When it comes to real estate, many buyers and sellers fall victim to common myths that can cloud their judgment and lead to costly mistakes. One of the most widespread misconceptions is that you should always list your home for a higher price than what you expect to get, thinking it gives room for negotiation. In reality, overpricing a property often leads to fewer showings and extended time on the market, which can ultimately result in lower offers. Pricing a home accurately from the start is crucial for attracting serious buyers.

Another myth many buyers believe is that you must put down 20% to buy a home. While a 20% down payment can help you avoid private mortgage insurance (PMI), many loan programs, like FHA or VA loans, allow buyers to put down significantly less, sometimes as low as 3.5% or even 0%. This makes homeownership accessible to a wider range of buyers.

Sellers often think that renovating before selling always increases their home’s value. While certain upgrades can boost appeal, not all renovations offer a good return on investment. It’s important to focus on cost-effective improvements, like fresh paint or curb appeal, rather than major renovations that may not recoup their cost.

Another myth is that you can save money by not using a real estate agent. While avoiding realtor commissions may seem appealing, experienced agents bring market knowledge, negotiation skills, and marketing strategies that often result in higher sale prices and fewer headaches. Without professional guidance, buyers and sellers may end up losing more money than they save.

Lastly, buyers often believe that the listing price is non-negotiable. In most markets, the listing price is just a starting point, and savvy buyers can often negotiate better terms with the right approach. Busting these myths can help both buyers and sellers navigate the real estate market with confidence.