Busting the Biggest Housing Market Myths 

When it comes to buying a home in today’s real estate market, it’s easy to get overwhelmed by all the rumors and misinformation floating around. That’s why having a knowledgeable, local real estate expert by your side is essential. Let’s clear up some of the most common myths that could be holding you back from making your move to Ridgewood, NJ and Northwest Bergen County.

Myth #1: “I’ll Get a Better Deal Once Prices Crash”

Many potential buyers are sitting on the sidelines, waiting for a housing market crash similar to what we saw in 2008. But here’s the truth: today’s market is very different. Back then, we had an oversupply of homes, which caused prices to plummet. Now, we’re dealing with the opposite—an undersupply of homes. The lack of available inventory is keeping prices steady, and experts don’t foresee a dramatic drop any time soon. Waiting for a crash might cause you to miss out on your dream home or getting priced out of these competitive areas.

Myth #2  “I Won’t Be Able to Find a Home in This Market”

It’s easy to feel like there’s nothing available with all the buzz about low inventory, but the reality is more hopeful. While it’s true that in areas like Ridgewood, NJ and Glen Rock, NJ that are known for their charming neighborhoods and top-tier schools the market is very competitive, However, with the right agent guiding you, you can get a home even in a competitive market. Your perfect home could be just around the corner.

Myth #3 “I Need 20% Down to Buy a Home”

This myth stops so many people from starting their home search, but it’s simply not true. In fact, many first-time homebuyers are only putting down around 6%. While putting 20% down can help you avoid private mortgage insurance (PMI), it’s not a requirement. PMI is misunderstood by most. Folks are opposed to PMI because they think it will be expensive. However, many times it's less than $100 a month and can come off as soon as the loan is 80% of the value of the home. While online lenders are easy to use, working with a local expert lender Anne Ryoo will put you in the strongest position to be set up for success. Don’t let the down payment myth keep you from exploring your options. 

Why Who You Work With Matters

Navigating the Ridgewood, NJ and Northwest Bergen County housing market can be tricky, but that’s where a trusted real estate professional comes in. Kelly O'Brien, a top agent in Northwest Bergen County has the expertise and local knowledge to help you cut through the noise and make informed decisions. Whether you’re buying or selling, having the right agent can make all the difference.

Bottom Line

Don’t let housing market myths keep you from achieving your real estate goals. Whether you’re looking to buy a home in Ridgewood, NJ or Glen Rock, NJ, Kelly O'Brien is here to guide you every step of the way. Contact us HERE today for expert advice and start your home search with confidence!