IN THIS ISSUE:
  • Market stats as of today!
  • New LuxManor video "Should a landlord sign multiple leases for one home?" (~2 minutes)
  • Jim Roy's article on one important thing to do before listing your home.
  • Fall random thought
  • Home maintenance reminder (kept in by popular demand)
We are Still in a Seller's Market

Here are the residential sale numbers in the DMV:
Coming Soon: 532 homes.
Active listings: 6,484 homes.
Under contract: 5,437 homes.
Trailing Twelve Months Market Statistics
Average Sold Price: DC Metro Area
Video: Should a Landlord Sign Multiple Leases for One Home or Just One Lease?
Yes, signing multiple leases for one home can pack in the tenants and maximize potential rent. Piece of cake or could it take a toll on you, the landlord?
One Important Consideration
Before Listing a Home
By Jim Roy
Listing your property
There are so many things to consider before listing your home for sale and one of them is as follows: exactly what are you selling? The home? Definitely. Windows? Sure. Doors? Yep!

But what about grandma's chandelier that has been there for 50 years, came over from overseas and is supposed to be passed on to future generations?
What does the contract say?
The D.C. Metro Area uses a few different contracts.

All of them state that the home shall be in substantially the same condition as it was when the contract was ratified. All fixtures shall convey. Realtors generally view items hanging on a hook as something that would not convey, like framed art. However, anything that is plumbed, wired, screwed, or nailed into the home is a part of the deal unless otherwise excluded.

To help clarify this, LuxManor Realtors (and most agents) add an addendum specifying items that are either part of the transaction or excluded. Buyers and sellers should take a moment to ensure sure this information is correct before signing this page.
True story
Many years ago I represented a buyer who submitted an offer for a big, beautiful, unique home. We soon ratified the contract and all was going well.

A few days later, the listing agent called me, basically in a panic. I recall he was not very diplomatic considering the situation his client was facing and probably should have been more contrite.

It turns out that the sellers had curtains hanging in their bedroom (just two panels) valued at $25,000. They planned to take them to their next home but the contract indicated "window treatments convey."

As luck would have it, the buyer did not particularly care for the curtains and was planning to replace them. We were able to work it out in a way where everyone was happy.
The solution
There are two viable options; one is definitely preferable.

Simply take any such item down before photos, before showing the home, and definitely before signing a contract. Put it in a box and be done with the matter. This is my preferred option.

Alternatively, a seller could exclude them in the contract and then remove the item anytime before closing.

If the item will be taken down at some point, why risk making it negotiable?

If a buyer sees it, she could decide she loves it and refuse to buying at the asking price unless the item in question conveys. This simply would not have happened if an equivalent item were in its place.

Just remove it before the marketing photos are taken and save yourself from a potentially contentious moment.
September Thought: I find it annoying when someone gets to the point they’re trying to make and
Home Maintenance Reminder
Check out your air filter for correct size and current condition. If dirty, replace asap. You may save a few dollars by keeping the existing filter, but a dirty filter could cost tens or hundreds more in utility bills each month.
https://www.youtube.com/watch?v=qAiTlETdKUM
Contact a LuxManor Realtor with any real estate related questions for quick and reliable answers. We work with some of the best lenders and title companies in the business who can assist our clients on all real estate matters. 

For more information or to speak with a licensed Realtor, contact Jim Roy at 301-986-9401 or [email protected].