Hello,
The world of real estate is full of misconceptions that can skew perceptions and lead to missed opportunities. This month, we're setting the record straight and reviewing 5 common myths. Whether you're a seasoned investor, a first-time buyer, or looking to sell, it's time to separate fact from fiction.
1. You Must Put Down 20% to Purchase a Home
A 20% down payment isn’t always necessary. Especially if you are buying under $500,000 than only 5% is needed. If buying over $500,000, 10% is needed on the remaining amount up to $999,999. Anything over $1million does require 20% down and this is a requirement for everyone; from seasoned real estate purchasers to first time home buyers.
2. The Best Time to Sell is Spring
While it’s true that the real estate market can be seasonal, with a surge of activity in the spring and summer months, the “best” time is subjective. In fact, buying or selling during off-peak seasons can sometimes work in your favor. Sellers often have less competition in the fall and winter and buyers looking at this time are serious and often working within a set deadline.
3. All Real Estate Agents are the Same
This myth couldn't be further from the truth. Agents come with varying levels of experience, niche expertise, and customer service styles. At Stone Sisters, we pride ourselves on our unique approach, which blends deep local knowledge, personalized service, and an unwavering commitment to our clients' best interests.
4. You Can't Buy a Home with a Poor Credit Score
While a higher credit score certainly helps and can secure a lower interest rate, a less-than-perfect credit score doesn't automatically disqualify you from purchasing a home. There are loan programs specifically designed to help those with lower credit scores. Plus, our financial advisors can suggest steps to improve your credit and enhance your buying power.
5. Home Renovations Always Increase Your Home's Value
Not all renovations are created equal. While some updates can increase a home's market value, others may not yield a significant return on investment. It's important to research and consult with a real estate professional before undertaking major renovations and we are always happy to help with this.
As your real estate advisors in the Okanagan, we're here to guide you through the complexities of buying and selling property with facts, not myths. For more myth-busting insights or personalized advice, reach out to us anytime. We are always happy to help.
Thank you,
Shannon & Tamara
