In today’s fast-paced housing market, it’s easy to get caught up in the swirl of information—especially when it comes to buying or selling a home. Unfortunately, not all the advice out there is accurate. At BELL Home Team, we believe that an informed buyer or seller is a successful one, which is why we’re here to clear up some of the most common myths circulating about the housing market today.

Myth 1: Now Isn’t a Good Time to Buy or Sell a Home

With talk of fluctuating interest rates and economic uncertainty, many people are hesitating to make a move in the real estate market. However, waiting on the sidelines might not be the best strategy. The truth is, the market is still very active, and there are opportunities for both buyers and sellers. For buyers, mortgage rates are still historically low compared to decades past, and for sellers, the demand for homes remains strong—especially in sought-after areas like Onondaga County.

Myth 2: Home Prices Are Bound to Drop

Another common misconception is that home prices are going to plummet, so it’s better to wait before buying. While it’s true that home prices have increased over the past few years, there’s no indication that they’re going to take a nosedive anytime soon. In fact, experts predict that home prices will continue to rise, albeit at a more moderate pace. This means that waiting could cost you more in the long run, whether you’re buying or selling.

Myth 3: You Need a Perfect Credit Score to Buy a Home

Many potential homebuyers are under the impression that unless they have a stellar credit score, they won’t qualify for a mortgage. This simply isn’t true. While a higher credit score can help you secure a better interest rate, there are many loan programs available for buyers with less-than-perfect credit. FHA loans, for example, are designed to help first-time buyers or those with lower credit scores get into a home with a smaller down payment.

Myth 4: I Won’t Be Able To Find Anything To Buy

If you're worried about finding the right home due to limited inventory, it’s time to update your perspective. Although inventory levels are lower compared to a more typical year, data shows that the supply of homes has been increasing throughout the year. Realtor.com highlights that while we aren't back to pre-pandemic levels, the inventory is improving. This means that finding a home to buy is more feasible now than it might have seemed in the past, so don’t let outdated fears hold you back.

Myth 5: It’s Cheaper to Rent Than to Own

This is one of the most persistent myths, and it’s understandable why people might believe it. However, with rents continuing to rise across the country, owning a home can often be more affordable than renting in the long run. Plus, when you own a home, you’re building equity with each mortgage payment—something you don’t get with rent.

Myth 6: You Should Renovate Your Entire Home Before Selling

While certain upgrades can certainly add value to your home, it’s not always necessary to undertake a full-scale renovation before putting your home on the market. At BELL Home Team, we can help you identify which improvements will give you the best return on investment and which ones you can skip. Sometimes, a fresh coat of paint and some strategic staging can make all the difference.

Myth 7: I Have To Wait Until I Have Enough for a 20% Down Payment

A widespread myth is that you need a 20% down payment to purchase a home. In reality, this isn’t always the case. Fannie Mae reports that approximately 90% of consumers either overestimate or are unaware of the actual minimum required down payment for a typical mortgage. For first-time homebuyers, the average down payment is closer to 6%, not the 20% often assumed. Many loan options require much less, sometimes as little as 3.5% or even 0% down. This myth can prevent potential buyers from pursuing homeownership, so it’s crucial to understand the actual requirements for various loan types and find a plan that fits your financial situation.

 

Navigating the real estate market can be challenging, but you don’t have to do it alone. Whether you’re buying or selling, the team at BELL Home Team is here to guide you through every step of the process.