50 Things to Do If You Plan to Sell Your Home This Spring

Sure, it's a seller market. But getting the best price for your house involves more than just putting down For Sale sign stakes.

Have you heard? It’s a seller’s market. Well, in most zip codes at least. But a hopping homebuying season doesn’t necessarily mean your home will go well over asking price just by putting up a For Sale sign. There’s still plenty a seller must do if they want to get the best price for their soon-to-be-former digs.

Here are 50 things to do if you plan to sell your home this spring.

1. Learn the Market

The reports of a seller’s market are greatly exaggerated — which is to say every zip code is different. If you want to expedite a sale, your “property has to be marketed properly and be priced appropriately,” said Glenn S. Phillips, CEO of Lake Homes Realty. “The feeding frenzy of a few years ago has not returned, and buyers are better informed than ever.”

2. Avoid Over-Pricing

Gradual price drops signal to house hunters that more decreases are to come, Phillips says. Plus, if your home sits on the market long enough, prospective buyers will wonder what’s wrong with it. “In the end, most homes that start overpriced sell at a price lower than a home priced [appropriately] from the start,” he said. “And the deal happens much faster and without the pain of months trying to sell.”

3. Hire a Realtor

Yes, you’ll have to pay them a commission. (Side note: You’ll be expected to cover the buyer’s agent, too.) Still, a good Realtor can be instrumental when it comes to the whole “learn-the-market, price-it-right” stuff. Plus, they’ll do the heavy lifting when showing the house and negotiating offers. Of course, be sure to …

4. Vet Prospective Agents

“Find someone who is in the business full time and who can demonstrate their skill at listing a house,” Reba Haas, CEO of Team Reba at RE/MAX Metro Inc. in Seattle, said. “This will show up in their print materials, online photos, services provided marketing presentation and ability to find the right price range to help you sell in a reasonable amount of time.”

5. Get a Home Estimate …

Yes, your real estate agent can help you set the right price on your home, but it doesn’t hurt to get a general idea of the pricing in your area on your own. There are plenty of sites online that can help you get an idea of your home’s current value.

6. Or, Better Yet, a Pre-Listing Appraisal

That’ll help preclude any problems during the bank appraisal. “An independent appraisal performed prior to listing can determine the value that a lender would assign your home,” Bruce Elliott, president of the Orlando Regional REALTOR Association, said. “While the process is never scientific, many buyers do find an independent appraisal to be a credible source for judging a home’s value.”

7. Determine How Much the Sale Will Cost You

Because there are plenty of expenses associated with selling a home. “A lot of sellers are not aware of what their costs are, including attorney, commission to broker and any other closing costs, including potential repairs before putting the home on the market,” says Kobi Lahav, managing director, Mdrn. Residential, a real estate brokerage in New York City. Fortunately, your broker or listing agent can help you pin down a rough estimate of what you might have to shell out.

8. Hire an Attorney

They’ll be instrumental when it comes time to negotiate the purchase contract with your chosen buyer, but you’ll, of course, want to …

9. Research Their Reputations (& Fees)

Ask friends and family for recommendations, or do a search online to find an affordable real estate attorney you can trust.

10. Ask for a Mortgage Pay Off Quote

You may think you know how much you owe on your mortgage. However, “it is not always what you see on your lender’s website,” Denise Supplee, co-founder of SparkRental and Pennsylvania Realtor, says. “And it is a good idea to have that information, especially if the money from your sale is going towards another sale.”

11. Build Your Coffers

Like we said, selling your home can be very costly. Be sure you’ve got an adequate emergency fund on hand to cover the costs, moving expenses and mortgage or rent associated with your next abode.

12. Check State Tax Records

“Make sure any debts you thought you paid off, were, in fact, posted in municipality tax records [and] satisfied,” Janice B. Leis, Accredited Buyer’s Representative and associate broker with Berkshire Hathaway, says. “Otherwise, you will have an arduous task getting issues resolved if faced with either a quick closing or finding out by the title company near closing, when life is hectic.”

13. Consult an Accountant

Or a trusted financial adviser before putting down For Sale stakes. They can fill you in on any tax deductions or bills associated with the sale that you’ll be expected to pay next year, Leis says.

