3 Common Home Buying Myths, Debunked

If you’re considering buying your first home, your first step should be to tune out the white noise – avoid all the unhelpful advice and unlearn the unhelpful misconceptions.

A lot of the time, people propagate misconceptions about homebuying because… well, that’s what they were told before they bought. And while some of these axioms bear a grain of truth (location does matter, for instance), others hold very little water in the modern real estate landscape.

In this article, let’s bust three of the most common homebuying myths so that you can start your search on the right foot.

Pre-Approval Equals Approval

Pre-approval is a standard and essential step in the homebuying process. It lets the banks know that your finances are in proper standing for eventual approval – and it lets home sellers know that you’re a serious applicant with a vote of confidence from lenders. Critically, it also locks you into a rate for a predetermined period (typically 90 days).

What it isn’t, however, is approval. The two are not equal, and should not be considered as such. You shouldn’t assume that your pre-approval guarantees eventual financing, a myth that has cost some first-time buyers serious money. If you can, seriously consider adding a condition to financing clause in your sales and purchase agreement. This is something to discuss with a quality real estate agent.

Homebuying is a Complicated, Onerous Process

Let’s amend this myth to say: homebuying can be a complicated and onerous process. But it doesn’t have to be. It certainly isn’t a demanding process if you work with top real estate companies.

With the help of an experienced, knowledgeable and hardworking selling agent, the homebuying experience is nowhere near as tricky as some people tell you. A top real estate company will coach you through the process, ensuring that you understand all the intricacies, options and risks you might encounter. They will go to bat for you in the bidding process, shouldering the stress and rising above the competition. And they will keep you on track for deadlines ahead of and during closing.

Maybe this myth was spread by people who didn’t trust or didn’t gel with their agents. But it certainly isn’t true for buyers who work with quality agents.

Spring Is the Season to Buy a Home

Spring is a season to buy. In fact, it’s a very good season to buy. But it isn’t the only buying season that has merit. Summer can be a fantastic time to catch an influx of supply on the market. And even fall and winter – typically regarded as slow seasons for real estate – benefit from less competition, more negotiation flexibility and an influx of relocations (sometimes) adding supply to the market.

In truth, the best time to buy a home is whenever you’re ready. If you have a down payment/pre-approval and don’t live in a white-hot seller’s market, it’s the right time to start gaining equity.

Don’t listen to people who tell you that real estate is challenging, pre-approval is risk-free or that you have to wait until next April to buy. Find a top real estate agent, be smart with your contract conditions and strike when the iron is hot!