Eric Pearson

When holding an open house, it is important to do it the RIGHT way. Let's be honest, holding an open house typically does not sell a home - however, they can get the community talking if you do it the right way!

1. Only hold an open house the first weekend the house is on the market. The first weekend the house is on the market it is new an exciting, which typically means a lot of traffic (if done the right way). It is important when people come see the property, they see other people in the home as well - if people think other buyers want the house, they'll want it even more! Nothing worse than holding multiple opens and watching traffic get smaller and smaller.
2. Put directional signs EVERYWHERE and make this stand out with balloons, etc. A lot of traffic for an open house comes from directional signs - you can never have too many. Let people know the open is happening!
3. Place door hangers on neighbors doors inviting them to the open. I don't care who stops by - even if they most likely have no interest in the house - they might know someone who does!
4. Have valuable information at the property. Mortgage payment information, why now is a good time to buy, interest rate sheets, home warranty information, etc.
5. Put a theme to the open house. If the property you are selling is the ideal place to hold a cookout - have the grill going!
6. Internet Advertising! Nothing sells a home more today than the interent. Blast the property all over the web to make sure everyone knows about it.

This past weekend I had over 25 groups of people through an open I held for one of my listings in Ashburn. One person came up and said, "Wow everyone seems to want this house, I've never seen so many people at an open!" First week on the market - two offers on the way!

Going above and beyond to sell a house is what it is all about. Even though I know opens usually do not sell a home, when holding one I know it is important to give is 100%!

If you are thinking of selling your home or buying in Loudoun County, contact me at 540.454.1551 or eric@e4realty.com!

Today lenders are far more strict with their financing when you are buying a home. This is one of the main reasons why so many contracts never make it to settlement. One thing to remember is your financing contingency is only contingent on that which is present in the ratified contract. It's important to have a realtor/lender to help work through the typically problems below that can arise...

1. You just found out that the purchaser for your listing is actually a 1099 independent contractor and not a W-2 employee.
2. Your client made loan application using his/her gross income from 1099 without taking into consideration his adjusted income on his tax return.
3. Your client has decided to switch financing programs from conventional to VA 15 days from settlement.
4. You are 3 weeks from settlement and just found out that the condo your client has under contract is not FHA approved.
5. Your client grossly overestimated his/her reserved funds and is just now realizing that they may not have the funds to close.
6. Your clients purchased a brand new living room set two weeks from closing on credit and their credit score just went 5 points below the allowable minimum.
7. You are assisting a client in a new construction purchase and the appraisal has come in low.
8. The seller did not correct three of the home inspection items and the lender will not allow an escrow for repairs - settlement is in three days.
9. Your client received a promotion of "Partner" in their medical practice. Unfortunately their base salary just decreased by 10% because of the year end profit sharing they will now receive.

Make sure you have the right team on your side to help you through the home buying/selling process and help you through the numerous issues that can arise. Feel free to contact me at 540.454.1551 or eric@e4realty.com anytime to get the representation and service you deserve!

After seeing home values fall over the past several years - it is understandable how some buyers are not believing the hype around, NOW IS THE TIME TO BUY! With interest rates historically low, homes more affordable than ever and the market is beginning to appreciate again...YES, NOW IS THE TIME TO BUY! However, I realize that information is just not enough security for some people.

INTRODUCING HOME PRICE PROTECTION BY EQUITYLOCK!

• Provides homeowner protection against decline in market value
• Homeowners are paid when their property is sold if they local real estate House Price Index has declined
• Claims are paid for % of decline in the House Price Index (HPI) from time of contract to home sale date in the future
• Coverage is for 15 years with no claims eligible for first 24 months
• Homeowners determine the contract price (coverage amount) desired - up to $2,000,000.00
• Maximum claim amount is 20% of contract value
• Contract can be for primary residence, second home, non-owner occupied home or multi-family

EXAMPLE

Contract price of $300,000 with HPI decline of 5.6% = $300,000 x 5.6% = $16,800 paid to homeowner. The claim amount is based solely on the change in the HPI, not the actual sale price of the home. Owners can sell their home for a profit or loss and EquityLock Solutions will still pay their claim if the House Price Index has decreased when they sell.

For more information on EquityLock's Home Price Protection or information on the Loudoun County/Northern Virginia reale state market, contact me today at 540.454.1551 or eric@e4realty.com.

Recently I wrote a post about value of relationships your relator has with his/her vendors. Yesterday the value of a lender I use came through in a BIG way.

My clients submitted an offer on a property - classic multiple offer situation - and I knew when submitted chances were we did not have the highest purchase price. I set my client's expectation appropriately, as the offer we submitted was their best and final.

Yesterday I received an email...their offer was accepted!!! The agent replied...

Congratulations! Your party beat out 3 other offers. Your strong financing was the reason for our choice so I hope you can stick with 20% down at $XXX. Another factor was the selection of George Mason Mortgage. We have a lot of experience with this lender and know the excellent service provided by George Mason Mortgage.

An offer does not always have to be the highest price to be the best option for a seller. Thanks George Mason for helping get my clients the home they wanted!

There is a major change about to take place regarding FHA mortgage insurance premiums.

Beginning April 1, the agency, which is the largest insurer of low-down payment mortgages, will raise the up-front insurance premium it charges borrowers by 75 basis points to 1.75% of the base loan amount. In addition, annual insurance premiums will go up 0.1 percentage point for loans under $625,500 and 0.35 points for loans that exceed that amount.

Home buyers be aware, while rates should remain low through 2014, other lending changes such as the one above for FHA financing will increase you mortgage payment and the loan amount you qualify for. Contact a lending/real estate professional to stay on top of these changes if you are in the market to buy a home.

On a more positive note...

Employment nationwide is expected to rise about 14 percent by 2020, according to Bureau of Labor Statistics. Some metro areas are expected to see bigger growths in the job market than others, which could prove well for growing their housing markets too. The DC/VA/MD area is expected to see highest increase in job growth!

How goes the real estate market is how goes the economy, how goes the economy is how goes the world! Hopefully, look like the positive outlook on the real estate market is pointing things in the right direction.