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Let’s Put These Home Buying Myths to Rest

By in Buyers with 0 Comments

When it comes to real estate, don’t believe everything you read or hear … especially if it’s coming from a co-worker, friend or family member. They surely mean well and have good intentions, but they could be steering you wrong if they’re not as up-to-date and informed about the industry as your favorite real estate agents are. 🙂

There are a lot of myths and misinformation particularly about buying a home — i.e., how big your down payment needs to be, what kind of credit score you need, and so forth. Here’s a look at some actual data that should put many of these myths to rest.

Here’s the quick recap:

  • For first-time homebuyers, the average down payment is just six percent.
  • Although mortgage interest rates are above four percent, that’s still below historic levels.
  • In the last year, a whopping 88 percent of property managers raised their rents.

If you’re thinking about buying a home — especially if you’re a first-time buyer — make sure you have the most accurate data possible about what’s required, especially when it comes to financing. And, as always, if we can answer any questions, just get in touch below.

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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