That perfect light fixture set off just the look you were aiming for when you when redecorated your living room. As you are getting your home ready for the market you become reluctant to pack it up even though you have no plans of leaving it.
Now you are torn between the “staging effect” it can have on a buyer and the possibility of the light fixture becoming a negotiable item even though you state in your owners disclosure that it is not remaining and will be replaced with another fixture of the buyers choice within a stated allowance.
My suggestion is to remove it, because it may become the one item that tipped a buyer in your favor, and chances are they would have still offered to buy your home without it because the most important things like size, price and location are what they are really shopping for. Once a buyer sees it and likes it they will want it.
A stand alone lamp in the same room would be considered personal property but since the overhead light is attached by permanent wires it is considered a fixture and the buyer may assume it is included.
Both buyers and sellers alike overlook items and get surprised at a final walk though when they discover something must stay or go. Some of the most common items I have re-negotiated at a final hour of closing the sale are:
- Light fixtures
- Flowers and trees
- Flower pots
- Garden trellises
- Fireplace mantles
- Portable appliances such as a water softeners, floor heaters , window unit air conditioner, humidifiers
- Room size area rugs
- Shelving units and bookcases that stand alone
- Decorative light switch plates
- Window treatments (blinds may stay but the curtains are removed)
- Decorative faucets
- Lawn ornaments
- Window flower boxes
- Garden hoses
- Outdoor buildings (sheds)
- Security systems (the owner may be obligated to a lease)
The easy solution to avoid these misunderstandings is a careful review of the checklist on a owners disclosure statement regarding the items remaining with a home. Also, a review of any exclusions on the Real Estate agents listing sheet, and always address any item of question in the purchase and sale agreement. If there is an item of personal property that works well with a home a buyer can always ask for it or purchase it from the owner and note it on a personal property agreement.
Happy home buying and selling…:)
photo compliments of :https://pixabay.com/en/users/ChellyRika-3711680/
Post-hurricane jobs numbers not as strong as expected The October jobs report is in, and the numbers are a mixed bag. The U.S. economy added 261,000 nonfarm payroll jobs in October, according to the U.S. Bureau of Labor Statistics. A hiring rebound at restaurants and bars impacted by recent hurricanes helped boost numbers. However, October’s jobs…
via Wages not rising as fast as home prices; NAR presents 2018 housing forecast — Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports
The first thing that came to my mind when I read a post by a local real estate agent on social media saying that we were in a “hot market”, was to take my sign down. I still had packing , downsizing and could not get out that quick. Real estate markets vary by location and are driven mostly by economic factors in an area that influence supply and demand.
Here are my tips to make it easy for you to know how your area is performing.
- Real estate agents in your area have ready, willing and able buyers just waiting for a new listing to hit the MLS, due to very low inventory
- The list price is generally the starting price and buyers bid up
- Quick closings, as buyers are mortgage ready or have cash, closing within 30 days
- Buyers are scouting the neighborhood and when your sign goes up they leave a note on your door with an offer
- Your agent will hold a “public open house” and state a time and date that you are open to review offers
- Buyers will make an offer without coming into town or viewing the home
- Homes sell at list price
- Prices are stable or increasing
- Buyer incentives paid by seller are added onto the list price
- Seller offers few repairs only necessary to obtain financing and may ask buyer for a contribution
- Low inventory
- Start of the selling season, defined by your local area trends
- Average days on the market are less than 60
- Prices decreasing in an area
- Average days on the market are more than 60
- Sellers are advertising price reductions
- Sellers are offering buyer incentives such as loan closing fees without increasing the price
- Sellers are offering other incentives such as new appliances, repairs and cosmetic updates
- Homes on the market at the end of a selling season, like late fall or the beginning of a school year depending on your area trends
Working with a real estate professional and having a market analysis prepared for the area you are planning to buy or sell will easily give you this information.
Happy home buying and selling 🙂 It’s a piece of cake
Real estate agents used the pyramid chart to price properties for successful sales for many years. A seller can use this as a guide when your property is not getting many showings, and offers are low. A buyer may jump on a deal if you have a property in mind and your agent gives you an analysis that falls below the fair market value.II
Either way it works….Happy home buying and selling 🙂
An abundance of useful information when you are considering or shopping for a new location.
A poor weather forecast may be one of the best times to look at a property that you have an interest in purchasing. An abundance of information may be clearly noticed during different types of extreme weather. During the buying process knowing these things ahead of time will enable you to budget for issues that may need attention early in your ownership.
Here are some things you can easily discover:
- Leaks in the roof, chimney, ceiling vents or around the windows
- Water intrusion in a basement, garage, or enclosed porch areas
- A sagging roof from the weight of snow
- Loose roofing shingles during heavy wind
- Insufficient drainage on the property
- Air drafts in the fireplace, door and window areas
- Heating and cooling units not efficiently adjusting the room temperature
- Slow plumbing drainage
- Instability of the ground , wash outs
- Crackling tree limbs with high winds
- Exterior sloping of driveways and sidewalks that may be difficult to manage with ice and snow
If you are working with a real estate agent ask them what issues are commonly found in the area. They can help you work through any concerns and ask your home inspector to make suggestions of areas that you can keep an eye on to avoid common problems. You will also be able to make an informative decision on any extra insurance that you may want to carry.
Happy puddle jumping 🙂
Sellers of real property and buyers of real property have the common goal of obtaining the best possible price and terms in the transaction.
Here are a few suggestions to help you determine market value if you are thinking of buying or selling real estate.
- Appraisal services are offered on a fee basis depending on the complexity of the property. A small tract of land or a home in a neighborhood contains information from a local Realtor multi list system, tax records, and court records. An appraiser uses listings currently on the market, recent sold properties, along with adjustments for size and improvements. Photos are included in the report along with comments explaining the reason for adding or subtracting value when using the comparable approach. For more complex properties such as commercial sales, land developments, farms and multi family properties reports may be quite lengthy and include an analysis of the present and future return on the investment. Appraisers are licensed by the states they perform services and their opinion of value is very reliable.
- A comparative market analysis is provided by a real estate agent, also know as a CMA. The data offered is pulled from a local Multi list system that the agent is a member of. The information includes competitive listings, recent comparable sales to what you are preparing to buy or sell. Most real estate professionals offer this service at no additional cost to their agency agreement with the client. It is very reliable for most residential and lot purchases.
- Tax assessor records are easily accessible today with most areas offering online services. Depending on how often records are updated you can get an information for what you are selling or buying. If recents improvements are noted and the information has been accurately input you can get an idea of where the value may be. Some assessors sites also show recent sales surrounding the subject properties.
- Real estate and mortgage lender internet sites can also be a resource for finding the value of a property. Depending on the site and how often the information is updated, and the accuracy of the information submitted you may get an idea of the value.
Happy buying and selling…… 🙂