{"id":5974,"date":"2024-08-22T05:30:00","date_gmt":"2024-08-22T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/todays-biggest-housing-market-myths\/"},"modified":"2024-08-22T05:30:00","modified_gmt":"2024-08-22T10:30:00","slug":"todays-biggest-housing-market-myths","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/todays-biggest-housing-market-myths\/","title":{"rendered":"Today\u2019s Biggest Housing Market Myths"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-Today-s-Biggest-Housing-Market-Myths-original.png?ssl=1\" alt=\"Today\u2019s Biggest Housing Market Myths Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear: both;max-width: 100%\" \/><\/p>\n<p>Have you ever heard the phrase: don\u2019t believe everything you hear? That\u2019s especially true if you\u2019re thinking about <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/19\/the-biggest-mistakes-homebuyers-are-making-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buying<\/a> or <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/30\/the-biggest-mistakes-sellers-are-making-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">selling<\/a> a home in today\u2019s <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/02\/3-reasons-why-were-not-headed-for-a-housing-crash\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">housing market<\/a>. There\u2019s a lot of <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/12\/how-do-presidential-elections-impact-the-housing-market-infographic\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">misinformation<\/a> out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.<\/p>\n<p>If you partner with a <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/20\/how-to-choose-a-great-local-real-estate-agent\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent<\/a>, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.<\/p>\n<h4><strong>1. I\u2019ll Get a Better Deal Once Prices Crash<\/strong><\/h4>\n<p>If you\u2019ve heard <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/29\/are-home-prices-going-to-come-down\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">home prices<\/a> are going to come <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/02\/3-reasons-why-were-not-headed-for-a-housing-crash\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">crashing down<\/a>, it\u2019s time to look at what\u2019s actually happening. While prices vary by local market, there\u2019s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/06\/12\/home-prices-arent-declining-but-headlines-might-make-you-think-they-are\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">prices<\/a> crashing. Across the board, there\u2019s an <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/08\/not-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">undersupply<\/a> of homes <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\" rel=\"noopener noreferrer\" target=\"_blank\">for sale<\/a> today. That makes this market a whole different scenario (<em>see chart below<\/em>):<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-Why-Today-s-Inventory-Won-t-Make-Home-Prices-Crash-original.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-Why-Today-s-Inventory-Won-t-Make-Home-Prices-Crash-original.png?ssl=1\" alt=\"No Caption Received\"><\/a>So, if you think waiting will score you a deal, know that <a href=\"https:\/\/www.census.gov\/construction\/nrc\/current\/index.html\" rel=\"noopener noreferrer\" target=\"_blank\">data<\/a> shows there\u2019s <a href=\"https:\/\/www.attomdata.com\/news\/most-recent\/u-s-foreclosure-activity-increases-quarterly-in-q1-2024\/\" rel=\"noopener noreferrer\" target=\"_blank\">not a crash<\/a> on the horizon, and waiting isn\u2019t going to pay off the way you\u2019d hoped.<\/p>\n<h4><strong>2. I Won\u2019t Be Able To Find Anything To Buy<\/strong><\/h4>\n<p>If this nagging fear about finding the right home if you move is still holding you back, you probably haven\u2019t talked with an expert <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/15\/why-working-with-a-real-estate-professional-is-crucial-right-now\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent<\/a> lately. Throughout the year, the supply of <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/12\/are-there-more-homes-for-sale-where-you-live\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">homes for sale<\/a> has grown. <a href=\"https:\/\/www.realtor.com\/research\/july-2024-data\/\" rel=\"noopener noreferrer\" target=\"_blank\">Data<\/a> from <em>Realtor.com <\/em>helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (<em>see graph below<\/em>):<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-The-Supply-of-Homes-for-Sale-Is-Improving-original.