Beneath the seasonal beauty of autumn lies something a little more deceptive: the persistent myths that creep through the world of real estate like old ghost stories passed from neighbor to neighbor.
These aren’t just harmless bits of folklore. Misconceptions about buying or selling a home can lead to costly mistakes, missed opportunities, or decisions made out of fear rather than fact. And unlike Halloween decorations that come down on November 1st, these myths have a habit of sticking around all year long.
Whether you're getting ready to list your home, explore your buying options, or just trying to understand the market, it's important to separate fiction from reality. So before you get spooked by outdated advice, let’s unpack a few of the most common myths that continue to haunt buyers and sellers…and shine a light on what’s actually true.
Myth #1: You Have to Put 20% Down to Buy a Home
This is one of the oldest myths in the book, and yet it still stops a lot of people from taking that first step toward homeownership. The truth is, you don’t need a 20% down payment. While that amount can help you avoid paying private mortgage insurance (PMI), it’s not required for most loans.
In fact, there are loan programs that allow for down payments as low as 3% or even 0% in certain situations. That means if you're waiting until you’ve saved tens of thousands of dollars, you could be putting your homeownership dreams on hold unnecessarily.
Your best move is to speak with a lender early on. A quick conversation can give you a clear idea of what’s possible based on your income, credit score, and financial goals.
Myth #2: Spring is the Only Good Time to Sell
Yes, spring is traditionally a busy season for real estate, but it’s far from your only opportunity. Fall, particularly October, can actually be a great time to list your home. The weather is still decent, families have settled into their post-summer routines, and serious buyers are out looking before the holidays hit.
There’s also less inventory in the fall, which means fewer competing listings. Your home may attract more attention simply because there are fewer options on the market. Plus, fall décor and natural light can make homes feel extra inviting. A cozy living room and well-maintained landscaping with fall colors can really create an emotional connection for buyers.
Myth #3: All Real Estate Agents Are Basically the Same
Not even close. While anyone with a real estate license can legally represent you in a transaction, experience, local knowledge, and communication style make a huge difference. A great agent understands pricing strategy, knows how to market your home effectively, and can navigate tricky negotiations with ease.
Hiring the wrong agent can cost you time, money, and missed opportunities. Take time to interview a few and ask for recent sales data, how they market their listings, and how available they are to you throughout the process. This is someone you’ll be working with closely, so it’s worth making sure they’re the right fit. Looking for the best next step right now? Contact KlopasStratton - no tricks, all treats!
Myth #4: Price It High to Leave Room for Negotiation
This is a classic mistake. Many sellers believe that starting high gives them wiggle room, but more often than not, it turns buyers off. Today’s buyers are savvy. They’re comparing listings online, checking out recent sales, and working with agents who help them recognize when a home is overpriced.
When a property is priced too high, it tends to sit. And the longer it sits, the more buyers wonder what’s wrong with it. Eventually, the price drops anyway, and the listing loses momentum. In the end, you may get less than you would have with a realistic price from the start.
The best strategy is to price your home based on current market data and buyer behavior. A well-priced home can generate multiple offers and sell quickly, sometimes even above asking.
Myth #5: If a Home Passes Inspection, It’s Problem Free
Inspections are important and helpful, but they don’t catch everything. Inspectors look at what they can see and test during their visit, but hidden issues or things that develop later won’t always show up in that report.
That doesn’t mean a home is unsafe or poorly maintained. It just means that no property is perfect. Even brand-new homes can have issues pop up months after moving in. The key is to go into the purchase with realistic expectations and a budget for maintenance or minor repairs.
Understanding which concerns are normal and which ones are red flags is where a good agent and inspector can help guide you.
Halt the Haunghts
The real estate world is full of half-truths, outdated advice, and myths that just won’t go away. But it doesn’t have to be overwhelming or confusing. Whether you’re buying, selling, or just trying to make sense of the market, the right information and guidance can make all the difference.
If you're thinking about making a move this fall, don’t let these myths hold you back. We’re happy to help you cut through the noise, answer your questions, and give you a clear path forward. No pressure, no gimmicks! Just real advice and real results.
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Catch us back here bi-weekly as we bring you curated and Chicago-based real estate content (with a life coach’s twist). Next up: Looking for a refreshing start to your neighborhood search? Start here: What Your Favorite Fall Drink Says About Your Ideal Home (& Where to Find it in Chicago!)
