5 Real Estate Resolutions for 2011

When it comes to New Year's Resolutions, financial goals like paying off credit cards and doing a better job of saving rank at the very top of most people's lists, right up there with the perennial goal to take off a few pounds.

Whether you rent or you own, here are 5 key real estate resolutions to consider setting for 2011...

1) Owners: Accelerate paying your mortgage off. Making one extra mortgage payment a year can cut many years and huge amounts of interest off your home loan.

2) Renters: Renegotiate your rent. Since your rent is no doubt your larges expense of the month, being able to chop a few dollars off the price tag can improve your households bottom line dramatically. Speak to your landlord, he will most likely prefer to lower your rent a little than to have you move and sit with an empty apartment. Of course, you need to be sure that you dont live in a building or a neighborhood with a very low occupancy rate or the landlord may just offer to help you pack.

3) Sellers: Create urgency for buyers to get your home sold. If your home lingered on the market in 2010, you may need to take the bull by the horns to get it sold in 2011. Cut your price to a level slightly below the recently sold comparables: even if you've cut the price before, this can create a pricing "Sweet Spot" where buyers recognize the value and swoop in with offers.

4) Buyers: Qualify for a mortgage to buy a home. This one is plain and simple, interest rates are low, inventory is high, prices have hit bottom...now is the time to buy. Walking into a seller's home with a pre-approval letter from the bank will put you in a very favorable position.

5) Owners: Pay off your property taxes. One of the casualties of the recession is that in order to stay current with their mortgage and living expenses many owners have fallen behind with their property taxes. Before the interest and penalties begin to pile up and before the sheriff begins sending threatening notices, get those property taxes paid off.

Resolutions are tough to keep but these five will help you sleep at night.