Know why prices are rising and inventory is growing in the housing market.
Can you trust everything you hear about today’s housing market? You’ve probably heard the saying, “Don’t believe everything you hear.” That advice is especially true when it comes to today’s housing market. With so much misinformation floating around, it’s easy to feel uncertain about buying a home. Let’s set the record straight by debunking these three common myths:
Myth 1: You’ll get a better deal once prices crash.
Reality: The idea that home prices will crash soon is a misconception. Unlike in 2008, when there was an oversupply of homes, today’s market is dealing with a severe undersupply. Simply put, there aren’t enough homes available for prices to plummet.
Myth 2: You won’t be able to find anything to buy.
Reality: While it’s true that inventory is still below pre-pandemic levels, the supply of homes—both new and existing—is growing this year. You might have more options than you think as the market gradually stabilizes.
Myth 3: You need to save more than 20% for a down payment.
Reality: Many people believe they must save over 20% for a down payment, but this isn’t always true. Unless your loan type or lender requires it, most first-time homebuyers don’t need to put down that much. Many successful buyers put down far less.
With all the mixed messages today, it’s natural to feel uncertain about buying a home. But by understanding the truth behind these common myths, you can move forward with peace of mind, knowing you’re making the right choice for your future.
Have you heard other rumors or myths about the housing market? Feel free to send me a direct message or call me at (803) 924-0564. I’m here to help clarify things and ensure you have the information to make confident decisions.
