Sometimes, realtors wish you knew what they knew. In some cases, it would help them help you more in the long run. So, here is some advice on how to think like a realtor. 

One of the first things to consider when putting your house on the market is the value and price of your home. As a seller, you are excited and optimistic but a buyer may not be of the same persuasion. You need to make sure you are aware of the price range of homes around you and price appropriately. Don't price it so far out of range that a potential buyer doesn't have a reason to even look. Also, the longer a house stays on the market the chance decreases that you will get fair value for the house. 

Just because you are pre-approved, that doesn't mean you can run up credit or open new lines of credit without suffering consequences. The closer you get to closing, finances and credit ratings are reviewed and if there is a negative impact the interest rate could or you could have your preapproval denied altogether.  Don't ever start spending until you have actually closed on the new home. Understand the timeline and how long a house closing can take. Frugality can also be carried into the first few months of home ownership so you will know how your finances are impacted with a new home.

Timeframes are crucial. Underestimating how much time it takes to close can aggravate a buyer and a seller. Here is a breakdown of average timeframes but remember that this could differ in various markets. 

• Getting house ready – 2 weeks
• Average time on market – 3 months
• Offer negotitation – 1 week
• Closing – 1 month to 45 days

Remember that these are timeframes that can change. Build in time that is reasonable. And, if an interested party is not already prequalified for a mortgage then it could be even longer.

Buyers who are totally serious will have been preapproved by a third party lender. What does this mean exactly? It means that they have already applied for a mortgage and all financial information has been reviewed and have a specific amount and interest rate they can use. Good agents will follow up on this to make sure it still applies and will also ask about closing timeframes to make sure the timeline can be followed. If not, they will communicate that information to you.