Don’t believe everything you hear. This famous phrase applies to most things in life and today’s real estate market. Today, I’ll debunk three real estate myths to give you a clearer picture of what’s happening in the housing market.

Myth #1: I’ll get a better deal once prices crash. Contrary to what many people believe, we are not headed for a crash. Our market condition today is different from the 2008 market crash. That year, there was an oversupply of homes for sale, but today, we are experiencing an undersupply of inventory. There aren’t enough homes on the market for prices to actually crash.

Myth #2: I won’t be able to find anything to buy. While inventory is still lower than the ones we were getting pre-pandemic, our supply is continuously growing this year for both new and existing homes. You’ll be surprised that you may have more options than you expect.

Myth #3: I have to save enough for a 20% down payment. Many people still believe this. The reality is that it usually is not the case unless specified by your loan or lender. Most first-time homebuyers only put down about 6% for a home they want to purchase. You can also look into real estate programs that offer low or zero-down payment options.

If you have any questions, feel free to email, text, or call me at (703) 216-4272. I’m always happy to help!