Clearing Up Myths: What You Really Need to Know About Today’s Housing Market

When it comes to the housing market, it is important to sift through the noise and pay attention to the facts. An experienced realtor, Betsy Pepine, highlights some of the myths associated with the condition of the market today. If you are looking into renting or purchasing a property, these are three important myths that you need to bear in mind:

Myth 1: “I’ll Get a Better Deal Once Prices Crash”

A lot of potential buyers are now sitting on the fence, waiting for a crash in the market because they think there’s going to be a crash like in the year 2008. But it is quite another day today. Specifically, in 2008, there was an excessive stockpile of houses available in the market, which caused a huge price decline. These days, the opposite is the case where there’s a shortage of houses for sale in the market. It’s just not possible, given the current volume of inventory, for there to be a crash. Instead, steady demand is expected to keep prices stable.

Myth 2: “I Won’t Be Able to Find Anything to Buy”

People worry about the availability of any properties to buy, which is also quite fashionable. Although it is true that the inventory is still not quite back up to pre-pandemic levels, the supply of new and existing homes is increasing this year. In reality, this means you may have more choices than what you first assumed. Such a perception of low inventory should not stop one from considering the market; possibilities are waiting for you out there.

Myth 3: “I Need a 20% Down Payment”

The idea that a 20% down payment is a requirement can be misleading. Most people think this is a common practice, but that’s not necessarily the case. First-time homebuyers often put down around 6%, depending on the type of loan and lender involved.  It is essential to evaluate alternate options in your financing, and fairly and frankly, a 20% down payment isn’t always a prerequisite for homeownership.

Have Questions? Let’s Set the Record Straight!

If you are hearing or have some questions about other housing rumors or the housing market in particular, you can count on Betsy Pepine for help. Don’t hold back! With so much knowledge and experience, she will be able to help you get through the confusion that comes with purchasing a home in this modern era.

Connect with Betsy today and take the first step toward informed homeownership!