At times it can be hard to differ a myth from fact especially in the real estate market. There are many myths out there and I will be debunking the three biggest ones out there right now.
Myth # 1
I have to pay commission to my agent for finding me a home.
My services are FREE to buyers. In a standard sale the buyer does not pay commission. It is up to the sellers brokerage to determined and distribute all commissions.
Myth # 2
I should only buy a home when I have 20% down payment and a little cushion.
It is understandable that people feel that this is necessary to do especially if they do not want to pay the insurance on the mortgage. However, in all reality the longer you wait on the sidelines, the market continues to increase. It could possibly price you out of the market or a specific neighbourhood that you want to buy in.
Myth # 3
Will buy when the market “crashes.”
The real estate market is difficult to predict, even with the smartest analysts who have been predicting a “crash” in the last eight years.
Buy when you are ready and if the market shifts then just hold on for the ride as it will stabilize.
Myths are exactly that myths. If you are ready to purchase then contact a realtor to go over your next steps to make your dream of owning a home a reality.
If you have any questions or myths that need debunking, feel free to reach out as I would always be happy to help.