Reality of Realty: Common Myths About Buying a Home: A Realtor's Perspective

By: Valerie Davenport

[TRANSCRIPT]

Hey future homeowners, welcome back to my channel, Reality of Realty; I’m Valerie Davenport. And, as your trusted real estate guide, today we’re mythbusting and discussing some of the common myths of buying a home.

So If you like videos like this and other behind the scenes peeks into what it’s like to be a realtor, don’t forget to like, share and subscribe so you’ll be notified when new videos are published.

And,whether you’re moving across the nation or across the street, tap into my resources by emailing me today using the email in the description box below. Now let’s get into the video.

Hey everyone, welcome back to my channel! 

Buying a home is one of the most significant decisions you'll ever make. But let’s face it—there’s a lot of misinformation out there that can make the process feel overwhelming or even impossible. I’m here to clear up some of the most common myths about buying a home so you can approach your home-buying journey with confidence. Let’s dive in!

First up, the idea that you need a 20% down payment. While it’s true that putting down 20% helps you avoid private mortgage insurance, or PMI, it’s not a requirement. Many loan programs allow much smaller down payments—some as low as 3% or even zero for qualified buyers like those using VA or USDA loans. The key is working with a lender who can help you explore your options. 

Myth number two: You need perfect credit to buy a home. That’s simply not true. While good credit can help you secure better rates, there are loan programs designed for buyers with lower credit scores. For instance, FHA loans often work for credit scores as low as 580, and some programs go even lower. Don’t let less-than-perfect credit stop you from starting your journey!

Myth three is one I hear all the time: Renting is always cheaper than buying. While renting might seem less expensive upfront, buying a home is often more cost-effective over time. Your monthly mortgage payment could be similar to or even less than rent, and instead of throwing money away, you’re building equity in something you own. That’s a long-term win!

Here’s a big one—waiting for the ‘perfect’ market. The truth? There’s no such thing. The best time to buy is when you’re ready financially and emotionally. Trying to time the market can lead to missed opportunities. Remember, real estate is a long-term investment, and owning a home typically helps build wealth over time, no matter the market conditions.

With so much information online, some people think they don’t need a realtor. But here’s the deal: A realtor offers expertise that goes beyond what you’ll find on a website. From negotiating the best price to navigating inspections and closing, I’m here to make sure you avoid costly mistakes and get the best deal possible.

And finally, the myth that your first home has to be your forever home. It doesn’t! Your first home is a stepping stone—it’s okay to start small and upgrade as your needs and circumstances change. Think of it as building toward your long-term goals.

So, don’t let these myths hold you back from buying a home. The process might seem daunting, but with the right guidance, it’s absolutely doable. If you have questions or are ready to explore your options, I’m here to help. Let’s turn your dream of homeownership into a reality!

So that’s it for today’s video. I’ll wrap it up here by saying thanks for tuning in to the very end! If you found this info helpful, don't forget to like, share and subscribe, and hit that notification bell for more real estate insights. Until next time, happy house hunting!