Today's Biggest Housing Market Myths: Debunked

Thursday, August 22nd, 2024 – For Buyers, Mortgage Rates, Buying Tips, Economy

You’ve probably heard the saying, “Don’t believe everything you hear.” This couldn’t be more relevant when it comes to today’s housing market. With so much information floating around, it’s crucial to rely on a trustworthy source, especially if you're considering buying or selling a home.

Partnering with a professional real estate agent can help clear up misconceptions, providing you with research-backed facts. Here are a few common myths that we can help set straight:

Myth 1: I’ll Get a Better Deal When Prices Crash

If you’re waiting for home prices to crash, you might be waiting a while. While prices vary by local market, the data shows that a housing crash isn’t on the horizon. Unlike the 2008 market, where an oversupply of homes caused prices to plummet, today’s market faces an undersupply, making a price crash unlikely.

So, if you're holding off for a better deal, consider this: waiting may not work out the way you hope.

Myth 2: There’s Nothing on the Market to Buy

Many people still worry they won’t find a home to buy. But, with inventory increasing over the past year, this fear is becoming outdated. While supply hasn’t reached pre-pandemic levels yet, it has certainly improved since the record-low levels during the pandemic.

If you’ve been putting off buying because of concerns about availability, now’s a good time to rethink your approach.

Myth 3: I Need a 20% Down Payment

A persistent myth in real estate is that you need 20% down to purchase a home. The truth? Most buyers put down far less. In fact, according to the National Association of Realtors, first-time homebuyers typically only put down about 6%.

For many loan types, the down payment can be as low as 3.5%, and in some cases, 0%. So, don’t let the 20% myth stop you from taking the next step in your homeownership journey.

RIM Property Group: Helping You Navigate the Myths

If these myths have made you hesitant, it’s time to get the facts straight. At RIM Property Group, we provide the data and insights to guide you through the process and ensure you're making informed decisions.

RIM Property Group – Your Trusted Source for Real Estate Guidance

If you're unsure about what you've been hearing or reading, reach out to us. You deserve clear, accurate information to help guide your real estate decisions. Let’s connect today!