9 HOME-BUYING MYTHS & TRUTH THAT FREES YOU
Tim Coen — Broker and Owner of Priority Home Realty Group
Home ownership is a great opportunity to gain freedom for the lifestyle you choose, build wealth from money you are already spending, provide a secure place for yourself to live for as long as you want, and have something of value to pass on to your family!
So, why don't more people take advantage of this opportunity?
Why haven't you yet?
Sadly, many people feel home ownership is out of their reach because they have believed one or more myths, or untruths, about buying a home.
Here are nine of the most common myths that might be holding you back, along with the truth that can set you free.
MYTH 1: YOU DON’T NEED HELP
TRUTH:
Buying a home is a complicated process involving important decisions, turbulent emotions, and lots of legal documents that all have significant impact on your finances, lifestyle, and well-being.
You need a coach, guide, negotiator, advocate, confidant and ally to guide you through the process, help you avoid the pitfalls, and secure your success. I'll use my skill and experience to serve you in a way that honors God and benefits you.
You also need a great team of other professionals like lender, inspectors, appraiser, title specialists, contractors and others to help you. I'll recommend great professionals to you and coordinate their efforts for your success.
“Tim helped me buy my first house. It was an absolute pleasure to work with him. Tim is an excellent realtor: extremely knowledgable, honest and helpful. Tim made the process truly painless. I fully intend to use his services in the future.”
MYTH 2: GOOD HELP IS TOO EXPENSIVE
TRUTH:
Yes, there is a cost for my help, but the cost has always been included in the price of homes, whether you actually got help or not. You benefit by making sure you have someone helping YOU.
Besides, having my skill and experience effectively protecting you and keeping your interests first will save you more time, money, and hassle than it would cost, even if you had to pay it directly.
The good news is that we should be able to get the seller to pay for my services—even though they benefit YOU—so you will hopefully have no direct cost.
“Tim had previously helped our daughter buy a home, so when we decided to buy ourselves he was our first call. Through the process he let us make our choices but was there to answer any questions we had. We are very grateful for everything he was part of in the whole process. We would recommend him to anyone wishing to buy or sell a home.”
MYTH 3: YOU NEED A REALLY BIG DOWN PAYMENT
TRUTH:
There are lots of loan programs available with as little as 3%-5% down payments.
There are often down-payment assistance programs available for first-time buyers and others, so you might need little or no down payment.
Many loan programs allow family to gift you funds for down payment.
If you qualify for VA benefits, you can buy with no down payment at all.
I can connect you with excellent lenders who can help you find the right loan program for your situation!
MYTH 4: YOU NEED TO HAVE PERFECT CREDIT TO BUY
TRUTH:
Great home loans are available even for people with imperfect credit.
A few late or missed payments in your past probably won’t be a problem.
Even bigger issues, like past collections, foreclosure, or bankruptcy, don’t necessarily disqualify you from buying a home.
The lenders I'll introduce you to can show you how to improve your credit score to qualify for more loan options.
“My wife and I have had the best real estate experience with Tim. Out of all of the brokers we have worked in the past Tim has been the best by far. Tim is very knowledgeable of the real state market, process, etc. I enjoyed brainstorming and discussing our options with him during the entire process. He is very personable and people oriented. He understood our plans and helped us accomplish them without pushing his personal agenda. When it comes to real estate I would only work with him. I strongly recommend him!”
MYTH 5: YOU NEED TO BE OUT OF DEBT TO BUY
TRUTH:
Being debt free is not a requirement for getting a loan—most home buyers also have significant other debts.
You might be surprised how much home loan you can qualify for based on your debt-to-income ratio, even with your current debt.
I'll introduce you to lenders who can show you how to strategically pay down your debt to improve your buying power, if that's what it takes to get the home you want.
“Tim was great to work with on the purchase of our home. He was accessible and responsive. We especially admire his negotiation skills, and appreciate his use of new technologies to expedite communication and contract handling. We love our new home and don't plan on moving again soon, however if we were to need a Realtor we would choose Tim Coen.”
MYTH 6: YOU SHOULD WAIT UNTIL RATES GO REALLY LOW AGAIN
TRUTH:
Because many buyers still believe this myth, there are lots of great homes available to you.
