The real estate world can be confusing and overwhelming thanks to all the contradictory advice and stories you hear. As trusted real estate pros, we’re here to help cut through the untruths for you!
Whether you’re a first-time buyer or a seasoned seller, misunderstandings can lead to unnecessary stress and missed opportunities. Here are four common misconceptions and the facts that set the record straight.
1. Myth: You Need a 20% Down Payment
Saving for any size of a down payment can be daunting, but there’s no magic number you have to hit. Sure, there are advantages to having at least 20%, but it’s not your only option. Many loan programs offer lower down payment requirements.
For example:
- FHA loans allow down payments as low as 3.5%.
- VA loans, exclusively for qualified veterans, provide a no-down-payment option.
- Conventional loans often accept down payments as low as 3-5%.
ProTip: Securing pre-approval from your lender streamlines your search by setting clear expectations and proving to sellers you’re financially ready.
2. Myth: Spring is the Best Time to Sell
While there’s normally a spike in listings during the spring, it’s not the only good time to sell. Fall and winter often bring reduced competition, which can make your home stand out. Plus, serious buyers, motivated by events like job relocations or other life changes, are active year-round. Instead of focusing on seasons, prioritize understanding local market conditions to develop a selling strategy tailored to your area.
3. Myth: You Should Renovate Before Listing
Renovations might seem like a ticket to higher offers, but not all upgrades are worth the investment. Instead, focus on smaller changes with big ROI. We’re talking about updating paint, replacing worn hardware, or boosting curb appeal. These cost-effective updates can make your home feel fresh and inviting without blowing your budget.
Pro Tip: Not sure where to focus? Consult your REALTOR® before committing to updates. They’ll know what improvements buyers value in your market.
4. Myth: National Trends Tell the Whole Story
While national real estate trends dominate headlines, real estate markets are highly localized. A hot market in one city might look completely different just a few miles away. For the most accurate picture, work with local experts who understand your area’s unique dynamics.
Simplify Your Transactions with Continental Title Company
Buying or selling a home doesn’t have to be complicated. Continental Title Company streamlines the process—from title searches to smooth closings—so you can confidently move forward and protect your investment. With offices in and around Kansas City and St. Louis, our experts are here to support you every step of the way.