Ready to buy your first Nashville home? Then chances are you are asking anyone and everyone for tips, suggestions and advice. Some of it may be worthy of following, but we caution you to watch out for bad advice. Here’s the most common home buying myths you may hear.
You start by finding a house
Actually, no. Please don’t start your home buying process by falling in love with a house. Not here in Nashville, not today. Why? Well, because as we recently pointed out, homes are on the market for a brief 27 days on average right now! So, the sticker price alone could be a shock, not to mention the home may be a bit out of your price range. Plus, unless you have an all cash offer there is very little (to no) chance that you will be able to buy that home you just fell in love with. Instead, start by getting your finances in order and get pre-approved. In fact, maybe you should go ahead and get pre-qualified.
You have to have perfect credit
Nope. That’s not the case either. Obviously, a high credit score will help your chances of getting the best possible rate. There are options out there though for those with less than perfect scores, such as FHA loans. Talk with a mortgage specialist and provide full disclosure of your situation. The right specialist can work with you to find the right solution for buying a house.
You must have 20% to put down
We aren’t going to lie: we definitely suggest having at least 20% as down payment for a mortgage. Why? That’s the amount needed to avoid PMI. However, that doesn’t mean people aren’t buying houses without 20% down. If you have at least 5-10% to put down and good credit, many lenders will work with you – though you will have to pay PMI.
A fixed, 30- year mortgage is best
Maybe but maybe not. Fixed 30-year mortgages were simply what everyone did for a long time in real estate. Today, there are many more options that buyers can explore that may also provide lower interest rates. Work with a mortgage specialist to see which one is the right fit for you.
You don’t need a buyer’s agent
We understand how this myth can see true at first glance. After all, if buying a home it would seem the seller is the one with all the work and responsibility right? Not so fast. Buyer’s agents come with a lot of experience and can help buyers with everything from finding the right neighborhood to negotiating the price. Save yourself a lot of headaches and time and work with a reputable real estate agent to get the job done!
You can skip the home inspection
So, you found a brand-new construction home or found a fully remodeled home that the owners swear has been re-done top to bottom and want to skip the home inspection? Please trust us, you don’t want to do that. Not all problems are visible and that home inspection in invaluable for revealing things that buyers would not be able to spot themselves. Don’t let a hot market tempt you hear: get the inspection!
Are you considering buying a home in the Nashville area? Call us today to learn about other common misconceptions about the process! DeSelms Real Estate 615.550.5565