March 20, 2017

What Items Do I Have to Leave When I Sell My House?

Items that Convey with the Property

 When you sell your home what stays with the property

and what can you take with you? 

 

Here’s an excerpt from the Arizona Association of Realtors Purchase Contract that clarifies the items that will be included in the sale of the property and convey to the buyer at closing:

1g.Fixtures and Personal Property:

For purposes of this Contract, fixtures shall mean property attached/affixed to the Premises.

Seller agrees that all existing: fixtures on the Premises, personal property specified herein, and means to operate fixtures and property (i.e.- remote controls) shall convey in this sale. Including the following:  

  • built-in appliances 
  • light fixtures
  • storm windows and doors
  • ceiling fans and remote controls
  • mailbox
  • stoves: gas-log, pellet, wood-burning
  • central vacuum, hose, and attachments
  • media antennas/satellite dishes (affixed)
  • timers (affixed)
  • draperies and other window coverings
  • outdoor fountains and lighting
  • towel, curtain and drapery rods
  • fireplace equipment (affixed)
  • outdoor landscaping (i.e. – shrubbery, trees and unpotted plants)
  • wall mounted TV brackets and hardware (excluding TVs)
  • floor coverings (affixed)
  • free-standing range/oven
  • shutters and awnings
  • water-misting systems
  • garage door openers and remote
  • speakers (flush-mounted)
  • window and door screens, sun shades
  • controls
  • storage sheds

If owned by Seller, the following items also are included in this sale:

  • affixed alternate power systems serving the Premises (i.e. – solar)
  • in-ground pool and spa/hot tub equipment and covers (including any mechanical or other cleaning systems)
  • security and/or fire systems and/or alarms
  • water purification systems
  • water softeners

The purchase contract then allows you to include any other personal property (such as refrigerator, washer and dryer) as well.  Leased items are not included in the sale.  

If you do not want to include any items on the above list, I recommend that you remove the items prior to the listing and photographing the listing for sale and replace with another item if needed.  Or you can list the items that will be excluded from the sale on the listing agreement so we can notify the buyer on the MLS.  We will need to make sure these items are included in the purchase contract before accepting an offer.  Please remember that if not otherwise stated, all the items listed will be sold with the home.

If you have any further questions about what stays with the property when you sell it please contact me.

 

Feb. 22, 2017

Preserve Your Equity with a Pre-Inspection

Seller Pre-Inspections Preserve YOUR Equity!

The home inspection period can be a stressful time for both sellers and buyers.  And rightly so, 42% of transaction fall through due to inspection issues.  Why not help bulletproof the sale of your home and complete a seller pre-inspection BEFORE you list the property?  

In Arizona, the typical home inspection period for the buyer is 10 days!  During those ten days, you are at the mercy of the buyer and their inspector waiting to see if there is something wrong with your house that you don't know about. Then you have to worry if this problem will affect the profit?  Or will the problem or problems cancel the sale altogether?  Wouldn't you rather go into offer negotiations knowing the condition of your property and be in more control of the transaction from the start?  The information you get by completing a pre-listing inspection will help you get your home ready for the market as well as put you in a stronger position when it comes to negotiating with a buyer.  

Here are some FAQ about seller pre-inspections:

What is a Seller's Pre-Inspection?

Instead of waiting until going under contract with a buyer, the seller completes a professional home inspection prior to listing the house on the market for sale.  This inspection is an objective, visual examination of the physical structure and systems of a home from the roof to the foundation to find items that are not performing correctly or items that are unsafe.  The home inspection can point out items that could cost you thousands in repairs, and of course, there will be the normal wear and tear items that are usually an easy fix.  

Typically in Arizona, a buyer has a 10 day home inspection period that begins at contract acceptance.  If the buyer finds anything wrong with the property during the home inspection period they can elect to cancel the contract within the allotted time set forth in the purchase contract.  A seller pre-inspection puts the seller in a stronger position by knowing the condition of the property prior to pricing and listing the home on the MLS. Providing the home inspection to the buyer provides transparency and peace of mind to the buyer.

What does a Home Inspection Include?

A standard Home Inspection includes an inspection of the condition of the heating system, central air conditioning system, interior plumbing, electrical systems, roof, attic, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement and structural components.

