11 Spooky Real Estate Myths That Need to Die in Virginia Beach

Bust 11 spooky Virginia Beach real estate myths that keep buyers and sellers stuck. Here’s what’s actually true about rates, pricing, credit, and today’s market.

👻 Every October, Haunted Houses Aren’t the Only Scary Thing in Virginia Beach…

Real estate myths have been creeping through open houses, Facebook feeds, and dinner table conversations for years — and some of them just won’t die.

Let’s put these haunting misconceptions to rest. Here are 11 spooky Virginia Beach real estate myths that keep buyers and sellers from moving forward — and the truth behind them.

💀 Myth #1: You Need 20% Down to Buy a Home

Truth: The real horror story is waiting too long because of bad information.

According to the National Association of REALTORS®, the median down payment for first-time buyers in 2024 was just 9%. In Virginia Beach, many local lenders offer options as low as 3% down for qualified buyers.

Keep in mind that buyers putting less than 20% down typically pay private mortgage insurance (PMI) — but it’s temporary, and it allows you to start building equity sooner.

🍂 Myth #2: Fall Is a Bad Time to List

Truth: Serious buyers don’t hibernate — and fall listings can shine.

In Virginia Beach, fall brings cooler temps, colorful landscapes, and motivated buyers looking to move before the holidays. Fewer listings mean less competition and more attention for your home.

In 2024, Virginia Beach homes listed between September and November sold nearly 12% faster on average than those listed mid-winter (Hampton Roads MLS data).

💸 Myth #3: You Should Always Price High and Negotiate Down

Truth: Overpricing can kill your listing faster than a slasher villain.

Homes priced above market value tend to sit longer and get overlooked by serious buyers. Virginia Beach listings that start at market value typically sell within the first 30 days and attract stronger offers.

Trust your agent’s local market analysis — not Zillow estimates or online chatter.

📉 Myth #4: You Should Wait Until Rates Drop to 5%

Truth: No one can time the market perfectly.

Mortgage rates haven’t touched the 5s since before 2022. Even though rates hover around 6.8–7.2% (as of fall 2025), home prices and competition continue to rise in Virginia Beach.

Waiting could cost you the perfect home — or more money in the long run.

💳 Myth #5: You Can’t Buy a Home with Bad Credit

Truth: Imperfect credit doesn’t mean it’s impossible.

Most conventional loans require around a 620 score, and FHA loans can go as low as 500 with 10% down. Several local lenders in Hampton Roads offer credit improvement programs to help buyers qualify sooner.

🏡 Myth #6: Online Home Value Estimates Are as Accurate as an Agent’s

Truth: Algorithms can’t see your home’s upgrades, ocean views, or curb appeal.

Online estimates are helpful starting points, but they often miss key Virginia Beach factors like proximity to the oceanfront, flood zone status, or school zones.

A local REALTOR® can provide a pricing strategy based on neighborhood trends and real buyer activity.

🏠 Myth #7: Renting Is Smarter Than Buying

Truth: It depends — but long-term, buying builds wealth.

The typical homeowner’s net worth is about $430,000, compared to less than $10,000 for renters (Federal Reserve).

In Virginia Beach, rising rents and limited supply make homeownership a powerful wealth-building tool — especially if you plan to stay put for 5+ years.

💰 Myth #8: The Lowest Interest Rate Means the Best Deal

Truth: Not always.

The APR (annual percentage rate) includes fees and points that can raise your overall loan cost. Before choosing a lender, compare total costs — not just the advertised rate — and ask about rate lock options.

🏚️ Myth #9: We’re Headed for a 2008-Style Housing Crash

Truth: The 2025 market looks nothing like 2008.

Back then, risky loans and oversupply caused a flood of foreclosures. Today, lending standards are stronger, and nearly half of U.S. homeowners are equity-rich (ATTOM Data).

In Virginia Beach, demand and low inventory continue to stabilize prices — not crash them.

📑 Myth #10: Preapproval and Prequalification Are the Same Thing

Truth: They’re not.

Prequalification is an estimate — no verified documents.
Preapproval means a lender reviewed your income, assets, credit, and ran your file through underwriting.

In Virginia Beach, most sellers require preapproval before showings or offers. It’s your best move to stay competitive.

Pro tip: With [Preferred Lender Name], preapproval can take as little as 24 hours once documents are submitted.

Bring these:

• 2 recent pay stubs

• 2 years of W-2s (or tax returns if self-employed)

• 2 months of bank statements

• Government ID

• Debt details

🎓 Myth #11: Student Loans Disqualify You from a Mortgage

Truth: Student debt factors into your debt-to-income ratio, but it doesn’t automatically disqualify you.

Many Virginia Beach buyers with student loans still qualify by refinancing or consolidating debt. The key is to talk to a local loan officer early and know your numbers.

🧭 Bonus Myth: You Don’t Need an Agent in a Hot Market

Truth: Even experienced buyers and sellers benefit from local expertise.

From pricing and marketing to negotiations and legal paperwork, an agent helps you avoid costly mistakes. Think of your agent as your compass and flashlight in a haunted maze — minus the jump scares.

🎃 Final Word

Real estate myths make great stories, but they don’t lead to great results. If you’ve been holding back because of something you heard online or at a dinner party, it’s time to fact-check your fears.

👉 Want to know what’s really happening in Virginia Beach real estate? Let’s talk about your goals and create a plan that fits your timeline and budget.

Thinking about making Virginia Beach your home? Explore local neighborhoods, discover the latest listings, or get a free home valuation to see what your home could be worth in today’s market. Call me at 757-703-1590 or DM me on Instagram @virginiabeachwithmegan.

Written by Megan Luker, REALTOR® | Virginia Beach Military Relocation Expert, Navy Wife & Mom
Licensed REALTOR® in the Commonwealth of VA at ΓEA⅃ Broker, LLC
📱 757-703-1590 (direct) | ☎️ 855-450-0442 (office)
📍 1765 Greensboro Station Place, 900 McLean, VA 22102
📧 megan@lukerativegroup.com