….and other anxiety-creating myths you might hear about the real estate market.

Part 2 of 2

If you didn’t get a chance to read part 1 in this 2-part series, click here to give it a read now. 

In this 2nd part, let’s continue the reality check: the world didn’t end. I remind you, Chicken Little, the sky is not falling. Below are a few more thoughts I keep hearing from buyers and sellers right now that could use some clarification.

#4: I’m stuck with the home for 30 years if I buy a home.

Clarification: This is false. Full-stop. Just because you take out a 30-year mortgage for a home absolutely does not mean you have to keep it for 30 years. It’s just the term you selected under which to purchase your home. You always have an option in the future to apply for a new loan (refinance) with different terms for your new circumstances. The new loan pays off the original 30-year one and you replace that loan with your new one. The reality is that most only own their home for 10 years or less and then they sell it (which pays off the loan) and they buy something else that fits their new needs.

#5: I can’t afford to buy a home in this market.

Clarification: In some cases, this might be true. In most cases, it’s not. What is true is that you might not be able to buy your dream home in this market. It’s important to realize that your real estate journey has to start somewhere. If you never buy a place, you’ll be a forever renter. While that might be ok for some, and a great fit for their lifestyles, many would prefer to own something of their own. If homeownership is your goal, and you’re realistic that your first home might not be perfect and you’ll likely be there for about 5-10 years before it makes sense financially to sell it, then anytime is a good time to buy because you have to take the first step.

When it comes to the real estate market, it’s about playing the long game. It’s typically not a short-term liquid asset like a stock, bond, or CD. It’s a long-term investment portfolio that will start with the purchase of your first property. You’ll gradually learn how to manage and make the most of this asset and it could lead to owning multiple properties and/or using the equity to fund other wealth-building endeavors in the future. Whatever your plans, it’s not something that’s for everyone, but it can have benefits for anyone. Just know that it’s cyclical, goes in waves, and is almost always on an upward trend in the long-term.

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Are you ready to start your home search? Then it’s time for us to talk! There are many ways I can help with the process and get you on your way to purchasing your next home. You can schedule your initial buyer’s or seller’s consultation by phone or video call by clicking here.

You can click here to check out the current market statistics as well. See average home prices, average time homes are on the market and how they compare year-over-year.

Not quite ready to start your home purchase journey, but want to get a look at what’s currently on the market? Click here to search current listings in the area.