Email ElizabethCMAs – Comparative Market Analysis For Sellers
CMA’s – Comparative Market Analysis for Sellers. This is an article written by Elizabeth previously, for another website. She breaks this term down beautifully for a reader. I notice lots of agents say “CMA” when talking with clients. This sounds as though everyone understands our slang terminology. You will understand what a CMA is about after you read this article,
Enjoy, — JaCi
“I don’t always prepare a full-blown CMA package for listing presentations. Sometimes, the seller already has a handle on the market and knows what is for sale and which homes have sold. Besides, for sophisticated sellers, they really don’t need to read all that miscellaneous data that often accompanies CMAs. For them, I print out a portrait CMA that shows the last six months of activity, including current inventory, days on market and median prices. Print and go.
Because that’s what lots of sellers want to know, coupled with how much extra value they believe that new roof should bring. For sellers who want a clear a picture of the trends in their market, it is the pending sales that predict which way the market is moving.
Sometimes the comparable sales are too old because the market is moving too quickly. And active listings are important only to the extent that they present competition. Not to mention, those prices can be all over the board and meaningless, regardless of how often a seller may point to the neighbor’s McMansion and want to list at a higher price for their 1,000 square-foot bungalow.
What Is a Comparative Market Analysis?
Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the agent’s business practice. However, standard comparative market analysis reports tend to contain the following data:
Pending Listings:
Active Listings:
Sold Listings:
Off-Market / Withdrawn / Canceled: “
To obtain your free market analysis, please call Weintraub & Wallace Realtors with RE/MAX Gold, at 916-233-6759.
— Elizabeth Weintraub
Should You Think Twice Before Leasing Solar Equipment?
Before leasing solar equipment, should you think twice? Do you plan to sell your home in the next several years? Then think twice before leasing solar equipment. Here in California, where the sun shines most of the time, it seems wise to take advantage of the sun to power the lights and systems in our homes. And of course, going solar is the “green” thing to do. However, before leasing solar equipment, read the lease terms carefully. In addition to looking at the monthly lease payment compare it to how much you would expect to save on your power bills.
Look at what happens at the end of the lease term. Look also at whether you or the leasing company will be responsible for repairs and upkeep. If you’ll be responsible, and if the equipment is damaged, will your current insurance cover it? Better check with your insurance carrier. Leasing solar equipment could be more expensive than you realize. Even more important, if you think you might want to sell within the next few years, learn what will happen when ownership of the house transfers.
Your lease is an enforceable lien against the house, so the question will need to be addressed prior to closing. Will you be able to “buy out” the lease and transfer the solar equipment along with the house? Alternatively, will the company from whom you are leasing solar equipment be willing to transfer your lease to a new owner?
A typical solar equipment lease is 15 to 20 years. Would the buyers be able to take over your lease or would they be required to sign a new lease for 15 or 20 years? What if your buyers want nothing to do with owning or leasing solar equipment? Some consumers report having to pay the solar company thousands more than the remaining lease payments in order to
have it removed.
If you believe solar power is right for you, consider buying your equipment.
Many recommending buying rather than leasing. This article https://www.consumerreports.org/energy-saving/real-cost-of-leasing-vs-buying-solar-panels/ from Consumer Reports outlines several of the
reasons why. The article also cautions against using the financing offered by the solar company. You can probably do better with a home equity loan, which might even make you eligible for tax credits.
If you’re thinking of going solar, talk with your insurance agent, your tax preparer, and your lender. Then examine both lease and the sale documents carefully to make sure you know the facts before you sign an agreement.
If you want to buy or sell a home and review the existing solar system lease terms before you commit as a buyer and or know your options with an existing solar system as a seller, call Weintraub & Wallace Realtors, with RE/MAX Gold at 916-233-6759.
— JaCi Wallace
Cleaning Swimming Pools On Father’s Day
Cleaning swimming pools on Father’s Day is not what most peoples’ idea of a celebration is. Well, if you are my sister, Cathie, then it is because she is determined at whatever she commits to doing. That is Cathie in the photo above.
She was working away cleaning the swimming pool to be ready for the grandkids to enjoy it this summer. My brother-in-law Greg was working on fixing fence and doors, as well as tending to the garden and fixing the dog house. Cathie and Greg are both licensed Realtors as well. It was a family affair as we all had jobs to do on this Father’s Day.
While working on the computer today, I was thinking about Father’s Day. Our dad passed almost 30 years ago. He would have loved seeing Cathie in that pool cleaning away like any other day. There is always work to be completed when selling Sacramento real estate.
Our team held several open houses today. Of course, a Seller is anxious to hear what efforts were made on their behalf during their Sunday Open House on Father’s Day. We had much to tell as our new listing in Land Park had over 40 groups of people through today.
If you would like to hire a real estate team that holds open houses even on holidays to sell our listings, call Weintraub & Wallace Realtors at RE/MAX Gold, 916-233-6759.
— JaCi Wallace
Is The Property Condition Disclosure Your Friend?
Is the property condition disclosure is your friend? When you list your Sacramento home for sale, you’ll be asked to fill out a property condition disclosure form known in California as a Transfer Disclosure Statement (TDS). You’ll also fill out the California Natural Hazard Disclosure Statement.
