15 Home-Buying Myths to Unlearn Right Now

Dusty Rhodes • May 14, 2024

Home buyers have access to a wealth of information about the home-buying process before they even begin talking to a real estate agent. Friends and family, social media — everyone has a lot to offer. While much of this guidance can be solid or well-intentioned, some of it may be outdated or inappropriate for your situation. With that in mind, Zillow asked 112 loan officers to share the most common misconceptions they hear from first-time home buyers. Based on their feedback, and input from other real estate experts we talked to, here are the top 15 myths you should be aware of, along with some truths to set you on the right path.

Myth #1: You need a 20% down payment


Fact: A 20% down payment hasn't been required to buy a home for decades, if ever.


The 20% myth topped the list of misconceptions cited by 71% of the loan officers in our survey, while 65% of those surveyed said borrowers’ most frequent question was about how much of a down payment was needed to buy a home.


Many home loans allow a down payment as low as 3%, as long as you’re borrowing less than the so-called “conforming” loan limit for the county where the home you want to buy is located. The limit for most counties is $766,550, as of 2024. Although down payments of less than 20% are common, keep in mind you will need to pay PMI (private mortgage insurance) on a conventional loan if you put down less than 20% of the home’s purchase price. To see an estimated calculation of your PMI based on your loan and down payment amounts, try our Mortgage Calculator.


Here's a quick overview of some loan types with low down payment options:


HUD/FHA loans allow a 3.5% minimum down. HUD/FHA loans are insured by the Federal Housing Administration (FHA), within the U.S. Department of Housing and Urban Development (HUD). 

USDA/RD loans don't require a down payment. USDA/RD loans are backed by the Rural Development (RD) arm of the U.S. Department of Agriculture (USDA). 

VA loans also allow 0% down. VA loans, primarily for active-duty and veteran military members, are guaranteed by the U.S. Department of Veterans Affairs (VA).


Small, specialty loan programs may also permit very low down payments. One example is a HUD Homes program in Florida that allows just $100 down for qualifying buyers with FHA financing.


All mortgage loans are subject to the lender's guidelines, requirements and restrictions. Ask your mortgage loan officer for details.


Myth #2: Your pre-approval rate is the rate you'll get when you close


Fact: Interest rates adjust daily. The rate you're quoted when a lender pre-approves you for a mortgage is based on current market conditions as well as factors like your loan amount, credit score, property type and where the home is located. In general, your actual rate can't be "locked in" until you find a home and sign a purchase contract with the seller.


“At that time, your loan officer can explain your options and help you choose a rate,' says Wesley Black*, manager for mortgage originations at Zillow Home Loans℠ in Irvine, California.


Your locked-in rate may be higher or lower than your pre-approval rate. But be aware that locked-in rates can expire, so you should ask how long yours will last.


Myth #3: You should wait to buy a home until prices are lower

Fact: Buying a home after a big run up in prices may seem risky, but waiting carries risks as well.


“Price growth is soft for sure, but for a vast majority of areas, prices aren't likely to fall, ' says Zillow® Chief Economist Skylar Olsen. “There are simply enough buyers, even at these prices and mortgage rates, and not enough homes listed for sale. And while mortgage rates should move a bit below where they are now in some distant future, myself and other experts keep putting off when we expect that to happen. If buyers find themselves able to find and win a home they'd like to commit to for the long run and are able to afford it, they can feel comfortable moving forward. In popular neighborhoods, we cannot necessarily promise a more friendly time to buy in the future."


Myth #4: Buying a home is always cheaper and a better investment than renting


Fact: Depending on where you live, renting a home can be cheaper than buying one, and home prices don't always go up and up in a neat, straight line.


Rents and mortgage payments are much closer than they have been in the past, and, in a majority of the nation’s top 50 metros, rents are cheaper than mortgages — even for a comparable home. 


However, a home you own is an asset that can appreciate over time, provide a relatively stable monthly cost and create generational wealth.


