Real estate agents see it all — from unmade beds to overstuffed garages to the "What were they thinking?" decor.
Over the years, they learn why some houses sell while others linger on the market, and why some promising buyers never make it to the closing table. They know how to get a better deal on the mortgage, and how much the other agents stand to make on your home.
The good news is, they want to share.
The information is useful whether you're a buyer, a seller or both.
In today's market, sellers are again optimistic about the value and price of their homes — "but buyers aren't," says Ron Phipps, principal with Warwick, R.I.-based Phipps Realty, and past president of the National Association of Realtors.
"Your challenge as a seller is to price the house so that it is compelling," he says.
What does that mean?
"Set a price slightly below market value," he says. Just "a fraction."
For example: If similar homes in your neighborhood are clustered around $210,000, you might price yours at $200,000 or $198,000, he says.
"The longer a house is on the market, the less likely you are to get fair value," Phipps says. "So you really want to position yourself to be the one that sells, not the one that languishes."
And the adage of not wanting to leave any money on the table? Still valid.
If you're also buying a home, and you already have cash in hand, thanks to a fast sale, "that puts you in a very powerful position," Phipps says.
For many potential buyers, frugality ends the minute they get pre-approved for a mortgage, Phipps says. That's when they start running up the cards and opening new lines of credit to buy things for their home-to-be.
But that pre-approval letter is just one of the first steps in the home buying marathon, not the finish line.
Just before closing, a lender will re-examine a prospective buyer's financial situation — complete with a recent copy of the credit history and other updated information.
If those numbers have changed for the worse (salary decrease, higher card balances, new lines of credit), then the applicant could get clocked with a higher interest rate or even lose the loan. "The number of buyers who get denied is significant," Phipps says.
The moral? Never get new loans or start using credit cards more heavily until after you've actually closed on the home.
Even better, retain your frugality until you've been in the home for a few months and have a good sense of how homeownership affects your finances, Phipps says.
If you're selling a home, it's important to understand the timeline, says Jeffry Wiren, principal broker with Re/Max Equity Group and past president of the Portland, Ore., Metropolitan Association of Realtors.
Underestimating the time it takes — and building a schedule around those unrealistic expectations — adds stress, Wiren says.
Wiren's schedule breakdown:
Getting your home in shape: two weeks
Average time on the market (varies widely with location and price): 2 1⁄2 to three months
Negotiating after an offer: one week
Preparing to close (assuming a traditional transaction): 30 to 45 days
A smart seller allows a minimum of four to six months to sell, Wiren says.
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