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.

Is your home worth your asking price? The best way to answer that question is to separate what’s relevant to home buyers from what’s not relevant.

Starting with the bare basics, home buyers choose homes based on:

Price – their lenders tell them what they can afford
Location – they know where they want to live and why
Condition – they want homes that are well-maintained and move-in ready

They look at the available inventory – your home and its competition.  The greater the inventory, the more room they have to negotiate terms.

They narrow their choices to a short list, based on what they perceive to be the best value.

They buy according to what’s most important to them – price, neighborhood, and/or condition. For example, a buyer who wants a certain neighborhood may choose a home in less than perfect condition, but only if the price is right.

What you should consider before you price your home

Your market

When home sales volumes increase, prices go up, and inventories of homes for sale fall below about six months on hand, (meaning it would take six months or less to sell all the homes for sale on the market to zero on hand) the market is said to be a “seller’s market,” because the market’s conditions favor sellers. 

When sales volumes decrease, prices decline, and inventories of homes rise above about six months on hand, conditions favor the buyer, making it a “buyer’s market.”

To sell your home in the current market, you have to consider the market’s conditions.
You may adjust your price and terms accordingly.

Your competition

Your competition is not only other similar homes in your area, but what buyers can get if they buy brand-new.  Your buyer is comparing size, number of bedrooms and baths, amenities, updates, views, landscaping, and décor. You can’t put a price on many features, but some qualities, such as fine workmanship, room flow, and convenient storage are simply worth more money to buyers. 

Your urgency

If you’re relocating or have another reason to be in a hurry, you don’t have time to test the market. You have to price your home to get immediate and serious offers to buy.

What’s not relevant to home buyers

Your emotions

If you’re sentimental about your home, remember your buyer hasn’t formed the same attachments. Your buyer may appreciate your home, but will still compare it to other available homes in terms of price, location, and condition before weighing emotion. 

What you paid for the house

Many area home prices have receded as much as five to ten years. Sellers who paid high prices for their homes, purchased too recently to build equity, or took out second liens or equity loans may find that what they paid is not what the home is worth in today’s market. Buyers are only concerned with what they can afford.

What you paid for improvements beyond ordinary maintenance

Your swimming pool may be beautiful and add some value to your home, but some buyers may not want the upkeep or the insurance liability, so they’ll tend to offer less for the home than a buyer who really wants a pool.

What buyers expect is for homes to be properly maintained. Even if a home is in the most desirable of neighborhoods, it will never sell for as much as similar homes if it is in poor condition or lacking updates comparable to newer homes in the area.

Your investment or retirement

No one wants to lose money selling a home. That’s why the government provides countless subsidies to encourage home ownership, including tax relief. In normal markets, homes outpace inflation by about one to two percent annually, but when markets heat up, home owners have the opportunity to net more. The downside is that overheated markets eventually return to the “mean,” or typical appreciation. In doing so, some markets overcorrect, leaving sellers short.

With many employers no longer providing retirement funds, and social security at risk for the next generation, many home owners want their property to fill the financial shortfall. While that’s possible, it’s not a consideration in pricing your home. Your buyer will not want to pay for you to move up, for your retirement, or for equity you may have removed from the property in order to pay for college educations, furniture, or credit card loans. 

The bottom line is that no buyer will pay more than a home is worth in the current market. They may have paid more in the past, and they may pay more in the future, but what they pay today is a matter of supply and demand.

If you want to sell your home quickly and for the most money possible, price to entice buyers, and let them see for themselves that your home is in best condition for the neighborhood.