August 2023

Buying & Selling Myths
If you are thinking about buying or selling a home, you likely have some idea of what the process is like. But everyone’s real estate experience is different, so you can’t always believe everything you hear from friends or relatives. Here are some of the most common myths about buying and selling a home.

Myth: I Need to Make a 20% Down Payment
A 20% down payment is not required to qualify for a home loan. While making a down payment of 20% or more allows you to avoid buying private mortgage insurance and lower your monthly payment, you can qualify for a loan with a down payment that's as low as 3-5%. You'll then pay for private mortgage insurance until you've reached 20% equity in your home. There are special rules that apply to second

If you purchase your home this year, you will inherit the seller's exemption status for the current tax year. Please review your closing statement, as the seller likely gave you a deduction for the seller's pro rata share of the current year taxes. Because of that, you will be responsible for payment of the entire tax when it arrives in November. Next year, your home will be reassessed based upon your purchase price (and the sale prices this year of other qualified market sales in your neighborhood). Finally, if you qualify for homestead exemption, remember that you will need to file for a homestead exemption on the property for next year as the seller's exemptions will automatically be removed at the end of this year.

To estimate your taxes for next