Myths About the 2024 Housing Market
When it comes to the current housing market, there are some myths circling around right now. Some of the more common ones are that it’s better to wait for mortgage rates to fall or prices to crash. But there are others about the supply of homes for sale and down payments. Lean on a real estate professional to help separate fact from fiction in today’s housing market.
MYTH: I should wait to move until mortgage rates fall.
REALITY: While experts say rates will come down, trying to time the market isn’t a good strategy. Working with a trusted professional for expert advice is.
MYTH: I’ll get a better deal once prices crash.
REALITY: Prices aren’t falling. Data shows they’re rising, just at a slower pace. That means waiting may actually cost you more in the long run.
MYTH: I won’t be able to find anything to buy.
REALITY: While still low, the supply of homes for sale is growing this year. That gives you more options.
MYTH: I have to save enough for a 20% down payment.
REALITY: Not necessarily. Many buyers put down less. There are even loan options with as little as 3.5%, or 0%, down, for qualified buyers.
