Real Estate Myths That Are Costing Buyers and Sellers Money

Have you ever heard that the highest offer always wins or that you need to wait for spring to sell your home? These common real estate myths can end up costing buyers and sellers thousands of dollars. Misinformation can lead to missed opportunities, wasted time, and unnecessary stress. Let’s set the record straight by breaking down some of the most common myths I encounter as a Central Maine real estate agent.

1. Myth: The Highest Offer Always Wins

Many buyers think they need to submit the highest offer to get the home they want, but that’s not always the case. Sellers consider multiple factors beyond just the price, including:

• The buyer’s financing (cash vs. mortgage loan).

• The number of contingencies (fewer contingencies can be more appealing).

• The flexibility of closing dates.

✅ Tip: Work with an agent who knows how to craft a competitive offer beyond just the dollar amount.

2. Myth: You Should Wait Until Spring to Sell

While spring is a popular time to list, buyers are searching year-round. In fact, listing in the off-season can actually work to a seller’s advantage:

• Less competition from other sellers.

• More serious buyers who are ready to make a move.

• Potential for faster transactions with motivated buyers.

✅ Tip: The best time to sell is when you're ready—regardless of the season.

3. Myth: First-Time Buyers Need 20% Down

One of the biggest barriers for first-time buyers is the misconception that they need a large down payment. The truth is, many loan programs allow buyers to put as little as 3% down.

• FHA loans require as little as 3.5% down.

• VA loans offer 0% down for eligible veterans.

• Some conventional loans have 3% down payment options.

✅ Internal Link: Learn more about working with our preferred lender, Shawn.

4. Myth: You Don’t Need an Agent to Buy or Sell a Home

With so much information available online, some buyers and sellers believe they can handle real estate transactions on their own. However, working with an experienced agent provides:

• Expert negotiation skills to get the best deal.

• Access to off-market and pre-market listings.

• Guidance through complex legal and financial paperwork.

✅ Tip: A trusted real estate agent can save you money, time, and stress by avoiding costly mistakes.

Don’t let real estate myths keep you from making the best decisions for your future. Whether you’re buying or selling, having the right information—and the right agent—makes all the difference. By debunking these common myths, you can navigate the market with confidence and avoid costly mistakes.

Want to learn more about the real estate market and how to make smart decisions? Schedule a call a call with me today, and let’s discuss your real estate goals!