Photo Attribute: @MargJohnsonVA via Twenty20

It’s not uncommon to hear somebody say something like it’s a fact when it’s completely wrong. These common myths about buying and selling a home happen quite often with home buying and selling. Doesn’t it seem like everybody suddenly becomes an expert when you mention you want to buy a home or sell your current home?

Sometimes, people say things about real estate, but they don’t apply to your specific market. They might have read an article about the real estate market in New York City and just assumed that must be the truth for every market across the country.

If you’re planning to buy or sell a home soon, it’s important to know the facts and avoid the myths about buying and selling a home.. You can get the facts from a good local real estate agent about your specific market. In this article, we are going to look a bit closer at the common myths about buying and selling a home.

The Most Common Myths About Buying and Selling a Home

1. It’s a bad time to buy or sell a home

There is always that negative person out there that will tell you it’s a bad time to buy or sell a home. Sure, if you’re buying homes to rent them out, flip them, or as another form of investment, you might want to time the market. This is where many of the common myths about buying and selling a home start.

However, when you’re looking for a home for your family or trying to sell to relocate, it’s always a good time. The best time to buy is when you’re ready to buy. The best time to sell is when you’re ready to sell.

A good real estate agent can make sure you get the most out of either situation, no matter the market. There are always people buying homes and selling homes.

2. I have to have 20% down or I can’t buy a home

This is one of those myths that seems like it will never die. So many people believe they need 20% down to buy a home. It’s amazing how surprised they are when they find out this is not a fact at all.

Yes, if you can put 20% down, you will avoid paying private mortgage insurance (PMI), which is a good thing. However, you can still buy a home without 20% down, especially if you’re a first-time buyer.

FHA loans only require 3.5% down. Conventional loans may only require as little as 5% down. If you’re a veteran and qualify for a VA loan, you can buy a home with 0% down. Plus, there are down payment assistance programs you can use.

3. Online Home Valuations are Accurate

One of the biggest myths about buying and selling a home that has started to take over the real estate market, online home valuations are rarely accurate. Most of the companies providing them even tell you they are only accurate to a specific point. Most Zestimates are off by at least 10% and wrong more than 30% of the time.

When you get an online home valuation, they haven’t seen your home or measured anything. The valuation cannot possibly be accurate. The most accurate valuation will come from the offers you receive when you list your home for sale or from a professional appraiser.

4. All Realtors are the Same

This is one of the most common myths about buying and selling a home and is simply not true. All Realtors are not the same. Some are better than others and some are better in specific areas of real estate than others.

It would be a huge mistake to buy into this myth and just hire anybody to help you sell your home or help you buy a new home. Realtors come with their own expertise, personality, style, abilities, and strategies.

When you are looking for a Realtor, consider their track record. Have they helped others sell similar homes quickly? Do they have expertise in your neighborhood or type of property?

Some Realtors are excellent at working with historic properties but aren’t nearly as good with first-time homebuyers or sellers. Others are great with military buyers and sellers, but not so good with luxury properties.

5. Realtors Want to Jack Up the Purchase Price

This is a myth that you might run into, although it’s not as common as it might have been years ago. While Realtors do get paid a commission based on the purchase price of a home, it would be silly for a Realtor to try to jack up this price.

If you’re hiring a Realtor to list your home for sale, they want to pick the perfect price. Sometimes, it’s a bad idea to hire the Realtor that told you they can sell the home for the highest price. The perfect price will attract multiple interested buyers without raising any questions about what might be wrong with the property.

Realtors know, if they price a home too high, it will likely sit on the market longer than it should. When a home doesn’t sell, they don’t make any money at all.

Most Realtors want to be Realtors for life. They want to provide you with the best service possible, so you will use them again when the time comes. They also count on referrals, which you won’t provide, if you felt like they only cared about making a larger commission.

There are many interesting myths out there about real estate. It’s always best to speak with your local real estate agent before you believe what someone tells you.