Real estate advice is everywhere, from online home-value estimates to advice from friends and neighbors. But some commonly repeated advice can actually cost homeowners time and money.
At Williams & Hunt Realty Group, we believe an informed client is an empowered client. Here are five common real estate myths, plus one bonus myth, homeowners should understand before making their next move.
Myth #1: You Should Always Price Your Home High Because You Can Always Come Down
Myth. The first one to two weeks on the market are critical. Properties that remain on the market longer typically lose negotiating power, and their sales-to-list-price percentage declines.
Consider a home that should be priced at $675,000 but is listed at $700,000. If it sits on the market and requires a 5.4% reduction, it would be relisted at $662,000. Based on current statistics, homes requiring a price reduction typically sell for about 92.3% of the original asking price, potentially resulting in a sale around $623,025 with median days on market of 102.
By contrast, appropriately pricing the home at $675,000 could result in 98.9% to 100% of the asking price, with median days on market dropping to approximately 20. The difference could mean $32,000 to $52,000 more for the seller.
Takeaway: Overpricing does not necessarily mean more money. It can cost you both time and money.
Myth #2: You Cannot Underprice a Property
Fact. There is a difference between underpricing and strategically pricing a home.
Pricing below what buyers believe a property is worth can generate increased interest and potentially create competition. More buyers can create more interest and a stronger negotiating position.
Takeaway: Strategic pricing creates competition. Overpricing creates resistance.
Myth #3: The First Offer Is Your Best Offer
Fact. Approximately 70% of properties sold to the buyer who made the first offer, and that first offer tends to be higher than subsequent offers.
That does not mean every first offer should automatically be accepted. Sellers should consider price, financing, contingencies, timing and overall buyer strength. However, dismissing an early offer simply because it is the first can be costly.
Takeaway: Judge an offer by what it brings to the table, not when it arrives.
Myth #4: The Zestimate Is What My House Is Worth
Myth. Online valuation tools can provide a broad estimate, but they cannot evaluate your home’s condition, renovations, finishes, improvements, current competition or buyer preferences.
A local real estate professional can compare recent sales while accounting for the differences between those properties and yours.
Takeaway: Who you hire matters. Local market expertise makes a difference.
Myth #5: The Realtor® With the Lowest Commission Saves You Money
Myth. Compensation matters, but it should not be the only consideration. A lower fee may come with fewer services, weaker negotiation, less strategic marketing or less attention to transaction details.
A skilled real estate professional works to protect your interests, maximize your net proceeds, manage unnecessary concessions and navigate the transaction successfully to closing.
Takeaway: Choosing an agent based on skill and results rather than compensation alone can actually put more money in your pocket.
Bonus Myth: My House Is Worth What My Neighbor’s House Sold For
Myth. Two homes with the same square footage in the same neighborhood can sell for dramatically different prices. Value can be influenced by lot size and location, floor plan, updates, condition, basement features, school considerations, timing, buyer demand and current competition.
This is especially important in a market like Milton, where seemingly small differences can significantly affect buyer perception and price.
Takeaway: Comparable does not mean identical.
The Real Estate Advice That Matters Most
The common thread is simple: there is no substitute for hiring a Realtor® who studies and understands the local market.
Whether you are considering selling next month or simply wondering what your home might be worth a year from now, accurate information can help you make better decisions. Buyers benefit from the same preparation. Organizing finances, connecting with a reputable lender and understanding purchasing power before beginning the search can make the process smoother and more successful.
You do not have to be ready to move today to start a conversation. If you have ever said, “We are thinking about moving, but we are probably a year away,” that may be the perfect time to talk.
Williams & Hunt Realty Group is here to answer your real estate questions, provide accurate market information and develop skillful strategies to help you reach your real estate goals. Call 404-822-8274.
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