What Will Not Be Included in the Home Inspection?

The inspection is limited to readily accessible and visible areas.  An inspector will not damage walls, flooring, move furniture, appliances, stored items and they cannot walk on inaccessible or steep roofs or excavate soil.  Latent and concealed defects and deficiencies are excluded from the inspections.  Cosmetic flaws and defects are also not part of most inspections. 

Will the Home Inspector Fix Any Problems Found During the Inspection?

No.  The code of ethics of The American Society of Home Inspectors prohibits its members from doing repair work on properties they inspect.  This assures that there will never be any conflict of interest by the inspector.  The purpose of the home inspection is to provide an unbiased, objective 3rd party report on the condition of the home. 

Will an Inspection of the Pool be Included With a Standard Home Inspection?

Items such as detached buildings, docks, hot tubs, private wells, pools, septic systems, radon, mold, termite, and more can be arranged to be inspected for an additional fee.  

Do I Get a Written Report on the Condition of the Home?

Yes, a written report is provided summarizing any issues found with the home.  Most Home Inspectors also provide pictures of any issues that arise for easy reference.

What is the Difference Between a Home Inspection and an Appraisal?

A Home Inspection evaluates the condition of the structure and systems of a home.  An appraisal determines the fair market value of a property based on its size, location and recent sales of like houses in the area.  Some appraisals, such as FHA and VA, however, have requirements for the condition of the home.  For example, they look for broken windows, broken stairs and if there is a spot for a built-in appliance, then the appliance must be present on the spot.  They also check to make sure the electrical system is safely working and that the heating and cooling systems are operational.   Generally summed up, the property can't be in bad repair, and must be livable. 

If you'd like more information about completing a pre-inspection or if you have other questions about selling a house, please don't hesitate to contact me at 623-252-9350 or cinda@wvhometeam.com.

Try our FREE instant property valuation tool, it's a great place to start when determining the value of your home.  

 

Feb. 17, 2017

Top Real Estate Buyer Tips for 2017

What is the internet saying about buying a home in 2017?

  1. According to Yahoo Finance, first-time home buyers should act now because you are going to face competition and bidding wars in the spring.Buying a home

  2. Yahoo Finance also states there's more loan money out there for buyers right now.  Call your lender today to find out what you qualify for.  You might be surprised to find you don't need as much of a downpayment as you think.  

  3. Realtor.com also recommends that buyers should start looking now before the spring selling season ramps up.
  4. CBSNews.com reports that according to an analysis by Zillow, low inventory and strong demand helped push prices higher in 2016 at the fastest pace in 10 years.

  5. CBSNews.com also stated that the inventory of homes for sale is expected to be tighter in 2017 than it was in 2017.  

  6. A chief economist at Zillow said that buyers don't need to "freak out" about rising interest rates, according to CBSNews.com.

  7. Forbes.com emphasized how important it is to check your credit score when getting ready to buy a home and to get pre-approved with a lender.

  8. To get ready to buy a home Realtor Magazine suggests automating your bank accounts so that you regularly set aside money from your paycheck into a separate account, cleaning up your credit and budgeting wisely.

Search for homes on the MLS.

 

Feb. 17, 2017

January 2017 MLS Market Report for Phoenix

January 2017 MLS Market Report for Phoenix

What Sellers and Buyers Need to Know Heading Into Spring:

Sellers:  

January saw a decrease in sales last month, which was expected.  The changes in Washington, along with downpayment assistance programs reaching the end of the available funds, may have something to do with this.  The average Days on Market is increasing, and inventory remains low.  Remember "pretty homes' sell faster and for more money...have your home in tip-top shape to secure the best offer(s) from buyers.  How you stage your home could have a big impact on the bottom line.

 

Buyers

Despite concerns, interest rates remained relatively stable over the last 30 days, but we expect to see gradual increases throughout the year.  Nearly 27% of the sales last month involved cash buyers, so a reminder to Buyers with a loan…you will often get a good price or good terms (concessions/contingencies), but rarely both. Be prepared to write your offer accordingly.   

The monthly report is ready for you to view or download.  Click on the image below to access this month's market report.  Please feel free to share this information with your friends and family.

 

January 2017 MLS Market Report for Phoenix

 

Get a FREE instant property value report!

