Thinking of buying a new home here in Meridian, Idaho or in one of the surrounding cities?
We find that many “potential” buyers let fear hold them back from purchasing a new home, and often times, they are fearful of myths that aren't even true.
In our newest video, we reviewed the Top 3 Myths we hear every day from buyers, and in this blog post we will teach you the facts so that you can move forward with confidence when buying your new home.
When surveyed, these are the Top 3 Myths holding buyers back right now:
Limited Inventory of Homes They Like - 35%
Overall Affordability - 30%
Down Payment - 28%
Myth # 1: I won't find a home I will like due to the limited inventory of homes available
Fact: It is true that there are fewer homes available right now, and that limited inventory is a challenge; however, we are starting to see a shift in the number of homes coming to market. Every day we help people find their dream home and we would love to help you find yours.
Myth # 2: Overall Affordability
Fact: Generally speaking, homes are actually more affordable now than in the past, except only for the years when distressed properties dominated the market. In fact, a recent study showed that buying a home is now 26.3% cheaper than renting.
Myth # 3: I don't have a large enough down payment for a home right now
Fact: Many homebuyers have the impression that they must have a down payment of 20% or more to purchase a home, and although this is a great tactic if you don’t want to pay monthly mortgage insurance, it is not necessary. Many loan programs allow you to have a down payment as low as 3%! VA loans (Veteran Administration loans) and RD loans (Rural Development loans) allow as low 0% down.
According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6%.
If you are thinking of buying a new home, you may have some fears and concerns holding you back. Let's get together to discuss your real estate goals and ambitions. Our Realtors have the heart of a teacher, not of a salesman. We would love to help you understand more about the benefits of homeownership.
Call our team at 208-501-8200 or start your home search now to get started.