The real estate market can be confusing, and with so much information floating around, it’s easy to get caught up in misconceptions. Many buyers and sellers unknowingly fall victim to common myths that could affect their decisions. To help you navigate the process, we’re debunking 10 of the most persistent real estate myths that could impact your experience in 2023.

1. Getting Pre-Approved Is Not Necessary
In reality, getting pre-approved for a mortgage is one of the smartest moves you can make when buying a home. Pre-approval not only gives you a clear understanding of what you can afford but also shows sellers that you’re serious. And contrary to popular belief, it won’t hurt your credit score.

2. School Districts Don’t Matter If You Don’t Have Kids
Even if you don’t have children, buying a home in a good school district is still a wise choice. Homes in top-rated school areas often have higher resale values, and many buyers prioritize proximity to quality schools when making decisions.

3. Real Estate Agents Only Show Their Own Listings
This is a myth! Real estate agents have access to the entire MLS (Multiple Listing Service) and will show you any home that matches your criteria, regardless of the listing agent. They are bound by ethics to provide you with the best options available.

4. Always Make a Low Offer on a House
Making a lowball offer in today’s competitive market is risky. Many sellers will not entertain offers that are too far below asking price, especially when there are multiple bids on a property. A low offer could alienate the seller and make it harder to negotiate a deal.

5. Price Your Home High to Leave Room for Negotiation
Pricing your home too high can backfire. While you might think starting high leaves room to negotiate, it can actually scare off potential buyers. Homes that are competitively priced tend to attract more interest and sell faster, so it’s crucial to find the right price from the start.

6. You’ll Make More Money by Renovating Before Selling
Not always true. While some home improvements can boost the value of your home, the return on investment for major renovations may not be as high as expected. Often, simple updates, like fresh paint, minor repairs, and good staging, can be just as effective at increasing your home’s appeal without the extra cost.

7. If a Home Looks Good, Skip the Inspection
Never skip a home inspection, no matter how perfect a house may seem. Even newly renovated homes can hide underlying issues that an inspection can reveal. If the inspection uncovers problems, you can negotiate with the seller to address them before finalizing the purchase.

8. Buying a Home is Always Better Than Renting
Whether buying or renting is the better option depends on your personal situation. Factors like your financial health, long-term plans, and how long you plan to stay in the home should be considered. It’s important to do the math and figure out which choice makes the most sense for your current lifestyle.

9. Real Estate Agents Earn a Lot of Money
While real estate agents do earn commissions, their pay isn’t as straightforward as it seems. They work on commission, often split with their brokerage, and they incur various expenses for marketing, transportation, and more. The commission is negotiable, and the amount they earn depends on the home’s sale price and how much work goes into the transaction.

10. Real Estate Agents Are Unnecessary
A real estate agent brings immense value to the table, from knowledge of the market to access to listings and expert negotiation skills. Agents guide you through every step of the buying or selling process, ensuring you don’t miss critical details. While it’s possible to buy or sell without one, having a professional in your corner often makes the entire process smoother and more successful.

Understanding the truth behind these common myths can help you make smarter decisions whether you’re buying or selling a home. Being informed is the key to navigating the real estate market with confidence and ensuring you make the best choices for your future.