Myth #1: You Need 20% Down to Buy a Home
While putting 20% down can help avoid private mortgage insurance (PMI), it’s not a requirement. In fact, many buyers—especially first-timers—purchase homes with as little as 3% to 5% down through conventional loans, or even 0% with VA or USDA loans. On Long Island, where prices can be higher, flexible down payment options make homeownership more accessible than many people think.
Myth #2: You Can’t Compete Without an All-Cash Offer
Yes, all-cash offers are strong, but they’re not unbeatable. Many sellers value things like flexible closing dates, solid financing pre-approval, and a clean, no-contingency offer just as much. In this competitive market, working with a savvy agent who knows how to position your offer can help you win, even if you’re financing your purchase.
Myth #3: You Shouldn’t Buy in a Seller’s Market
It’s easy to feel discouraged when inventory is tight and prices are climbing, but the truth is: there’s no perfect market. Waiting too long can mean paying more down the line. If you find a home that meets your needs and fits your budget, it may be smarter to act now especially with interest rates that can change quickly.
Myth #4: You’ll Know “The One” Instantly
Thanks to HGTV culture, many buyers expect to walk into a home and fall in love immediately. The reality? Most homes require a little vision and compromise. Don’t dismiss a property just because it doesn’t have your dream kitchen—focus on location, layout, and long-term potential. Many Long Island homes have solid bones and can be customized over time.
Myth #5: You Don’t Need an Agent—Just Use Zillow
Online listings are helpful, but they only show part of the picture. A local realtor brings experience, negotiation skills, and knowledge of off-market opportunities. On Long Island, where neighborhoods can differ block by block, having a real estate expert on your side can save you time, money, and stress.
Bottom Line:
Don’t let outdated myths stop you from finding the right home. With the right strategy, support, and mindset, you can navigate the Long Island market with confidence. Have more questions? I’m always here to help bust more myths and guide you home.
