True Or False: Common Statements That Buyers Make
Is now a bad time to buy? Do you need a perfect credit score to do so? Angie breaks down some commonly held beliefs when it comes to buying a home and shares what to expect.
Ever hear another homebuyer make certain statements or assumptions? Is there any truth to them? On today’s episode of the podcast, we take a list of buyer statements from Realtor.com that many realtors say aren’t true. Is this also the case in the Triangle area when it comes to the real estate market?
Do you feel like now is a bad time to buy a home? Angie says the prices aren’t going down anytime soon. The appreciation might slow down at some point, but values continue to go up. Interest rates are still low, making this a good time to buy.
Some feel they need to waive the home inspection to make their offer more competitive. While you could let the seller know you will buy the home as-is, you can still get a home inspection. It’s always good to know what you’re going to buy, even if you don’t ask the seller to make repairs.
What do you have to do in a bidding war? Are you really expected to bid thousands of dollars over a listing price to win the home? Angie says it’s a real possibility. You have to follow the trends in the area you are looking at. Get guidance from your realtor to figure out the best way to make a strong offer for the home you want.
Worried you might need a bunch of money to cover the appraisal gap? An appraisal gap is the difference between the offer and the appraisal value. The list price is typically close to the appraisal price whereas the offer may have far exceeded that price, especially in a multiple offer situation. The buyer needs to be prepared to make up the difference.
Finally, do you need a perfect credit score to get approved for a loan? Angie says there are different ways to get financing. A high credit score helps you get the best interest rates and product, but there are still options for those who have a lower credit score.
Listen to the entire episode or skip ahead using the timestamps below.
0:38 - What’s the truth?
1:00 - Is it a bad time to buy a home?
2:08 - Do I have to waive the home inspection?
3:18 - Do you have to bid thousands over list price to win the home?
5:35 - Will I need to save money to bridge the appraisal gap?
9:05 - Are you expected to have a perfect credit score to get a loan?
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Angie Cole - Contact - Call: 919-538-6477