It’s October — the season of ghosts, ghouls, and… real estate rumors? Every year, myths about buying and selling homes in Georgia creep back into conversations and social media feeds, spooking both buyers and sellers alike.

Let’s clear up the confusion and separate real estate fact from fiction — especially if you’re buying or selling in the Alpharetta or North Metro Atlanta market.

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

Truth: That’s one of the biggest real estate myths out there.

You don’t need a full 20% to buy a home in Georgia. The National Association of REALTORS® found that the median down payment in 2024 was just 9% for first-time buyers and 18% overall. Some loan programs even allow for less.

Just keep in mind: putting down less than 20% often means paying private mortgage insurance (PMI) — a small price for getting into your home sooner.

Myth #2: Fall is a bad time to sell.

Truth: Fall can actually be one of the best times to list your home in Alpharetta.

Serious buyers don’t take a holiday break. Fewer listings mean less competition for your property, and homes look incredible in autumn’s warm light and colorful landscapes. In past years, North Fulton homes have performed surprisingly well right before the holidays hit.

Myth #3: You should price high and negotiate down.

Truth: Overpricing can kill your listing faster than any haunted house rumor.

Homes priced too high sit longer, lose traction, and may eventually sell for less. In the Alpharetta real estate market, homes priced right from the start attract stronger offers and move more quickly.

Myth #4: Wait until mortgage rates drop to 5%.

Truth: Timing the market rarely works — and waiting can cost you the right home.

Mortgage rates haven’t been in the 5s for years, and most experts don’t expect that anytime soon. Instead of waiting for the “perfect rate,” focus on the right home for your lifestyle and budget today. You can always refinance later.

Myth #5: You can’t buy a home with bad credit.

Truth: Imperfect credit isn’t a dealbreaker — it’s just one piece of the puzzle.

Conventional loans typically start at a 620 credit score, while FHA loans can go as low as 500 with 10% down. I’ve helped buyers in North Metro Atlanta qualify for homes once they found the right lender and loan program.

Myth #6: Online home value estimates are 100% accurate.

Truth: Algorithms don’t live in your neighborhood.

Automated value estimates can’t account for upgrades, views, or demand in specific communities. In Alpharetta, home values can vary dramatically based on school districts, amenities, and even street-by-street demand. Always consult a local real estate agent for a true market value.

Myth #7: Renting is smarter than buying right now.

Truth: It depends on your goals, but homeownership still builds long-term wealth.

The average homeowner’s net worth is about $430,000 compared to under $10,000 for renters. Renting might make sense short-term, but in Georgia’s growing markets, buying remains one of the most powerful ways to build equity and stability.

Myth #8: The lowest interest rate equals the best deal.

Truth: Not necessarily.

The annual percentage rate (APR) includes extra fees, points, and costs that affect your total loan expense. Always look at the full loan breakdown — not just the rate — to find your best financial fit.

Myth #9: We’re headed for another 2008-style housing crash.

Truth: Today’s market looks nothing like 2008.

Stronger lending standards, record homeowner equity, and limited housing supply make a large-scale crash extremely unlikely. While prices in some Atlanta suburbs are adjusting, the market remains stable and resilient.

Myth #10: Prequalification and preapproval are the same.

Truth: They’re very different — and one carries more power.

Prequalification gives you a general price range. Preapproval means your lender has verified your income, assets, and credit — giving sellers confidence in your offer.

In competitive areas like Alpharetta and Milton, preapproved buyers often win the deal because sellers know they’re ready to close.

Quick Tip:

• Prequalification: No verified docs, rough estimate.
• Preapproval: Verified income, credit checked, ready to buy.

Myth #11: Student loans stop you from qualifying for a mortgage.

Truth: You can buy a home with student loans — it’s all about your debt-to-income ratio.

A lender can help calculate how your student loan payments fit into your qualification. I’ve worked with first-time homebuyers in Alpharetta who purchased successfully despite having student debt — preparation is key.

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

Truth: Even in a competitive market, a skilled agent is your best advantage.

From pricing strategy and negotiation to contracts and local market insights, a great agent helps you save time, stress, and money. Think of your agent as your guide through the maze — just without the jump scares.

The Bottom Line

Real estate myths make great stories, but they don’t lead to smart decisions. If you’ve been waiting on the sidelines because of something you heard online, it’s time to check the facts.

Want to know what’s really happening in the Alpharetta housing market?

Let’s talk about your goals and build a strategy that fits today’s reality — not outdated rumors.