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-The-Supply-of-Homes-for-Sale-Is-Improving-original.png?ssl=1\" alt=\"No Caption Received\"><\/a>So, if you\u2019re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn\u2019t back to normal just yet, inventory is moving in a healthier direction. And that means as your <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/08\/where-will-you-go-after-you-sell\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">options improve<\/a>, you can let go of this now outdated myth because finding a home to buy won\u2019t feel quite so impossible anymore.<\/p>\n<h4><strong>3. I Have To Wait Until I Have Enough for a 20% Down Payment<\/strong><\/h4>\n<p>Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, <a href=\"https:\/\/www.fanniemae.com\/media\/52106\/display\" rel=\"noopener noreferrer\" target=\"_blank\"><em>Fannie Mae<\/em><\/a><em> <\/em>says:<\/p>\n<blockquote><p><em>\u201cApproximately 90% of consumers overstate or don\u2019t know the minimum required down payment for a typical mortgage.\u201d<\/em><\/p><\/blockquote>\n<p>And if you look at <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/highlights-from-the-profile-of-home-buyers-and-sellers\" rel=\"noopener noreferrer\" target=\"_blank\">the data<\/a> from the <em>National Association of Realtors <\/em>(NAR), you can see the typical homeowner isn\u2019t putting down as much as you might expect (<em>see graph below<\/em>):<\/p>\n<p><a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/16\/how-to-determine-if-youre-ready-to-buy-a-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240820\/20240822-Today-s-Median-Down-Payment-Is-Less-Than-20percent-original.png?ssl=1\"><\/a><\/p>\n<p><a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/16\/how-to-determine-if-youre-ready-to-buy-a-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">First-time homebuyers<\/a> are typically only putting down 6%. That\u2019s far less than the 20% so many people think they need. And if you\u2019re looking at that graph and you\u2019re more focused on how the number for repeat <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/18\/unlocking-homebuyer-opportunities-in-2024\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">buyers<\/a> is closer to 20%, here\u2019s what you need to realize. That\u2019s only because they have so much <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/08\/05\/what-every-homeowner-should-know-about-their-equity\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">equity<\/a> built up in their current house that can be used to make a larger down payment for their next move.<\/p>\n<p>This goes to show you don\u2019t have to put 20% down, unless it\u2019s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put <a href=\"https:\/\/www.benefits.gov\/benefit\/504\" rel=\"noopener noreferrer\" target=\"_blank\">3.5%<\/a> or even <a href=\"https:\/\/www.benefits.gov\/benefit\/504\" rel=\"noopener noreferrer\" target=\"_blank\">0%<\/a> <a href=\"https:\/\/www.rd.usda.gov\/programs-services\/single-family-housing-programs\/single-family-housing-guaranteed-loan-program\" rel=\"noopener noreferrer\" target=\"_blank\">down<\/a>. So, if you\u2019re buying your <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/07\/22\/how-affordability-and-remote-work-are-changing-where-people-live\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">first home<\/a>, you likely don\u2019t need nearly as much for your down payment as you may think.<\/p>\n<h4><strong>An Agent\u2019s Role in Fighting Misconceptions<\/strong><\/h4>\n<p>If you put your move on pause because you heard one or more of these <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/06\/17\/do-elections-impact-the-housing-market\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">myths<\/a> yourself, it\u2019s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.<\/p>\n<h3>Bottom Line<\/h3>\n<p>If you have questions about what you\u2019re hearing or reading, connect with a real estate agent. You deserve to have someone you can trust to get the facts.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you ever heard the phrase: don\u2019t believe everything you hear? That\u2019s especially true if you\u2019re thinking about buying or selling a home in today\u2019s housing market. There\u2019s a lot of misinformation out there. And right now, making sure you have someone you can go to for trustworthy information is extra important. If you partner [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5975,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5974","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Today\u2019s Biggest Housing Market Myths&#8212;NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/todays-biggest-housing-market-myths\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Today\u2019s Biggest Housing Market Myths&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"Have you ever heard the phrase: don\u2019t believe everything you hear? 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