3 Surprising Homebuying Myths (That Could Be Costing You)

Buying a home in Brooklyn is one of the biggest—and most exciting—decisions you’ll ever make. But if you’re holding back because of outdated assumptions or bad advice, you’re not alone.

I’m Peter Mancini, licensed real estate broker and founder of Pen Realty. Over the years, I’ve helped hundreds of buyers navigate the Brooklyn market with clarity and confidence. And I’ve noticed a pattern: smart, motivated people are missing out on great opportunities… all because of a few persistent myths.

Let’s set the record straight.

Myth #1: You Need to Find the Perfect Home Before Talking to an Agent

Many buyers spend hours browsing listings, waiting to feel that emotional click before reaching out to a real estate professional. But in a fast-paced market like Brooklyn, hesitation can cost you.

Working with a local agent early means you’ll:

• Get clear on your goals and financing

• Get connected to trusted local lenders

• Understand neighborhood dynamics and off-market inventory

• Be ready to act when the right listing hits

Start with the agent—not the listing. Let’s connect.

Myth #2: You Need 20% Down to Buy

This one’s been around forever, but it’s simply not true anymore.

While putting 20% down helps avoid private mortgage insurance (PMI), many buyers in NYC qualify with as little as 3%. Publications like the Wall Street Journal and New York Times have highlighted the growing accessibility of down payment assistance and grant programs—especially in high-cost areas like Brooklyn.

The key? Partnering with professionals who know how to unlock those options.

Myth #3: Don’t Buy When Prices Are High

Yes, prices in Brooklyn can be intimidating. But waiting for the “perfect moment” could mean years of rising rent and lost equity.

According to The Real Deal, timing the market perfectly is nearly impossible. If you’re financially prepared and planning to stay put, buying today can still be a strategic move.

Remember: the best time to buy is when you’re ready.

🚀 Ready to Take the Next Step?

Whether you’re just starting to explore or already pre-approved, I’m here to guide you with local expertise, care, and a personalized strategy built for Brooklyn.

🔗 Schedule your free buyer consultation
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Peter Mancini
Licensed Real Estate Broker
Pen Realty — A Signature Experience