Top 10 Real Estate Misconceptions (and the Truth You Need to Know)

Buying or selling a home is one of the biggest financial decisions most people will ever make. And yet, when I sit down with clients here in New Bedford and across the SouthCoast, I constantly hear the same myths being repeated. Some come from family, some from friends, and some from the internet—but the problem is, they’re just not true.

And when you’re making decisions worth hundreds of thousands of dollars, believing a myth can cost you big.

So let’s clear the air with the top 10 misconceptions about real estate—and the truths you really need to know.

Misconception 1: You Need 20% Down to Buy a Home

The Truth: You don’t need nearly that much.

This is one of the most common myths I hear, especially from first-time homebuyers. People assume they need to save for years before they can even think about buying. In reality, many buyers qualify with 3–5% down, and some programs (like VA loans or USDA loans) even allow for 0% down.

On the SouthCoast, where the median home price in New Bedford is in the mid-$400Ks, 20% down could mean nearly $90,000 upfront—that’s a big ask. But with today’s loan programs, most buyers don’t need to wait that long.

Misconception 2: The Best Time to Sell is Always Spring

The Truth: Every season has its advantages.

Yes, spring is traditionally “real estate season,” but serious buyers shop year-round. In fact, fall and winter can be great times to list your home in New Bedford and surrounding towns. There’s often less competition, meaning your home stands out more. And the buyers who are looking during these seasons are usually highly motivated—relocations, job changes, or growing families don’t stop just because the calendar says October.

Misconception 3: You Don’t Need Pre-Approval Until You Find a House

The Truth: Pre-approval is step one, not step three.

Too often, buyers fall in love with a home only to find out later that it’s out of reach—or that their financing needs more work. Pre-approval tells you what you can afford and shows sellers you’re serious. In today’s competitive SouthCoast market, an offer without pre-approval usually won’t even be considered. Think of it as your ticket into the game.

Misconception 4: The Listing Price is the Final Price

The Truth: It’s just a starting point.

The list price is the seller’s opening move, but the final price depends on demand, competition, and negotiation. In some neighborhoods in New Bedford or Dartmouth, homes are selling over asking because of multiple offers. In others, buyers may have room to negotiate below list. The key is understanding the local market and making decisions based on facts, not assumptions.

Misconception 5: You Can Save Money by Selling Without an Agent

The Truth: FSBO often costs you more in the long run.

It’s tempting to think, “I’ll just sell my house myself and save the commission.” But studies show that For Sale by Owner (FSBO) homes typically sell for less, sit longer on the market, and come with added stress. Pricing strategy, marketing, negotiation, and paperwork are all complex—and mistakes can cost you thousands. A good agent usually more than pays for themselves.

Misconception 6: You Should Always Offer Below Asking

The Truth: Sometimes going under asking costs you the deal.

This advice might have worked decades ago, but in today’s SouthCoast market, it can backfire. If a house is priced right, coming in low can frustrate the seller or get your offer passed over entirely. The right strategy depends on the property, the competition, and your goals—not on outdated “rules.”

Misconception 7: You Don’t Need a Home Inspection

The Truth: Inspections are your safety net.

Even if a house looks perfect on the outside, inspections often reveal issues like old wiring, roof problems, or hidden leaks. Waiving inspections can sometimes make an offer more competitive, but it’s always a risk. Think of the inspection as a safety check before making one of the biggest purchases of your life.

Misconception 8: The Zestimate (or Online Estimate) is Always Right

The Truth: Algorithms can’t replace local expertise.

Online valuations are a starting point, but they’re often off by tens of thousands of dollars. They can’t see upgrades, the condition of the home, or the unique demand in your neighborhood. A local market analysis is far more accurate—and critical when it comes to pricing your home correctly.

Misconception 9: Real Estate Agents Just Open Doors

The Truth: A good agent does much more.

Opening doors is the easy part. The real work happens behind the scenes: analyzing market trends, creating marketing strategies, negotiating offers, coordinating inspections, and making sure the deal gets to the closing table. A good agent protects your time, your money, and your peace of mind.

Misconception 10: If You Love the House, Don’t Sleep On It—Just Buy It

The Truth: Emotion matters, but numbers matter too.

It’s easy to fall in love with a home, but emotions can lead to bad decisions if you’re not careful. You don’t want to end up “house poor” or stuck with a home that needs more repairs than you can handle. Balance the excitement with logic—make sure the numbers, the inspection, and the location line up with your goals.

The Bottom Line

Real estate is full of myths that sound good on the surface but can lead buyers and sellers down the wrong path. The more you understand the truth, the better positioned you’ll be to make smart, confident decisions.

If you’re thinking about buying or selling a home in New Bedford or the SouthCoast, let’s connect. I’ll help you separate fact from fiction—and guide you every step of the way.