Search for homes on the MLS!

Jan. 10, 2017

Increasing the Marketability of Your Home with a Pre-Inspection

Preserve Your Equity with a Seller Pre-List Home Inspection!

A great way to increase the marketability of your home is to complete a home inspection prior to listing. Typically the buyer completes a home inspection during the 10 day inspection period. The goal of the buyer’s home inspection is to uncover any potential problems or costly repairs before purchasing the home and while there’s still time to negotiate. Here’s why you should consider completing a home inspection prior to listing your home:  

 

  1. Completing a pre-listing home inspection can save you money. Even if you choose not to fix the items found prior to listing, knowing the costs of repairs that a potential buyer will likely want to be repaired will help you determine which offer to choose. These repairs affect your bottom line.
  2. Having a pre-listing inspection completed reassures prospective buyers and makes your home stand out from other homes.  Knowing that a home inspection has been completed provides an open book atmosphere and a goodwill gesture to the buyer. It removes one of the unknowns buyers face when purchasing a home and makes the process smoother for the buyer.
  3. A lot of needed repairs can alter the buyer’s perception of the house. If a buyer sees a long list of repairs needed it may make the buyer feel the house is worth less than the price they originally agreed to pay. It also may make them feel that you did not take good care of the property regardless if you did or not. The buyer may try to negotiate a lower price.
  4. It can affect your list price. If there is a big ticket item that you don’t have the money to fix out of pocket, you can adjust the list price to reflect the repair needed. Explaining to a buyer that you have already factored in this needed repair into the list price stops the buyer from discounting your home.
  5. A home inspection can make or break a deal. 42% of transactions fall thru due to inspection issues.  A seller pre-list inspection helps avoid delays and cancellations. Knowing the condition of your home avoids any surprises after accepting an offer. It also can help avoid delays in closing due to the buyer waiting to order the appraisal until all repairs are negotiated or if there is a timely repair that needs to be completed prior to closing.

Preserve your equity and streamline your home selling process today by getting a pre-inspection before you list your home.

If you have any questions please feel free to call Cinda Rose at 623-252-9350 or email at cinda@wvhometeam.com.

Try our FREE instant property valuation tool, it's a great place to start when determining the value of your home. 

 

Jan. 6, 2017

December 2016 MLS Phoenix Market Report

What you need to know:

Sellers:  In its truly cyclical fashion, the Phoenix real estate market once again experienced a slight drop in active inventory in December, along with a drop in contract received.   This means there will be about 1000 fewer sales in January from December.  Despite the low inventory, prices have remained stagnant for the 7th month in a row.  "Pretty homes" are still selling faster and for more money, so if you are selling your home, it's best to have your home in tip-top shape to secure the best offer(s) from potential buyers.  Now is a great time to present your house to the buyers wanting to lock in a lower interest rate, as they are expected to continue to increase this year.   

Buyers:  Multiple offers are still common for homes under $200,000 and sometimes up to $250,000.  Buyers should take this into account when placing an offer on a property.  Interest rates continue to rise, they went up slightly this past month after a significant increase in November.  Time to get off the fence and secure a good rate before they go up again!

Please click on the image below to access October's MLS Market Report.

 

December 2016 Phoenix MLS Market Report

 

 

Posted in Market Statistics
Jan. 6, 2017

Tips for Selling Your Home in 2017

Need to sell your home?  2017 is looking like a great year to do so!

Here are 5 things you should know if you plan on selling your home in 2017:

  1. Interest rates are still historically low, but they are increasing, which can affect the buying power for most home buyers.
  2. Inventory remains low but there are a lot of buyers out there looking for homes.  
  3. The selling season in Phoenix's West Valley typically starts to gear up in February, now is a great time to get your home ready to be placed on the MLS.
  4. Homes that are clean, staged and move-in ready typically sell faster, especially if they are priced right.
  5. Speaking of pricing, how you price your home is very important!  Keep in mind that what you paid for the house doesn't matter, pricing is dependent upon the current market conditions in your neighborhood.

If you have any questions about selling your home, or if you would like to set up a free consultation, please contact Cinda Rose at 623-252-9350 or email cinda@wvhometeam.com.

Want to know how much your home is worth?  Check out our instant property value report by clicking below:

Home Values

 

 

Jan. 6, 2017

Buying a Home in 2017? Here's What You Need to Know...

