00a0from\u00a0Realtor.com\u00a0<\/em>helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (see graph below<\/em>):<\/p>\n

\"No<\/a>So, if you\u2019re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn\u2019t back to normal just yet, inventory is moving in a healthier direction. And that means as your\u00a0options improve<\/a>, you can let go of this now outdated myth because finding a home to buy won\u2019t feel quite so impossible anymore.<\/p>\n

3. I Have To Wait Until I Have Enough for a 20% Down Payment<\/strong><\/h4>\n

Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is,\u00a0Fannie Mae<\/em><\/a>\u00a0<\/em>says:<\/p>\n

\u201cApproximately 90% of consumers overstate or don\u2019t know the minimum required down payment for a typical mortgage.\u201d<\/em><\/p><\/blockquote>\n

And if you look at\u00a0the data<\/a>\u00a0from the\u00a0National Association of Realtors\u00a0<\/em>(NAR), you can see the typical homeowner isn\u2019t putting down as much as you might expect (see graph below<\/em>):<\/p>\n

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First-time homebuyers<\/a>\u00a0are typically only putting down 6%. That\u2019s far less than the 20% so many people think they need. And if you\u2019re looking at that graph and you\u2019re more focused on how the number for repeat\u00a0buyers<\/a>\u00a0is closer to 20%, here\u2019s what you need to realize. That\u2019s only because they have so much\u00a0equity<\/a>\u00a0built up in their current house that can be used to make a larger down payment for their next move.<\/p>\n

This goes to show you don\u2019t have to put 20% down, unless it\u2019s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put\u00a03.5%<\/a>\u00a0or even\u00a00%<\/a>\u00a0down<\/a>. So, if you\u2019re buying your\u00a0first home<\/a>, you likely don\u2019t need nearly as much for your down payment as you may think.<\/p>\n

An Agent\u2019s Role in Fighting Misconceptions<\/strong><\/h4>\n

If you put your move on pause because you heard one or more of these\u00a0myths<\/a>\u00a0yourself, it\u2019s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.<\/p>\n<\/div>\n

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Bottom Line<\/h3>\n

If you have questions about what you\u2019re hearing or reading, let\u2019s connect. You deserve to have someone you can trust to get the facts.<\/p>\n

Twila Bertrand, Realtor<\/p>\n

Serving Lufkin, Huntington, Nacogdoches, and all of Deep East Texas since\u00a0 2012!<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Today\u2019s Biggest Housing Market Myths Thursday August 22nd, 2024\u00a0For Buyers,\u00a0Mortgage Rates,\u00a0Buying Tips,\u00a0Economy Article from Keeping Current Matters Have you ever heard the phrase: don\u2019t believe everything you hear? That\u2019s especially true if you\u2019re thinking about\u00a0buying\u00a0or\u00a0selling\u00a0a home in today\u2019s\u00a0housing market. There\u2019s a lot of\u00a0misinformation out there. And right now, making sure you have someone you can […]<\/p>\n","protected":false},"author":194391,"featured_media":145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"_links":{"self":[{"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/posts\/144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/users\/194391"}],"replies":[{"embeddable":true,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=144"}],"version-history":[{"count":1,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/posts\/144\/revisions"}],"predecessor-version":[{"id":146,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/posts\/144\/revisions\/146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=\/wp\/v2\/media\/145"}],"wp:attachment":[{"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/twilabertrand.sites.c21.homes\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}