Olsen says there are benefits to each option. How the math works out for any individual depends in part on what you expect from the market, how long you expect to live in the home and what kind of lifestyle you’re looking for.

To read more about the benefits of each option, check out The Pros and Cons of Renting vs. Buying a House.


Myth #5: You should find a home before you apply for a home loan


Fact: Getting pre-qualified for a loan before you shop for a home is not just okay, it's smart.


This myth is a pervasive one, with 66% of loan officers in our survey citing it as the second most common question borrowers ask them.


Once you're pre-qualified or pre-approved for a mortgage, you'll have an idea of how much you can borrow to buy a home. Then you can shop for homes in your price range and you won't fall in love with a home outside your budget. If you're not able to get pre-approved, you'll find out what you need to do to position yourself so that you can.


Myth #6: Buying a fixer-upper will save you money

Fact: True fixer-upper homes need a lot more than a fresh coat of paint. These homes generally have major problems, some of which may not be visible. Even a skilled home inspector can't see inside walls.


“If you're looking into a fixer-upper, you should get quotes on the repairs needed beforehand,” says Korenn Meno**, a mortgage loan officer at Zillow Home Loans in Seattle, Washington. “You'll have to be patient, good with finances and willing to sacrifice all your spare time to work on your home or pay someone to get your home fixed up.'


You may end up with a home you love, but you probably won't save money with this strategy. (Take our quiz to see if tackling that fixer-upper is really right for you!) If you’re keen on finding a fixer, we suggest reading How to Find, Afford and Improve a Fixer-Upper on what’s involved in buying a fixer-upper.


Myth #7: You have to get your loan from the lender who pre-approves you


Fact: A pre-approval is a great starting point for getting a mortgage, but you're not obligated to stay with that lender. You can shop around for a lender that makes a competitive offer and is a good fit for you.


Keep in mind that it’s best practice to shop for a lender before you go under contract or lock in a rate. Once you are under contract and have completed inspections and appraisals, it’s usually not a good idea to shop around for a new lender. If you do, you will need to notify the seller's agent of the change. Any delays or changes could put you at a higher risk of getting your offer rejected by the seller. 


Myth #8: You shouldn't buy until you can afford your 'forever' home


Fact: Selling a home can be costly, but if you wait to buy until you can afford your ‘forever' home rather than buy a lower-cost ‘starter' home, you may never buy at all.


Or in the relatively more affordable markets where appreciation is still happening, you may miss out on years of equity building that could offset your selling costs when you trade up to your forever home.


Caveat: Considering a home you already know that you'll outgrow in the very near future? It may make sense to wait until you find a home where you can stay for at least five or more years.


"Over-committing to waiting without exploring your current options and how they may change with this ever-changing market or without taking proactive steps, like credit counseling or exploring down payment programs, may be the bigger strategic mistake,’’ Olsen says. “Existing housing from older generations will continue to return to the market in ideal neighborhoods for many families. But it is true that the financial benefits of buying accrue over a longer time now that mortgage rates are higher."


Myth #9: A 30-year, fixed-rate mortgage is always the best choice


Fact: Depending on rate movements, adjustable-rate mortgages (ARMs) can save thousands of dollars of interest over the life of the loan compared with a fixed-rate. ARMs have an initial fixed-rate period, and then can adjust up or down, resulting in monthly payments that can change over time.


This misconception was cited by 16% of the loan officers in our survey as one of the top 10 questions they hear from borrowers.


“Finding the right loan program and term is kind of like picking an outfit,” says Black. “Everyone is going to want or need something slightly specific to fit their unique situation.”


ARMs aren't a fit for everyone, but for many, they are worth considering.


Myth #10: You can't buy a home if you have student loans


Fact: Student loans can both help and hurt your chances of buying a home.


