A Must-read for New Homebuyers in the United States! Don’t Believe the Following 10 Statements!

Note! ️The house buying and selling procedures are complicated. We provide one-stop service from assisting with loans, low interest rates for first-time home buyers, to house delivery, decoration and taxation.

 

Million-dollar real estate agent | Massachusetts licensed decorator Chen Yi

 

Tel (617) 309-0288

 

 

Buying a home is a big financial decision, especially for first-time homebuyers in the United States. However, the market is flooded with a variety of myths and advice, some of which may be inaccurate or even misleading. Before buying a home, it is crucial to understand these common myths, which will help you make an informed decision. Here are 10 myths about buying a home in the United States that you should not believe.

 

With home prices rising, many homebuyers may have trouble accumulating a 20% cash down payment. Often, it is possible to purchase your dream home with a smaller down payment. However, the downside is that you must purchase private mortgage insurance or government insurance for at least a few years.

 

A generation ago, people might have chosen a 30-year fixed mortgage, and they might have lived there long enough to pay it off. However, now that other options are becoming more popular, homebuyers may find that 15-year or even 7-year terms offer more advantages, including lower interest rates. When buying a home, be sure to explore all mortgage options and discuss your decision with a banker or financial advisor.

 

Of course, sellers like to accept large sums of cash because it saves them from having to deal with buyers who need a loan. But an all-cash offer doesn’t guarantee a win, and buyers who are willing to pay more than an all-cash offer have a good chance of getting the house.

 

While homebuyers can find listings online, it’s always best to work with a buyer’s agent. A buyer’s agent does more than just show homes for sale. They can provide insider information on comparable properties on the market, help buyers avoid potentially problematic homes, and offer guidance during the negotiation phase. It’s always wise to have an experienced professional by your side.

 

Many homeowners experienced firsthand the risks of investing in real estate during the housing crash of 2008. However, home prices have since recovered, allowing many younger buyers to enter the market. Still, it’s important to remember during the home buying process that home prices can go up and down.

 

Looking for a low-priced property in a high-priced neighborhood is not always the best strategy. If the cost of making the house habitable is very high or if the house has serious problems that cannot be fixed (such as being located next to a highway or in a noisy commercial area), then the house may not be a good buy even if it is cheap.

 

Many inexperienced homebuyers will agree to forgo a home inspection in an effort to close the deal. Don't be fooled! Skipping a home inspection is almost always a mistake. A home inspection is more than just a formality; it is an important step to ensure that the home you purchase has no potential problems or repairs in need. A home inspection can reveal information about the structure, electrical system, plumbing, and other potential issues with the home, helping you make an informed purchasing decision.

 

The real estate market is volatile and is not guaranteed to rise. Although real estate may appreciate in value in the long run, prices may fall or stabilize in the short term. Homebuyers should consider their financial capabilities and long-term investment plans, rather than relying solely on the rise and fall of the real estate market.

 

The cost of buying a home includes more than just the selling price of the home. There are other expenses to consider, such as home inspection fees, mortgage processing fees, mortgage interest, home insurance costs, home ownership transfer fees, etc. Homebuyers should fully understand all related costs and factor them into their home purchase budget.

 

The neighborhood and surroundings of a home are equally important. Homebuyers should consider factors such as schools, transportation, shopping facilities, safety, etc. A home may be ideal, but if the surroundings do not meet your needs and preferences, the living experience may be greatly reduced.