If you’ve spent any time thinking about buying or selling a home, you’ve probably heard a few things that made you stop and wonder, is that really true? Well, I’m here to set the record straight! Let’s dive into some of the most common real estate myths and separate fact from fiction.
1. You Need a 20% Down Payment to Buy a Home
This is one of the biggest real estate myths out there. While putting 20% down can help you avoid private mortgage insurance (PMI), there are plenty of loan programs that require much less—sometimes as little as 3% down! VA loans even offer zero-down options for eligible buyers. The key is understanding your financing options, so you’re not holding off on homeownership just because of an outdated rule of thumb.
2. You Should Price Your Home Higher to Leave Room for Negotiation
Overpricing your home can actually backfire. Buyers are savvy (and so are their agents), and if your home is priced too high, you’ll scare off potential offers before negotiations even begin. The best strategy? Price it right from the start. Homes that are priced competitively generate more interest and often sell faster—and sometimes even for over asking price!
3. Spring Is the Best Time to Buy or Sell a Home
Spring is a busy season in real estate, but that doesn’t mean it’s the only time to make a move. The best time to buy or sell depends on your specific goals. Fall and winter can be great for buyers because there’s often less competition, while sellers may benefit from serious buyers who are actively looking no matter the season. The right time is when it makes the most sense for you!
4. You Don’t Need a Real Estate Agent—Just Use Online Listings
Sure, online listings are helpful, but they don’t replace the experience, negotiation skills, and local market knowledge of a real estate agent. A good agent helps you navigate contracts, spot potential red flags, and ensure you’re making the best financial decision—whether you’re buying or selling. Plus, sellers who use an agent typically sell for more than those who go it alone!
5. Renovating Before Selling Always Increases Your Home’s Value
Some updates give you a strong return on investment (think fresh paint and minor kitchen or bathroom upgrades), but not every project is worth the money. Overspending on renovations that don’t match what buyers in your market are looking for can actually hurt your bottom line. Before you start knocking down walls, talk to a real estate expert about what upgrades make sense for your home and neighborhood.
For more tips on how to make the most of your home’s value before selling, check out Maximizing Your Home’s Value.
6. The First Offer You Get Is Always the Worst Offer
Sometimes, the first offer is actually the best one! Serious buyers come in strong, especially in a competitive market. Waiting for a “better” offer can sometimes backfire, leading to a longer time on the market and price reductions. Every offer is worth considering based on the terms, not just the number.
7. You Should Wait for Interest Rates to Drop Before Buying
Trying to time the market perfectly is like waiting for the “perfect” weather—there’s always some uncertainty. If you wait for rates to drop, home prices may rise, and competition could heat up. Plus, if rates do drop after you buy, refinancing is always an option! The key is to buy when it makes sense for your finances, not just based on interest rates.
if you’re wondering whether mortgage rates should factor into your decision, check out Are You Going to Let Mortgage Rates Keep You from Buying a Home?
8. You Should Always Take the Highest Offer When Selling
A high offer is great, but it’s not the only thing that matters. Financing terms, contingencies, and the buyer’s ability to close all play a huge role in the deal. A cash offer with fewer contingencies might be better than a higher offer with a shaky financing situation. That’s why it’s important to review all the details before making a decision.
9. A Home Passes or Fails an Inspection
A home inspection isn’t a test—it’s a report on a home’s condition. Inspectors highlight potential issues, but it’s up to the buyer and seller to negotiate repairs or adjustments. No home is perfect (even new builds!), so don’t panic if an inspection comes back with a few fixes.
10. You Can Save Money by Not Staging Your Home
Staging doesn’t always mean hiring a professional—it can be as simple as decluttering, rearranging furniture, and adding some fresh decor. A well-presented home helps buyers envision themselves living there, which can lead to faster offers and higher selling prices. First impressions matter!
If you’re wondering what actually works when it comes to staging, 7 Unexpected Ways to Stage Your Home has some creative ideas you won’t want to miss.
11. Zillow and Online Estimates Are Always Accurate
Online home value estimates are based on algorithms, not actual market conditions. They don’t consider things like recent upgrades, local demand, or unique property features. The best way to get an accurate home value? Talk to a local real estate professional who knows the area inside and out.
12. You Must Sell Your Current Home Before Buying a New One
While selling first can make financing easier, there are options for buying before selling. Bridge loans, home sale contingencies, and leaseback agreements can help make the transition smoother. If you find your dream home before your current one sells, don’t assume you’re out of luck—there may be a solution that works for you!
Real estate myths can make the process seem more complicated than it really is. If you’re unsure about anything—whether it’s buying, selling, or just understanding the market—reach out! I’d love to help you navigate the process with real facts, not fiction.