14. Pull Your Credit Reports

In addition to liens, look for any judgments because those can go against the title of your home. “I have seen … people who thought they were getting X amount of dollars find out that they owe back taxes from many years ago,” Supplee says. (You can pull your free annual credit reports at AnnualCreditReport.com.) If you’re also searching for a new home while you’re trying to sell yours, well, then, you’ll want to …

15. Get Your Full Credit Check On

Because the better your credit score, the more affordable your new mortgage will be. Check for credit report errors, because they may be needlessly weighing you down. If you find one, be sure to …

16. Dispute Any Errors …

You can go here to learn how to handle errors on your credit report.

17. … & Otherwise Shore Up Your Scores

Beyond that, pay down high credit card balances, limit new credit inquiries and address any other credit-score killers to improve your credit scores. You can monitor your progress using your free credit report summary, along with two free credit scores, updated every 14 days, on Credit.com.

18. Set Realistic Deadlines

“It takes a lot of time to prepare a home for sale,” Haas says. “Be realistic in what you can do, and consider where you may need help from family, friends or by hiring professionals.”

19. Map Out Your Move

“If coinciding with a closing and purchase, make sure there is a contingency in your purchase contract,” Reis says. “Otherwise you owe on two properties or will be in default on new purchase due to lack of proceeds from the sale of your existing home.”

20. Get a Pre-Home Inspection Home Inspection

Sure, it’ll cost you. Still, “spending a few hundred dollars on a thorough home inspection can help you get a better idea of what repairs need to be made, and more importantly, what your net proceeds will be from the sale of your home,” Emile L’Eplattenier, a New York City real estate agent and member of the Real Estate Board of New York, says.

21. Make Any Major Repairs …

Pay particular attention to roof and air conditioning issues, as buyers tend to shy from expensive repairs, Elliott says. “Completing as many repairs as your budget allows will pay off when potential buyers are not put off by the amount of time or money they would need to bring the home up to speed,” he adds.

22. … & Consider Some Small Upgrades

“Replacing old curtains and blinds or even appliances and fixtures will make your home look better in pictures and on showings,” L’Eplattenier says. At the very least …

23. Paint

So long as you don’t use one of these four colors, of course. By the way …

24. Carefully Consider Major Home Improvement Projects

Fix the roof, sure. Have the AC serviced, but consult with your Realtor or stager before blinging out the bathroom or wallpapering the basement. Certain home improvements that seem like a good idea may not actually bring any value to your home — or, worse, could be a turnoff to potential buyers. (We’re looking at you, outdoor bathtub.)

25. Get Your Disclosures Ready

Though there are variations by city or state, some types of seller’s disclosure are generally mandated by law. “If you know of an issue in your home, write it down on the disclosure form provided by your Realtor,” Elliott says. “Nothing is too small to disclose, and failing to disclose is a serious breach of real estate law that can undermine the sale or worse.”

26. Trim the (Furniture) Fat

“Too much furniture makes a home look smaller than it really is, so sell or move out furniture to make the home feel more spacious,” Phillips says.

27. Tap a Photographer …

And consider hiring a professional. Solid listing photos make a big difference when it comes to getting buyers over to your house.

28. … But Clean Your Windows Before Showings

“Multi-exposure photography … will make the photos really stand out, but if the windows are dirty, you don’t get the best shots,” Haas says. “Plus, cleanliness in general just makes for a better showing.”

29. Actually, Clean Everything

We’re spelling this out just in case you hadn’t taken the initiative to do so already. “Nothing turns buyers off like grime, odor and general dinginess,” Elliott says.

30. Grout & Glaze

“How does the bathroom look?” Max says. “Do you need to reglaze the tub or put new grout on the tile?”

31. Set the Stage

Your Realtor can provide some valuable insights into how to organize your (leftover) furniture. “Stagers can also help you organize your furniture, and they can bring in just a few pieces that accentuate the positives of your home,” Kathryn Bishop, Realtor with Keller Williams Realty in Studio City, California, says.

32. Change the Light Bulbs

Lighting can be just as important as furniture feng shui when it comes to attracting homebuyers.

33. Up Your Curb Appeal

“Neatly trimmed bushes, fresh mulch and a colorful pot of flowers work wonders on that all-important first impression,” Elliott says. “Repainting (or washing) the front door and pressure cleaning the driveway and sidewalks are also simple tasks that provide eye-catching results.”

34. Find a Place for Fido

Sure, Sparky is cute and all, but you’ll want your pets out of the house during any showings. Plus, “it will always bring questions about any pet damage or difficult-to-remove smells,” Phillips says. Speaking of smells …

35. Deodorize …

Homeowners become smell blind and don’t realize how powerful smell is to homebuyers,” he says. “The home should smell fresh and clean, not perfumed and not like cats, dogs, cigarette smoke, old furniture, mothballs, mold, old food, gym locker or just plain stale.”

