9 Real Estate Myths Costing Kelowna Buyers and Sellers Money

By Nick Hazzi

Nick has been in the real estate industry for over 15 years and has a wealth of knowledge and experience. He is passionate about his clients and dedicated to ensuring they get the most out of real estate, providing value far beyond any sale.

There are a lot of real estate myths floating around out there, so let’s run through some of the big ones and sort out what’s actually true.

1. “All renovations increase your home’s value.” Sometimes the juice just isn’t worth the squeeze. I’m a big believer in preparing a home before you sell, but I like to get involved early, before a seller has gone and done everything, because a lot of people want to wait until the property is fully prepped before they have me out.

I’d rather get there sooner, help guide what’s worth doing and what isn’t, and focus your energy and resources on the improvements that actually move the needle on your home’s value.

2. “You need a 20% down payment to buy a home.” You don’t. The minimum in Canada is 5% on the first $500,000 and 10% on the portion above that, so you can get into an entry-level home with far less than 20% down.

The threshold to know is $1.5 million: insured mortgages with less than 20% down are available up to that price for first-time buyers and new construction, and once you’re at $1.5 million or above, you’re into 20% down territory. For most buyers in our market, that 5% and 10% structure is the real story.

3. “Price your home high to leave room to negotiate.” This one depends entirely on the market you’re in. If the direction of travel is flat or down, padding your price is not a good strategy, because buyers in 2026 are hunting for value. Price too high and you end up sitting, and the longer a home sits, the more buyers assume something’s wrong with it or that it’s overpriced.

That stigma attaches to the listing and costs you money in the long run. In a flat or softening market, you want to price sharply, not leave a ton of room. If the market’s clearly climbing, then sure, you can pad the stats a little because the market is moving up underneath you. Either way, my belief is you want to price ahead of the market, whichever direction it’s heading.

4. “You can save money by skipping a buyer’s agent.” Unfortunately, that’s a myth, with a few small caveats. A good buyer’s agent should strategically negotiate on your behalf, which should more than cover the cost of having them there, on top of all the other value they bring.

Here’s the part most people miss: when a seller signs a listing agreement, it historically includes a full fee, with a portion set aside for the agent representing the buyer. So if you show up without representation, the contract still reads that the remainder would go to the seller’s agent. You’d have to negotiate that out yourself and feel confident doing so to get the best deal and achieve any real savings.

Simply not having an agent doesn’t automatically save you anything.

5. “Open houses are how homes get sold.” In some markets, sure, open houses are a constant strategy. Here in the Okanagan, not really. In my experience, the person who walks through an open house usually isn’t quite ready to buy.

A lot of them are neighbours curious about your decor, or folks who live down the street, and the actual buyers who come through tend to be people who are thinking about buying something like yours eventually but aren’t there yet. It’s a low barrier to entry, so it doesn’t feel like anyone’s wasting time to pop in.

That makes open houses a great way for an agent to pick up early-stage leads, which is why a lot of agents love them. But it’s rare for the buyer who tours an open house to actually buy that house. Not never, I’ve done it, but it’s rare.

6. “Spring is the only good time to sell.” Loaded question. Spring is great, especially deeper into the season when the grass is green, the pools are open, and everything’s flowered up and looking pretty. But you’re also up against all the neighbours who had the exact same idea, and buyers are comparison shoppers.

If a couple of nearby homes are also listed, you’re now competing with them. You’ll get more activity in spring because more people are out looking, since it’s the easiest time of year to move, but a lot of those showings are just lookers.

I’m not a fan of selling in the depths of winter, but I actually like the shoulder seasons, fall, or late winter into early spring, because you beat the bulk of the competition. Unless your home has the gardens of Versailles as a major part of its appeal, going a little ahead of peak spring can work in your favour.

7. “Getting pre-approved will hurt your credit score.” When a mortgage broker pulls your credit, it’s a soft check, they’re just looking, you’re not formally applying for credit at that point, so the impact is minor, on the order of around 10 points. Even better, you can pull your own credit report without affecting your score at all.

You can grab your own report from Equifax (or TransUnion) and hand it to your broker if you’re worried about being on the cusp. From there, they can give you a baseline of what you’d be approved for, and if everything checks out and you’re not borderline, that small dip won’t change whether you get top-tier lending.

It’s a necessary step at some point anyway. Pull your own first and see where you stand. Once you’re north of 680, you’re laughing.

8. “You should use the seller’s agent to save time.” No. The seller’s agent is there to structure and negotiate the deal in the seller’s best interest, that’s their whole job, to make the seller win. Having your own representative is actually what saves you the most time, because the right agent can build a plan around your specific situation and what you’re trying to accomplish.

The clock starts well before you find the house. Working with someone who can strategically guide you through the process saves you both time and money, so that when you do find the home you want, you’re already putting your best foot forward.

9. “You need to renovate before listing.” Sort of. There are plenty of things that could and should be done to most homes before they go live. Remember, you’re offering a product to the market, hoping a buyer will trade you money for it, and like everything in life, the better the product, the more someone’s willing to pay.

So yes, there are improvements worth making, but you want to work with someone who understands what actually affects value and what you can probably skip. Some homes genuinely need a full renovation. Others you can get away with paint, decluttering, and staging. It’s a spectrum, and the person guiding you should understand where your home falls on it.

There are plenty more like these, like the idea that all Realtors drive BMWs (not the case). If you’ve got a real estate myth burning in your head, I’d be happy to demyth it for you. Give me a call or text at 250-878-6416, email me at nick@vantagewestrealty.com, or visit vantagewestrealty.com. Let’s sort out what’s real and what’s not before your next move.