If you’re thinking about buying a new home, you may find yourself inundated with unsolicited advice from friends, family, and the media telling you what you should and shouldn’t do. Is the market good? Am I going to pay more than I should? Does the home I want exist? Every angle is met with a vague answer, which could cause so much anxiety that you may ditch your dream of home ownership before it ever had a chance to fly.
Before you hit the stop button on your quest to buy a new home, consider the following common myths about purchasing a home.
“I Don’t Need a Realtor.”
While we’ve automated a considerable portion of our lives through AI, there’s no replacement for an experienced professional, and this is especially true in the field of real estate. Yes, you can download an app that will show you photos of properties, but it won’t take the time to get to know you personally and help you make the best choice for the life that you want.
Your realtor looks out for your best interest. They show you properties that appeal to your lifestyle. They know that you want to be close to the water, but far enough away so your dogs can roam. They know that you need a modern kitchen because you entertain often. A realtor knows your price range and will help you navigate the entire process from start to finish. They will also give you real-time, unbiased advice about the property that you’re viewing. Why? Because they live here and they know the market. This is knowledge that an app can never replace.
“I Can’t Afford Anything.”
While there are definitely cases where would-be homeowners are not quite where they need to be in order to buy a home, this statement typically comes from a misperception of the market. While there are certainly a fair number of luxury homes available in the Smith Mountain Lake market, there are lots of homes that cost far less. Smith Mountain Lake offers an incredible assortment of homes, from starter homes to single-family homes, townhomes, condos, ranches, and more.
Bottom line: don’t assume that any one market is home to only one type of property. You may be ignoring a prime opportunity to purchase a home that fits all of your criteria simply because you were confident that it didn’t exist.
“Millennials Don’t Buy Homes.”
Contrary to popular belief, Millennials make up the largest segment of home-buyers nationwide. According to Danielle Hale, chief economist for Realtor.com, Millennials account for 45% of mortgages, with Gen Xers coming in at 37%. With the largest segment of Millennials turning 30 within the next year, this age group is set to make up the largest share of home buyers for the next few years.
“The Market is Bad.”
This is another example as to why it pays to have a realtor on your side. Yes, there are national trends that are important to note, but assuming that you know how a local market is trending without speaking to an expert in that field may yield false assumptions. Just because inventory is low in Los Angeles doesn’t mean that it’s low at Smith Mountain Lake. Ask your realtor how the market is faring, and let them show you local data to back their claims. You might discover that now is the perfect time to buy.
Source: 2019 Real Estate Forecast: What Home Buyers, Sellers, and Investors Can Expect, Forbes.com.