Debunking common myths about price crashes, student debt, and down payment for first-time homebuyers.
What’s stopping you from buying a house? As we approach 2025, I thought it would be a good idea to clear some common myths about buying a home that we often hear in the news. I have three myths to discuss and data to back them up.
Myth 1: Home prices are expected to crash. Many people believe that home prices will crash, but leading market entities say that home prices are expected to rise. For instance, Goldman Sachs predicts a 4.4% increase, Wells Fargo 4.3%, and Fannie Mae 3.6%. The National Association of Realtors forecasts a modest 1.8%. On average, home prices will increase by about 2.6%. So, if you want to buy a home, 2025 looks like a great time.
Myth 2: Student loans prevent you from buying a home. You can still buy a home even if you have student debt. According to the National Association of Realtors, nearly one-quarter of all home buyers and 37% of first-time home buyers have student loans, and they were able to become homeowners.
Myth 3: Saving for a down payment takes forever. This is a common concern for buyers, but if you’re really interested in buying a house, many down payment assistance programs are available for you. Applying for a government loan is just one option; you can ask local banks to assist first-time home buyers. Interestingly, while 80% of first-time home buyers qualify for down payment assistance, only 13% take advantage of it.
Consider these myths if you plan to buy a home in 2025. When you feel ready to take the first step, I’d be happy to assist you with banking and qualification processes. Just feel free to reach out. You can call me at (607) 795-2904 or vickischamel@kw.com.
I’m looking forward to hearing from you.
