[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fl3v9rl9qy2ji":3,"$ffeh0925h8cuz":48,"$fbwk2pqjjqsc7":52},{"item":4,"previous":36,"next":42},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":12,"body":13,"agentsBottomLine":14,"bodyImage":15,"isInfographic":16,"categories":17,"isVideo":16,"videoThumbnail":9,"videoSource":9,"publishedAt":34,"updatedAt":35},59547,"todays-biggest-housing-market-myths","Today’s Biggest Housing Market Myths","\u003Cp>Have you ever heard the phrase: don’t believe everything you hear?\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-Today-s-Biggest-Housing-Market-Myths-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240829\u002FSTM-Banner-GettyImages-1339273513-original.jpg","\u003Cp>Have you ever heard the phrase: don’t believe everything you hear? That’s especially true if you’re thinking about \u003Ca href=\"\u002F2024\u002F07\u002F19\u002Fthe-biggest-mistakes-homebuyers-are-making-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buying\u003C\u002Fa> or \u003Ca href=\"\u002F2024\u002F07\u002F30\u002Fthe-biggest-mistakes-sellers-are-making-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">selling\u003C\u002Fa> a home in today’s \u003Ca href=\"\u002F2024\u002F08\u002F02\u002F3-reasons-why-were-not-headed-for-a-housing-crash\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">housing market\u003C\u002Fa>. There’s a lot of \u003Ca href=\"\u002F2024\u002F07\u002F12\u002Fhow-do-presidential-elections-impact-the-housing-market-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">misinformation\u003C\u002Fa> out there. And right now, making sure you have someone you can go to for trustworthy information is extra important.\u003C\u002Fp>\u003Cp>If you partner with a \u003Ca href=\"\u002F2024\u002F08\u002F20\u002Fhow-to-choose-a-great-local-real-estate-agent\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent\u003C\u002Fa>, they can clear up some common misconceptions and reassure you by backing them up with research-driven facts. Here are just a few misconceptions they can help disprove.\u003C\u002Fp>\u003Ch4>\u003Cstrong>1. I’ll Get a Better Deal Once Prices Crash\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>If you’ve heard \u003Ca href=\"\u002F2024\u002F07\u002F29\u002Fare-home-prices-going-to-come-down\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> are going to come \u003Ca href=\"\u002F2024\u002F08\u002F02\u002F3-reasons-why-were-not-headed-for-a-housing-crash\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">crashing down\u003C\u002Fa>, it’s time to look at what’s actually happening. While prices vary by local market, there’s a lot of data out there from numerous sources that shows a crash is not going to happen. Back in 2008, there was a dramatic oversupply of homes that led to \u003Ca href=\"\u002F2024\u002F06\u002F12\u002Fhome-prices-arent-declining-but-headlines-might-make-you-think-they-are\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">prices\u003C\u002Fa> crashing. Across the board, there’s an \u003Ca href=\"\u002F2024\u002F07\u002F08\u002Fnot-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">undersupply\u003C\u002Fa> of homes \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fhousing-statistics\u002Fexisting-home-sales\" rel=\"noopener noreferrer\" target=\"_blank\">for sale\u003C\u002Fa> today. That makes this market a whole different scenario (\u003Cem>see chart below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-Why-Today-s-Inventory-Won-t-Make-Home-Prices-Crash-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-Why-Today-s-Inventory-Won-t-Make-Home-Prices-Crash-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>So, if you think waiting will score you a deal, know that \u003Ca href=\"https:\u002F\u002Fwww.census.gov\u002Fconstruction\u002Fnrc\u002Fcurrent\u002Findex.html\" rel=\"noopener noreferrer\" target=\"_blank\">data\u003C\u002Fa> shows there’s \u003Ca href=\"https:\u002F\u002Fwww.attomdata.com\u002Fnews\u002Fmost-recent\u002Fu-s-foreclosure-activity-increases-quarterly-in-q1-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">not a crash\u003C\u002Fa> on the horizon, and waiting isn’t going to pay off the way you’d hoped.