Every October, haunted houses aren't the only thing creeping people out—real estate myths are alive and well, lurking in open houses, social media feeds, and dinner party conversations.

Let's put some of these to rest. If you're buying or selling in the Tampa Bay market, here's what's real, what's rumor, and what you actually need to know.

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

Truth: You don't. And waiting to hit that number could cost you more in the long run.

The average down payment in 2024 was just 9% for first-time buyers and 18% overall, according to NAR. With FHA, VA, and conventional programs, some buyers qualify with as little as 3% down—or even zero.

Yes, if you're under 20%, you'll likely pay PMI (private mortgage insurance), but that doesn't mean you can't buy now. It all depends on your strategy.

Myth #2: Fall is a bad time to list

Truth: Not in Tampa Bay.

Fall buyers are serious. There's less inventory, meaning your home has a better shot at standing out. Plus, Tampa's weather is still warm, lawns are green, and homes photograph beautifully this time of year.

Myth #3: You should always price high so there's room to negotiate

Truth: Overpricing is the fastest way to sit stale.

In today's market, buyers are savvy. If your home is overpriced, they won't even tour it. Homes in Tampa Bay that are priced right from day one tend to sell faster and attract stronger offers.

Myth #4: You should wait until interest rates hit 5%

Truth: Waiting for perfect rates is how people miss out on perfect homes.

Rates haven't been in the 5s for years—and most experts aren't expecting a dramatic drop anytime soon. Focus on what you can afford today, not what you hope rates might do next year.

Myth #5: Bad credit means you can't buy

Truth: Not necessarily.

Most lenders look for a credit score of 620 or higher for conventional loans. FHA loans can go down to 580, or even 500 with 10% down. I've helped plenty of Tampa Bay buyers get into homes with less-than-perfect credit. The key is working with a lender who knows the right programs.

Myth #6: Online home value estimates are just as accurate as a real estate agent

Truth: Algorithms can't see your upgraded kitchen, your water view, or the roof you just replaced.

Zillow and other online tools give a ballpark, but they don't replace a local market analysis. In Tampa Bay, home value can swing dramatically between neighborhoods—even just blocks apart.

Myth #7: Renting is smarter than buying

Truth: Depends on your goals—but long-term, owning usually wins.

The average homeowner's net worth is 40x higher than that of a renter. Even in a higher-rate environment, equity builds over time—and Tampa Bay has historically seen strong long-term appreciation.

Myth #8: The lowest rate = the best deal

Truth: Not always. It's about the APR and full loan terms.

The annual percentage rate includes fees, discount points, and other costs. A lender with a slightly higher rate might actually be offering the better deal once all fees are factored in.

Myth #9: We're headed for another 2008 crash

Truth: Nope.

2008 was about subprime lending and risky loans. Today's buyers are better qualified, inventory is still tight, and most homeowners have significant equity. Here in Tampa Bay, prices have leveled—but not crashed. The market is more stable, not collapsing.

Myth #10: Preapproval and prequalification are the same thing

Truth: They are definitely not.

• Prequalification is a rough estimate based on what you tell a lender.

• Preapproval is when a lender verifies your income, credit, and assets.

In Tampa Bay, many sellers won't even consider your offer without a real preapproval letter—and some listings require it just to schedule a showing.

Pro tip: Work with a local lender who can turn your docs around fast. You'll want your last 2 pay stubs, 2 years of W-2s or tax returns, 2 months of bank statements, and a valid ID.

Myth #11: Student loans will keep you from getting a mortgage

Truth: Not true at all.

Student debt is just one factor in your debt-to-income ratio. I've helped plenty of Tampa buyers with student loans secure financing. The key is understanding how that monthly payment affects your approval—and getting ahead of it with a good lender.

Bonus Myth: You don't need an agent in a hot market

Truth: An experienced agent isn't just helpful—they're a game-changer.

From negotiating price, repairs, and terms, to navigating inspections, appraisal gaps, and contracts—having someone in your corner matters. Think of me as your guide and GPS, minus the haunted maze.

Final Thoughts

Real estate myths are everywhere. But just like horror movies, they're more fiction than fact.

If something's keeping you from buying or selling, and it's based on what "someone said once," it might be time to fact-check your fears.

Curious about the truth in Tampa Bay? Let's talk. I'll help you make sense of the market—and find the strategy that works for your goals, your timeline, and your bottom line.