Quiz: Real Estate Myths
The school year may be winding down, but that doesn’t mean all the grades are in! Today - POP QUIZ! Don't worry. We'll go easy on you. It’s just TRUE or FALSE:
TRUE or FALSE: You need 20% down to buy a house.
False. In fact, the average first-time buyer puts down 6%, with some loan programs allowing as little as 3% or even zero down.
TRUE OR FALSE: I don’t need to shop for mortgage rates. They’re all the same.
False (again!): Like any big purchase, you’ve got to comparison shop! Not all mortgage rates are the same, not to mention closing costs and other fees vary from lender to lender.
TRUE OR FALSE: I can save by hiring a real estate agent to help sell my home.
True: FSBO homes tend to sell for 26% less than agent-assisted homes. Want that in dollars? In 2020, FSBO homes sold for a median of $217,900. Agented-assisted homes? $295,500.
How’d you do? Aced it, no doubt! If you have other mortgage or real estate questions on the brain, drop them in the comments below. We are happy to answer!