If you’ve spent any time online lately, you’ve probably seen more real estate advice than you know what to do with. From TikTok tips to armchair Zillow experts, the noise can get loud. Fast. And while some of it sounds legit, a lot of it doesn’t actually reflect what’s happening here in Chicago.
So, let’s clear the air.
Here are five common real estate myths we hear all the time and the actual market realities we’re seeing right now in Spring 2025, backed by data from this month’s Chicago Market Report.
“Zestimate reflects my home’s value.”
Let’s just say this: your Zestimate didn’t walk through your home. It doesn’t know about the new roof, the killer natural light, or the street noise outside your front door. It’s a rough guess, and often way off, especially in a city like Chicago where property values change block to block.
According to April’s numbers, we’re still seeing significant variation in pricing even within the same zip code. That means online estimates just can’t keep up.
Want to know your home’s actual market value? Ask for a comparative market analysis (CMA) that factors in current buyer demand, real-time comps, and your home’s unique features. Algorithms can’t compete with experience and context.
“I don’t need an attorney.”
In Illinois, this one isn’t just a myth. It’s a legal mistake.
Every real estate transaction here requires an attorney, and thank goodness. They’re the ones double-checking the fine print, resolving title issues, managing inspection negotiations, and making sure nothing shady shows up on your closing docs.
Especially right now, when median days on market are starting to shift slightly in some price points, tere’s no time (or budget) for delays. Having the right legal partner in your corner helps deals close smoothly and on time. No surprises. No chaos.
Pro tip: An experienced agent + a sharp real estate attorney = your dream team.
“Buyers always have room to negotiate.”
If you’re coming in expecting a steal, you might be in for a rude awakening.
Right now in Chicago, homes priced correctly— especially under $600K— are still moving quickly and receiving multiple offers. The average sale-to-list price ratio is high, meaning buyers are paying close to (or over) asking in many cases.
That doesn’t mean you can’t negotiate strategically. But asking for massive price cuts or repair credits? That could push a seller to accept another, cleaner offer instead.
This is where a great agent becomes your secret weapon. We know when and how to negotiate based on the specific situation, not a generic playbook from five years ago.
“Multi-units = Passive Income.”
Ah, the dream: buy a 3-flat, sit back, and let the money roll in.
Reality check? Owning multi-units in Chicago is absolutely a powerful wealth-building tool, but “passive” isn’t the word I’d use.
Between city permits, maintenance, rising taxes, and tenant turnover, being a landlord here means staying engaged and being proactive. Smart investors in 2025 are running the numbers with 80% occupancy models, budgeting for repairs, and planning ahead for vacancy or capital improvements.
Bottom line: It can be a fantastic investment— if you treat it like a business.
“Spring is the only time to buy or sell.”
Not anymore.
Yes, spring is busy. But real estate in Chicago happens all year long. And in many cases, the off-season can be a huge advantage— less competition, more negotiating power, and opportunities to snag homes that might otherwise fly under the radar.
The April market report shows that homes in the $400K–$700K range are still moving quickly, even outside of traditional peak months. If you're ready, don't let the calendar hold you back.
Timing should be based on your goals— not just the season.
Our Final Thoughts
If there’s one thing we’ve learned over the years, it’s that the real estate process should feel clear, not confusing. And while myths are fun to share online, they can seriously mess with your money if you’re not careful.
The good news? You don’t have to figure it all out alone.
If you’re thinking about buying, selling, or investing in Chicago, let’s have a conversation that’s grounded in strategy— not guesswork. We’re always happy to talk through what’s actually going on in today’s market and help you make confident, informed moves.