In an effort the federal government approved an extension for the Homebuyer's Tax Credit as of November 2009. This extension provides financial incentives for homebuyers to purchase real estate in early 2010.
According to REALTOR.org, first time homebuyers can receive a credit of up to $8,000 and current homeowners can receive up to $6,500 if they have lived in their current home for 5 consecutive years. Buyers must be under contract by April 30, 2010 and the real estate sale must be closed by June 30, 2010 in order to qualify. (1)
What this means for sellers across the country is that the real estate season has started early this year. Don't miss your opportunity to show your home to buyers taking advantage of the tax credit by waiting until the warmer months to list your home.
Create a Successful Home Sale Strategy
A successful real estate transaction requires careful thought and planning. In order to take advantage of the buyer's market and complete a simple, successful real estate transaction follow these tips.
Hire an Experienced, Full Time REALTOR-Most real estate agents suggest hiring an agent to help you sell your home, but it isn't just because agents want to make money. Although agents need to make a living like everyone else, an experienced REALTOR also knows that completing a real estate transaction takes attention to detail, true understanding of the closing process and knowledge of potential mistakes, issues or problems to watch out for. Trained, experienced real estate brokers understand the importance of marketing and have the resources to get your home the maximum exposure in a variety of media.
Set a Realistic Sale Price-Once you have hired a real estate agent remember the importance of setting a competitive, realistic price for your home. It is a buyers market and there are a lot of homes available. A real estate agent with your best interests at heart will analyze homes recently sold in your neighborhood and make recommendations about price based on this analysis.
Hire a Home Inspector for a Complete Home Inspection: You want to hire a home inspector with experience and a great reputation. A clear, reliable home inspection is essential when buying or selling a home and the data reported will help you make the best real estate decisions possible. You will have peace of mind because throughout the real estate process you will know the true condition and value of your home.
Upgrade and Renovate to Increase Buyer Incentives-In a buyer's market any competitive edge is helpful. Upgrades and renovations can attract homebuyers that are ready to make a purchase between now and April 3 2010 as long as they are not too time consuming. Consider simple renovations to your kitchen and bathroom, especially if these areas have not been modernized in the last 10 years. Renovations and enhancements made in the yard and other outdoor areas of the home can make a property even more attractive.
Be Ready to Act-Buyers need to have home under contract no later than April 30, 2010 and closing must be complete by June 30,2010. This means sellers need to move quickly to get a home listed, marketed and in front of potential buyers. The real estate transaction must close prior to July 1, 2010. Planning and preparation are the keys to taking advantage of the opportunity the homebuyers tax credit gives to sellers across the country.
Sources: (1) http://www.realtor.org/home_buyers_and_sellers/2009_first_ti me_home_buyer_tax_credit
Nora Hall is a REALTOR and relocation specialist based in Asheville NC. Nora works with homebuyers and sellers to buy and sell Asheville real estate and Western North Carolina mountain properties. Visit http://www.norahall.wordpress.com to learn more about homes for sale in Asheville and NC mountain properties.
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