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The more varied the opinions of economic experts, the more we are required to do our own homework when making real estate decisions for the future. This is especially true when there are varying degrees of optimism and pessimism about the nation’s economy. Many homeowners use interest rates to measure the health and viability of real estate. But the national economic outlook is not the only relevant factor in the health of the real estate market in your area.

Educated real estate investors look beyond the macro economic outlook to local factors that impact their investment. For example, the stability of local employment and consumer spending has a direct impact on the supply and demand for homes and condominiums and therefore their prices. New housing developments in a local market also impact the supply, creating “buyer’s markets”.

As you evaluate the value of your investment or try to predict the future value of a potential purchase, be sure to understand both the national economic environment and the specific factors of your local community.

Remember when you found your current home? You walked in and got the feeling it was a great fit for you and your family. Now that you’re selling your house, you need to make that same impression on the next potential buyer. Here’s how to do it.

1. Clean and de-clutter
   Make sure your kitchen, bathrooms, and floors sparkle. Use old-fashioned elbow grease or call in professional cleaners to get the job done. Can you walk into your walk-in closet? Does your car barely fit into your garage? Start packing early and put your seasonal and personal things into storage. Make your rooms and cupboards look spacious.
2. Repair the little things
   Put on your home inspector‘s hat and walk through your house. Make a list of the items that need attention and arrange for repairs. Focus on your entry-way, drywall, paint, sticky/squeaky doors, leaky faucets, flooring and countertops.
3. Help buyers see themselves in your house
   Remove your family photos and personal mementos. If you’re a collector, pack up your collection. Buyers have difficulty picturing themselves in your house when your personal items are on display.
4. Let the light in
   Bright homes often have a higher resale value. Get your windows cleaned, inside and out. (Consider hiring a professional.) Pull back blinds and draperies to let natural light in. If you still have some dark spots, add floor or table lamps to the area.
5. Groom your yard
   You wouldn’t go to a job interview without being well groomed, so make sure your yard is groomed for viewings. Trim your hedges and shrubs. Cut the grass. Pull weeds and cut back any greenery that covers walkways.

As anyone who has ever purchased a used car will tell you, looks can be deceiving. To get a true picture of the quality of the product, you have to “look under the hood.”

What does this have to do with shopping for a new home?

When you find a property you like on the market, it’s easy to fall in love with its appearance and features. However, there may be issues you won’t notice, such as foundation cracks that need repair or a furnace that’s due for replacement.

That’s why you need to “look under the hood” by having a qualified home inspector review the property.

Have you ever tried to make your way through a maze at an amusement park or farm field? If you don’t know the layout, it’s probably going to take you a long time to find your way through. You’ll hit a lot of dead ends, go around in circles a few times, and maybe even become frustrated before you finally find your way out.

The same can be said about buying or selling a home.

Real estate transactions are probably not something you do every day, so you’re not as familiar with their “layout”. As a result, the process of preparing your home for sale, getting it listed, dealing with viewings and buyers, and negotiating offers can potentially be very stressful… so stressful, in fact, you might be discouraged from making a move!

That’s why finding a real estate professional who knows your local market is so important. He or she knows the maze and can guide you through it.

That real estate professional can answer your questions, show you how to make the process less stressful (and even fun), and can help ensure everything goes smoothly.

As you may know, it’s common to include a home inspection as a condition of an offer you make. It protects you from issues that you might not otherwise see during a viewing.

What do you do if the home inspector finds something wrong? The inspector might find a leak in the foundation, or windows that are old, drafty and need replacing.

Must you pass on a property that you otherwise like?

Not necessarily. Just because the home inspector discovered a deficiency doesn’t necessarily mean you shouldn’t purchase the home. You should, however, bring the issue up with the seller.

Your REALTOR® will do that on your behalf, and look after your interests.

In many circumstances, your REALTOR® will be able to negotiate an agreement that is satisfactory to everyone involved. This will usually be in the form of a reduction in the sale price to cover some or all of the costs of the repair, or a requirement to have the seller get the repairs done before you move in.

So don’t worry if the inspector finds something wrong. Chances are you can still get the home and have any issues dealt with to your satisfaction.

What kind of stool is most likely to keep you from toppling over when you sit on it? Of course, two-legged stools won’t even stand on their own. Three-legged stools are okay, but still unstable. Four-legged stools are rock solid.