36. … De-Personalize …

Pack away those personal pictures and mementos. “Removing these items helps buyers imagine themselves in the home,” Phillips says.

37. … De-Clutter …

That goes beyond offloading some excess furniture and your picture words. Bottom line: It’s time to put all those books, toys, video games and figurines away. “The more crowded the apartment is, the smaller it appears,” Stacey Max, the sales manager of BOND New York, a residential brokerage, says.

38. … & Detach

“Sellers are usually emotionally attached to their homes, which is natural,” Lahav says. “However, they have to remember that any potential buyer is looking at it without the emotional aspect that the owner has for his own property.”

39. Clean Out Your Closets …

“They should look roomy,” Max says.

40. … & Your Drawers

“We all say that one day we will go into all the rooms and drawers and throw out a lot of old items,” Lahav says. “Selling your home is the best time to do it.” In fact, while you’re at it, go ahead and …

41. Start Packing

You’ll have to do it sooner or later. Might as well get a head start.

42. Store

You don’t have to junk all your belongings — or avoid decluttering just because you don’t want to part with your old Buffy the Vampire Slayer box sets. Consider renting out a storage space or keeping some stuff over at a friend’s or family member’s place while you’re trying to sell.

43. Talk to Your Neighbors

Consider this part of your curb appeal project — especially if you’re selling an apartment, co-op or condo. “You want your neighbors to be aware that there will be open houses,” Lahav says. “Buyers coming to view your home and see unhappy neighbors who look mad that the elevator [doesn’t] work or the driveway is blocked will assume that the neighbors are nasty, and that can affect their decision.”

44. Do a Final Walk-Through

Just to be sure there’s nothing you missed with regard to repairs, curb appeal or staging your home.

45. Advertise Amply

“Some sellers believe that it is OK to not put the home on the local MLS, that the agents in the area will just bring the perfect buyer,” Phillips says. “While this could happen, it rarely does. Doing this is like trying to sell a secret. The price does not matter because few buyers know the house is even for sale.”

46. Host an Open House

“Recently, my listings have all sold to buyers who came to the open houses,” Bishop says. Beyond that …

47. Be Available

“Appointments often come with only an hour’s notice,” she adds. “Work as smoothly as possible with your Realtor to accommodate showings.”

48. Adjust …

If you find you did list your home for more than it’s worth, go ahead and change your listing. (Again, consulting with your Realtor can come in handy here.)

49. … & Stay Flexible

“We’ve seen purchases fall apart over very small amounts of money, over a single appliance and over attitudes,” Phillips says. “Remember the big picture and how much it will cost to start over finding another willing and capable buyer. [Getting] the deal closed is often the best financial (and emotional) choice, even if you have to give up a little more than you wanted.”

50. Brush Up on Your Homebuying Skills

Chances are, you’ll be buying a new abode before or after you sell your current one, so you’ll want to go refamiliarize yourself with that process as well. Fortunately, we’ve got 50 things you should do as a house hunter right here.

Got more questions about the homebuying process? Ask away in the comments section, and one of our experts will try to help!

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50 Ways House Hunters Can Get Ready for Homebuying Season

The time has come to prepare for a competitive housing market.

Spring will very soon have sprung — which means “For Sale” signs will be in full bloom — and if you’re hoping to buy a home this year, get ready for a competitive market. Thanks to the Federal Reserve’s continuing rate hike teases and some economic improvements, you can expect to run into plenty of other people while looking at prospective properties.  

Fortunately, there are steps you can take now to help make sure your offer on a new home is as competitive as this year’s hot market. Here are 50 ways soon-to-be house hunters can get ready for the homebuying season.

1. Make a Wish List

“You’ll waste a lot of time if you don’t know what you want,” Brian Davis, director of education for Spark Rental, says. “Know how many bedrooms you need, which amenities are must-have, and which are desired but not mandatory. Most of all, know your price range and stick to it.”

2. Consult Your Co-Buyer

If you’re purchasing the home with a loved one “make sure you both are on the same page,” Patrick Gobin, associate broker with District Realty Team at New York Living Solutions, says. “Conflicting opinions makes the process very difficult. Example: One person wants a ranch and one person wants a two-story house.”

3. Determine Your Debt-to-Income Ratio (DTI)

Here’s how. Remember, a DTI (how much you make vs. how much debt you’re already paying off each month) over 50% or more will severely limit your ability to borrow.

