10 Common Real Estate Myths - Busted By An Expert

So, let’s bust some of the common real estate myths that continue to lurk in the shadows.

It’s a common belief that spring is the “right” time to jump into the real estate market, but that’s not always true. While the market is traditionally more active in the spring, buying or selling in the fall or winter can also work in your favor. There’s usually less competition, meaning buyers face fewer bidding wars and sellers attract more serious offers. Every season has its pros and cons, so don’t try to time the market and instead focus on what works best for you.

While putting down 20% has its perks—like avoiding private mortgage insurance (PMI)—many buyers, especially first-timers, can qualify for loans with as little as 3-5% down. Some programs, like VA and USDA loans, even offer 0% down options for eligible buyers.

Going solo might seem like a money-saver, but it often leads to costly mistakes that can come back to haunt you! A REALTOR® brings expertise in pricing, negotiations, contracts, and market conditions that the average person just doesn’t have. In most cases, the guidance a REALTOR® provides far outweighs any potential savings from going it alone.

Even brand-new homes can hide chilling surprises! From faulty wiring to foundation issues, problems can arise in any home at any stage of construction. A thorough, professional home inspection helps ensure your dream home doesn’t end up as a nightmare full of unexpected headaches.

While it might seem smart to start high so you have some “wiggle room,” this strategy can end up hurting you in the end. Overpricing often scares off serious buyers, leading to fewer showings, longer days on the market, and ultimately, a price reduction that could have been avoided. Pricing a home correctly from the start attracts more interest, creates a sense of urgency, and may even spark a bidding war.

Waiting to get pre-approved until you find a home can really hurt your chances, especially in a fast-paced, competitive market. A pre-approval letter shows sellers you’re a serious, qualified buyer (one who’s less likely to ghost them) and it can make your offer stand out. Plus, getting pre-approved helps you determine a realistic budget, allowing you to focus on homes within your reach.

A fixer-upper can be a great opportunity, but buyers beware! While the price tag may be appealing, renovation projects tend to go over budget and may take longer than initially planned. Unless you’re experienced or working with a trusted team, a great “deal” can quickly disappear under a pile of unexpected costs.

Automated estimates can be a helpful starting point, but they can be off—sometimes by tens of thousands of dollars! These tools don’t consider a home's current condition or upgrades, local market trends, or neighborhood nuances. A local REALTOR® can provide a much more accurate valuation.

Not all upgrades offer a good return on investment. While kitchen and bathroom remodels tend to pay off, overly personalized or expensive renovations may work against you when it’s time to sell. Focus on cost-effective improvements that appeal to a broad range of buyers, and always consult a REALTOR® before making major changes, especially if you’re renovating with resale in mind.

This one truly gives lenders and agents the chills! Even after pre-approval, any big financial move—like taking out a new loan or missing a credit card payment—can negatively impact your loan eligibility and possibly delay or derail the transaction. If possible, maintain the status quo until closing, and if surprises come up, be sure to speak with your lender right away.

If you’re considering buying or selling, don’t let these spooky myths cast a shadow over your real estate journey. Armed with the right knowledge and the guidance of a trusted REALTOR®, you can navigate the market without any fear!