Debunking the Biggest First-Time Buyer Myths

Buying your first home is exciting… and, let’s be honest, a little terrifying. We get it — there’s a lot of advice out there, and not all of it is helpful. Between TikToks that make it sound impossible and well-meaning relatives who haven’t bought a house since the ‘90s, it’s easy to feel like you’re already behind or doing something wrong before you even start.

Here’s the good news: you’re not behind. And you’re definitely not doing it wrong. Most of the “rules” you’ve heard about buying your first home? Totally myths.

So today we’re pulling back the curtain and tackling the three biggest misconceptions we hear from first-time buyers. Because we want you to go into this process feeling informed, empowered, and maybe even a little excited.

Grab your coffee (or your favorite vinyl for the vibe), and let’s do some myth-busting.

Myth #1: “There’s a perfect time to buy a house.”

This one comes up constantly. People ask: “Should I wait until spring?” “Should I wait for interest rates to drop?” “Should I wait until the market cools down?”

Here’s the truth: there is no perfect time.

The real estate market is always changing — sometimes it favors buyers, sometimes it favors sellers, sometimes it’s just kind of weird and doesn’t seem to make sense at all. If you try to time it “just right,” you’ll drive yourself a little bit nuts (and spoiler: you’ll probably miss out on some great opportunities while you wait).

What matters more than “perfect timing” is whether it’s the right time for you.

Do you feel financially stable?

Do you want to put down roots in a community for at least the next few years?

Do you want to start building equity instead of paying rent?

If the answer is yes, then it might be the right time for you — even if rates are a little high or the market feels competitive. Remember: you can always refinance down the road if rates drop, but you can’t go back in time to snag the perfect house that already sold.

Our advice: Stop waiting for the “perfect” market. Start planning for the right timing in your own life. That’s the timeline that matters most.

Myth #2: “You need 20% down to buy your first home.”

If we had a dollar for every time someone told us this… Yes, putting 20% down has some perks — like avoiding private mortgage insurance (PMI). But it is absolutely not required. In fact, many first-time buyers we work with put down much less.

There are plenty of loan programs designed specifically to make homeownership more accessible:

• FHA Loans: As low as 3.5% down.

• Conventional Loans: Many allow as little as 3% down for qualified buyers.

• VA Loans: Zero down for veterans and active service members.

• USDA Loans: Zero down in eligible rural and suburban areas.

For a $400,000 home, 20% down is $80,000. That’s a huge chunk of change, and for most people, it’s not realistic. But 3.5%? That’s $14,000 — still an investment, but much more attainable.

The real focus should be on finding the loan program that works for your situation, not hitting some arbitrary 20% number.

And here’s the thing: even if you put less down and pay PMI for a while, you’re still building equity. You’re still investing in your future. That’s a win.

Our advice: Don’t let the 20% myth keep you stuck in “someday” mode. Let’s talk through your options and find the loan program that fits your budget and your goals.

Myth #3: “You need to have it all figured out before talking to an agent.”

If we could shout this one from the rooftops, we would: please don’t wait until you have it all figured out before reaching out to an agent.

We know what it’s like — you feel like you should have your budget nailed down, know exactly what neighborhood you want to live in, and have your credit score memorized before you even dare send that first text. But here’s the secret: figuring those things out is literally part of our job.

Think of us as guides. Our role isn’t just to unlock doors at showings; it’s to help you:

• Understand your financing options and connect with great lenders.

• Narrow down neighborhoods that actually fit your lifestyle (yes, including where the best coffee shops are).

• Learn what’s realistic for your budget.

• Plan your timeline so you’re not rushing or stressing more than necessary.

You do not need to come to us with a 10-point plan. You just need to come to us with a willingness to start the conversation.

We’ve worked with so many first-time buyers who thought they “weren’t ready” — and then a few months later, they were holding the keys to a home they never thought they’d get. Sometimes the biggest step is just starting.

Our advice: Don’t stress about having it all figured out. Let us help you make a plan. That’s what we’re here for.

Final Thoughts

Buying your first home is a big deal — but it doesn’t have to be overwhelming, confusing, or something you put off for years because of myths that just aren’t true.

• There’s no perfect time — the right time is when it makes sense for you.

• You don’t need 20% down — there are so many programs that make buying possible with less.

• You don’t need to have it all figured out — that’s what we’re here for.

At Sold by Scott, we believe education is power. We’ll walk you through the process step by step, answer every question (yes, even the ones you think are silly), and cheer you on from your first showing to your key day photo — and long after.