Don't Let Myths Scare You: Here is the Truth About Buying a Home

Buying a home can be an intimidating process, especially with so many myths floating around about the housing market. From fears about rising home prices to worries over student loan debt, it’s easy to feel discouraged. However, many of these concerns are based on outdated information or misconceptions. Let's tackle some of these common myths and look at the facts.

Myth #1: "It’s Not a Good Time to Buy Because Home Prices Are Going to Crash”

One of the most common fears people have when considering a home purchase is the idea that home prices will crash, leading them to lose money. While this fear is understandable, it’s largely unfounded in today’s market. 

Reality: Home prices may fluctuate depending on the local market, but overall, they’re expected to continue rising, albeit at a more moderate pace. According to recent forecasts from experts like Goldman Sachs, Wells Fargo, and Freddie Mac, home prices are projected to appreciate in 2025. The average prediction across leading financial institutions is positive, showing that the market will remain stable rather than face a crash.

While buying a home is always a big decision, don’t let the fear of a crash keep you on the sidelines. Instead, work with a real estate professional who can guide you through local market trends and help you make a well-informed decision.

Myth #2: "If I Have Student Loan Debt, I Can’t Buy a Home

Many people assume that having student loan debt automatically disqualifies them from buying a home. This is a myth that has stopped many potential buyers from even exploring their options.

Reality: You can still buy a home with student loan debt. In fact, nearly one-quarter of all homebuyers—and 37% of first-time buyers—have student loan debt, according to the National Association of Realtors (NAR). Lenders typically look at your debt-to-income ratio, meaning that if your income can comfortably cover both your student loans and a mortgage, you could qualify for a home loan.

Having student loan debt is not a deal-breaker; with the right financial plan and guidance from a mortgage professional, many buyers find themselves able to own a home even with existing debts.

Myth #3: "It’s Going to Take Forever to Save for a Down Payment

One of the biggest hurdles for first-time homebuyers is saving up for a down payment. The thought of needing tens of thousands of dollars upfront can feel overwhelming, leading many to believe that homeownership is out of reach.

Reality: Down payment assistance programs are available to help buyers get into homes sooner than they might expect. In fact, 80% of first-time homebuyers qualify for down payment assistance, but only a small fraction actually take advantage of it. Programs vary by location but often provide grants, loans, or forgivable loans to help cover down payment and closing costs.

Many people are unaware of these programs or assume they won’t qualify. If saving for a down payment feels like an impossible task, consider looking into local or federal down payment assistance options. A qualified real estate agent or lender can help you navigate these resources and potentially fast-track your path to homeownership.

Don’t Let Myths Hold You Back

Buying a home is a big step, and it’s natural to feel apprehensive. However, it’s essential to separate fact from fiction. Many common fears about buying a home—such as market crashes, student loan obstacles, and the difficulty of saving for a down payment—are based on misconceptions.

Before ruling out homeownership, connect with a knowledgeable real estate professional who can provide you with accurate information tailored to your situation. Don’t let myths hold you back from achieving your goal of owning a home. The real estate market may be complex, but with the right support and information, you can make confident decisions about your future.