Home buyers, especially first-time buyers, often start the process believing myths about how the market works. Sometimes, those myths can take you down the wrong path. What follows are six myths I often hear from prospective buyers that you should let go of right now.

You must have a 20% down payment.

Many of us grew up hearing this, because for a long time, it was a good rule of thumb. However, lenders have long since stopped requiring 20 percent down. For sure, if you've got a sizable down payment ready, it will save you money. Not only will you pay less interest over the life of your mortgage, but 20 percent down can usually keep you from having to buy private mortgage insurance, which is insurance that protects the lender if you default.

That said, borrowers have lots of options, including low- and no-down payment loans. If you'd like to explore your options, contact me and I can connect you with a lender.

You have to take out a 30-year mortgage.

This is another tradition. In past generations, more people stayed in their homes for longer, so the 30-year mortgage was the standard. People are much more mobile now, so sometimes a shorter-term mortgage might make sense. For example, a home buyer who is downsizing after raising a family in a home for 20 years is likely to have a hefty down payment. There's no reason for a 30-year mortgage in that circumstance. And for borrowers who can make it work, shorter-term mortgages usually have lower interest rates, saving you money. Your lender can advise you about the terms available.

You don't need a home inspection.

Inexperienced buyers are often in a rush to seal the deal on their first home. In their hurry they might be tempted to skip the home inspection. However, an inspection by a qualified home inspector can uncover problems that may require us to reopen negotiations. Even if you're buying a home as-is, meaning the seller isn't making repairs, a home inspection can help you determine whether there are serious problems that might require more cash than you're willing to spend on renovations.

Spring is the time to shop for homes.

The Roanoke Valley's spring/summer selling season often offers buyers the best selection of the year, because more homes are on the market. However, you can buy or sell property at any time during the year. In fact, fall and winter can be great times to look for a home because fewer other buyers are in the market, which means less competition for your next dream home.

I don't need a buyer's agent; I have the internet.

Online real estate listings are a great way to search a large volume of properties in a short amount of time. That's where it ends. Buyers' agents have local-market expertise and know about buying opportunities on and off the market. They can offer guidance from start to finish, negotiate on your behalf, and most importantly, look out for your interests throughout a transaction. You won't get any of that from online listing services.

The statistics bear this out: In 2018, 87 percent of buyers used real estate agents to purchase their homes, even if they started their searches online.

Once I sign a contract, the deal is done.  

An offer, once accepted, is not necessarily set in stone. Offers often have contingencies, the most common being the home inspection. In the event that something serious turns up, negotiations are reopened. If worse comes to worst, you can even walk away.

For the truth about other homebuying myths, contact me to get started on your home search! Call me at 540.353.0123 or email me at sonya@sonyadickinson.com.