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!