Whether a first-timer or seasoned home buyer, your home buying and selling process can be as challenging as learning a new language. Before you make your move, it's important to first understand the steps involved and the buzzwords of the "deal" to ensure the smoothest transaction possible.

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The silver linings that are emerging for buyers as a result of the changing housing market are greater selection, fewer competitive offers, and less pressure to make a snap decision. However, you should still be thinking of putting your best offer forward, since there may not be a lot of room for negotiating the price and terms. Having a knowledgeable agent who can pinpoint what amount will be met with serious interest on the seller's part is half the battle.

During the negotiation process, you have the right to include a home inspection to uncover any serious flaws in the structure. At the same time, you should appeal to the seller's desire for a quick and uncomplicated sale by coming close to all the reasonable terms of the closing requirements. Moreover, avoid sticking too many conditions in your offer. One big advantage for you as a buyer is to have preapproved financing so that the seller knows that you have the necessary funding to complete the transaction. Again, your agent can be your "wingman" as you make the "offer-to-purchase" run.

For a homebuyer, closing on a property means finally having the flexibility to build and create your own living space and, as homes typically appreciate over time, some measure of financial security.

Unfortunately though, closing also means having to comb over pages of legal documents, budgeting for closing costs, and finalizing your home financing. By being prepared before moving day, you'll make sure there are no surprises.

Paperwork
Some of the legal documents you'll need to look at on closing day include estimates, contracts, title searches, appraisals, home inspection summaries, and financial documents. Your real estate lawyer and/or sales associate should make these services available to you.

A week before you take ownership, consider coordinating a meeting where all respective agents, vendors, buyers, and your attorneys finalize closing details and documents. This step will help you avoid any surprises the day of, and ensure all paperwork is complete prior to taking possession.

When you close, also make sure to obtain the deed to your property.

Payments
Your mortgage is far from the only cost you should expect to pay when purchasing property. Other expenses may include legal fees, insurance, appraisal fees, moving fees, utility hook-ups, and depending on what state you live in, land transfer taxes.

Once you've been pre-approved for a loan, begin discussing closing costs with your Better Homes and Garden Real Estate sales associate. If you need more cash on hand for anticipated closing costs, this may force you to adjust the terms of your home financing. Putting down a smaller down payment is one way to free up some additional cash; however, it may make it more difficult to obtain financing from your lending agent. Also, consider that a smaller down payment may mean higher monthly mortgage payments. Carefully weigh these options with your sales associate and consider the length of time you intend to stay in your new home.

Additional Closing Costs
Land transfer taxes are costs many first-time buyers may overlook when purchasing a property. Whatever the amount, the trick is to be prepared.

Ask your sales associate to look at comparable sales in the neighborhood. With that information, he or she should be able to provide a fairly accurate cost estimate that will help you budget more effectively before taxes.

Adjusting to life in a new neighborhood can be stressful enough; the physical act of moving shouldn't make it worse. Ironing out the details weeks in advance will help make sure you and your prized possessions arrive at your new home in one piece.

Organizing the move
According to the US Census Bureau, an estimated 39 million Americans relocate annually, while half of all moves occur between May and Labor Day. If you're planning to move in during that time, make sure to book movers well in advance to avoid having to make arrangements around the schedules of others.

Before signing a contract, however, insist on getting in-home estimates from at least three reputable companies. While estimating your home's contents over the phone may seem like a simple way to obtain a quote, it often winds up costing more in additional fees, a scenario that can be easily avoided by scheduling face-to-face appointments.

Packing
Weeks before you move, start collecting boxes and gathering any necessary supplies (packing tape, sharpies, etc). Ideally, the boxes will be uniform so that they are easily stacked and stored prior to the day you close on your new home. When you start packing, work your way through your home, room by room, to make the task seem less onerous. If possible, spread out heavy items like books in several boxes as you may be the one lifting them.

Before buying loosefill peanuts or other packing materials, first consider what you have around the house for this purpose. Linens are excellent for wrapping and insulating delicate items, while old newspaper will help cushion plates, mugs, and cups and will more than likely ensure they arrive intact at your new home.

