Have you ever heard the saying, “Don’t believe everything you hear?” That’s especially relevant if you’re considering buying or selling a home in today’s real estate market. With so much misinformation circulating, it’s crucial to have a reliable source for accurate information.

Partnering with a seasoned real estate agent can help dispel common myths and provide you with facts backed by solid research. Here are a few misconceptions they can help clarify

1. "I’ll Get a Better Deal Once Prices Crash"

If you’re holding out for a market crash to get a better deal, it’s time to reassess. While home prices may vary by region, substantial data is indicating that a crash is unlikely. The 2008 market crash was driven by an oversupply of homes, but today, we’re experiencing the opposite—there’s a significant undersupply of homes for sale. This makes the current market fundamentally different (see chart below):

So, if you’re banking on waiting for a better deal, the data suggests that a crash isn’t on the horizon, and delaying your purchase may not yield the results you’re hoping for.

2. "I Won’t Be Able To Find Anything To Buy"

If you’re worried about finding the right home, you may not have spoken with an expert real estate agent recently. The supply of homes for sale has been increasing throughout the year. Realtor.com data provides context: while inventory hasn’t reached the levels of a pre-pandemic year like 2019, it’s still above where it was at this time last year (see graph below):

So, if you’re still thinking of the record-low supply from the pandemic era, it’s time to update your perspective. While the market isn’t fully back to normal, inventory is improving. This means finding a home isn’t as daunting as it once was.

3. "I Have To Wait Until I Have Enough for a 20% Down Payment"

The belief that you need a 20% down payment to buy a home is still widespread. Fannie Mae reports that:

“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”

Data from the National Association of Realtors (NAR) shows that most homeowners aren’t putting down nearly as much as you might think (see graph below):

First-time homebuyers typically put down around 6%—far less than the 20% many believe is necessary. Even repeat buyers, who may put down closer to 20%, often do so because they’re leveraging the equity from their current home. This highlights that you don’t need to wait until you have 20% saved up, especially when many loans require much less—some as low as 3.5% or even 0%.

An Agent’s Role in Busting Myths

If you’ve put your plans on hold due to any of these myths, it’s time to consult with a trusted real estate agent. A knowledgeable agent can provide you with data and facts to dispel these misconceptions and help you move forward confidently.

If you’re uncertain about what you’re hearing or reading, let’s connect. You deserve accurate information from a source you can trust.