For starters, be realistic. Make sure your initial asking price isn't too high, or else you'll waste your time and risk turning off that first rush of potential buyers.

People don't have to fool with sellers who are asking unreasonable prices.

If you're trying to sell your home in 2009, brokers have one piece of advice: Make sure the price is right. Perhaps your neighbor made a bundle by putting his home on the market just when prices peaked. Maybe your sister sold her condo last month, reaping a 40% return.

But when it comes to your own abode that means nothing. Sellers need to get real, and sometimes that means dropping the price. Unfortunately, many sellers are suffering from housing-bust denial. All sellers are human.

First 6 to 8 weeks important

But starting with too high a price can hurt your prospects of making a great sale. When you first put up that "for sale" sign, you'll be visited by a bevy of potential buyers who have been waiting to find the perfect home. Brokers call this "pent-up demand."

Your first six to eight weeks on the market is your hottest time. If you've set a reasonable price, potential buyers might start bidding, and hopefully the competition will push the final price higher. If they think the price is too high, however, they're not going to bother. When you finally drop the price, that pent-up demand may be gone, and then you've wasted six months of time and energy on an unsold home.

Once you've settled on a price, focus on getting your home ready for sale. Have the roof inspected, clean the windows, fix foundation cracks and clean up the front lawn. Replace the a deep red carpet with black flecks. These cosmetic changes have become more important as buyers have gained power in the housing market.

Some brokers will even hire a "stager" who can tidy up the home, move furniture around and even re-hang pictures to create a more inviting living space. If a prospective buyer opens a closet door and boxes fall out, she's going to think the house is too small. The house should feel as open and bright as possible.

The buyer should walk into the house and go, 'Wow,' we want it to feel like home.

Tips for a successful sale

• Price it right: With the right price, you should get multiple offers early in the process. Hopefully, your would-be buyers will bid the price up.

• Don't quibble over pennies: Don't worry about squeezing an extra $5,000 out of your potential buyer. Sometimes it's better to focus on getting the deal done without any extra hassles. Tell buyers you'll cut them a deal if they agree to buy the house "as is" and will sign a contract that isn't full of contingencies.

• The early bird catches the worm: If you price your home well enough for an early bid, you're more likely to get competing offers and maximize the final selling price.

• Before you sell, get a new loan approved: Figure out how to pay for your next home before putting this one on the market. Use worst-case scenario projections when factoring in the proceeds from your current house.

• Employ a little elbow grease: Baking cookies is a well-known trick for making potential buyers feel at home. But don't stop there. Make sure your home is spotless and consider using a stager.

• If you go it alone, prepare to work hard: Brokers exist because selling a house is a full-time job. They take care of the marketing campaign; they help you prepare for open houses; they have connections with other brokers who represent buyers. Do some research, and make sure "for sale by owner" is the right move for you.

• Has a 21st-century marketing campaign: Find a broker who is good with a digital camera. If you don't have a great set of pictures, buyers will think that means you don't have a great house. But don't neglect the traditional advertising channels. Though the Internet might be great for young professionals, there are a few people who still read the newspaper.

• Time your sale to bonus season: In New York, traders and investment bankers get massive bonuses around Christmas. They start looking for properties in November and December, but January is when activity really picks up, especially for high-end properties. If you live outside New York, check with your broker to see if any similar periods exist. Extra foot traffic at the open house is always a good thing.

• Understand your market: It doesn't matter what your neighbor got a year ago when he sold his condo. And it doesn't matter what your friend across town received last week. Prices and market conditions vary depending on the time, location and condition of your home.

• Does your research: Talk to several brokers before putting out a "for sale" sign. They will educate you about the market and give you a potential asking price. They may also suggest you put in a few thousand dollars worth of improvements. If you put your house on the market before you're ready, you'll only alienate prospective buyers.

Are you among the thousands of people who pay rent each month, knowing full well that you will never see that money again?   With mortgage rates that are more attractive than they have been for years, and with the  excellent opportunities available for first-time buyers. It;s a perfect time to build that rent money into an investment that can last a life time.

What kind of home do you need and want?

Buying a home is a balance of many requirements such as family size, location, income and lifestyle. REALTORS® are excellent sources of advice and help in these matters. Not only do they have the experience and knowledge to make sure the choice you make will be the right one, but with access to the Multiple Listing Service® (MLS®), they can seek out suitable properties for you and provide you with a customized list of homes that meet your needs, wants and budget.

Ask yourself exactly what you need in a home. How many bedrooms? How close to schools or shopping centers? Do you plan to have more children? Do you need a garage or a finished basement? New homes offer extensive warranties and pristine conditions but may not have mature trees or landscaping. Older homes often include improvements such as finished basements or rec rooms, decks and patios. Be sure to have any resale home inspected for needed repairs or upgrading.

Next decide on a preferred location. Living in the city means you will be close to amenities such as theatres and shopping. If you prefer a more rural lifestyle, make sure the extra time spent driving each day won't detract from your enjoyment of the property.

Townhomes and condominiums are obviously suited to particular lifestyles or budgets. Townhome or condominium living offers convenience and often means sharing common areas such as parking, hallways and landscaping.

What can you afford?

Once you have determined what it is you want and need, you'll have to find out what you can afford. The first tip is to set a maximum price range instead of just an upper price. It's not always wise to buy the most expensive home you can afford but better to aim lower in anticipation of extra costs or fluctuations in your income.

A REALTOR® or your financial institution can help you determine the amount of the mortgage you can carry by calculating your debt-service ratio. The rule of thumb is that the sum of all your current loan payments (car, personal, credit card, etc.) plus your mortgage should not exceed 40 per cent of your gross income. In addition, mortgage payments and property taxes should not be more than 30 per cent of gross income.

Buying your first home may seem intimidating in the beginning, but with careful planning, a clear idea of what you want and the help of a REALTOR®, home ownership can be become a joyful reality for you and your family.

Q: What is a streamlined modification?

A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.

Q: What is the benchmark ratio?

A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment – extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower’s means, the borrower’s situation will be reviewed on a case-by-case basis using a cash flow budget.

Q: Why is it necessary?

A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.

Q: Who is eligible?

A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.

Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?

A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.

Q: How many people will this help?

A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.

Q: How do borrowers apply?

A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information – monthly gross household income, association dues and fees, and a hardship statement.

Q: How do borrowers complete the modification process?

A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.