Thank you AgentGenuis for sharing this video segment on the 5 Biggest Real Estate Myths that was aired on the Today Show. Ordinarily, I am not a fan of the Real Estate segments on the national broadcast stations because they present a national picture of the real estate market. And our local Spring Texas real estate market is very different than the Detroit Michigan real estate market. But these myths are worth sharing because they are myths that exist in all local markets.
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5 Biggest Real Estate Myths on buying and selling your home:
1. Sellers today are desperate – Only about 10% of sellers are desperate
2. Don’t buy before prices have bottomed out – By the time the bottom is reported the real estate market has already turned around.
3. You can’t buy a home with less than 20% down – Not true. The minimum down payment for FHA loans is 3.5%.
4. Now’s the absolute worst time to sell – If you are buying a larger home, your savings on the larger purchase will more than cover the decrease you take on your smaller home. Coupled with mortgage interest rates being at all time record lows, now is actually a good time for a move up.
5. Before you refinance, shop around – Your current lender is in the best position to give you the best rate because he does not want to lose you as a customer. Also your current lender’s fees are going to be lower decreasing the payback time of your refinance.
