Posted by Andrea Durway
St. Louis Real Estate Mythbusters: 5 Things Buyers Still Get Wrong
Buying a home is one of the biggest decisions you’ll ever make — and with big decisions come big opinions. But not all of them are accurate. Whether you’re a first-time buyer or just a little rusty, it’s easy to get caught up in myths that could delay your purchase or cause unnecessary stress. Let’s clear the air.
Here are 5 common real estate myths we still hear in St. Louis — and the truth behind them:
1. “You need a 20% down payment to buy a house.”
❌ The Myth: If you don’t have 20% down, you can’t buy.
✅ The Reality: Many St. Louis buyers purchase homes with far less down — some as low as 3-5%.
From FHA loans to conventional loans with private mortgage insurance (PMI), there are options for a variety of budgets. Plus, local and state-level assistance programs (like MHDC loans) can help with down payments and closing costs.
Talk to a local lender early to explore what’s actually possible for you.
2. “Once you’re pre-approved, you’re done with the financial stuff.”
❌ The Myth: You’re in the clear once the lender gives the green light.
✅ The Reality: Pre-approval is just the start.
Your finances will be under review until closing day. New debt, large purchases, or job changes can impact your approval. We’ve seen buyers tank deals by buying furniture or opening credit cards before the keys are in hand. Please – do not do this!
Pro tip: if you’re unsure whether something will affect your loan, ask your lender first.
3. “The best time to buy is summer.”
❌ The Myth: Wait until May or June when everything hits the market.
✅ The Reality: While summer is busy, that doesn’t mean it’s the best time.
Competition is fierce and prices often peak mid-year. In contrast, fall and winter months can offer motivated sellers, less bidding wars, and more negotiating power. Inventory might be smaller, but so is the pressure.
In real estate, timing is less about the calendar and more about your personal readiness.
4. “Zillow says the house is worth X, so it must be true.”
❌ The Myth: Online estimates are gospel.
✅ The Reality: Automated home values (Zestimates, etc.) can be off by tens of thousands of dollars — especially in St. Louis neighborhoods where values can vary block by block.
The best way to understand market value is through a comparative market analysis done by a local agent who knows the nuances of your area.
Your cousin in Phoenix might trust online estimates — but here in St. Louis, hyper-local knowledge matters. You can request a home valuation from us anytime and it will be from a real person, not a bot, not AI, not a third party vendor of any kind.
5. “You should hold out for the perfect house.”
❌ The Myth: Don’t settle — wait for the one.
✅ The Reality: Spoiler alert: No home is perfect.
Focus on your non-negotiables (like location, number of bedrooms, school district) and be flexible on the things you can change over time (paint color, countertops, landscaping). Chasing perfection can leave you renting indefinitely or overpaying when emotions take over. We have local St. Louis contractors and vendors that can help turn your vision into reality.
Sometimes the right house just needs your vision — not quartz counters.
Final Thoughts
Buying a home in St. Louis doesn’t have to be confusing — but you do need the facts. Let’s bust the myths, make smart decisions, and find the home that fits your life (and budget).
Have a question about the home-buying process? Reach out — we’re here to help you cut through the noise.
