The process of buying a home can be long and downright confusing, especially if you are a first time home buyer. On top of that, you have everyone giving you advice that may or may not check out as true. That’s why our Bucks County, PA, real estate gurus from the The Joseph Bograd Real Estate Team are here today to settle these house hunting myths once and for all.
Myth #1 – Spring is the best time to look for a home
While spring does seem like a good time to start the house hunting journey (hello warmth, goodbye cold!), in reality, there is no “best” season for buying a home. Each season will have its different perks that you will have to research to see when the best time is for you and your needs.
For instance, say you start looking for a home in the winter. There may be more potential sellers that are quickly trying to relocate, awarding buyers like you a greater opportunity to find a home at a lower price.
Myth #2 – You need a 20% down payment
Applying for a mortgage can be a very nerve-wracking part in the process of buying a home. And a lot of buyers assume they need to fork over at least 20% of the home’s final selling price as a down payment. If you do that math, that means you will need a $40,000 down payment on your brand new $200,000 home. How many people can say that have that kind of cash lying around? Not many!
Luckily, there are many more options available to buyers that do not require such a large down payment. FHA loans, for example, require down payments as low as 3.5%, with other conventional loans going even lower.
Myth #3 – Working with a real estate agent is expensive
If you are on the buying side, working with a real estate agent is actually free. It is the sellers who are paying for commissions of both their agent and yours. Just keep in mind that there are plenty of other fees you will have to worry about like hiring inspectors, closing costs, and more.
If you’re ready to find your forever home, our Bucks County realtors are here for you every step of the way. Speak to one of our agents today by dialing 267-282-1721.