Not too long ago, would-be homeowners would agree to just about anything in order to nail down a home sale. There were so few homes available, and the gymnastics you sometimes had to go through to buy a home were so challenging that home buying could be a discouraging experience. All too often, potential home buyers would lose the home to another buyer.

Now that you're ready to buy among Tuscaloosa homes for sale, you may find the market a little more stable. So whenever you hear certain home buying "myths" that frighten you about buying a home, be sure and investigate them thoroughly. Ask our real estate agents, and they will set you straight.

Here are some of the myths you should ignore.

1. You must put down a 20 percent down payment.
   This is great if you have it. Putting down a hefty down payment means you'll have lower mortgage payments. But it can be daunting to come up with 20 percent for, say, a $385,000 home: $77,000. The fact is, the average down payment is more like 12 percent, and with first-time buyers, it's 7 percent. You have other options, including government-backed loans from the FHA or USDA, requiring as little as 3.5 percent down. Veterans or members of the armed forces can get a VA loan with as little as 0 percent down.
   
   
2. Don't have great credit? You can't buy a home.
   Not true. You may not get as good a mortgage rate as if you had a good credit score, but you won't be shut out of buying. You may get a conventional loan with a score as low as 620.
   
   
3.  Scoop up that house you're looking at right away — or someone else will get it.
   While the market is still somewhat tight, it's nothing like it was during the pandemic, when you had to make an offer right away or risk losing a house you were interested in. Now, there are more homes, and you can likely afford to look around and not decide on a home right away. Homes are taking longer to sell.
   
   
4. Make an offer over the asking price to be sure you get the house.
   To ensure you could get your offer accepted during the pandemic, you quite often had to add an offer well over the asking price. It's different now. If you're negotiating over the asking price, you might explain that there's been a shift in the market. Perhaps the property needs updates; you can say that though you're willing to do the renovations, you also have been looking at other properties. The sellers may well accept your offer.
   
   
5. It's fine to waive contingencies so that you can get your bid accepted.
   That's exactly what home buyers were doing not too long ago. No home inspection. No appraisal contingency. No mortgage contingency. But now, it's a different story. Contingencies are back. After all, they offer buyers a safeguard, letting them back out of an offer if the terms of the contingency aren't met. With no contingency, a buyer risks losing their deposit if they want to revoke the purchase offer.
   
   
6. Strictly forbidden: Asking for a concession.
   During the pandemic, you risked losing the house if you asked a seller for a concession or a price discount. These days, with higher mortgage rates, homes are sitting longer on the market, and you can probably get a price concession, closing cost assistance, or a chance to buy the interest rate down.

So don't be discouraged. These myths are just that. Got questions? Contact us today.