PENDING HOME SALES SURGE!

Here is a great sign for home sellers. The number of Americans who signed contracts to buy homes jumped in October to the highest level in a year. Article reprinted from Thomson Reuters.

Pending sales of existing U.S. homes surged in October by the most in nearly a year as Americans took advantage of low interest rates for mortgages, data from a real estate trade group showed on Wednesday.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in October, rose 10.4 percent to 93.3 from 84.5 in September.

That was the biggest monthly gain since November 2010.

Economists polled by Reuters had expected pending home sales to climb 1.5 percent.

"We hope this indicates more buyers are taking advantage of the excellent affordability conditions," said NAR economist Lawrence Yun.

The U.S. Federal Reserve has held short-term interest rates at nearly zero since 2008 and has expanded its balance sheet in a bid to get credit to businesses and households.

The Fed said in September it would renew its effort to help the housing market by reinvesting some of the maturing debt it holds into mortgage-backed securities.

That has helped bring 30-year mortgage rates to record lows.

Copyright 2011 Thomsom Reuters

Staging

If you are thinking of selling your home you are probably considering the different things you can do to make the home attractive to potential buyers. In today's market showing the home in the best light possible makes a world of difference. Here are some hints that cost little and will go far in making your home go to the top of the buyer's list.

1.  Remember that you want to show the home, not your stuff. Box up and store as many 'personal' things as you possibly can. This includes photographs, personal knick knacks, refrigerator notes and magnets, personalized towels, etc.

2. A lot of furniture in a room can make the room appear small. Look at each room with a potential buyer's eye. What is the focal point in the room? Are you maximizing that focal point? If it is a fireplace, is the furniture grouped so the fireplace can be enjoyed? If you have a bay window are you highlighting that? French doors to a beautiful deck? Can you see the beautiful deck or is the furniture hiding it? The message here is rearrange and minimize.

3. In the bedrooms new bedding is relatively inexpensive and can make a huge difference in how the bedroom shows. Updated bedding with splashes of color will make a room pop.

4.  Potential buyers will open closet doors when they are very interested. An organized closet looks bigger and roomier. Take the time to clean and organize. It is worth it. Empty the linen closet - refold and organize. You will be amazed at the difference.

5. Wash your windows inside and out.

6. Any mirrors? Wash them.

7. Sweep out your garage.

8. Go outside and look at your yard. Any trimming you could do to make the yard prettier?

9.  Take a long look at your kitchen counters. Having small appliances out is convenient but it makes a kitchen look like counter space is limited. Find a space in your cabinets for the toaster and mixer and blender for now.

10. Put the shoes in the entrance hall away. I can't tell you how many homes I have shown with 10 or more shoes in the entry hall. Buyers will walk in and wonder why the entrance is so small.

A few inexpensive changes can go a long way towards a quick sale. Take the time. It is worth it.