There’s no denying that it’s a tough market, with challenges for both buyers and sellers. But myths and misconceptions floating around about this market and what’s going to happen next aren’t making things any easier.
So what, exactly, are those myths and misconceptions, and why are they incorrect? Here are some of the common myths in today’s housing market that are hurting both buyers and sellers, including:
Myth 1: Owners with low mortgage rates will never sell.
Many buyers that purchased a home a few years ago locked in record low interest rates on their mortgages. And with interest rates significantly higher today, there’s a belief that those homeowners will never give up their low interest rates and sell. But the truth is, there are a ton of life circumstances that could force a person to list and sell their home — like a new job, growing family, or change in their financial situation — no matter what kind of interest rate they have on their mortgage.Continue Reading