🏡 8 Real Estate Myths That Richmond Buyers and Sellers Shouldn’t Fall For

In the ever-evolving Richmond VA real estate market, misinformation can lead to costly mistakes. Whether you're buying your first home or preparing to sell, it's essential to separate fact from fiction. At philskaggsrealestate.com, we believe informed clients make empowered decisions. Let’s debunk eight common real estate myths that could be holding you back.

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

While a 20% down payment can help you avoid private mortgage insurance (PMI), many Richmond homebuyers qualify with as little as 3% to 5% down. First-time buyer programs and VA loans make homeownership more accessible than ever. We have great lenders referrals, just ask!

Myth 2: Selling FSBO Saves You Money

Selling “For Sale By Owner” may seem like a budget-friendly move, but it often results in pricing errors, limited exposure, and longer time on market. Homes listed with a professional Richmond real estate agent typically sell faster and for more money.

Myth 3: Buyers Get a Better Deal Without an Agent

A buyer’s agent advocates for your interests, negotiates on your behalf, and helps you navigate inspections, contracts, and closing. A great agent can help you negotiate with the seller to cover the commission, making this expert guidance a smart investment.

Myth 4: School Districts Don’t Matter If You Don’t Have Kids

Homes in top-rated Richmond school districts tend to retain value and attract more buyers. Even if you’re child-free, location matters when it comes to resale potential.

Myth 5: A Scary Basement Means Walk Away

Basements tell a story about the home, but not all basements are deal-breakers. Moisture issues or cosmetic concerns can often be resolved affordably. A qualified home inspector can help you assess whether it’s a minor fix or a major problem.

Myth 6: Looking at Homes Is the Best First Step

Before touring homes, get pre-approved. This helps you understand your budget, strengthens your offer, and streamlines your Richmond home search.

Myth 7: New Construction Means No Repairs

Even brand-new homes can have flaws. Quick builds may cut corners, so always schedule a home inspection—even on new construction.

Myth 8: Online Estimates Are Always Accurate

Zestimates and online valuations can be wildly off. A local expert with deep knowledge of Richmond neighborhoods provides a far more reliable home value assessment. Check out my link to What’s my home worth. Valuation Request