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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.

home buying myths

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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Cari McGee

Hi, I'm Cari McGee. 👋 I've lived in the Tri-Cities since 1994 and I've been a licensed Realtor® since 2004. That's a lot of local knowledge and real estate experience that I put into every article you read on my website! We've helped more than 560 families buy or sell property in the Tri-Cities. In 2023, our community voted us the bronze winner for Best Real Estate Team in the Tri-Cities Best voting. Learn more about me by clicking the link right above. And if you have any questions, get in touch anytime!

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