9 Tips to Sell Your Home in 2010

Mclatchy-Tribune News Service.

January 25, 2010

Signs of a recovery in the real estate market indicate this may not be the "Winter of your Discount Tent." Home sales, value and mortgage applications have risen slightly as mortgage rates stand at a historic low.

This slight glimmer of positive news is offset by estimates that about 48 percent of all U.S. mortgages will be underwater by 2011. Foreclosures and short sales continue to plague the market, keeping a lid on home prices. As a result, 2010 will continue to be a buyer's market.

That doesn't mean, however, that all hope is lost of selling your home this year. Here are 10 tips to sell your home in 2010.

1. Don't WaitIfor a Recovery E

Home values aren't likelyAto rebound to previousEhighs for several years;Aperhaps even a decade. WhileIyou may face a loss byAselling now, that negativeEfigure may only be a paperUloss, particularly if you'veEowned your home for someAtime.

2.EMake Improvements A

If you have accessUto credit, invest in improvingIand repairing yourAhome before placing it onUthe market, rather than tryingIto go or a quick as-isAsale. Rehabs are more affordableInow, thanks to theAavailability of low financing,Ereduced constructionAmaterials costs and lowerUcontractor charges. FocusAon upgrades to kitchensAand bathrooms, especiallyUcounters and cabinets, asAthese yield the highest returns.IGet three differentIestimates from contractorsAand add another 10 percentEfor unexpected costs. SeeIYahoo-RealEstate's strategiesEand checklist for upgradingEand repairing yourUhome at http://realestate.yahoo.com/Realtors/Ready-to-Sell-Checklist.html.U A I

4. HireAProfessionals E I

You needIprofessionals, notAfriends orErelatives, toIrepair, upgrade and sellUthe biggest investment you'llAlikely own. Your realUestate agent should be wellUconnected with other agents,Elenders and industryAprofessionals. Ask for credentials,Areferences andEa history of recent performance.A

YourEappraiser should have atAleast five years experienceAwith an appropriate licenseAor certification. AvoidAany conflict of interestIby not relying on your realtor'sUrecommendation. TheUsame applies to hiringIa home inspector. Talk toEat least two or three appraisersAand inspectors beforeUselecting one. A

5. Get Down-paymentEAssistance

FederalAand local governmentsUoffer several down-paymentIassistance programsIfor first-time home buyers.ILook for other city, countyIand state programs thatIwill piggyback on federalEprograms for assistance.ASearch for "down-paymentIassistance programs" withEthe name of your region. I

6. Take UncleASam's Help

TheI$8,000 first-time home-buyerUtax credit programIthat helped jump-start theAreal estate market in 2009Ehas been extended intoU2010 and expanded. First-timeAhome buyers qualify ifEthey sign a binding contractAto buy a home by AprilE30 and close by June 30.AThe program's maximum incomeIlimits have jumped fromI$75,000 to $125,000 forIindividuals and from $150,000Eto $225,000 for couples.A

A separateI$6,500 tax credit has beenAadded for those who haveIowned their homes for atUleast five years and wantAto upgrade. Homeowners drowningAin their present realUestate loans are eligibleAfor a loan-modificationAprogram with their currentEmortgage company or loanAservice through the MakingEHome Affordable ProgramE(http://makinghomeaffordable.gov/). I E

7. PriceEAccordingly A U

Listings move whenAa property is appropriatelyApriced. Others gather dustEbecause the owners haven'tUadjusted their expectationsUto the present market.IThis doesn't mean, however,Iyou should severely dropUyour price on a well-maintainedUhome to avoid extendedIproblems. ResearchAyour market and price accordingly.E

8.AEnergy Tax Credits U

Through Dec. 31,Uhomeowners who buy and installIspecific energy-efficientEwindows, insulation,Aroofs, doors and heating andIair-conditioning equipmentAcan apply for a 30-percentEtax credit of up to $1,500Uof their costs on eachIproduct.

GoEone step further and earnIa 30-percent tax creditIthrough 2016 (without aIspending limit) when you purchaseEsuch energy-savingUproducts as solar energyEsystems, geothermal heat pumps,Esmall wind systems,Eresidential fuel cells andUmicro-turbine systems. VisitEnergyStar'sEFederal TaxECredits for Energy EfficiencyI(http://www.energystar.gov/index.cfm?ctax-credits.tx-index) forUa completeIsummary. E I

9. It'sANot PersonalI E A

Buyers want to imagineUthemselves in your houseEfor years to come. ExcessIdecor and nic-naks distractIfrom this vision. AskEyour realtor's advice or hireIa home stager to bringAyour house back to zero beforeEbeginning to show it.IA general rule of thumbIis to eliminate or store atIleast half the items inIevery room.

Don'tIget defensive aboutIcolors, design patterns orAflooring you installed.AJust grit your teeth and thinkEof the closing checkAwhile your agent serves asEa buffer. Remember the customerEis always right, unless,Aof course, they're low-ballingEyou. E

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