Navigating the world of real estate can be a complex and daunting task, often compounded by the myriad of myths circulating within the industry. These misconceptions can mislead potential buyers and sellers, resulting in misguided decisions and missed opportunities. To help you make informed choices, we’ve compiled a list of common real estate myths and debunked them with facts and insights. Understanding the realities behind these myths can empower you to approach real estate transactions with confidence and clarity, ensuring a smoother and more successful experience. 

1. You Need a 20% Down Payment to Buy a Home 

   While a 20% down payment can help avoid private mortgage insurance (PMI) and secure better loan terms, many lenders offer loans with as little as 3% down for qualified buyers. LRG works closely with our trusted partner, New American Funding (NAF.)  Their team of local loan officers will work with you to get the best deal and can work with you no matter your situation. 

2. All Real Estate Agents Are the Same 

   Agents vary widely in experience, local market knowledge, negotiation skills, and customer service. Choosing an agent who aligns with your specific needs and goals is important. With nearly 250 agents in San Antonio, Austin, and Killeen, LRG agents always prioritize our clients and cater to your needs.  

3. You Can Save Money by Not Using a Real Estate Agent 

   While avoiding agent commissions is a way to save money, a good agent can often negotiate better deals, spot potential issues, and navigate complex paperwork, ultimately saving you time and money. We specialize in all aspects of residential real estate, including areas of military and Veteran real estate benefits, home purchase programs, land, luxury, and even commercial real estate.  

4. The Best Time to Buy Is in the Spring

   While spring is traditionally busy, market conditions, interest rates, and personal circumstances should guide your timing. Good deals can be found year-round. LRG agents' goal is to help you WIN, which is why they will work for you to get the best deal any time of the year.  

5. You Must Sell Your Current Home Before Buying a New One 

   Many options, like bridge loans or home sale contingencies, can allow you to buy a new home before selling your current one. Each option has its pros and cons.  We can help you navigate the different options and determine which is best for you. 

6. You Should Renovate Before Selling 

   Not all renovations increase a home's value. It’s essential to focus on cost-effective updates that offer a good return on investment, like minor kitchen or bathroom remodels, rather than major overhauls. 

7. The Asking Price Is the Selling Price 

   The listing price is often a starting point for negotiations. Depending on various factors, including market conditions and buyer demand, homes can sell for more or less than the asking price. 

8. You Can’t Buy a Home with Bad Credit 

   While good credit can secure better loan terms, various loan programs are available for buyers with less-than-perfect credit. Improving your credit score can enhance your options, but it’s not an absolute barrier. Our trusted partners at NAF can help with credit repaid. For more information and to hear all of their options, reach out to NAF.  

9. Selling a Home Yourself Is Easy and Profitable 

   For Sale By Owner (FSBO), transactions can save on agent commissions but often come with challenges in pricing, marketing, and legal complexities, which can ultimately reduce profitability and increase stress. FSBO sellers often run the risk of losing money. This can happen in several ways. For example, FSBO sellers can price the home too high, meaning it could take months to receive an offer. On the flip side, they could price the home too low and leave money on the table. 

10. A Home Inspection Isn’t Necessary 

    Skipping a home inspection can lead to costly surprises after purchase. Inspections are crucial for uncovering potential issues and making informed buying decisions. 

By understanding and debunking these myths, you can make more informed decisions in the real estate market. If you are looking for a new place to call your home, our agents are skilled in various real estate properties. We have agents specializing in apartments, suburban homes, rental properties, city living, and ranch and farm homes. LRG agents will help and guide you through all your home needs. Contact us at 210-879-8220 or message us on our website. You can also follow us or message us on Instagram and Facebook! Also, check out our TikTok!