Real estate is an ever -evolving industry. It fluctuates based on our economy and community -specific trends. As a result, we often hear some “myths” that arise from outdated information or misunderstandings. Let’s destroy them!
Myth: “You need a deposit of 20% to buy a house.”
Caught: Many buyers are eligible for loans that only require 3% to 5% down, while veterans who are eligible for a VA loan may not have to place any money at all. There are also programs for making payment for many first home buyers in Dane County. However, some buyers choose to set up 20% or more to prevent private mortgage insurance.
Myth: “You can’t ask for a house inspection in this market.”
Caught: Home inspections become common again as the market becomes balanced. In fact, the tracking of our company reported that 67 percent of the July contract deals included an inspection – Provisional events – the highest percentage of the year.
Myth: “The mortgage interest rate is historically high.”
Caught: Earlier this week we saw a decrease in mortgage interest rate to a tasty 6% (depending on your borrowing type). At the start of the year when the rates fluctuated around 7%, many national predictors did not expect the rates to go under 6.25% in 2025, so this is great news for those who want (re) finances (re).
Myth: “First home buyers cannot compete in this market.”
Caught: Our team regularly helps home buyers for the first time – even in competing markets! By informing every buyer on the current market, exploring their purchasing power, using techniques for creative offers and maintaining good relationships in the real estate community, we are experienced to make the buying process flexible for all types of buyers.
Myth: “Real estate is a bad investment in this market.”
Caught: Real estate in Dane County continues to appreciate the year after year. Since this time last year, the median The selling price of the residential increase of 2.2%, and the average The selling price rose by 1.3%. Real estate remains a safe investment in our community. (Thank you, Matt DoyleFor these statistics!)
Myth: “Every update I make adds value to my house.”
Caught: Updates add value to a list when they match the price range and style of the house, when the aesthetics is salable and when they are completed with craftsmanship. Money that is put in a house does not necessarily mean an increase in the value. If you want to discuss which updates would increase your return on investment, please contact a free consultation of cosmetics. We are happy to help you.
Myth: “Spring and summer AI am the best times to buy a house. “
Caught: Autumn and winter offer a unique opportunity for buyers who are willing to defy the calfie again. Fewer buyers are on the market, which means less competition, your dollar extends further and fewer concessions in your offer. There are also some advantages for sellers.
#Myths #real #estate #Busted