\u003C\u002Fp>\u003Ch4>\u003Cstrong>2. I Won’t Be Able To Find Anything To Buy\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>If this nagging fear about finding the right home if you move is still holding you back, you probably haven’t talked with an expert \u003Ca href=\"\u002F2024\u002F07\u002F15\u002Fwhy-working-with-a-real-estate-professional-is-crucial-right-now\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent\u003C\u002Fa> lately. Throughout the year, the supply of \u003Ca href=\"\u002F2024\u002F08\u002F12\u002Fare-there-more-homes-for-sale-where-you-live\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">homes for sale\u003C\u002Fa> has grown. \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fjuly-2024-data\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">Data\u003C\u002Fa> from \u003Cem>Realtor.com \u003C\u002Fem>helps put this into context. While there are still fewer homes on the market than in a more normal year like 2019, inventory is still above where it was at this time last year (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-The-Supply-of-Homes-for-Sale-Is-Improving-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-The-Supply-of-Homes-for-Sale-Is-Improving-original.png\" alt=\"No Caption Received\">\u003C\u002Fa>So, if you’re remembering all that media coverage about record-low supply during the pandemic, you can rest a bit easier. While the market isn’t back to normal just yet, inventory is moving in a healthier direction. And that means as your \u003Ca href=\"\u002F2024\u002F08\u002F08\u002Fwhere-will-you-go-after-you-sell\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">options improve\u003C\u002Fa>, you can let go of this now outdated myth because finding a home to buy won’t feel quite so impossible anymore.\u003C\u002Fp>\u003Ch4>\u003Cstrong>3. I Have To Wait Until I Have Enough for a 20% Down Payment\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Many people still believe you need a 20% down payment to buy a home. To show just how widespread this myth is, \u003Ca href=\"https:\u002F\u002Fwww.fanniemae.com\u002Fmedia\u002F52106\u002Fdisplay\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Fannie Mae\u003C\u002Fem>\u003C\u002Fa>\u003Cem> \u003C\u002Fem>says:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Approximately 90% of consumers overstate or don’t know the minimum required down payment for a typical mortgage.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>And if you look at \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Fhighlights-from-the-profile-of-home-buyers-and-sellers\" rel=\"noopener noreferrer\" target=\"_blank\">the data\u003C\u002Fa> from the \u003Cem>National Association of Realtors \u003C\u002Fem>(NAR), you can see the typical homeowner isn’t putting down as much as you might expect (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"\u002F2024\u002F07\u002F16\u002Fhow-to-determine-if-youre-ready-to-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-Today-s-Median-Down-Payment-Is-Less-Than-20percent-original.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>\u003Ca href=\"\u002F2024\u002F07\u002F16\u002Fhow-to-determine-if-youre-ready-to-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">First-time homebuyers\u003C\u002Fa> are typically only putting down 6%. That’s far less than the 20% so many people think they need. And if you’re looking at that graph and you’re more focused on how the number for repeat \u003Ca href=\"\u002F2024\u002F07\u002F18\u002Funlocking-homebuyer-opportunities-in-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buyers\u003C\u002Fa> is closer to 20%, here’s what you need to realize. That’s only because they have so much \u003Ca href=\"\u002F2024\u002F08\u002F05\u002Fwhat-every-homeowner-should-know-about-their-equity\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">equity\u003C\u002Fa> built up in their current house that can be used to make a larger down payment for their next move.