Busting the Biggest Housing Market Myths! ????
Frank Menjivar
Principal Broker | Prime Mortgage ???? | Connecting Sellers & Buyers with Rockstar Real Estate Agents ?? | Empowering Homeowners with Smart, Personalized Mortgage Solutions | Powered by a Team Built on Trust and Care シ
The housing market can be tricky to navigate, especially with so much misinformation floating around. Let's debunk some of the most common myths to help you make smarter, more informed decisions.
Myth #1: You Need 20% Down to Buy a Home
?? The Reality: While putting down 20% can help you avoid private mortgage insurance (PMI), it's not a hard-and-fast rule. Many buyers qualify for loans with as little as 3% down, thanks to FHA, VA, and other mortgage programs.
Myth #2: The Best Time to Buy is During the Spring or Summer
?? The Reality: While it's true that inventory tends to be higher in the warmer months, competition is fiercer too. Fall and winter can offer unique opportunities for buyers to snag better deals, as sellers may be more motivated to close before the year ends.
Myth #3: A 30-Year Fixed Mortgage is Always the Best Option
?? The Reality: A 30-year fixed-rate mortgage is popular, but it's not the only option. Depending on your financial situation, a 15-year mortgage or even an adjustable-rate mortgage (ARM) might save you more in the long run.
Myth #4: You Should Always Wait for Interest Rates to Drop
?? The Reality: While low rates are appealing, trying to time the market can backfire. Instead, focus on finding a home that meets your needs and fits your budget. Remember, you can always refinance later if rates go down.
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Myth #5: You Don’t Need an Agent if You’ve Bought a Home Before
?? The Reality: Even experienced buyers can benefit from the expertise of a real estate agent. They know the market inside out, can spot red flags, and negotiate better terms for you.
Understanding these myths is key to making confident decisions in today’s market. Whether you're buying, selling, or just exploring your options, don't let these misconceptions hold you back.
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?? (714) 695-5899
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