The potential help comes from boosting your credit scores, if you make your payments on time. The potential hurt comes from raising your debt-to-income ratio, or DTI, which is a factor in loan approval. Student loans are not an automatic barrier. They're just another form of debt that's part of your DTI calculation. Many people have student loans and a home mortgage.


For tips on how to buy a home when you have student loan debt, check out Can I Buy a Home With Student Loan Debt.


Myth #11: You have to pay the seller's asking price to buy a home


Fact: The seller's asking price is the amount the seller hopes you'll pay, but it's not necessarily the price you'll actually pay.


This may seem obvious, but home prices are typically negotiated with offers and counter-offers until you and the seller agree on a price. Be sure to ask your agent for “comps” for a home you’re interested in — this is a report of prices of recently sold, similar homes nearby — in order to draft a competitive offer or understand whether the listing price fits in your budget.


Myth #12: You need excellent credit to buy a home


Fact: Good home loans and attractive rates are available for people with less-than-perfect credit as well as those with excellent credit. This is likely to come as news to a lot of borrowers since half of the loan officers surveyed cited it as the third highest misconceptions among prospective buyers.


Who can't qualify? People who develop a habit of always paying cash for their purchases. “Establishing positive tradelines and using credit responsibly is what we're looking for,' says Casey Godwin***, a mortgage loan officer for Zillow Home Loans in Overland Park, Kansas.


Myth #13: Fall and winter are bad times to buy a home


Fact: Fall and winter can be advantageous times of the year to buy a home.


Spring is sometimes called the “home-buying season” because many families prefer to move when their children are out of school for the summer. That doesn't mean you have to buy in the spring or that you'll pay less if you do. 


Myth #14: You cannot buy a home if you are self-employed


Fact: Nearly one-fourth of loan officers surveyed said this was a common misconception among borrowers. You absolutely can buy a home if you’re a self-employed freelancer or gig worker or business owner. But the rules for getting a mortgage are different for those who receive a W-2 from an employer versus those who receive a 1099-NEC, which reports non-employee compensation.


Lenders will generally require more documentation of income if you’re self-employed, including recent invoices and proof of a steady income over a longer period of time. To learn more about what might be required, read this guide to getting a mortgage when you’re self-employed.


Myth #15: All lenders are the same when buying a home


Fact: Getting a mortgage is more than an exercise in rate shopping, and there are significant differences among lenders when it comes to the customer service, the ability to close on time and the fees attached to their loans.


Nearly a third of loan officers surveyed (30%) say borrowers falsely believe that all lenders are equal. While getting the best interest rate is rightfully a top concern for home buyers, most lenders offer a variety of competitive rates and loan products.


However, fees can vary widely and some lenders have a better track record for closing on time, communicating regularly though buyers’ preferred methods, including text and email, and making things easier on borrowers with technology to keep the process moving smoothly through closing.


For instance, with Zillow Home Loans, buyers and their agents can check on the status of their loan online, increasing visibility into the process and reducing the stress that can be generated when you’re in the dark about what’s going on.




Source: Zillow Blog


Dusty Rhodes Properties is the Best Realtor in Myrtle Beach! We do everything in our power to help you find the home of your dreams. With experience, expertise, and passion, we are the perfect partner for you in Myrtle Beach, South Carolina. We love what we do and it shows. With more than 22 years of experience in the field, we know our industry like the back of our hands. There’s no challenge too big or too small, and we dedicate our utmost energy to every project we take on. We search thousands of the active and new listings from Aynor, Carolina Forest, Conway, Garden City Beach, Longs, Loris, Murrells Inlet, Myrtle Beach, North Myrtle Beach, Pawleys Island, and Surfside Beach real estate listings to find the hottest deals just for you!

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What Stays With the House When You Move?

