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Velda Tamez - Your Real Estate Goal getter!

Don't buy your new home until you have sold your current home.

This is generally sound advice unless you live in an extremely hot market and your Realtor is sure you'll be able to sell your home quickly. Timing is crucial, so start working with your agent to find a new home as soon as yours is listed. With a little bit of luck, the day you accept an offer on your home, you'll be able to make an offer on a new home and close both deals on the same day. At worst, you may have to live in a rental for a couple of months, but most people agree that moving twice is preferable to being stuck with two mortgage payments!

Price your home realistically.

Sales statistics show that properties that are initially priced too high eventually sell for less than properties that were correctly priced in the first place. Also, over-priced houses can take months or even years to sell, while properly priced houses usually sell in a matter of weeks or even days. When selecting your agent, make sure that each Realtor you interview presents a CMA (or Comparative Market Analysis) that shows what he or she thinks your house is worth. The average or median price will likely be very close to your home's true market value.

Don't buy a house that will be difficult to resell.

Normally, most of a property's value is not in the house, it's in the land. You would do well to heed the old adage of buying the worst house on the best street, not the best house on the worst street. If you buy a house that is overdeveloped compared to neighboring houses, you may think you're getting a great deal when you buy it, but you will probably have a hard time getting back what you paid for it when it's time to sell.