We all know someone who swears they understand the real estate market just because they’ve bought or sold a home once, usually it’s your uncle at every family gathering. While some of that advice may have been solid years ago, much of it no longer holds true today. The housing world has changed, and clinging to old-school myths can end up costing you time, money, or opportunity. Let’s clear up some of the most common real estate myths that won’t go away.

1. Wait Until Spring, That’s When the Market’s Best

This myth refuses to die. Sure, spring can be a busy season in real estate, but it doesn’t automatically mean it’s the best time to buy or sell. The spring rush often creates more competition. More buyers fighting for fewer homes? That can mean higher prices and bidding wars.

Buyers who look in the fall or winter sometimes land better deals. Sellers also face less competition in those off-peak months, allowing serious offers to stand out.

Timing your move depends more on your situation and local market conditions than on the season. Don’t wait months because your uncle says so; get local facts instead.

2. You Always Need 20% Down or You Can’t Buy

This one’s a classic. It used to be true, but it’s not anymore.

Yes, a 20% down payment can help you avoid private mortgage insurance (PMI), but many first-time buyers don’t hit that number and still get the keys to a home. FHA loans can require as little as 3.5%, and some conventional loans go even lower, depending on your credit profile.

If saving up 20% feels like climbing a mountain, don’t assume you’re not ready. You might already qualify for homeownership. Talk to a trusted lender to understand your options.

3. List High (You Can Always Come Down)

This advice sounds logical on the surface. Why not try to see what you can get, right?

But in reality, pricing too high at the start often backfires. Buyers today are savvy. They’ve seen what homes in your area are going for and use online tools to compare. If your price seems inflated, they may skip your listing entirely. And the longer your home sits on the market, the more suspicious it starts to look.

On the flip side, pricing competitively can spark interest and lead to multiple offers, which can drive the price up naturally. A good Cleveland Real Estate Agent knows how to price based on facts, not hopes.

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4. You Don’t Need an Agent (Just Use Zillow)

Sure, websites are helpful for browsing, but they don’t replace professional guidance. A listing platform won’t negotiate your offer, advise you on red flags during an inspection, or help you write a contract that protects you.

Agents know your local market inside and out. They’re your advocate from start to finish, helping you avoid costly mistakes.

Also, many homes sell before they even hit public sites. Agents often know what’s coming up through their networks, and you miss that if you’re flying solo.

5. Open Houses Are Where Sales Happen

Your uncle might love a good open house (free cookies, right?), but here’s the truth: most homes don’t sell because of one.

Today, most buyers find homes online first. Then they schedule private showings. Open houses are more about marketing, buzz, and visibility than sealing the deal.

Serious buyers typically work with agents to view homes one-on-one, not during open hours filled with strangers.

That doesn’t mean open houses are useless. They can help, but they’re not the main tool for selling.

6. All Renovations Boost Home Value

Some improvements add value. Others? Not so much.

Buyers might love that new kitchen or updated bathroom, but turning your garage into a home gym with permanent fixtures? That could hurt resale.

Swimming pools are another big one. In some areas, they’re a luxury. In others, they scare people away due to maintenance or safety concerns.

Before you invest thousands, research what buyers in your area want or ask your agent what changes offer the best return.

Don’t Fall for These Two Price-Related Assumptions

If My Neighbor’s House Sold for X, Mine Should Too

It’s not that simple. A house a few doors down might look similar, but could have newer systems, better upgrades, or more square footage. Location even within a neighborhood matters, like being closer to a main road, park, or school.

To truly compare, agents use what’s called a Comparative Market Analysis (CMA) that factors in condition, features, and recent data. Don’t assume your house equals theirs without those details.

I’ll Get Back What I Spent on Improvements

Sadly, most upgrades don’t return 100% of their cost. Some might recover 60-80%, others less. It depends on market conditions, the project itself, and how well it was done.

Instead of over-improving with dreams of big returns, think about what makes the home livable and attractive to buyers, without going overboard.

What’s True Today Might Not Be True Tomorrow

Real estate is always shifting. Mortgage rates rise and fall. Buyer demand changes. Rules about financing and taxes evolve. What worked 10 or even 22 years ago might not apply today.

That’s why relying on outdated myths is risky. You wouldn’t use a 1990s map to drive cross-country, so why use outdated advice to make one of life’s biggest decisions?

Trust data, not dinner table debates.

Quick Tip Before You Go

If you’re planning to buy or sell, talk to local experts who deal with today’s market, not yesterday’s myths. You don’t need to take real estate advice from your uncle, who hasn’t bought a home since dial-up internet.

You deserve advice that’s current, specific, and based on what’s happening in your area, not assumptions or old-school beliefs.