Home Buying Myths
- By Autumn Davis
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- 04 Oct, 2018
Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends to circulate a lot of misinformation. Most of that misinformation is in regards to how much of a down payment you need or what your credit score needs to be. Let's go over the real facts about buying a home and knock those myths out, so they don't hinder your ability to purchase!
CREDIT SCORES
Though it may come as a surprise, you don't need a perfect credit score to purchase a home. Traditional bank lenders will work with credit scores as low as 640, but your agent can also get you connected with local lenders that accept credit scores as low as 580. Although there are other required stipulations to qualify for the loan, you don't need a perfect score in the 700's or 800's to get approved for a mortgage.
DOWN PAYMENTS
You don't have to sell an arm and a leg to be able to purchase your dream house. There is a huge misconception that you need to pay a minimum of 20% down to buy. That information is outdated. These days, there a large variety of loan programs that only need an average of 3-5% down. Based on your income or military status, you may even qualify for mortgage programs that require 0% down. Although you'll expect to pay an additional 3% in closing costs, which is separate from the down payment, this is still significantly less that 20% of the purchase price. If you're in a buyer's market, you may even be able to negotiate for the closing or partial closing costs to be covered by the sellers.
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Don't let online myths persuade you into thinking you can't qualify or afford to buy a home. There are a variety of programs to help you get into your dream house. Since these vary by county-to-county, and state to state, it's imperative to call your agent and let them fill you in on the facts.
I’d love to offer a complimentary call to ensure you have all of the right facts to begin this process. Enter your info here: https://www.autumnjoyre.com/contact so we can schedule a time this week.
1. Light up your space!
Letting in as much natural light as possible to your at-home work space is the first step to making a better place to get things done. Your body works best with natural light because of circadian rhythms, which tell your brain to be awake and productive when natural light is around you. Natural light will help you feel alert and the vitamin D you will get from opening those windows will help boost your immune system.
2. Add minimalist decor!
You don’t want to crowd your work space, but it is important to decorate your space in a way that you will enjoy. Having a clean, organized space with a few quirks that will make you smile - like a favorite photo. Make sure any items you will need, like pens and highlighters, are within reach, so you are more motivated to stay put!
3. Make your work space only a work space.
It is important to train your brain to differentiate when it is time to work and when it is not. When we drive to work or school, it is natural for us to switch into ‘working’ mode, but when we work from home, it is hard to get into that mode. By only sitting in your work space when it is time to get things done, you will train your brain to be more productive when you are in that space.
4. Manage your cell phone use.
While you may need your phone to make work calls or check in with your teacher, it is important to set boundaries and stick to them. If you find yourself constantly wanting to scroll through social media instead of getting work done, try download an app that will limit your social media access each hour. If you don’t need your phone for work or school, try keeping it in a box across the room
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While it may only be temporary, the COVID-19 pandemic is touching everyone’s life in one way or another. If you are in the market to buy or sell your home, this can be a frightening time. With calls for social distancing and many businesses temporarily closing their doors, there is a great deal of uncertainty when it comes to real estate. If you are trying to buy or sell right now, here are some tips to help you make it through!
GO DIGITAL
Instead of opting for an open house, see if you can do a guided tour via Facetime or video marketing.
SANITIZE
If you are still allowing tours of your home or attempting to tour homes, make sure you are taking all sanitary precautions. Offer hand soap for your home tour and ensure you are sanitizing all surfaces a potential buyer may come into contact with, such as door knobs and counter tops. If you are touring a home, make sure you maintain social distancing practices with the agent and avoid touching anything you do not need to.
DOWNSIZE
Instead of having an open house, consider having only scheduled showings for your home or only participating in scheduled viewings if you are looking to buy.
STAY CALM, STAY SAFE
While there are still many options to buy and sell right now, stay calm and trust your agent. This is their specialty and they know the best course of action during this time. If they can offer digital options, they will let you know.
