There are many ideas floating around in the real estate world that we hear all the time, or maybe have even repeated ourselves, that may not be true. Here are a few:
You should wait until spring to buy or sell.
Historically, the market is more active in the spring, but buying or selling in the summer, fall, or winter can also work in your favor. There may be less competition, and the buyers who are out there may be more serious. Don’t try to time the market; instead, focus on what is best for you.
You always need 20% down to buy a home.
Putting 20% down eliminates the need for private mortgage insurance, but it is not a requirement when purchasing a home. There are many loan types and programs that allow you to purchase a home with little to zero down. VA, USDA, and FHA loans, along with down payment assistance programs, are some of these options.
You don’t need a home inspection with new construction.
I have heard many times that a home inspection is not needed on a new home because it is new! Even new homes can have issues or things that are missed or overlooked during the construction process. A good home inspector can help identify these items so they can be resolved before you close on the home.
You should price your home higher to leave room for negotiation.
It might seem like a good idea to start your listing price high to leave some wiggle room for negotiation. Overpricing can scare off serious buyers or result in fewer showings and a longer time on the market. A well priced home from the beginning attracts more interest and creates a sense of urgency that may result in a bidding war.
Renovations always increase your home’s value.
It is always a good idea to keep up with home maintenance and have your home in good repair as you get ready to sell, but you often don’t recover the full cost of major renovations. A study conducted in 2025 by the National Association of Realtors® shows that almost all types of renovations did not recover the amount spent on them.
You’ll save money with a fixer-upper.
Buying a fixer-upper can be a great opportunity, but be aware that most renovation projects go over budget and take longer than expected. More often than not, you will also discover additional things that need to be repaired. Your great deal can disappear quickly as these unexpected costs arise.