CENTURY 21 CEO Tom Kunz discusses the housing market as existing home sales at highest levels since August 2007. 

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Randy & Paul

As the old saying goes, "Knowledge is power." This adage can certainly be applied to the real estate transaction. The more you know, from the ins and outs of the process to the market conditions, the better your chance of selling and getting the most from your investment.

The Competitive Market Analysis or CMA is a report that will help you learn more about your marketplace. Many real estate professionals offer this free service or as part of their service package. A CMA offers you a snapshot of the real estate conditions in your area and can be a very useful tool when setting your own asking price.

Here are some of the elements contained in most reports:

1. Homes for sale. This is an inventory of the current active listings in the Multiple Listing Service (MLS). It will give you an idea of how many other homes will be competing for buyer attention. Consider the asking prices for homes similar to yours, but remember the asking price is just that. It does not reflect what buyers are willing to pay.

2. Pending sales. hese are active listings that are now under contract. Additional data on the sale will likely not be available until after the closing.

3. Comparable sales. This is perhaps the most revealing and interesting component. It details all the sold listings in the last six months and their sale prices. Look carefully at the numbers. Here you can discover how much buyer's are willing to pay. This data can help you and your agent craft a realistic list price.

The final piece of the CMA puzzle is to make sure you look specifically at homes that are similar to yours. To make the most of this data, search for a home that is comparable to yours in location, size, age, amenities, etc. Use the expertise of The Homes2Know Team to analyze the numbers and his or her market knowledge to adjust the numbers up or down accordingly.

The stories of foreclosure and loss in today's mortgage crisis are painful. If you are in the market, here are five things you should do.

1. Begin with a good understanding of your finances. Examine your budget and income and determine how much you can pay as a down payment and afford each month (mortgage plus bills). Remember to factor in a cushion for unexpected costs such as unemployment.

2. Understand the lending process. Take time to learn about credit, mortgage terms, interest rates and points. Keep in mind that when you assume a mortgage you may be buying your dream home, but are also taking on a significant debt.

3. Get pre-approved. Once you have a handle on your finances and the lending process, get pre-approved for a mortgage. This gives you defined parameters for your home search and makes you a more appealing prospect to sellers.

4. Search out a reputable lender. Ask for recommendations from your real estate professional and from friends and family. Research the lenders you are considering before making a selection. Of course you should shop around for the best rates, but remember there are other important factors at play.

5. Listen to your heart and look ahead. If something seems too good to be true, it probably is. Also, take the time to analyze the fine print and make sure the mortgage terms are still manageable five, ten, and twenty years from now.

Real estate is a cyclical business. Market conditions change over time creating a selling environment that sometimes favors the seller and at other times the buyer.

Most of the country today is experiencing a buyer's market. This means there are affordable interest rates and the inventory of properties is high. In other words, buyers are getting more for their money and have lots of homes to choose from.

Faced with that type of market, what can sellers do to make sure their home sale experience is a successful one? The answer: plenty. Here are just four things you can do to increase your odds of a profitable sale.

Do hire a real estate professional like the Homes2Know Team to represent your property. Our expertise can be invaluable when it comes to assessing the marketplace, crafting an asking price, staging your home for sale, screening buyers and negotiating the offer. In a buyer's market you need a leg up on the competition.

Do understand the market conditions and the different factors at play. Learn as much as you can about the buying and selling process. The more informed you are the better.
Do everything you can to make your property look its best. This may include upgrading the landscaping, painting, making repairs and replacing outdated features. If there are larger projects you are not willing to undertake before you move, such as a new roof or asbestos remediation, make sure you understand how this may affect your negotiations and ultimately your sales price.

Do price it right. This is probably the most important factor in helping your home sell. Price it too low and you won't make the most on your investment. Price it too high and buyers won't be bothered. In fact, your property could end up languishing on the market. Instead use a Competitive Market Analysis and your real estate professional's expertise to help your listing move.

If you are a first-time home buyer, the news for you in most parts of the country is good. Mortgage rates are relatively low and higher inventory and lower asking prices mean market conditions are in your favor. If your finances are in order, now is the time to start that home search.

Begin with some good, old-fashioned preparation. Carefully review your budget. Determine how much you will have to offer as a down payment and how much you can afford to pay monthly. Remember to calculate not just your mortgage payment, but all your costs including taxes, utilities, food, entertainment, insurances, etc. Getting a good handle on your finances is critical to making the right real estate decision.

Next, think long and hard about what you want from this purchase. Is it a starter home that you want to stay in less than five years? Or maybe you want a home that can accommodate a growing family. Take some time to define your parameters like location, number of rooms, school system, and proximity to transportation.

Once you have outlined your budget and your wants and needs, you are ready to begin viewing listings online and in person. Our team can be a huge asset during this process. We can prescreen homes and make sure they fit your budget and your needs. We can also provide insights on whether the asking price is fair and help identify a listing's strengths and weaknesses.

But even with this help, keeping track of all the pros and cons can be a challenge. Many first-time buyers keep a log or journal during their search. When you visit homes, you can take pictures of the property. At the same time take notes. Write down the things you love, like and dislike about each listing. In the end, we can help make your first-time purchase a successful one.