First-Time Buyer Myths: What I've Learned After 19 Years

After 19 years in this business, I've heard every reason why someone thinks they can't buy a home. I don't say that to sound like a know-it-all. I say it because I've seen firsthand how many of those reasons turn out to be wrong. The myths that hold first-time buyers back are not only wrong — they're costing people money and the chance to build equity. So let me bust a few of the biggest ones, based on what I see every single day in Gilbert and Eastside Phoenix.

Myth #1: You need 20% down.

This is the granddaddy of all home-buying myths. It's also the one that keeps the most people from even starting the process. The truth? You can buy a home in Arizona with as little as 3% down through a conventional loan, or even 0% down through a VA loan if you're a veteran or active-duty military. FHA loans require 3.5% down. There are also down payment assistance programs at the state and local level that can help with upfront costs.

I had a buyer last year who put down less than $10,000 on a $350,000 home in Eastside Phoenix. She thought she'd need $70,000. She almost didn't call me. She almost missed out on a home that's already appreciated in value. Don't let a number you heard on the internet stop you from having a conversation with a lender. You might be closer than you think.

Myth #2: You need perfect credit.

You don't need an 800 credit score to buy a home. The minimum for an FHA loan is 580. For a conventional loan, you can qualify with a 620 or higher. I'm not saying you should ignore your credit. But I've seen buyers with scores in the 600s buy homes, build equity, and refinance later when their credit improved. The goal is to get in the game. You can improve your credit score while you're paying a mortgage.

The best advice I can give you? Talk to a lender before you do anything else. Not a computer. An actual human. They can tell you exactly where you stand and what you need to do to get ready. Most people are pleasantly surprised by what they qualify for.

Myth #3: Renting is cheaper than buying.

In Gilbert, the average rent for a three-bedroom home is hovering around $2,000 to $2,300 a month. A mortgage payment on a comparable home in the $400,000 range might be similar or even lower, depending on your down payment and interest rate. And the difference is that your mortgage payment builds equity. Your rent payment builds your landlord's equity.

I'm not saying renting is never the right choice. But I am saying that if you're renting because you think buying is out of reach, you should run the actual numbers. The gap between renting and owning in the East Valley is narrower than most people think.

Myth #4: The process is too complicated and scary.

Okay, I'll give you this one — the process can be intimidating if you don't have someone guiding you. But that's the whole point of hiring a good agent. I don't just open doors and write offers. I walk you through every step, explain what each document means, and make sure you're never signing something you don't understand. I've helped first-time buyers who were terrified of the process close in under 30 days and immediately start talking about buying their next home.

The paperwork is manageable. The deadlines are clear. And when something unexpected comes up, I handle it. That's literally my job. You don't have to be a real estate expert to buy a home. You just have to hire one.

Myth #5: You should wait until the market is better.

Nobody can time the real estate market perfectly. Not me, not the news anchors, not your cousin who watches a lot of YouTube. The best time to buy is when you're ready financially, emotionally, and logistically. The market in Gilbert and Eastside Phoenix is more balanced than it's been in years. You have more options, more negotiating power, and less competition than you did in 2022. If you're ready, this is a good time to buy.

The truth.

Buying your first home is one of the biggest financial decisions you'll ever make. But it's also one of the most rewarding. And the myths surrounding it are keeping people from something that's more achievable than they realize. Don't let a misconception hold you back from building the life you want.

If you're thinking about buying your first home in Gilbert or Eastside Phoenix, schedule a call with me. I'll be honest with you about what you can expect, what you can afford, and what the process actually looks like. No pressure. Just the facts. That's my job. Nice talking to you.