Insurance
Before movers start angling your widescreen TV down narrow hallways, make sure most, if not all, contents in your home are properly insured. If you're unsure, contact your insurance provider and get a list of what is covered under your home insurance. Does it cover items in transit? If not, most moving companies offer additional insurance, something you may want to consider purchasing for added peace of mind.

Also, few, if any, reputable moving companies will be held liable for the safe transport of important documents, jewelry, or currency. Pack those items yourself, and, along with any other precious keepsakes, keep them in your car to ensure they arrive safely.

Last minute
When moving, you'll likely discover items around the house that have been dormant for years. Heirlooms, collections, and other possessions with sentimental value aside, this is an ideal opportunity to clean up and donate any unwanted or unused items to a local charity. You'll not only be giving these items a second life, you'll also be limiting the time you spend creating space for them in your new home.

When you and your REALTOR® sit down to analyze comparable homes and recent sales, you may find that prices of homes similar to yours can be thousands of dollars apart. 

It’s tempting to pick the highest price and say, “Let’s list it here.”

That’s a strategy that usually works in an accelerating market, but what if your neighborhood is flat or declining? Would you pick the lowest price and list it there? Probably not.

That’s why pricing your home is as much an art as a science.

The science of home price analysis

As a home seller, the science is choosing the right price at which your home will sell. How do you do that? By analyzing your local real estate market conditions.

You want the highest price, while the buyer wants to pay the lowest price. The only way your home will sell at the highest price possible is if your buyer agrees to your home’s value.

To best determine market value, you have three important tools: CMAs, appraisals, and your REALTOR’s® knowledge of the market.

The comparative market analysis

A comparative market analysis (CMA) is a side-by-side comparison of similar homes for sale and recently sold homes in your neighborhood. CMAs are composed of data compiled for comparison purposes by your REALTOR’S® multiple listing service (MLS.)

REALTORS® use CMAs to illustrate the range of homes in the marketplace and the features that make them unique, including age, location, number of bedrooms, baths, room sizes, updates, condition, etc. As a seller, you should be able to see where your home fits – in the top or lower price range of similar homes.

Buyers get CMAs from their practitioners to help them understand the selection in the market, and to prepare them to make an offer on a listing.

CMAs are typically used by buyers and sellers before an offer is made.

The appraisal

An appraisal is a market analysis performed by a professional appraiser using a variety of sources, including MLS data and conforming loan formulas.

Appraisers most often work for lenders to determine market values, so that lenders can weigh the risk of making a loan to a home buyer. Appraisals come after an offer is made when the buyer applies for a loan.  Even though the buyer pays for the appraisal, the lender uses it to determine whether or not to make the loan at the contract price.

Buyers have one advantage over sellers when it comes to appraisals – their bank has the last word. If the appraisal doesn’t meet the contract price, the bank refuses to make the loan, unless the seller agrees to a new contract price. 

You can hire an appraiser to help you determine at what price a bank will loan a buyer money to buy your home.

The art of the deal

It’s your REALTOR’S® knowledge and experience in the local market that can take the numbers and put them with other market conditions. She or he will help you read the market, and help you choose the right price, based on current trends analysis and news.

Her experience with current customers tells her how buyers are behaving today. Are they paying top dollar, or saying they’re waiting for prices or interest rates to drop?  

His network of contacts provide valuable intel into whether other sellers have run into problems. He helps you avoid the same issues. For example, did another seller lose a deal due to an inadequate disclosure or bank appraisal?

Your REALTOR® knows your motivation, what you need to get out of the home financially, and your terms. While it’s her job to help you meet your goals, it’s also her job to help you face the realities of the current marketplace, whatever they are.

His job is to help you price your home high enough that it sells quickly, without sitting on the market longer than you can afford. By the same token, his job is to make sure that you don’t list so low that the market questions the condition of your home.  

And that’s where the art of the deal comes in – putting all the moving parts of the market together.  

It’s an art and a science

Ultimately, you are the one who will choose your listing price, based on your understanding of all the data. And the results will tell the tale.

You can’t list and sell your home for any more than a buyer is willing to pay.

And that makes pricing it right both an art and a science.