4. Check Your Credit Score

Because it’s going to play a major role in whether you can actually get a mortgage and what rate you’ll pay. You can view two of your credit scores, updated every 14 days, for free on Credit.com. (P.S. If you have a co-buyer who’ll be on the mortgage, they’ll want to check their credit, too.)

5. Pull Your Credit Reports

There may be a few things you can do to clean up your credit before you apply for a mortgage. Plus, you’ll want to make sure there aren’t any errors weighing your scores down. Speaking of which …  

6. Dispute Any Errors

Credit bureaus have 30 to 45 days to resolve disputes and remove inaccurate information, so if something’s amiss, now’s the time to address any errors that you may find.

7. Pay Down Credit Card Debt

Getting rid of big balances can improve your DTI and creditworthiness — and relatively soon, because issuers generally update the credit bureaus on your charges each month.

8. Continue to Tidy Your Credit

You can find 11 solid ways to soup up your credit here.

9. Decide on a Down Payment

A 20% down payment is considered ideal, since any amount below that will have you paying for private mortgage insurance (PMI). There are programs out there that help homeowners get a mortgage with much less down, which brings us to …

10. Know Your Loan Programs

Most homebuyers have two options: a conventional home loan bought and sold by Fannie Mae and Freddie Mac or an FHA loan insured by the Federal Housing Administration. Veterans can also consider VA loans, which notably feature a 0% down payment.

11. Research Rates

Your interest rate is going to play a big role in determining your monthly payment, so be sure you know what current rate ranges are being offered — and what you’re likely to qualify for, based on your credit.

12. Prepare for Property Taxes

Yup, you’ll have to pay the government each year for your land — and you’ll want to get an estimate of how much money you’re likely to owe, since it will seriously affect your housing budget. You can find a full explainer on property taxes here.

13. Account for Closing Costs

They generally run between 3% and 5% of your purchase price, depending on location and other factors.

14. Feed Your Emergency Fund

Because buying a home is going to put a serious drain on your bank accounts and you don’t want to be down to your last dollar. Experts generally recommend you have at least six to 12 months of income as backup reserves.

15. Figure Out How Much Home You Can Afford

This will be affected by your DTI, credit scores, prospective interest rate, down payment, property taxes and whether you’ll be paying for private mortgage insurance, among other things. (More tips here for how to get a rough estimate on how much home you can comfortably buy.)

16. File Your Taxes

Your mortgage lender is going to ask for at least two years’ worth of tax returns, so it’s a good idea to shore up with Uncle Sam — and print out or download your returns from two prior years.

17. Pick a Neighborhood

“Location is one of the most important factors when finding a home,”  David Lewis, owner of full-service real estate agency The Lewis Group, says. “It’s also the only one that you can’t change. Knowing what areas you’d like to live in prepares you to make the jump when it is time to move forward with an offer.”

18. Study the Market …

You’ll want to know what you’re in for: What’s the median home price in the area you’re looking to live? Are you in a buyer’s or seller’s market? Are solid homes going for more or less than list price?

19. … & the Process

Oh, if only the homebuying process were so simple. Unfortunately, there are a whole lot of steps between finding a home and closing on it. Get familiar with all the major steps: pre-approval, home inspection, home appraisal, title search, closing, etc.

20. Hit the Open Houses

A little window-shopping can do a house hunter good. Visit some open houses ahead of your formal search to get an idea of list prices in your preferred area(s) — and whether your list of “wants” is realistic with your budget.

21. Get a Pair of Flip-Flops… 

…or some other kind of easily removed shoes, because most homeowners or listing agents are going to ask you to leave your kicks at the front door.

22. Search for Schools

“If you have kids, carefully examine the school choices and districts available to you,” William Mayben, CEO of consulting firm Wm Mayben and Associates and former division president for National Public Builders, says. There are sites online that can help you pinpoint school ratings, crime rates, etc.

23. Calculate Your Potential Commute

The length of your commute can seriously impact the enjoyment of your home. How much time are you realistically willing to spend in the car, on the bus or on a train?

24. Find a Realtor

You don’t have to use one, but there are certainly benefits to enlisting the services of a reputable Realtor or agent. Case in point: They can give you insights into the current market and walk you through the homebuying process. Bonus: The seller pays their commission.

25. Consider a Specialist

“If buyers are looking for ranches in the Stoney Gardens neighborhood, they should find a realtor who specializes in (drum roll please…) ranches in the Stoney Gardens neighborhood,” Davis says. “The best Realtors know a specific segment of the market inside and out, and can help borrowers who want that specific market segment.”

