Is It A Fact Or A Real Estate Myth?

Written by Shannon & Tamara of Stone Sisters Realty

The world of real estate is full of misconceptions that can skew perceptions and lead to missed opportunities. This month, we're setting the record straight and reviewing 5 common myths. Whether you're a seasoned investor, a first-time buyer, or looking to sell, it's time to separate fact from fiction.

1. You Must Put Down 20% to Purchase a Home

A 20% down payment isn’t always necessary. Especially if you are buying under $500,000 than only 5% is needed. If buying over $500,000, 10% is needed on the remaining amount up to $999,999. Anything over $1million does require 20% down and this is a requirement for everyone; from seasoned real estate purchasers to first time home buyers. 

2. The Best Time to Sell is Spring

While it’s true that the real estate market can be seasonal, with a surge of activity in the spring and summer months, the “best” time is subjective. In fact, buying or selling during off-peak seasons can sometimes work in your favor. Sellers often have less competition in the fall and winter and buyers looking at this time are serious and often working within a set deadline.

3. All Real Estate Agents are the Same

This myth couldn't be further from the truth. Agents come with varying levels of experience, niche expertise, and customer service styles. Its important to find a Realtor you believe is the best fit for you and can understand your needs.

4. You Can't Buy a Home with a Poor Credit Score

While a higher credit score certainly helps and can secure a lower interest rate, a less-than-perfect credit score doesn't automatically disqualify you from purchasing a home. There are loan programs specifically designed to help those with lower credit scores. Plus, there are financial advisors out there that can suggest steps to improve your credit and enhance your buying power.

5. Home Renovations Always Increase Your Home's Value

Not all renovations are created equal. While some updates can increase a home's market value, others may not yield a significant return on investment. It's important to research and consult with a real estate professional before undertaking major renovations.