What you need to know about buying a home in 2017

It's that time of the year again when most people set resolutions and goals for the New Year.  Is buying a home one of your goals?  If so, what do you need to know about buying a home?  

Here are 5 important things to consider when buying a home in Phoenix's West Valley in 2017:

  1. Inventory is still low.  
  2. We are entering our busy season which typically starts in February.
  3. Multiple offers are still common for homes under $200,000.
  4. Interest rates are increasing.
  5. Home prices have remained stagnant for the last 7 months.

Have questions about buying a home?  Contact us today at Realtor@WVHomeTeam.com or call 623-252-9350.

Check out our awesome home search tool on our website by clicking below:

West Valley Home Search

Want to keep up with the real estate market?  Create your own market report by clicking below:

Dec. 10, 2016

Real Estate Tips for 2017

2017 is just around the corner, what are your real estate plans for the upcoming year?  Thinking about buying or selling a house?  Here's what buyers and sellers need to know in 2017.

Buyers

  • Credit restrictions are loosening up.  Borrowers with FICO scores as low as 690 are now getting mortgage loans.  While people with credit scores of 750+ are getting better rates, there are still loan programs out there for people with lower credit scores.  

  • Downpayment assistance is still available.  Down payment assistance programs like Home Plus, Pathway to Purchase and Home in Five are helping buyers in Arizona make their dream of home ownership a reality.  

  • Rents will continue to rise.  In most areas rents are rising, and, in some cases, they are increasing faster than home values.  Finding a quality rental is getting more difficult.  

  • 2017 will be a popular time for first-time home buyers.  More than half the home sales in 2017 are expected to be first-time home buyers.  This will make the traditional starter homes in fierce demand this spring. 

  • Expect competition and be ready.  Spring is a busy time for home buyers in Arizona, expect to run into heated competition, especially for homes under $200,000.  A solid pre-qualification from a lender is a must.  Better yet, have your lender pre-approve you for a home loan.

Sellers

  • Consider who the buyers out looking will be and make sure your home is in the proper condition.  With over 50% being first-time home buyers, it will be important to have your home move-in ready.  Most first-time home buyers do not have the extra funds to complete repairs.  

  • Know your local market.  Most likely your neighborhood is in the middle of a seller's market.  However, how is that affecting the prices of the homes near you?  It's important to make sure you are on top of the market conditions when pricing your home and when you start negotiating offers with buyers.  

  • Listing your house this Spring?  Start getting ready now.  Assess the condition of your home and determine what you need to do to get it ready to place on the market.  Your Realtor can complete a tour and let you know what items are important.

  • Make your house stand out from the competition.  While inventory remains low, sellers will still face competition.  Increase the interest in your home by making sure your homes shines above the rest.  Complete any necessary upgrades or updates, make sure your home is clean and smelling great, stage your home by decluttering and depersonalizing, and last, make sure your home is easy to view.

Don't hesitate to contact us if you have any questions about buying or selling a home.  We are happy to help!

Dec. 10, 2016

Tips for Buying a Home in 2017


Buying a home in 2017

2016 is coming to an end in a few weeks and it's time to start looking ahead to 2017!  Are you thinking about buying a home in 2017?  Here are some tips that will help make your home buying experience a better one.

  • Find a home search tool that is easy to use.  Since sites like Zillow are often out of date, choose a MLS search provided by a Realtor.  
  • Set up instant property alerts to keep you up to date with new listings.  Have new homes delivered to your inbox.
  • Sign up for a market report for the area you are interested in.  
  • Get pre-qualified with a lender.  It is important to have your pre-qualification form ready to go when you place an offer on a property as it is typically required.
  • Be ready to move fast when a property that matches your needs hits the market.  Especially if you are looking for a home that is $200,000 or less, it is important to jump on properties quickly and get an offer in.
  • Be prepared to make an aggressive offer if your Realtor lets you know there is most likely going to be competition.

In the Phoenix area, the real estate market starts to heat up mid-February and gets in full swing in the Spring months.  You may want to get a jump on the competition and start looking now.  There are still homes on the market and you will most likely face less competition than during the busier months.

If you have any questions about buying a home, don't hesitate to contact us.  

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