Understanding fixtures and personal property in a real estate sale

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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
  • Mailboxes
  • Flowers and trees
  • Flower pots
  • Garden trellises
  • Fireplace mantles
  • Appliances
  • 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/

 

 

 

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For sale or “on sale”, when is a good time to buy or sell a home

market

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.

Hot market

  • 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

Sellers market

  • 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

Buyers market

  • 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

 

 

Attract more buyers with the right price

salespyramis

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 🙂

Natural light with the blinds closed

Blinds

Here’s a quick inexpensive way to add natural light to your home and not give up  privacy that blinds provide.  I picked this tip up from a home seller that wanted to brighten the rooms without having to remove the window treatments.  They took the 2″ blinds and lowered them about 10 inches from the top of the window frame.   Not only did they add natural light but it also presented the window itself  with a more expensive look.  Best of all it was free and a finished home project in one day.

Happy home selling 🙂  Let the sun shine in 🙂