Low inventory and rapidly rising home prices in many areas have complicated the appraisal process, causing some buyers and sellers to scramble.

Appraisals have always been an important part of the homebuying process but have often been considered a behind-the-scenes formality. Today, however, appraisals are a front-and-center issue.

A lender orders an appraisal during the mortgage-approval process to confirm that the loan they issue will be sufficiently supported by the underlying collateral, i.e. the home. The appraiser creates a report for the lender that compares the subject property to other recently sold properties – or “comps.”

That’s easy enough when there’s an abundance of sales data, but the low number of ready homes for sale in many areas has resulted in a lack of recent comps. Fierce buyer competition has also driven prices higher, meaning yesterday’s sales often closed at prices significantly lower than today’s prices.

So, whether you’re buying or selling, here are a few things you need to know about appraisals.

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In the frenzied market of the past two years, few sellers felt compelled to hold open houses. But as the market slows, that age-old device is regaining popularity. An open house is a good way to showcase a home to multiple buyers and agents within a short period of time, getting exposure that often results in word of mouth and second showings.

You may have already decluttered and staged your home, but beyond the typical to-do list, here are a few other ideas that will leave a lasting impression on open house attendees.

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Buying or selling a home should be enjoyable, even celebratory. But it’s also a complex process involving different stages and a lot of moving parts. Escrow – the time between an accepted offer and closing – is particularly important for both buyer and seller, and understanding this process is essential for both parties. These tips will help you smoothly navigate escrow and avoid any surprises on your way to a smooth transfer of ownership.

Buyer’s Guide: Your Offer Has Been Accepted – Now What?

Once an offer has been accepted, your earnest money will be placed in escrow. In most cases escrow lasts between 30-60 days and, along with your broker, you’ll be scheduling an inspection, appraisal and final walk-through.

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Prior to selling your home, much of the focus is placed on staging and decluttering the interior. While these things are certainly important, sellers should also keep in mind that the exterior of their property is a potential buyer’s first impression for both in-person and online showings. That means the landscaping, front porch, windows, and even the garage can’t be overlooked. Here are a few tips when it comes to getting your home’s exterior in tip-top shape:

Lawn Maintenance

A well-manicured lawn and trimmed shrubs are imperative before any showing or open house, as anything that is overgrown can indicate that other areas of the house have been neglected. Bushes and greens are meant to enhance your home, not cover it up. Prune any ivy or other greenery that might be creeping over windows or doors. Additionally, flowers are a quick and inexpensive way to brighten up your landscape and convey an inviting feel.

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In today’s competitive real estate market, prices are up, multiple offers are no longer the exception, and listings are being snatched up at breakneck speed. While sellers have the advantage in most cases, some are sitting on the sidelines knowing they will have fewer options when they become buyers. That’s why it’s imperative to plan ahead.

If you’re thinking about selling your home, here are a few ways to navigate the current market:

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Maybe you’ve seen photos of buyers lining up outside a house, potentially gearing up for a fierce bidding war. Or maybe you’ve heard about homes getting snatched up as soon as they hit the market.

While it remains a sellers’ market in many areas, the reality is that you only have one chance to make a first impression during that critical “New Listing” period. If you’re thinking about selling your home, here are a few ways to make that first impression count:

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