First-Time Home Buyer Myths That Might Be Holding You Back

If you’re thinking about buying a home, whether you're just starting to consider it or maybe it's not even your first, there are a few common myths that might be holding you back.

Myth #1: You Should Wait for Interest Rates to Drop

One of the biggest things we’re seeing right now is buyers sitting on the sidelines waiting for rates to come down. But what typically happens when rates drop? More buyers jump back into the market which increases competition and can drive prices up.

And while no one knows exactly what rates will do, they’re likely not going back to the ultra-low levels we saw a few years ago.

The reality is: if it makes sense for you to buy now, you can always refinance later if rates improve.

Myth #2: You Need 20% Down

This one stops a lot of people before they even start.

Yes, having savings is important. You’ll need funds for closing costs, moving, and future maintenance. But that doesn’t mean you need 20% down.

There are loan options with much lower down payments, and many buyers are able to purchase sooner than they expect once they actually look at the numbers.

Myth #3: You Should Wait for the “Perfect” Time

There really isn’t a perfect time to buy.

The best time is when it makes sense for your finances, your lifestyle, and your long-term goals. Trying to time the market perfectly usually leads to waiting… and waiting… and missing opportunities.

What This Really Comes Down To

Buying a home is a big decision, and it should feel comfortable and intentional, not rushed or forced. But it also shouldn’t feel out of reach because of myths that aren’t actually true.

If buying is something you’ve been thinking about and you’re not sure where to start, we would love to help you get a clear plan in place and walk through your options.

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📧 Drew Francis
📧 Caitie Francis
🌐 FrancisHomeGroup.com