For many first-time buyers (or even seasoned homeowners), the home-buying process can feel like a maze of conflicting advice and outdated assumptions. From financial fears to timing concerns, there's no shortage of misinformation that can cause hesitation or missteps. In a market like Southwest Portland, where every decision matters, separating truth from myth is key to making a smart move.
Here are seven of the most common myths about buying a home, and what buyers in Portland need to know instead.
1. You Need a 20% Down Payment
Let’s start with one of the most persistent myths. While a 20% down payment can help you avoid private mortgage insurance (PMI), it’s not a requirement. Many buyers in Southwest Portland, especially first-timers, qualify for loans with as little as 3% down. FHA, VA, and other programs also offer flexible options based on income, credit, and location.
Waiting to save 20% might delay your purchase unnecessarily, especially in a market where home values are continuing to rise. The better move? Get pre-approved and talk with a local lender who understands the Portland market and can walk you through realistic scenarios.
2. It’s Always Better to Wait for Prices to Drop
This myth is based on the idea that you can time the market perfectly, but in reality, few can. While it’s true that the market has its cycles, waiting for prices to drop often means missing out on equity growth, mortgage rate advantages, or the right home altogether.
In Southwest Portland, homes in desirable neighborhoods like Multnomah Village or Bridlemile continue to hold strong buyer interest. Even if prices cool slightly, rising interest rates can offset any savings. The key is buying when it makes sense for your life, not trying to predict what the market will do next.
3. You Should Buy the Most Expensive Home You Can Afford
Just because you’re approved for a certain amount doesn’t mean you should spend every penny. One of the more dangerous myths about buying a home is the belief that you have to max out your budget to get a good home or build equity quickly.
In truth, buying just below your limit allows for flexibility, especially when unexpected expenses come up, like repairs, property taxes, or lifestyle changes. An agent from The Dirk Hmura Team can help you find a property that fits your long-term goals without stretching your finances too thin.
4. You Don’t Need an Agent, You Can Just Use the Internet
With real estate apps, listing sites, and digital tours, it might seem like buyers can go it alone. But there’s a big difference between browsing and buying. A skilled local agent offers insights that no algorithm can: neighborhood trends, offer strategies, off-market listings, and negotiation expertise.
Especially in a diverse area like Southwest Portland, where each neighborhood has its own personality and pricing patterns, having the proper guidance can save you time, money, and stress.
5. The Asking Price Is Non-Negotiable
It’s easy to assume that what you see is what you’ll pay, but the asking price is just a starting point. Depending on the home’s condition, how long it’s been on the market, or current competition, there’s often room to negotiate.
In some cases, that could mean a lower purchase price. In others, it might mean negotiating for repairs, seller credits, or a better closing timeline. The key is knowing when and how to push, which is where a knowledgeable local agent makes all the difference.
6. You Can Skip the Inspection If the Home Looks Great
Here’s one of the riskier myths about buying a home: assuming that a visually appealing home must be in good shape. Even beautifully staged homes can hide issues behind walls, under floors, or in the foundation.
In older parts of Portland, inspections are especially important. A professional inspection gives you leverage to negotiate repairs or even walk away if major issues arise. It’s a step no buyer should skip, no matter how great the home looks.
7. All Mortgages and Lenders Are the Same
It’s tempting to think you can just pick any lender and get a similar deal. But loan types, terms, fees, and service levels can vary significantly. Local lenders often offer more personalized service, faster turnaround times, and a better understanding of Portland’s market conditions compared to large national banks.
Shopping for a mortgage is part of shopping for a home, and it can make a big difference in how smooth the process feels. Don’t settle for the first offer you get. Compare at least two or three and ask plenty of questions.
Work With a Team That Helps You Cut Through the Noise
If you’re ready to start your home search but want expert guidance every step of the way, The Dirk Hmura Team is here to help. From debunking common myths about buying a home to helping you navigate offers and inspections, they provide straightforward advice rooted in years of local experience.
Reach out today to make your next move with confidence; no guesswork, no gimmicks, just results.