26. Vet Mortgage Lenders

Similarly, you’ll want to research reputable mortgage lenders or brokers in your area to determine who you’re comfortable doing business with.

27. Request Recommendations

For Realtors, mortgage lenders and other members of the homebuying team you’ll need to onboard.

28. Get Pre-Approved

Once your credit is as good as it’s going to get and you’re ready to start your search, be sure to get pre-approved for a mortgage. That’ll signal to a seller and/or Realtor you’re a serious buyer worthy of their consideration.   

29. Rate-Shop

Just be sure to do so in a 30- to 45-day window, since that’s how long most credit scoring models will group applications for like-financing (in this case, mortgages) as one inquiry.

30. Ready Your Bank Statements

Because your lender is going to ask for them. Note: You’ll probably be expected to turn over brokerage or retirement account statements for at least the last two or three months as well.

31. Request Your Pay Stubs

Most of us direct deposit, but your lender is going to ask for at least two months worth of pay stubs. So, if you’ve been setting and forgetting, now’s the time to track down where to access your paycheck details.

32. Think About What Other Paperwork You’ll Need

Getting some gift money? You’ll have to document it. Just got a new job? Be prepared to turn over more employment verification. Ask your mortgage lender for a full list of all the major paperwork needed to get your loan fully approved.

33. Find an Attorney …

Some states mandate a real estate attorney prepare your purchase contract — and, even if yours doesn’t, it can be a good idea to bring one on board. Be sure to research reputable real estate attorneys in your area and get an idea of what they’ll charge you.

34. … & an Inspector

Yes, the bank is going to do the appraisal, but the buyer is responsible for the home inspection. You’ll need to find a certified, licensed professional and cover their bill.

35. Learn What to Look for …

It’s not just about your wants and needs. When viewing a potential home, you’ll want to, among other things, check out the furnace, hot water heater, roof, plumbing, windows, insulation, HVAC systems, basement, closets and that old shed all the way at the other end of the yard.

36. … & What to Ask

Per our partner Realtor.com, you’ll want to ask about the home’s sales history, any renovations the seller has done, monthly maintenance and utility costs and other things.

37. Brush Up on Your (Offer) Letter Writing Skills …

Because in some markets you’ll want to write one to the seller when you make your bid. And, yes, while price is most important, a solid offer letter can be the difference between getting or losing out on your dream home. Good offer letters are generally personal, specific and positive.

38 … & Your Negotiation Tactics

They’ll certainly come in handy.

39. Keep Those Credit Cards on Ice …

Big changes to your debt levels can damage your DTI and your credit score — and your lender will check up on those items before closing. That’s why you’ll want to be extra careful about what you’re putting on your plastic.

40. … & Cool the Credit Inquiries

Those can also ding your score and jeopardize your mortgage. So, sure, that Home Depot credit card could come in handy — but it’s a good idea to wait at least until after you close to take the retailer up on their offer (and then be sure your finances can handle it).

41. Determine Your DIY IQ

“Assess your abilities as a handyman or handywoman,” Gobin says. “Buying a fixer-upper can be very expensive if you can’t even change a light bulb.”

42. Get a Work Estimate

If you are looking at a fixer-upper or find a home that has all your major needs, minus one (say it’s missing hardwood floors), research what a particular project is likely to cost you. That’ll help you establish the true cost of the prospective home.

43. Think About Resale Value

Even if you’re looking for your forever home, because, well, life happens. That’s why it’s good to at least consider what you’d have to sell the home for in order to recoup what you’re offering to pay. (Remember, too, when you go to sell, you’ll be the one paying a Realtor’s commission.)

44. Scout it All Out

“Visit your target house during different times of day,” Mayben says. “Pay attention to neighbors’ dogs, traffic, parking, the neighborhood feel and culture. Where are parks, shopping, bike or hike trails, coffee shops, etc.?” Asking neighbors about noise and other possible pain points can also pay off.

45. Map Out Your Move …

Research moving companies — and the costs associated with them — to assess whether your cash reserves are adequate.

46. … But Hold Off on the Home Furnishings

Especially if you’re planning to put those on a credit card. The last thing you want is those big balances throwing a monkey wrench into your credit — and your closing date.

47. Start Staging Your Current Home

“If you have to sell in order to buy, start working on that end of the deal,” Mayben says. “Maximizing the sell price maximizes the replacement price. Declutter your home for sale. Sell, donate, or otherwise get rid of things you don’t need. Develop a clear sense of your house value.”

