Fact vs. Fiction: 11 Spooky Real Estate Myths That Need to Die

Every October, haunted houses aren’t the only things scaring people. Real estate myths have been creeping through social media and open houses for years — and some of them just won’t die.

Let’s put a few of these to rest. Below, I’m separating fact from fiction on some of the most common myths I hear in today’s Omaha market.

🏠 Myth #1: You need 20% down to buy a home.

Truth: The real horror story is waiting too long because of bad info.

According to the National Association of REALTORS®, the median down payment for all buyers in 2024 was 18% — and just 9% for first-time buyers. Depending on the loan type, you could qualify with even less.

Just keep in mind: if you put down less than 20%, you’ll likely pay private mortgage insurance (PMI).

💡 Local tip: Omaha’s first-time buyer programs and USDA options can help with down payment assistance in select areas.

🍂 Myth #2: Fall is a bad time to list.

Truth: Serious buyers don’t hibernate.

Fall listings often get more attention because there’s less competition, and homes look their best in warm autumn light. In Omaha, I’ve seen plenty of homes go under contract quickly in October and early November before the holidays slow things down.

💀 Myth #3: You should always price high and negotiate down.

Truth: Overpricing can kill your listing faster than your favorite horror movie villain.

When you price above market value, you risk sitting too long and losing momentum. In Omaha, homes priced right from the start tend to sell faster and attract stronger offers — even in slower seasons.

📉 Myth #4: You should wait until rates drop to 5%.

Truth: No one can time the market perfectly.

Waiting for the “perfect” rate might cost you the perfect home. Rates haven’t been in the 5s for years, and no expert expects that soon unless something major happens. Focus on what you can control — finding a home that fits your budget and long-term plans.

⚡ Myth #5: You can’t buy a home with bad credit.

Truth: A lower credit score makes things harder, not impossible.

Most conventional loans start around 620, and FHA loans can go as low as 500 with 10% down. I’ve seen Omaha buyers qualify with less-than-perfect credit once they explored the right options.

🕵️ Myth #6: Online home value estimates are as accurate as an agent’s price opinion.

Truth: Algorithms can’t see your new roof, your basement finish, or your view of Zorinsky Lake.

Online estimates can be a starting point, but a local agent can price your home based on real market data and neighborhood demand.

💡 Try this: Check your Zestimate, then request a free local home value estimate and compare the two. You might be surprised.

🏡 Myth #7: Renting is smarter than buying.

Truth: It depends on your situation — but owning still builds more long-term wealth.

The typical homeowner’s net worth is around $430,000, compared to less than $10,000 for renters. Even with today’s prices, homeownership remains one of the best long-term investments you can make in Omaha.

💰 Myth #8: The lowest interest rate is always the best deal.

Truth: It’s not just about the rate — it’s about the total cost.

APR includes fees and points that affect your true cost over time. Before choosing a lender, compare total costs and ask about what happens if rates drop later.

Pro tip: My local lender partner, Brian Farley at Charter West, can walk you through the math in plain English.

🧟 Myth #9: We’re headed for another 2008 housing crash.

Truth: Today’s market looks nothing like 2008.

Stricter lending, lower foreclosure rates, and record homeowner equity are all keeping the market stable. In Omaha, prices have cooled slightly, but supply is still too tight for a crash.

📜 Myth #10: Preapproval and prequalification are the same thing.

Truth: They’re very different.

Local tip: Some Omaha listings require a preapproval or proof of funds just to schedule a showing. Get started early — it makes touring and offering faster and smoother.

🎓 Myth #11: Student loans mean you can’t buy a home.

Truth: Student loans affect your debt-to-income ratio, not your eligibility.

I’ve helped plenty of Omaha buyers with student loans buy homes successfully. The key is understanding how those payments factor into your ratios and getting preapproved early so you know exactly where you stand.

🎃 Bonus Myth: You don’t need an agent in a hot market.

Truth: Even experienced buyers and sellers benefit from professional guidance.

From pricing and negotiations to inspections and legal details, an agent helps you avoid costly mistakes. Think of your agent as your compass and flashlight in a haunted corn maze — minus the jump scares.

Real estate myths make great stories, but they don’t lead to great results.
If you’ve been holding back because of something you heard at a dinner party or saw on social media, it’s time to fact-check your fears.

📲 Curious what’s true in Omaha’s market right now?
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