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.

Since MLS* listings began being featured online around 1996, the transparency of homes for sale has improved exponentially. Through the use of multiple photos, 360-degree virtual tours, and video, home buyers can go inside each home virtually with all the convenience of choosing a car or a pair of jeans. 

So why have an open house? If you’re trying to sell your home, you want to employ all the ways home buyers choose a home. An open house may help, or you may decide it’s not for you.  

Here are a few ideas to consider.

Where and how do home buyers shop for a home?

The Internet is the first place home buyers shop for a home. One-third of home buyers start their search for a home online. In 2007, only 4% of first-time home buyers and 5% of repeat home buyers began their search by visiting open houses, according the 2008 National Association of REALTORS® Profile of Home Buyers and Sellers. 

However, as buyers get deeper into the home buying process, open houses become more important. Of all home buyers who purchased a home in 2007, 48% used open houses as a source of information, and 40% of all home buyers found open houses to be “very useful,” said the study.

But you’re not here to educate buyers, you want to sell your home. How can an open house be right for your marketing plan?  The study found the answer in buyer follow-up behavior.

In 2007, 15% of home buyers found the home they purchased from a yard sign or open house sign, unchanged from 2001. Meanwhile, 32% of buyers found their home on the Internet, up from 8% in 2001. But when they picked their home online, 77% of them drove by the home, and 63% of them walked through the home.

While the information doesn’t explain how they walked through the home - either by appointment or at an open house, it does make clear that home buyers use the Internet as a selection tool, but they usually make their choice in person. 

Risks and rewards of open houses

An open house is an invitation to neighbors and strangers to walk through your home. You might not like your privacy invaded, and sometimes you might find small items missing after an open house, like drugs from the medicine cabinet, or small collectibles.

The upside is that it’s a chance to showcase your home to potential home buyers who may have seen your home online and want to take the next step. An open house could seal the deal.

Open house do’s and don’ts

1. Clean the home thoroughly, so that the home looks and smells terrific.
2. Clear out clutter. Clean tabletops and neat bookcases makes the home appear roomier.
3. Empty medicine cabinets. Lock away jewelry, collectibles, and your personal papers, including credit card and utility bills to prevent identity theft. 
4. Depersonalize. Don’t leave out mementoes. Home buyers want to imagine themselves as the occupants.
5. Don’t leave pets on the premises. Make sure their beds, bowls and boxes are put away for the open house.
6. Make sure your listing agent doesn’t conduct your open house alone. Having two people, one to show the house and one to take information from open house visitors, which discourages “lookie-loos” and petty thieves.
7. Don’t hang around the open house. Owners discourage buyers from making honest comments.
8. Make sure your listing agent collects contact information from people who have visited your home for feedback.
9. Be willing to act upon the feedback you receive. If some number of potential home buyers said they hated the paint colors, prepare to repaint.
10. Use the Internet and open houses together. If you make a change to the home, such as a lower price and new improvements, announce the changes online, and those previous open house attendees may come back with an offer.  Your listing agent can also email the attendees with any new information.

^{*multiple listing services are cooperatives through which real estate brokers share their listings for sale with other brokers in order to widen the pool of buyers for their sellers.}