By Dusty Rhodes • March 30, 2026
When you’re selling your home , it is natural to assume that anything you can safely remove is yours to keep—like the light fixtures you painstakingly cleaned and repaired, or the appliances you bought last year. But the truth is, the buyer may want some of those items, too, and sometimes it's better to part ways with these items for the sake of the sale. Rather than keep everything, you should decide what you'd like to keep and what you'll leave behind as a way to entice buyers into making an offer, particularly in today's market where buyers are holding more of the cards than ever. What stays with the house? Generally, certain items stay with the house when you sell and move. Some features may seem obvious, but the truth is, you're probably expected to leave more behind than you think. Some of these items can include: Built-ins: Built-in bookshelves, benches, and pull-out furniture generally stay inside the home. Landscaping: Trees, shrubs, and any flowers planted in the ground should stay in the yard. Wall mounts: If you have TV wall mounts or picture mounts that might damage the wall if you remove them, it is a good idea to leave them in place when you move. Custom-fit items: If you have custom-made curtains , plantation shutters, or blinds, leave them on the windows and doors. Hardware : If you upgraded the knobs and drawer pulls in the bathrooms and kitchen, you should either leave those behind or install replacements before you move. Alarm systems : Wireless alarm systems are designed to be removed. Otherwise, leave the alarm monitoring station attached and either relocate or cancel the monitoring service. Smoke detectors : Smoke detectors and sprinkler systems should stay in the house, especially if you plan to move before selling the house. What can you take? While you’re expected to leave some items behind, in general your belongings are yours to keep. Here are some examples: Patio furniture, lawn equipment, and play sets : If you have a wooden swing set in the backyard and a bistro table on the front porch, take those items with you. Appliances : Some lenders require that a home have an oven installed before approving a loan, but for all other appliances, it's up to you to decide what you will take and what you will offer as part of the home. Some light fixtures : Generally, homeowners leave light fixtures behind, but if you’re attached to a certain fixture, you can make arrangements with the buyer to take it. Built-in kitchen tools : If you can safely remove a mounted spice rack or the pasta arm, you can take it with you. Rugs, basic curtains, wreaths : Small decor items like rugs or curtain rods that can be safely removed can be taken. What should you consider leaving? Some of your personal items can be used to help sell your house—or increase the asking price. Before you take everything just to take it, consider offering some hot items like the following: Appliances : Homeowners, especially new homeowners, don’t always have their own appliances. Many buyers would be more likely to place an offer on a home if it came fully stocked with appliances. Custom swing and play sets : If you have a swing set or playhouse your children have outgrown and you notice a potential buyer has children, offer to include the item with the deal. Kitchen built-ins : Built-in spice racks, pantry organization, and windowsill shelves can really help sell a kitchen. Consider offering the items to an interested buyer. Light fixtures, curtains, rugs, and other upgrades : If you’ve upgraded the light fixtures or have custom rugs in the entryway, a buyer may be willing to increase his or her offer to keep those items in the home.  If you’re not sure what would entice a buyer, ask your real estate agent to provide suggestions. Don't have an agent yet? Here's how to find a real estate agent in your area.

Top Mistakes Homeowners Are Making in 2026 (And How To Avoid Them)

