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Local Real Estate News – Lubbock Association of Realtors

Does it stay or does it go? Put it in the contract! BY Ann Kearney, President Lubbock Association of REALTORS®

Buyers, particularly first-time homebuyers, get excited about the prospect of owning a home. Sellers get excited at the idea of moving on, especially if their home has been on the market for a while. When you’re involved in a real estate transacKEARNEY tion – on either side – it’s easy to get caught up in the excitement of the transaction and temporarily lose sight of details… like things that convey. But come closing time, buyers should know exactly what they’re getting, and sellers should know exactly what to leave behind. It’s Probably in the Contract In most cases, transactions involving the resale of residential property in Texas will use the standard Texas Real Estate Commission’s One to

Four Family Residential Contract (Resale). Paragraph 2 of this contract deals with the improvements, attachments, and accessories that stay with the property. One section of the paragraph deals specifically with exclusions, i.e. items which would otherwise be included with the sale. Technically, real property includes anything permanently attached to the house or would cause significant damage to remove.

playscapes, storage sheds, curtains, blinds, and drapes – even shrubbery. Recently, the Texas Real Estate Commission discussed another hot topic: mounted flat-screen televisions. They determined that a mounting bracket or system is usually considered part of the home, but a TV is personal property (i.e. not part of the home).

For more tips on buying and selling, or to find a Lubbock Realtor, I invite you to visit LubbockRealtors.com. Every market is different. Call a Lubbock REALTOR®.

Visit Lubbock Realtors® online

Need help with your home buying or selling experience? Welcome to the Someone Who Can Ask Lubbock Association of Realtors web Of course, everything is negotiable. site – www.lubbockrealtors.com. If you’re buying a house, don’t be On the site you will find: afraid to ask your Lubbock Realtor I Saw This on the Web • A detailed, real-time property In some cases, specific items are what comes along with it… if you search to find your next home – propcalled out in the MLS – for instance, want something included in the sale, erties are instantly placed on Lubyou may see “gorgeous kitchen like a mounted flat-screen TV, have bockRealtors.com from the Lubbock upgrades with stainless steel appliyour Lubbock Realtor negotiate for it. MLS (Multiple Listing Service) ances.” Don’t be fooled. That doesn’t If you’re selling, make sure you • Lubbock Open House Listings necessarily mean the appliances come know what you’re responsible for • Home Buying and Selling Tips with the house. The only thing that leaving behind and what you can take • A complete list of Lubbock Realmatters is what’s in the contract. with you. tors The information on the site could A word of caution – sometimes • A directory of Lubbock mortgage be outdated, incorrectly entered, or negotiations don’t go your way. That’s lenders, title companies, licensed otherwise erroneous. Again, it’s only the nature of the beast. But the aver- home inspectors, home maintenance about what’s in the contract. age sales price for a home in Lubbock companies and more! is more than $137,000… and it’s Visit the agent directory and conBut What About … ? probably not good business to derail tact a Lubbock Realtor to find out So, what are some common sticking a transaction of this size over some why now is a great time to buy or sell points? You’d be surprised: backyard curtains. your home!


Featured Floorplan – Glover Construction

9825 Vinton This week’s Featured Home, sponsored by the West Texas Home Builders Association in cooperation with the Lubbock Avalanche-Journal, was designed and built by the team of Glover Construction. This award-winning plan called the “Yellow Diamond” is an experience all in itself! As you cross the threshold of the graceful stone and brick garden home, you will feel the ambience created by the elegant, comfortable and inviting features. You will be amazed by the gracious living areas, two dining areas, two large covered patios, 18” tile floors, and tall ceilings. Even the greatest of gourmet cooks would appreciate the design and function of this kitchen. Features include awe-inspiring woodwork, granite countertops, spacious island, and the latest in stainless steellook appliances. The master suite incorporates the serenity of isolation with a door to the private side garden patio. The lavish master bath features marble vanities, dressing area and separate marble jetted tub and shower. The wrap-around closet offers abundant hanging storage, as well as two built-in dressers and a wall of shoe racks. The two large bedrooms on the front of the home feature special ceilings and large walk-in closets. The hall bath has a beautiful tile floor, marble vanity, large linen storage, and a large framed mirror. Oil-rubbed bronze fixtures and hardware are seen throughout the house. The utility room boasts a recessed area for the wash and dryer with a drain in the floor. Outside, the lush, low-maintenance landscape completes the package and makes this garden home ready for your dreams to come true. In this Featured Home, with more than 2,100 square feet and reasonably priced at only $210,000, the value shines through. Once you have experienced the beauty of this home, you will no doubt agree that the “Yellow Diamond” by Glover Construction is truly a gem without flaw! You are invited to experience this home by visiting the Open House this weekend, Saturday and Sunday, from 1 to 5 p.m. Or call for a private showing. We know you’ll agree – “Lucky me, I live in Lubbock!” Glover Construction has been building dream homes one at a time for more than 10 years. Their clients always remark on the company’s high standards, knowledge and attention to detail, all of which have made Glover Construction a success and well-respected builder in the industry. The company is a proud member of the West Texas Home Builders Association and Texas Association of Home Builders. For all your building needs, contact Terry Glover at (806) 6328262 or Tera, Realtor at Lubbock Homes, at (806) 778-9515.

Housing remains highly affordable as interest rates dip to lowest rate in two decades In November, housing affordability remained near its highest level nationwide for the seventh consecutive quarter as interest rates dipped below 5 percent for the first time since the series was first compiled nearly two decades ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The HOI indicated that 72.1 percent of all new and existing homes sold in

the third quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the third quarter marked the seventh consecutive quarter that the index rose above 70 percent. Indianapolis-Carmel, Ind., was the most affordable major housing market in the country, regaining the top ranking it held for nearly five years after being edged out by Syracuse, N.Y., last

quarter. In Indianapolis, 93.3 percent of all homes sold were affordable to households earning the area’s median family income of $68,700. Also near the top of the list of the most affordable major metro housing markets were Youngstown-WarrenBoardman, Ohio-Pa.; Grand RapidsWyoming, Mich.; and Dayton, Ohio, and Wichita, Kan. New York-White Plains-Wayne, N.Y.-

N.J., continued to lead the nation as the least affordable major housing market. In New York, 22.6 percent of all homes sold were affordable to those earning the area’s median income of $65,600. The other major metro areas near the bottom of the affordability scale included San Francisco; Bridgeport-Stamford-Norwalk, Conn.; Los Angeles-Long Beach-Glendale, Calif.; and Santa AnaAnaheim-Irvine, Calif., respectively.



HOMES Lubbock 12-4-10