48. Get Ready to Compromise …

“Keep in mind the perfect home doesn’t exist unless you build it yourself,” Gobin says.

49. … & Be Disappointed

Because you may not get the first, second or even third home you bid on. “Multiple offers are very common these days,” Dorothy Mazeau, sales representative at Royal LePage RCR Realty, says. “You may be competing with one, two, or even twenty other buyers. Houses frequently sell for thousands over their list price.”   

50. Stay the Course

Still, don’t get discouraged and/or recklessly ramp up your budget. “Know what you can afford and stick to it,” Mazeau says.

Buying a home is a huge financial commitment. If you’re looking for ways to reduce the red ink post-purchase, check out our roundup of 50 ways to stay out of debt.

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6 Tips for Buying a Home in 2016

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Would-be homebuyers eyeing 2016 as the year have a fair bit working in their favor. Mortgage credit continues to thaw, interest rates remain surprisingly flat and more homes are expected to hit the market as Spring approaches.

To be sure, some buyers have a more streamlined path than others. Macro-level outlooks are one thing; it’s another to build the credit and finances necessary to lock down a home loan in the current lending environment.

Whether you’re a first-time explorer or a long-term dreamer, here are six tips to help you make the leap and take advantage of a promising housing market in 2016.

1. Tackle Your Credit Now

Credit looks to be loosening as we head into the Spring homebuying season. Through the first six months of 2015, the average FICO credit score for all closed loans was 730, but that decreased to a 722 FICO score by the end of the year, according to mortgage software firm Ellie Mae.

Still, building the strongest credit profile possible can save you money when it comes to things like interest rates and private mortgage insurance.

To improve your credit, you can get copies of your free annual credit reports each year from AnnualCreditReport.com. Review them carefully for errors or problems that might be dragging down your scores. (You can find more about how to dispute errors on your credit reports here.) Pay your bills on time and strive to keep your credit card balances under at least 30% and ideally 10% of your credit limit. You can track your progress by viewing your two free credit scores each month on Credit.com.

2. Explore Your Options

Homebuying education is key. Studies and surveys consistently show that buyers overestimate their mortgage knowledge or figure their lack of it doesn’t matter. The reality is ill-prepared buyers can wind up in bad loans or simply miss out on maximizing their budget and options.

Take time to learn about the major mortgage types, the upfront costs of homebuying and what might make the most sense given your unique credit and financial situation.

VA loans are arguably the most powerful loan on the market, but they’re not a great fit for every veteran. Federal Housing Administration loans allow for low down payments, but carry costly mortgage insurance. Conventional loans feature tougher credit benchmarks, but come with down payments as low as 3%.

3. Pre-Approval Is a Must

Shopping for homes is the fun part. But it’s way more fun, not to mention useful, to shop for homes you can realistically afford. Work on getting loan pre-approval before starting your home search.

A pre-approval letter shows sellers and real estate agents you’re a serious homebuying candidate. In fact, some agents won’t accept purchase offers without one. Pre-approval also gives you a clear sense of how much home you can buy.

But remember the prefix is there for a reason — loan pre-approval does not guarantee you’ll get a home loan. It’s a big step in the right direction that comes with conditions and contingencies.

4. Know Your Market

Bidding wars are breaking out in communities where housing inventory struggles to keep pace with demand. About a third of homes sold for or above their list price in October 2015, according to CoreLogic.

The likelihood of rising mortgage rates in 2016 may push even more buyers into the game. Look for seasoned real estate agents who really know your market and how to navigate a bidding war if need be. Coming in with a strong offer at the outset can be crucial for buyers competing in hotter real estate markets.

5. Be Patient

Getting to the closing table might take a little longer than normal this year, so plan accordingly. The average purchase loan closed in 50 days in December, eight days longer than the December prior, according to Ellie Mae.

Many mortgage industry professionals point to recent disclosure and documentation changes as the culprit. But those hiccups and delays may subside as lenders, title companies and other industry players better adjust to the new regulations.

A longer closing window can affect everything from purchase contracts and interest rate locks to closing costs and coordinating your move.

6. Avoid Costly Detours

It’s a good idea to keep a tight lid on your credit and finances once you’ve decided to pursue a home purchase. Taking on new credit, changing jobs and even moving money around accounts can raise a red flag with lenders and, in some cases, derail your loan.

Change isn’t your friend during the homebuying journey. It’s not enough to get your credit and finances in order before starting the process – work hard to keep them that way as you move toward closing day.

More on Mortgages & Homebuying:

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