Real Estate Myths That Scare Buyers and Sellers (And What's Actually True)

Every year, our real estate agents hear many of the same questions from prospective homeowners in and around North Canton and Akron. Some of the advice people hear about buying and selling real estate has been passed around for decades, even when it no longer applies.

From down payments to selling strategies, it's time to separate a few common real estate myths from the facts.

Myth: You Will Always Need 20 Percent for a Down Payment

You may have heard that you shouldn't even think about buying a house until you've saved 20 percent for a down payment. That's a lot of money, especially when you're also paying rent and trying to build up savings.

Fortunately, a 20 percent down payment isn't required for every mortgage. Several loan programs allow qualified buyers to put down much less.

• FHA loans: Down payments can be as low as 3.5 percent.
• Conventional loans: Some programs allow qualified buyers to put down just 3 percent.
• VA loans: Eligible borrowers can often purchase a home without a down payment.

There are trade-offs, of course. Putting less money down can mean higher monthly payments, and some loans require mortgage insurance.

Ohio also offers homebuyer assistance programs that may help with upfront costs. Before assuming you can't afford to buy, talk with a lender about what you might qualify for.

Myth: Spring Is the Only Time to Sell Your House

Drive through almost any neighborhood in April or May, and you'll probably notice more homes going on the market. Spring has long been a popular selling season in Northeast Ohio.

But does that mean you should wait until spring to list your home? Not necessarily.

People move for all kinds of reasons, and those reasons don't always follow the calendar. Job changes, family needs, and other circumstances can bring buyers into the market at any time of year.

Listing during fall or winter may offer a few advantages:

• Fewer competing listings can help your home get noticed.
• Serious buyers may be working toward a particular moving date.
• Less inventory can give buyers fewer similar properties to compare.

Winter has its drawbacks, too. There may be fewer showings, and snow doesn't exactly make curb appeal easy. The decision should come down to your circumstances and what's happening in your local market, not simply the season.

Myth: You Should Always Improve Your House Before Selling It

A new kitchen might look terrific, but will buyers pay enough extra to cover the cost? That's the question homeowners should ask before starting major renovations.

Not every improvement makes financial sense when you're getting ready to sell. In fact, some of the simplest projects can make a noticeable difference.

Consider starting with:

• Fresh paint where walls are scuffed or colors are dated.
• Basic landscaping to tidy up the yard and entrance.
• Carpet cleaning or replacing flooring that's visibly worn.

Even a thorough cleaning and a little decluttering can help rooms look more inviting.

Before spending thousands on a renovation, ask your agent what buyers are looking for in your neighborhood. You may find that a few smaller projects are all your home needs.

Myth: You Should Always Price Your Home Higher to Leave Room for Negotiation

It sounds reasonable enough. List your house above the price you want, give buyers room to negotiate, and hopefully end up right where you planned.

Unfortunately, buyers don't always play along.

Today's buyers can compare homes, prices, and listing histories before they ever schedule a showing. If your asking price is noticeably higher than similar properties, some may skip your home altogether.

There's also the risk of staying on the market longer than expected. A property that sits for weeks may eventually need a price reduction, which can raise questions among potential buyers.

A competitive asking price should reflect recent sales, the condition of your property, and the homes you're competing against.

That doesn't mean pricing your house low. It means choosing a price that makes sense in the current market rather than building in an arbitrary amount for negotiations.

Myth: You Don't Need Local Expertise When Buying or Selling a Home

Real estate markets aren't always predictable, even within the same city. Home prices and buyer interest can vary depending on the property's size, age, condition, and features. That's why it helps to have an agent who understands recent sales and current inventory in Stark and Summit counties.

For sellers, an experienced local agent can help determine an appropriate asking price, identify competing properties, and develop a marketing plan.

For buyers, it's useful to have someone who understands local property values, recent sales, and current inventory and can help assess whether an asking price is reasonable.

You don't have to figure everything out on your own, especially when making a decision as significant as buying or selling a home.

Get the Facts Before Your Next Real Estate Move

There's no shortage of real estate advice, but it's important to know which information actually applies to your situation. A buying strategy that worked five years ago may not work today. The same goes for selling.

Whether you're browsing North Canton homes for sale or thinking about listing your property in Akron, DeHOFF Realtors can help you sort through your options and understand what's happening in the local market.

Contact us to talk about your plans.