These detailed forms are required when transferring ownership of residential property of 1 to 4 units. The questions cover every material fact about the home and any appliances that will transfer with the home. Contrary to the laws in some states, sellers are also required to disclose the location of registered sex offenders. This information can be found via a map search at the California Megan’s Law website. The Residential Purchase Agreement contains this information and that covers the required disclosure. If a seller actually had direct knowledge of a registered sex offender in the neighborhood, this would be disclosed. (https://www.meganslaw.ca.gov/)
The property condition disclosure, along with others, must be given to the potential buyer. I have these filled out in advance for buyer review before the final purchase agreement is signed. Otherwise, the buyer has the option to terminate the contract within 3 days of receiving the disclosure. To fill out the forms correctly requires time and thought. In other words, it’s tedious work. Sellers are encouraged to fill out disclosures as soon as possible. However, it is important to fill out the property condition disclosure completely and accurately.
In California, home sellers are also required to report a death that occurred in the house within the past 3 years that was not AIDS-related. California law also requires emotional defect disclosures, but only if it has occurred in the past five years. In other words, an alleged haunting that occurred ten years ago need not be disclosed, but if residents report ghostly sightings at every full moon, it must be disclosed.
Completed disclosures help to offer some protection from disclosure related lawsuits, although, a lawsuit can happen if you have done everything correctly.
Some sellers ask questions about how much information to include on their property condition disclosure forms. They sometimes fear that the truth will scare buyers away. Perhaps in some cases, with some buyers, it will. But, it’s far better to wait for a different buyer than to end up in court later.
One well-known California couple tried to hide the fact that a large skylight leaked. They were “lucky” in that no agents or buyers came by on rainy days. They weren’t so lucky when the ensuing lawsuit cost them more than a million dollars. Their excuse for failing to disclose the leak was that it hadn’t been disclosed to them when they purchased the house.
A couple in another state falsified the results of a septic system inspection, saying it was in fine condition when, in fact, the inspector said it was failing. In the resultant lawsuit, the buyers were awarded triple damages. When you have disclosed every known defect about your house, you have done your best to be protected from lawsuits regarding those defects. This is because the buyers must attest to the fact that they have read your report.
If they skimmed the report and missed something, or if they read it, didn’t understand, and didn’t seek an explanation, it becomes their problem – not yours. If there’s a question on the form and you honestly don’t know the answer, you can say you don’t know. However, if you do know and choose to say you don’t, beware. There will be a neighbor somewhere who knows that you knew, and they’ll tell someone.
Even if you are not required to disclose a fact, such as a violent crime that occurred many years ago, you may be required to respond if asked directly. You can check with your company Attorney to confirm how to best handle these particular types of questions. However, saying “no” if you know the answer to be “yes” could ultimately lead you into court. I am a declared a “Probate Expert” to provide testimony in the Sacramento Superior Court, Probate Division.
I do sell homicide and suicide properties and have over the last 12 years. I have never sold a haunted house to the best of my knowledge. However, a Realtor who represented a buyer on a Probate listing reported to me, that she was in conversation with the decedent and that he had jumped up into her truck and had a conversation with her. My reply, “I have no special abilities like yours I just sell the real estate.”
The same rules hold true for your Realtor ®. He or she must disclose all known facts that would influence the price or the sale of a home. Realtors also fill out an Agent Visual Inspection Disclosure (AVID) form. This is a visual disclosure. As Realtors we do not craw under foundations or go up into attics as we are not certified to do inspections. This form is for defects or items of interest such as power lines and or telephone wires across the back yard. Though these lines are not a defect they can be a concern for some buyers.
If you want to hire Realtors who make sure all disclosures are completed and in your file, call Weintraub & Wallace Realtors with RE/MAX Gold, at 916-233-6759
— JaCi Wallace
Elk Grove Ranch With A Lake Is But A Dream
This Elk Grove ranch with a lake is but a dream property for one lucky buyer. This photo is of the pristine lake which has two islands, a boat dock, a walking bridge and a gorgeous giant rock waterfall. There is a walking path all around it and a very zen bench at one end, where you can simply get lost in a daydream. It is located at 8109 Sloughhouse Rd. Elk Grove, Ca. 95624.
The property has the original barn-red colored dairy barn with white trim. There is also a shop that is fully functional for a working ranch. There are three homes on the property as well as many outbuildings. Ownership was reported as being part of the original Spanish Land Grant, so it has historic significance as well. Affectionately named, “Ochenta Robles,” or the translated version is “80 Oak Trees.” There are so many beautiful different types of oak trees scattered about the property.
This Elk Grove ranch, with 80 acres of rolling hills, is the prettiest piece of property I have ever seen. I dream of owning this property one day and only need $3,000,000 to make it a reality. We all have dreams, so dream big, and why not?
There is a quiet sense of peace you feel when walking the property. So many birds singing, and peacocks walking about are abundant. You can watch the wildlife for hours, as it is simply breathtaking.
If you are interested in buying a ranch or selling a ranch in the Elk Grove/Wilton area, please call us at Weintraub & Wallace Realtors, with RE/MAX Gold, at 916-233-6759.
— JaCi Wallace
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