Anyone that is unfamiliar with the real estate market in Gilbert is bound to believe what they are told from friends and family members that have experience with it. A lot of this information can be intimidating, overwhelming and may actually deter them from wanting to purchase real estate in Gilbert. What many real estate professionals in Gilbert are finding out is that prospective homebuyers and homesellers come into the process with a lot of misinformation. Because of this abundance of misinformation, here are a few myths about the real estate market in Gilbert debunked.
Many potential homebuyers believe that getting approved for a mortgage is hard and you need a high FICO score. The truth is, almost three-quarters of loan applications get approved and the required FICO score for getting approved has been steadily decreasing throughout the past few months and is the lowest it’s been since summer of 2011.
Next, many potential homebuyers are under the impression that they need at least 20% down in order to purchase real estate in Gilbert when in all actuality, almost half of all homebuyers that did purchase only put 10% down. The amount required is dependent upon the kind of loan that you obtain through your lender.
Lastly, many current renters feel that it is cheaper to rent their home and avoid paying to repair and fix items instead of purchasing real estate in Gilbert and being responsible for these costs. What these renters may be unaware of is that the landlord often put adds the cost of repairs into the rental amount and that buying real estate in Gilbert is actual much cheaper than renting.
Real estate professionals in Gilbert want homebuyers to know that the only information they believe about the local market and buying a home should come from a trusted and experienced professional. The market is constantly changing and a real estate agent in Gilbert is the only person that can give you accurate, up-to-date information that you need about purchasing a home.
