We all have a lot on our plates. In fact, just like our wine glasses, our plates are getting bigger just to accommodate the various things we are putting on them. So, if you have no plans to sell your house in the immediate future you are probably not enamored of the idea of adding a ‘housing plan’ to your plate—nor would you imagine you need one.

But hang on. You have a plan for sending your kids to college, right? A plan for retirement? A plan for financial security?  Your house is possibly the biggest investment you have, so wouldn’t it make sense to have a plan about this?

So what exactly is a housing plan?

  1. First off, it’s a timeline. Ask yourself when you think you might like or need to move. For many, this is driven by kids and their time in school, how many kids you have and how much room those kids are taking up; and/or retirement. It might be two years, five years or ten, but having that target in your sights gives you some clarity for decision-making in the future.
  2. Second, it’s assessing your house. Let’s say you think you might want to move in five years. You’ll need to take inventory of the condition of your house and anticipate the updating you might need to do in order to get it looking the best it can when you are possibly ready to sell, given your budget–as well as your energy level. (It’s that plate thing again.) Don’t wait until the last minute.
  3. Third, it’s information gathering. Getting a fix on the variable real estate market is something that fills up realtors’ plates every day. Traipsing in and out of hundreds of houses a year; following the Hotsheet every day and finding out what sold and for how much; working with buyers and sellers who let us know what their preferences are by their words, but more importantly, their actions; and watching the mortgage and financial markets in the area—that’s our job and most realtors are happy to share what they learn. Get on an auto email list that will give you the market changes, or go to www.raveis.com for housing data in any town that you can sign up for yourself. It’s quick and easy and will come automatically so you don’t have to think about it.
  4. Lastly, it’s keeping notes, resources and photos. Start a file that says ‘House.’ Keep records of improvements, updates, repairs and how much they cost. I found this workbook and record-keeper on Amazon and it sounds like it might fit the bill perfectly. Some people prefer to do this in an Excel or other digital file, but make sure you can include some photos. Not so much of the leak in the bathroom, but of the beautiful landscaping you just put in (don’t forget to include photos from every season) or the before and after of a kitchen remodel. People are relatively uninterested in hearing about these improvements (“and this wall used to be over here, and there was a door next to it, but it was so tight we couldn’t really get around comfortably, and then the floor was a terracotta tile, but we upgraded to wood…”) but two photos will make the impression you are hoping for—that you spent a lot of money and it was well worth it.Make sure your contractor (or you) finalize and receive, all C.O.’s (Certificate of Occupancy) for any and all work that require it, and put it in your file. Know your property lines, easements and any quirky things about the title—there shouldn’t be any quirky things because a title search would have ferretted them out when you purchased, but let’s be real. Quirky things are all over real estate, and it’s better to know and disclose them at the onset of the process.

The housing market is recovering—although in some areas it may be going  through rehab first. It’s up about 2.4-percent, according to the National Association of Realtors.

In Wilton, and much of Fairfield County, we’re still suffering from a bit of withdrawal, however. After healthy jumps in the number of sales in April, May and June, sales dropped in July, creating an overall drop in unit sales of 18-percent. Good news? The average sale price was up about 4.8-percent, while the median sale price was pretty flat at +0.6-percent.

The total picture in Fairfield County was a complex one, with a high in increased YTD sale price of 45-percent in Greenwich (due to the $120 million sale of the Copper Beech Farm Estate) to a low of -4.7-percent in Newtown. Many towns saw drops in transactions, but enjoyed a rise in Average Sale price, however. Check here for more details.

Whether you start now, in a month or in a year, it’s better to be a Boy Scout when it comes to housing and Be Prepared!

Julie Carney is GMW.com’s real estate columnist. One of Wilton’s leading realtors, she heads up the Julie Carney Group at William Raveis. Her award-winning real estate career spans twelve years and sales exceeding $130 million. Her husband Bob Carney is a member of the JC Group and an award-winning journalist for 30 years. He contributes many of the columns to GMW.com.