Spooky Homebuying Myths Debunked!
October 09, 2025
Buying a home, whether brand-new or pre-owned, can feel a bit like walking through a haunted house. The creaks, the shadows, and the unknowns lurking around each corner can send your thoughts into overdrive with the scariest scenarios possible. The Rodney Carroll Team has traversed many spooky showings and is here to ease your home-buying fears! We know that many homebuying myths are simply silly spooks! Still, with the tales told again and again, it is easy to perceive them as facts.
The Rodney Carroll Team is here to shine a light into those dark corners of the home-buying process to show our clients what is real and what is simply a ghost story.
Yikes!! A 20% Down Payment?!?!
The Spook: Many believe they will never get approved for a home purchase unless they have saved at least 20% of the purchase price. Buying a $400,000 home? Bring at least $80,000 in cash to the table.
Debunked: While a 20% down payment is certainly helpful in avoiding private mortgage insurance (PMI), it’s not a requirement. Today’s homebuyers have a range of options, including loans that require as little as 3% down, such as Veterans Administration loans or USDA loans that sometimes start as low as zero down.
The Rodney Carroll Team is happy to work with first-time buyers to find a loan that doesn’t require them to drain their savings or wait years before purchasing. With the right lender and guidance, your dream home might be closer than you think.
Perfect Credit…or Else!
The Spook: Without a flawless credit score (800), homebuyers will be rejected by lenders and sentenced to a life of paying rent.
Debunked: A lower credit score doesn’t immediately slam the creaky door on homebuying dreams. While higher scores do unlock better interest rates, many loan programs are designed for buyers with average credit. For example, FHA loans may be available to borrowers with scores that sit in the mid-500s.
The trick treat is working with professionals who can guide you toward lenders that fit your financial profile. The Rodney Carroll Team will connect you with lending partners that we trust and who understand that buyers are more than just a number.
Creepy Market Conditions Await…
The Spook: Don’t buy now—it’s a bad time. Interest rates are too high. Prices are too steep. The ghosts of real estate past linger with creepy tales of less-than-ideal market conditions.
Debunked: If everyone waited for a pristine real estate market, most homes would never hit the market, and buyers would never begin the hunt. Your personal situation matters much more than the state of the market: your finances, your job stability, and your goals. While interest rates and market conditions fluctuate, your needs cannot always wait.
Still feeling leery about buying today? Remember, you can always refinance later, but you cannot always find the ideal home again.
Skip the Scares of Inspections.
The Spook: In a competitive market, one of the best ways to beat out other buyers is to waive the inspection. After all, who really needs to know if there are ghosts poking holes in the roof or ghouls wreaking havoc on the HVAC system?
Debunked: More often than not, skipping the inspection will come back to haunt you. While it’s true that some buyers take this path in a hot market, it’s rarely a wise move. Inspections can uncover terrifying issues that may cost you thousands down the road.
The Rodney Carroll Team will find the balance between making a strong offer and protecting your investment, long-term. Nothing is scarier than realizing you’ve purchased a money pit, and we’re here to help you avoid that.
The Wrong Asking Price is Terrifying!
The Spook: If you don’t nail your asking price, you will immediately scare away the seller.
Debunked: While it may be tempting to hunt for a bargain, real estate isn’t a flea market. Offering well below the asking price can easily backfire, especially in a competitive market, as it risks insulting the seller or losing out to another buyer.
The Rodney Carroll Team studies market data, comparable sales, and the specific property details to help you craft a strong, realistic offer. Sometimes that does mean offering under asking, but more often it means submitting a fair offer that won’t leave you locked out of your dream home.
Feeling Sentenced to Rent?
The Spook: Renting is much more affordable than buying because you save money every month and avoid all those eerie homeowner headaches.
Debunked: While renting may seem cheaper today, over time, it adds up as you pour money into someone else’s pocket rather than building your own equity. Monthly rent payments disappear into a foggy mist while mortgage payments create a foundation of financial stability.
Plus, your mortgage payment will stay predictable year after year, especially with a fixed-rate loan. This is not the case when renting, as landlords often raise rates annually.
Steer Clear if You Have Loans!
The Spook: Student loans are the ball and chain that keep you far from homeownership.
Debunked: Having student debt does not immediately disqualify you from buying a home. A great lender will look at your overall debt-to-income ratio, not just the fact that you have student loans. The reality is that today’s market is flooded with buyers who carry student loans, and lenders have options that allow them to balance that debt with a mortgage successfully.
Avoid the Market in the Spookiest Season.
The Spook: Spring and summer are “hot” seasons for real estate. Buying in the fall will only increase the jump scares.
Debunked: Fall can actually be one of the best times to buy. With fewer buyers in the market, there’s often less competition, more motivated sellers, and even year-end builder incentives for new construction.
Plus, moving into a new home before the holidays gives you the perfect excuse to host a spooky Halloween party, a cozy Thanksgiving dinner, or a festive holiday gathering in your brand-new space.
Engaging a Real Estate Agent? Ghastly!
The Spook: With so many websites and apps at your fingertips, buyers don’t really need a real estate agent. Just browse online, make an offer, and save yourself the commission. What could go wrong?
Debunked: What could go wrong? Well, everything. Buying a home without a real estate agent is like wandering through a haunted house while wearing a blindfold. You might eventually find your way out, but not before a slew of wrong turns and missed details. A skilled agent advocates for your interests, negotiates on your behalf, and helps you navigate inspections, contracts, and the endless fine print.
The Rodney Carroll Team brings experience, local knowledge, and a steady hand to guide you through the scary parts and straight into your new home.
And, in most cases, buyers don’t even pay their agent’s commission—the seller does.
Don’t Be Spooked by the Market Myths
Like ghosts in the attic or monsters under the bed, most homebuying myths fade away once you shine a light on them. The process isn’t nearly as frightening when you have the right knowledge and the right team by your side.
By separating the spooks from reality, The Rodney Carroll Team can walk you through the homebuying process and eliminate those scary surprises. Reach out today to turn