Real Estate Myths Debunked: What You Think You Know (But Don’t)

Real Estate Myths Debunked: What You Think You Know (But Don’t)

Real estate is one of those industries where everyone seems to have an opinion—your neighbor, your grandma, your coworker who bought one house in 1998 and now considers themselves a market expert. And while some advice might be helpful, a lot of it is… well, let’s just say misguided at best, completely made-up at worst.

So today, let’s bust some of the biggest real estate myths I hear all the time.

Myth #1: You Need a 20% Down Payment to Buy a House

Ah, the classic “you can’t buy a house unless you have 20% down” myth. This one has been floating around for years, and while putting 20% down can help you avoid private mortgage insurance (PMI), it’s absolutely not required.

There are loan programs out there that allow you to put down as little as 3-5%, and if you’re a veteran or buying in a rural area, you might even qualify for a zero down payment loan. Does that mean you should buy a house with no money saved? No. But don’t let the 20% myth stop you from exploring your options.

Myth #2: Selling a Home “For Sale By Owner” Will Save You Tons of Money

I get it. The idea of skipping agent commissions and pocketing more cash sounds great. But here’s the thing—most FSBO (For Sale By Owner) sellers actually lose money in the long run.

Why? Because pricing a home correctly, marketing it effectively, and negotiating the best terms is a full-time job. Agents have access to data, networks, and strategies that help you sell faster and for more money. Studies have shown that homes sold with an agent typically sell for 10-26% more than FSBO homes. So yeah, that commission? Worth it.

Myth #3: Zillow’s “Zestimate” Is the Most Accurate Way to Price a Home

Look, I love scrolling through Zillow as much as the next person, but let’s not pretend that Zestimate is the real estate gospel. Those numbers are based on algorithms, not actual market conditions.

Zillow has never walked through your house. It doesn’t know about your kitchen upgrades, the new roof you just put on, or that your neighbor’s house sold below market value because they were in a hurry to move. A real estate agent, on the other hand, actually looks at comparable sales, market trends, and your home’s unique features to price it correctly.

Myth #4: Spring Is the Only Time to Sell a Home

Sure, spring and summer are busy in real estate, but homes sell year-round—and sometimes, listing in fall or winter can actually work in your favor.

Why? Less competition. When fewer homes are on the market, your listing stands out more. Plus, buyers shopping in the off-season tend to be more serious. No one is trudging through Ohio snow in January to look at houses just for fun.

Myth #5: You Should Always Renovate Before Selling

Listen, I love a good home makeover, but dumping a ton of money into renovations right before selling doesn’t always pay off. Some upgrades add value—fresh paint, updated light fixtures, maybe new flooring if yours is looking rough. But full kitchen remodels or high-end bathroom overhauls? You might not see the return you’re hoping for.

Before spending big, talk to an agent (hi, that’s me!). We can tell you which updates actually help your home sell faster and for more money—and which ones are just expensive hobbies.

Myth #6: The First Offer You Get Is Always the Best One

Sometimes this is true, but not always. A first offer can be a solid starting point, but that doesn’t mean you have to accept it immediately. Maybe it’s low, maybe it has unfavorable terms, or maybe there’s a stronger offer right around the corner.

This is where strategy comes in. An experienced agent (again, hi!) can help you weigh the pros and cons, negotiate for better terms, and make sure you’re getting the best deal possible.

Myth #7: You Should Price Your Home Higher So You Have “Room to Negotiate”

Oh boy. This one hurts to hear. Overpricing a home is one of the biggest mistakes sellers make.

Here’s what actually happens when you list too high:

1. You scare off buyers because it’s out of their price range.

2. The home sits on the market too long.

3. Buyers assume something is wrong with it.

4. You end up lowering the price anyway—sometimes below what you could’ve gotten if you’d priced it right from the start.

The goal is to price it competitively so you attract multiple offers—which can actually drive the price up.

The Bottom Line

Real estate is full of myths, but the truth? It’s different for every home, every buyer, and every market. That’s why working with someone who knows the industry (hi again!) makes all the difference.

Got questions? Want to chat about buying or selling? Let’s talk—I’d love to help.

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