What does that have to do with shopping for a new home?

Well, if you want to find the right home quickly and for the best price, you need to have four things in place – the four legs of the stool. They will help ensure the experience goes smoothly.

The first leg is your wish list. You need to have a clear picture of the type of home you want. A bungalow or two stories? How many bedrooms? A large deck? Don’t forget about what’s in the area. Need to be close to major highways for ease of commuting? Need good schools and playgrounds within walking distance?

The second leg is a pre-approved mortgage. Getting the financing handled upfront takes the guesswork out of what you can afford. Sellers and their REALTORS® are more likely to take any offers you make more seriously too.

The third leg is realistic expectations. Of homes that sell, 99% sell at or near their current market values. That doesn’t mean you can’t find a good deal. It does mean you’re unlikely to find a “steal”. Fortunately, there are likely several wonderful properties available within your price range.

The final leg of the stool is a great REALTOR®. Choosing the right real estate professional is crucial to making your home shopping experience less stressful and more productive.

So when you’re hunting for a new home, make sure you start with a stable “four-legged stool”. It will dramatically increase your chances of finding a home that fits your needs and budget.

You turn on the television and watch a news story about housing prices going down. Then you receive a flyer in the mail about a property around the corner that sold for a decent price. Next you read a newspaper article about the housing market on the upswing again.

It’s a little like being on a roller-coaster ride!

Unfortunately the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.

In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream homes affordably.

When you hear news of market fluctuations, there are two important things to consider.

First of all, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same.

In fact, it’s entirely possible for housing prices to be rising in your area, while they are falling nationally, and vice versa.

Secondly, if you’re selling a current property while buying another home, then the net effect of market fluctuations may cancel out.

Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing.

The same holds true when the market is down.

All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. A good REALTOR® will help.

After purchasing a new home, buyers are often focused on securing a good mortgage, hiring a reputable moving company, and preparing for moving day.

Those are all important. Just don’t forget about home insurance! It’s an easy detail to miss. If you wait until the last minute to make those arrangements, you may not have time to shop around and get the best policy and rate.

When is the ideal time to shop for home insurance? When your offer is accepted. Don’t leave it until the last minute.

Before shopping for a new home, people often create a “wish list” of the features they desire most. That’s a good way to ensure you choose a home that best fits your needs and desires. For example, you might want an extra bedroom for guests, ample space for a home office, a local playground for the kids, and so forth.

However, many buyers don’t make their lists complete enough. You might find a home with the extra bedroom and nearby playground you want, only to realize, too late, that your commute to work becomes twice as long. You missed the importance of the commute because it wasn’t on your list. Ouch!

When you make your wish list, don’t be afraid to dream big. You might not be able to find a home that includes everything you desire, but you may be surprised by just how close you can get.

Here are some wish list items to consider:

• Distances to places you visit regularly – work, schools, running trails, restaurants, entertainment venues, shopping.
• Specific home features – a backyard tree, large closets, a fireplace, a two-car garage, a beautiful view.
• Characteristics of the area – safety, sidewalks, nearby public transit, parks, playgrounds.

A complete list helps you make a better decision about which homes to consider. It helps you balance the positives — “I love the large kitchen with the marble countertops” — with the negatives — “The bathroom off the master bedroom is small” — to ultimately make the best buying decision.

Also remember to take your list with you when shopping for a new home. Use it as a checklist or as a way to organize notes. Ultimately it will make it easier to shortlist homes, compare them, and determine when you’re ready to submit an offer.

Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

That’s just good old-fashioned marketing.

However, not every house you see will actually look this way. For any number of reasons, a house on the market may be less than tidy, poorly decorated, and even in need of minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.

First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home.

Don’t make that mistake. Make your purchase decision based on a carefully considered second impression, not just your first.

When viewing a house, imagine how it will look with a fresh coat of paint, some redecorating, the minor repairs completed, and your furniture adorning the rooms. You might just find that a home that doesn’t show well is really a diamond in the rough.

(One caveat: Be careful of houses that don’t look like they’ve been well maintained. There could be issues lurking that require expensive repairs or renovations. Always make a professional home inspection a condition of your offer.)

There are advantages to buying a home that doesn’t show well. They attract less interest and, therefore, less competition from other potential buyers. The listing price may be lower too.