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Buying your first home is a significant life milestone, filled with excitement and a fair share of questions. The journey to homeownership can feel complex, and it’s easy to get overwhelmed by advice from friends, family, and the internet. Unfortunately, a lot of this “common knowledge” is based on outdated information or outright myths. These misconceptions can create unnecessary stress and might even stop you from pursuing your dream of owning a home.
Let’s clear up the confusion. We’re going to tackle three of the most common myths about buying a home. By separating fact from fiction, you can move forward with confidence and make smart, informed decisions.
Myth #1: “That house has been on the market so long I bet we can easily work the seller down.”
Maybe, but not necessarily. Days on the Market (DOM) refers to the time between listing a home on the Multiple Listing Service (MLS) and the date it is sold or removed from the market. According to Realtor.com, in 2025, the average days a house was on the market in Prescott ranged from 77 to 87. A home on the market for 100 days isn’t necessarily going to go for a ‘bargain’ just because of the days on the market. Exceptionally high days on the market could mean almost anything. The seller could be unrealistic about their price. Alternatively, the seller may not be particularly motivated to sell for emotional or other personal reasons. At this point, your realtor’s experience and training are beneficial to a successful transaction.
Myth #2: “I want to look at foreclosed homes because they’re a real bargain, and the banks need to unload them.”
Unfortunately, there are several reasons a home may arrive in foreclosure. It could be a death in the family, illness, or divorce. Once the house is in the hands of the banks, the rules of negotiation change. It may be challenging to determine why a bank rejects an offer for a foreclosed or distressed property.
Many distressed sale transactions can be more lengthy and stressful than regular sales. If you’re looking for a bargain or a fixer-upper, please don’t hesitate to contact us. We can set up a personalized search that will alert you when inventory that meets your criteria becomes available.
Myth #3: Your Credit Score Must Be Perfect
Another primary source of anxiety for aspiring homeowners is their credit score. Many believe that unless they have a perfect or near-perfect score, they won’t be able to secure a mortgage. This fear can prevent people from even starting the pre-approval process.
Why This Myth Exists
Your credit score is undeniably a critical factor in the mortgage application process. It provides lenders with a snapshot of your financial history and your reliability in paying back debts. A higher credit score generally unlocks better interest rates, which can save you tens of thousands of dollars over the life of your loan. Because of its importance, the idea that only pristine credit will suffice has become a widespread belief.
The Reality Today
You do not need a perfect credit score to buy a home. While a higher score is always better, different loan programs have different minimum credit score requirements. Lenders look at your entire financial profile, not just one number.
If your credit isn’t where you’d like it to be, don’t give up. You can take steps to improve it, such as paying bills on time, reducing credit card balances, and disputing any errors on your credit report. A loan officer can offer valuable guidance on what you need to do to become mortgage-ready.
Your Path to Homeownership
Buying a home is a big step, but it doesn’t have to be a scary one. By understanding the truth behind these common myths, you are better equipped to navigate the process.
Let me guide you through each step, answer your questions, and help you turn your homeownership dream into a reality. Call Mary Tarrant (928) 277-6404.