\u003C\u002Fp>\u003Cp>This goes to show you don’t have to put 20% down, unless it’s specified by your loan type or lender. Many people put down a lot less. Not to mention, depending on the type of home loan you get, you may only need to put \u003Ca href=\"https:\u002F\u002Fwww.benefits.gov\u002Fbenefit\u002F504\" rel=\"noopener noreferrer\" target=\"_blank\">3.5%\u003C\u002Fa> or even \u003Ca href=\"https:\u002F\u002Fwww.benefits.gov\u002Fbenefit\u002F504\" rel=\"noopener noreferrer\" target=\"_blank\">0%\u003C\u002Fa> \u003Ca href=\"https:\u002F\u002Fwww.rd.usda.gov\u002Fprograms-services\u002Fsingle-family-housing-programs\u002Fsingle-family-housing-guaranteed-loan-program\" rel=\"noopener noreferrer\" target=\"_blank\">down\u003C\u002Fa>. So, if you’re buying your \u003Ca href=\"\u002F2024\u002F07\u002F22\u002Fhow-affordability-and-remote-work-are-changing-where-people-live\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">first home\u003C\u002Fa>, you likely don’t need nearly as much for your down payment as you may think.\u003C\u002Fp>\u003Ch4>\u003Cstrong>An Agent’s Role in Fighting Misconceptions\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>If you put your move on pause because you heard one or more of these \u003Ca href=\"\u002F2024\u002F06\u002F17\u002Fdo-elections-impact-the-housing-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">myths\u003C\u002Fa> yourself, it’s time to talk to a trusted agent. An expert agent has more data and the facts, just like this, to reassure you and help break through any misconceptions that may be holding you back.\u003C\u002Fp>","\u003Cp>If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240820\u002F20240822-Why-Today-s-Inventory-Won-t-Make-Home-Prices-Crash-original.png",false,[18,22,26,30],{"id":19,"name":20,"slug":21},5,"For Buyers","buyers",{"id":23,"name":24,"slug":25},35,"Mortgage Rates","mortgage-rates",{"id":27,"name":28,"slug":29},323,"Buying Tips","buying-tips",{"id":31,"name":32,"slug":33},325,"Economy","economy","2024-08-22T10:30:00Z","2024-09-27T14:11:55Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":16},59470,"the-number-one-mistake-sellers-are-making-overpricing-their-house","The Number One Mistake Sellers Are Making: Overpricing Their House","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240819\u002F20240821-The-Number-One-Mistake-Sellers-Are-Making-Overpricing-Their-House-original.png","2024-08-21T10:30:00Z",{"id":43,"slug":44,"title":45,"featuredImage":46,"publishedAt":47,"contentType":10,"isVideo":16},59632,"how-growing-inventory-benefits-todays-buyers-infographic","How Growing Inventory Benefits Today's Buyers","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240821\u002FHow-Growing-Inventory-Benefits-Todays-Buyers-KCM-Share-original.jpg","2024-08-23T10:30:00Z",{"cover":49,"open":50,"shareSpread":51},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[53,57,58,62,66,70,74,78,82,83,87,91,95,99,103,107,111,115,119,123,127,131,135,136,140,141,145,149,153,157],{"id":54,"name":55,"slug":56},1,"Uncategorized","uncategorized",{"id":19,"name":20,"slug":21},{"id":59,"name":60,"slug":61},6,"For Sellers","sellers",{"id":63,"name":64,"slug":65},7,"Foreclosures","foreclosures",{"id":67,"name":68,"slug":69},8,"Infographics","infographics",{"id":71,"name":72,"slug":73},9,"Home Prices","home-prices",{"id":75,"name":76,"slug":77},11,"First-Time Buyers","first-time-buyers",{"id":79,"name":80,"slug":81},34,"Senior Market","senior-market",{"id":23,"name":24,"slug":25},{"id":84,"name":85,"slug":86},38,"Move-Up","move-up",{"id":88,"name":89,"slug":90},41,"For Sale by Owner","for-sale-by-owner",{"id":92,"name":93,"slug":94},42,"Featured","featured",{"id":96,"name":97,"slug":98},45,"New Construction","new-construction",{"id":100,"name":101,"slug":102},52,"Luxury \u002F Vacation","luxury--vacation",{"id":104,"name":105,"slug":106},53,"Rent vs. Buy","rent-vs-buy",{"id":108,"name":109,"slug":110},80,"Time-sensitive","time-sensitive",{"id":112,"name":113,"slug":114},81,"Outdated","outdated",{"id":116,"name":117,"slug":118},147,"Internal","internal",{"id":120,"name":121,"slug":122},148,"Do Not Autopost","do-not-autopost",{"id":124,"name":125,"slug":126},320,"Inventory","inventory",{"id":128,"name":129,"slug":130},321,"Agent Value","agent-value",{"id":132,"name":133,"slug":134},322,"Affordability","affordability",{"id":27,"name":28,"slug":29},{"id":137,"name":138,"slug":139},324,"Downsize","downsize",{"id":31,"name":32,"slug":33},{"id":142,"name":143,"slug":144},326,"Equity","equity",{"id":146,"name":147,"slug":148},327,"Forecasts","forecasts",{"id":150,"name":151,"slug":152},328,"Selling Tips","selling-tips",{"id":154,"name":155,"slug":156},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":158,"name":159,"slug":160},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]