Common misconceptions of the buying process

According to a Keeping Current Matters recent survey, Millennials ages 25-40 have a bit of confusion about the home purchasing process (some have even already gone through it but forgot). So I concluded that they can’t be the only ones and wanted to share my thoughts:

1. You don’t pay any fees to have a realtor represent you when buying a home!
2. Many underestimated their buying potential by $150k or more, so call a LENDER first.
3. Almost half (47%) didn’t know the differences between interest rates (good, bad, ARM v. Fixed, FHA)
4. You can put less than 20% down. You can put more than 20% down.
5. You can buy down your interest rate with some banks/programs.
6. Many underestimated the increase in value in their city by $100k or more.
7. “Inventory” is not what you see on Zillow. Bringing us back to #1 – call a realtor and have representation!!!