2 Myths Holding Back Home Buyers
Posted by Florida Realty Marketplace on
Myths Holding Back Home Buyers
In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,
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“Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”
Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate how much they need to qualify for a home loan. According to the same article:
“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified…
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Real estate agents only get paid for the results they produce. The only thing that happens for a Kissimmee real estate agent at the closing table is the reward for the hard work that came before. Simply put - if it doesn’t close, real estate agents don’t get paid. 
Between property, real estate, sales, and capital gains taxes, you’re likely to run in to at least one of them if you’re in the market to buy or sell a home.
Everyone wants to know the right price to buy a new home There are homes that you can build according to your own needs or you might opt for a move-in ready home from a community developer. Sometimes new construction buyers can take more time than usual because of the many options and upgrades offered by the builder.
Buying a home is often one of the most expensive endeavors one will take throughout their life, so it’s not surprising that saving for a down payment remains a major hurdle for many Floridians on their path to homeownership. But although a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.