By Dusty Rhodes • March 23, 2026
Let’s be clear: selling your house is absolutely possible right now. According to the National Association of Realtors (NAR), roughly 11k homes sell every day in this country. And the sellers who are making their moves happen all have one thing in common: they’ve adjusted their strategy to match today’s market. They’re realizing inventory has grown. Homebuyers are more selective. And buyer expectations are higher. The sellers who struggle are usually approaching today’s market with yesterday’s expectations. Here are the three biggest mistakes they’re making – and how to avoid them. 1. Pricing Based on What Their Neighbor Got a Few Years Back Setting your price is the most important decision you make when you sell – and the one that’s most often mishandled. Realtor.com data shows almost 1 out of 5 sellers in 2025 had to drop their price. Here’s what those sellers went wrong. Buyers have more choice and more negotiating power now that inventory has grown. And house hunters will actively avoid your house is if feels like it’s priced too high. That’s why overpricing usually leads to: Fewer showings Less competitive (or lowball) offers Longer time on market And all three of those side effects are things you don’t want to deal with. What To Do Instead: The good news is the cure is simple. Just price for today’s buyer, not yesterday’s headlines. Lean on your agent’s knowledge of recent comparable sales, current competition, and local buyer behavior to land in the value “sweet spot” that drives traffic and urgency from day one. 2. Trying To Skip Repairs That Buyers Now Expect A few years ago, you could sell as-is and still get well above asking. Today? Not so much. Right now, NAR says two-thirds of sellers are making at least some repairs. And the reason why is simple. In a market with more inventory, buyers compare homes side by side. Homes that don’t show well (or feel dated) are going to lose attention quickly, even if the issues are minor. What To Do Instead: Ask your agent which high-impact, low-stress updates they’d recommend for your house. The goal isn’t perfection. It’s helping buyers see themselves moving in without a mental to-do list. Small investments in staging, repairs, and curb appeal can make a huge difference in how quickly offers come in – and how strong those offers are. 3. Playing Hardball When Buyers Try To Negotiate Today’s buyers have housing affordability at the top of their minds. And since money is already tight, they’ll be pickier and will probably ask for some compromises from you. Whether that’s making repairs, giving them a credit at closing, or taking just a few thousand dollars off your asking price, negotiating is normal again. So, if something pops up in the inspection, you’re going to need to be open to talking about it. If you’re not, you may very well see your buyer walk away. And some sellers are figuring this out the hard way. Redfin data shows one of the big reasons home sales fell thru in 2025 was inspection or repair issues. Odds are those homeowners weren’t willing to flex a bit to get the deal done. What to Do Instead: Meet with your agent to make sure you understand what buyers in your area care the most about. Align your price with value, present the home clearly and confidently, and stay open to reasonable negotiations that keep deals moving forward.

10 Aging-in-Place Features Pros Swear By

By Dusty Rhodes • March 16, 2026
They’re often called aging-in-place features, but things like curbless showers, nonslip flooring and wide walkways and doorways can benefit everyone, no matter their age or ability. “Regardless of aging in place, there is a place for these in day-to-day life, whether it be a teenager on crutches, a family member having had surgery, active kids,” designer Dana Bass says. “It’s not just about aging in place. We’ve got to account for unplanned life emergencies.” Designer Tammy Battistessa of Ellaire Kitchen & Bath Design agrees. “Whenever possible, I include aging-in-place and universal design features in every project, as I believe many of these features benefit clients of all ages and abilities, in addition to allowing a client to safely remain in their home for a longer period of time,” she says. Creating a home that can adapt also makes it more sustainable. “Aging in place is a key element to making legacy homes that can evolve over time,” architect Tim Barber says. With all that in mind, we asked more than 50 home design and construction professionals to share the aging-in-place features they always recommend. Here are the 10 that came up again and again. 1. Wide Walkways and Doorways Planning ahead is one of the most important steps when incorporating aging-in-place features. Many of these elements require thoughtful design and construction, so it’s wise to start early — and to consider hiring professionals who understand the nuances. “Thinking through how you will really use the space makes all the difference,” designer Haiku Durden of HDS Design says. “Having a designer involved really makes a difference.” A professional can help you create a plan that works for your current needs and anticipates future ones. “We currently default to aging-in-place features when our clients are near retirement or retirement age,” says designer Jenny Guggenheim of Guggenheim Architecture and Design Studio . “Preplanning by adding blocking behind the wall finish, spacious floor planning to allow for wheelchair or walker use.” In fact, spacious layouts are among the most commonly recommended aging-in-place strategies. Wide walkways and doorways — and generous clearances around furniture and fixtures — make it easier for anyone to move through the home comfortably. Installing a continuous flooring material throughout also reduces tripping hazards caused by changes in height or texture between rooms.