The Biggest Real Estate Myths Buyers Still Believe

Despite endless information online, certain myths about buying real estate just won't go away. Here are the ones I hear most often, and why they're wrong.

Myth 1: Spring is the only good time to buy

Spring has more inventory, which means more choice. But it also has more competition, which means higher prices and more bidding wars.

Buying in autumn or winter often means less competition and more motivated sellers. You might have fewer options, but the homes that are available are often priced more realistically and you're not competing with fifteen other buyers.

The best time to buy is when you're financially ready and you've found the right property. Waiting for a specific season rarely improves your outcome.

Myth 2: You need 20 percent down

You can buy a home with as little as 3 to 5 percent down on many loan programs. The trade-off is private mortgage insurance until you reach 20 percent equity, and higher monthly payments.

But the idea that you can't buy until you've saved 20 percent keeps people renting far longer than necessary. If you're paying $3,000 a month in rent and could buy with 5 percent down and pay $3,500 including PMI, you're building equity instead of paying someone else's mortgage.

Run the numbers with your lender. You might be closer to buying than you think.

Myth 3: You should always offer below asking

In a soft market with high inventory and low demand, offering below asking makes sense. In a competitive market where well-priced homes are getting multiple offers, offering below asking removes you from consideration.

The right strategy depends on the specific property, how long it's been on market, and what the comparable sales look like. Your agent should be advising you based on actual market data, not general conventional wisdom.

Myth 4: The inspection is where you renegotiate the price

Buyers often treat the inspection as a second negotiation opportunity. They submit a full-price offer, then use the inspection to ask for $30,000 in credits or repairs.

This works occasionally, but more often it damages the relationship with the seller and creates the impression that you're difficult. Sellers who feel ambushed during the inspection are less likely to accommodate requests, and in competitive markets they'll often move to the backup offer.

If you're planning to renegotiate after the inspection, price that into your initial offer. Offering full price and then trying to claw money back rarely ends well.

Myth 5: New construction means no problems

New construction means different problems, not no problems. Builders cut corners. Subcontractors make mistakes. I've seen brand-new homes with improper grading that caused water intrusion, undersized HVAC systems, and finishes that started failing within a year.

If you're buying new construction, hire an independent inspector to review the property before you close. Don't rely on the builder's inspector, whose job is to get the building signed off, not to protect your interests.

Myth 6: You'll know the right home when you see it

Some people do have that immediate gut reaction. Most don't. Most people see fifteen homes that all blend together, struggle to remember which had the better kitchen, and agonise over the decision.

That's completely normal. Buying a home is a significant decision and it's fine to take time, revisit properties, and think it through carefully. The love at first sight narrative is appealing but it's not how most people actually experience the process.

If you're buying in Sherman Oaks, Studio City, or the Valley and want advice based on what's actually happening in the market rather than what people assume is true, get in touch.

Anj Catalano, The Agency  |  310.404.6955  |  hello@anjinla.com