The market is still trying to adjust to the recent rise in interest rates, and those higher rates are what's keeping prices reasonable.
Rates are likely to drift down again. When they do, lots of people will want to buy so prices will rise quickly and buyers will be competing for a limited number of homes.
You can lock in a reasonable price today and then refinance later when rates dome down, lowering your payments substantially.
MYTH 7: YOU NEED TO BE SETTLED IN YOUR CAREER BEFORE BUYING MAKES SENSE
TRUTH:
You can probably qualify to buy a home if you have a steady job, even if it isn’t the one you are working toward or planning to have forever.
You are completely free to change jobs whenever you want once you own your home.
You can lock in a reasonable house payment, which will get easier to make as your earning power continues to rise.
You can be building equity now while you are studying and working toward the career you really want.
“I have purchased many homes throughout my life time. and I can honestly say that working with Tim Coen has been a great experience for my wife and I. He has demonstrates professionalism even under (buyer generated) duress, and multitasking. The sum of it is ; you end up with the house you wanted and a good friend.”
MYTH 8: YOU NEED TO HAVE A FAMILY FOR BUYING TO MAKE SENSE
TRUTH:
Owning a home is a great investment for everyone—single, married, or with a family—because you have to pay to live somewhere, and the value of what you own will go up over time.
The freedom to control your own space and build equity for yourself instead of throwing away money on rent makes sense even if you expect your housing needs to change later.
You can buy what makes sense for this stage of life without being stuck in it forever—you can sell this one and use the equity to buy what you want later, or maybe you can keep it and rent it out as an additional source of income.
“Tim was great to work with on the purchase of our home. He was accessible and responsive. We especially admire his negotiation skills, and appreciate his use of new technologies to expedite communication and contract handling. We love our new home and don't plan on moving again soon, however if we were to need a Realtor we would choose Tim Coen.”
MYTH 9: YOU SHOULD WAIT TO BUY UNTIL YOU CAN AFFORD WHAT YOU REALLY WANT
TRUTH:
Home prices continue to rise, so the cost of your dream home will probably keep moving away from you faster than you can save, especially if you are throwing away money on rent.
The home you can buy now will go up in value while you live in it, building your wealth and empowering you to afford better later.
You can probably get to your long-term goal faster by starting small, improving and paying down what you have, and then moving up.
I'd love to help you move past the myths so you can sort out what is important to you, know the steps from where you are to where you want to be, connect with great lenders and other experts you need, remove any obstacles, identify your options, get smoothly and safely into a home you love, and use your home ownership as a foundation for long-term flexibility and success!
LET’S GET STARTED TODAY!
The first step toward finding and securing your new home is to EXPLORE MORE ABOUT HOME BUYING!
“The best of the best!! He’s more than just a realtor, he’s your best friend and he loves what he does and it shows. Without Tim on our side, we would have lost our perfect house. He is just a breath of fresh air and when dealing with the stress of looking and buying a home, you need him on your side. I would recommend Tim to anyone that’s looking for an honest, down to earth, and reliable realtor that’s always looking out for your best interests. Thanks for everything!!”
TIM COEN — Honoring God by Serving You
Understanding YOUR goals
You already have access to lots of information, but do you have someone who deeply understands what’s most important to you?
I ask insightful questions, listen carefully to help you clarify your priorities, and deeply care about you. I prioritize what you value most!
Meeting YOUR needs
You have something important you want to accomplish, but do you know the safest and most effective way to get there?
I have deep knowledge, experience, and tools from 40+ years of serving people and 20+ years in real estate in the Colorado Springs / Pikes Peak area. I guide you to success!
Earning YOUR trust
You have a compelling interest in how this goes, but are you confident and comfortable that someone is putting your interests first?
I am completely committed to treating you the way I would want to be treated. I succeed only when YOU feel valued and protected!
Valuing YOUR lasting friendship
Your story will be filled with challenges and victories long after your successful closing, so are you open to sharing about it with me?
I will always see you as a person I care about, not as a past or potential paycheck. I stay available to encourage and help you any way I can!
Helping those YOU introduce to me
You want the people you care about to feel safe and protected too, so do you have a trusted friend you can connect them with?
I want you to be so happy with how I have helped you that you’re eager to share your experience with them. I honor God—and honor you—by serving them well too!