Sign up to get new listings emailed daily! JOIN SIGN IN
Mary Alice Ruppert
REALTOR®, ABR, AHWD, CRB, ePro, GRI, SFR
Licensed Associate Broker
Facebook Icon Twitter Icon LinkedIn Icon YouTube Icon Pinterest Icon Instagram Icon Yelp Icon Blog Icon Realtor.com Icon Zillow Icon 

Date Archives: July 13th, 2020

Live, Love, Long Island Blog Home

Buy a home | 25 Posts
Homeownership | 27 Posts
Long Island, NY | 57 Posts
Nassau County | 1 Posts
Relocating | 1 Posts
Sell a home | 19 Posts
Uncategorized | 1 Posts
July
13

Don't Buy Into These 6 Real Estate Myths

Real Estate Myths - Coach Realtors

Whether you're looking for Nassau County homes for sale or Suffolk County homes for sale, there's one thing you can count on: Our REALTORS® are there to make the whole process easier for you. We'll guide you every step of the way so you can make informed choices.

Unfortunately, even savvy buyers often believe some real estate myths.

It's no surprise certain real estate myths are so common. They've been around a long time and it's easy to pick them up through word of mouth. Some real estate myths were truths once upon a time. However, real estate changes quickly – and it's important to move with the times.

To make things even more complicated, the coronavirus pandemic has changed real estate in a very short time. Buyers and sellers around Long Island need to be aware of how COVID-19 has shaped the local market, but it's also crucial not to overcorrect.

Here are the biggest real estate myths to bust in 2020:

  1. Myth: There Are Fewer Buyers Out There Today
    While March and April saw fewer buyers than in recent years, activity on the real estate market has rebounded. Both buyers and sellers should be aware that the market is vigorous, spurred on by low interest rates and other opportunities. You should prepare for today's market just as you would in past years, but expect longer transaction times and a few extra steps in the process.

  2. Myth: Home Prices Are Poised to Fall Dramatically
    Home prices have generally remained steady throughout the pandemic. Although there is some regional variation, the basics remain the same: People will always need a place to live, so there'll always be healthy demand. With that in mind, buyers shouldn't sit tight and assume that a much better market is around the corner. Taking a proactive stance is best.

  3. Myth: You Can't Buy Without an In-Person Visit
    The best real estate agents have adapted quickly to the needs of clients in the age of coronavirus. Video showings and virtual tours of homes for sale are becoming much more common. With help from your own agent, you can do the proper due diligence, including getting plenty of photos. "Drive-by closings" and other new innovations make the process easier.

  4. Myth: You Don't Need an Agent to Buy a Home
    While it's technically true you can buy a home without your own agent, it's best to think twice. Your real estate agent is there to represent your interests at every turn. That's more vital now than ever before, and it makes a difference: Buyers with their own agents have the opportunity to spend less time on the market, get a better deal, and find a home they'll truly love.

  5. Myth: You'll Need a 20% Down Payment
    A 20% down payment can open doors, and will save money in the long run by helping you cut the amount you'll need to finance. However, there are many alternatives – especially for first-time homebuyers. Federally backed home mortgage programs such as the FHA home loan provide for much smaller down payments, from zero to about 3.5%.

  6. Myth: Preapproval Harms Your Credit Score
    Preapproval accelerates the buying process and gives greater confidence in your buying budget. It enables you to see the nuts and bolts of the finance package you are eligible for and makes the bidding process much faster, too. These benefits come with few drawbacks: Your credit is unaffected unless you place several mortgage applications at one time.

When it's time to buy your next Long Island home, Coach Realtors is here to help. Contact us for personalized advice.

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 06/27/2022. The listing information on this page last changed on 06/27/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of OneKey MLS (last updated Mon 06/27/2022 4:32:22 PM EST). Real estate listings held by brokerage firms other than Coach Realtors may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

Privacy Policy / DMCA Notice / ADA Accessibility

Agency License Information: https://www.coachrealtors.com New York State Real Estate Broker Principal Office Licenses Numbers: 109920686, 109920688, 109920690


Login to My Homefinder

Login to My Homefinder