Chris Farkas

Existing home sales are up 3.4 percent over the same time last year, according to a recent report by the National Association of Realtors® (NAR). Helped by the $8,000 tax credit to first time buyers, existing home sales are on pace to reach 5.1 million units for 2009, up from the 4.93 million units projected in August 2008.

Existing Home Sales By Region

"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” said Lawrence Yun, NAR chief economist.

Although existing home sales are up from this time in 2008, the overall numbers are down from just one month ago. "The decline demonstrates we can’t take a housing rebound for granted," Yun said. In the previous four months, sales had risen over 15 percent. Low mortgage rates have contributed to the overall market rise. Freddie Mac reported an average national commitment rate of 5.19 percent in August for a 30 year conventional fixed rate mortgage, down considerably from 6.49 percent offered in August 2008.

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

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Open House Basics

An open house can be beneficial for both the buyer and the seller. For the buyer, it is an opportunity to view the home casually to determine if it meets their needs and criteria. For sellers, it is an opportunity to reach a larger number of potential buyers in a shorter period of time. The following tips can help you and your real estate agent ensure that the open house is successful.

Take time before the open house to make sure the exterior of the home is appealing. Curb appeal, as it is known, sets the stage for the visit. Mow the grass, trim the bushes and sweep the front porch. You should also consider planting colorful flowers or placing potted plants near the homes entrance.

Inside, the first impression is the last impression, so keeping the house very neat and clean for the open house is extremely important. It may be a difficult task if you are residing in the house, but taking time to run the vacuum and the dishwasher makes a huge difference.

How does your home smell? Is the garlic from last night’s Italian dinner still lingering? Will the bleach you used to clean the bathroom overwhelm the buyer when they enter the room? The fact is, studies have shown that the senses, including smell, can heavily influence one’s opinion. Use scented candles or a small simmering pot of potpourri with cinnamon to create the effect of “home.” Baking cookies is another option. They smell and taste good!

Continue to set the stage. Hopefully, you took the time to stage your home prior to listing. Whether or not you did, be sure to evaluate how your furniture and furnishings are displayed. You want to appeal to the broadest range of buyers as possible. Ask your real estate agent for advice.

Give them space. Whether you or your agent are conducting the open house, give buyers the opportunity to view the home without hovering over them. When they first come in, ask them to sign the open house sheet and give them a flyer with the property details and information. Let them know you are available if they have questions and invite them to go through the home. Before they leave, ask if they have any questions and thank them for stopping by. Following up afterwards by phone will help solicit feedback and offers.

Open houses are one of many tools that you and your real estate agent can use as part of a comprehensive marketing plan. Take the time to prepare for these so that you can maximize the opportunity to showcase your home.

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

View Sample Market Report

In 1989, a friend invited me to attend the precursor to ReSet for Excellence. I did attend and then completed the series. Since then I have focused on what matters most to me to create the life of my dreams.

This is Ruth Mt. from Hannegan Pass. I grabbed the shot yesterday as I returned from an overnight hike into the North Cascades. As spectacular as the hike was, being able to get out in this weather and to live the life I desire was even more satisfying and enjoyable. I can't know what your story is and how ReSet helps you create the life you desire, but I do know this: now is the time to tell your story to someone you care about and to invite them to attend the next ReSet.

Why now? The practical answer is to take advantage of our 2 for 1 offer for the October ReSet, but even more to the point is why should your friend, family member or co-worker wait any longer to get more of what they want out of life?

Please invite anyone you want to have the best of life to call today and enroll in our 2 for 1 offer for the October 22-25 course or to accompany you to one of our introductory sessions.

I am so grateful that my friend invited me to check out these courses - please offer someone you love the opportunity to feel the same way about you.

Wednesday, 9/30: Tailgate Party and Intro at Lairmont Manor. Burgers, brats and iced beverages at 6pm, followed by an intro at 7pm. RSVP to Alexandra Copeland at alexandra@excellencenw.org or call 360-715-0105

Tuesday, 10/13: Wine and Cheese Intro at Lairmont Manor. Wine and cheese social at 6:30pm, intro at 7pm. This is the last intro for our 2 for 1 October ReSet Economic Recovery special. RSVP to Alexandra Copeland at alexandra@excellencenw.org or call 360-715-0105

See you soon!

Steve Hindman
360-715-0105

PS - don't miss the valuable workshop on Caring for Your Soul in Matters of Money® this Saturday, 9/26, with Karen Ramsey. This workshop is co-sponsored by ENW, Village Books, and the Center for Spiritual Living - call 360-671-2626 for tickets...(more)

Home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009. Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent. Please contact us today for more details on this once-in-a-lifetime program.

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

View Sample Market Report