Myth #1- No one can get a loan
Well, I hear the super jumbo loans- above one million- are tough, but that is not much of a factor in Glendale Real Estate. Our loans are typically under $729,000 and these loans are relatively easy to do. You need a job, good credit and 20% down payment- but this is just common sense stuff.
This is not to say we don’t hit bumps along the way- but lots of people can get loans to buy homes.
Myth#2- Most buyers have very little down payment
This is a variation of Myth #1 and equally untrue. The vast majority of the offers I have seen this year are 25% down and more. 30% and 40% offers are amazingly common. Since I see dozens of offers, my sample is pretty accurate.
Myth #3- Sellers will have to sell far below their asking price
OIY! I wish that were true. I am on my 6th offer for a delightful young couple. Nearly every offer has been way over asking price and we’ve been shot out of the water every time.
The truth is that the “under price it and get lots of offers” strategy is becoming more and more common. These homes sell for market value, but higher than the asking price.
Myth#4- There are lots of homes for sale
There might be lots of “For Sale” signs, but there are very few homes that are priced to sell.
There you have it- my own version of Myth Busters!