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The San Jose Real Estate Market Analysis

San Jose - Valley View 2019-1-20 - for the San Jose real estate marketThe San Jose real estate market is a strong seller’s market, and it has been for months. Available inventory remains low and can’t keep up with the high demand. This article is updated monthly with the latest market data. Here’s a sample of the latest for San Jose’s single family housing market:

  • There was a distinctly hotter seller’s market in March 2021 compared to the year before.
  • San Jose homes took an average of only 13 days to sell.
  • The average sale to list price ratio was a red hot 110.6%, up 2.7% from last month and 4.6% higher than the year before.

Last spring the market experienced mild unseasonable cooling, but from the summer of 2020 on it’s been heating up in San Jose. Early winter saw a hint of seasonal cooling, but by mid-winter it was heating right back up again! This is shown in the San Jose housing market data below, and I’ve also experienced it in my own real estate practice.

Something to note, however, is that these charts will not reflect the full effect of the pandemic on the market. We have a better view of the impact now that we have a good spread of data to look back on, but it will take a while to see the full picture. For now, you can read about Coronavirus’ impact on real estate sales on my other post.

Early on in the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th of 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. Current numbers are accurate, but disregard this data for those previous months.

First please find the Altos Research Charts, a live feed of data on the housing markets in San Jose. You will then also find the RE Report, charts with statistics comparing sales in the last month and comparing them month-over-month and year-over-year. These are both the usual tools I use to gauge a market. Directly below are links to the market analysis of specific neighborhoods in San Jose. Some of these, where I work the most, are updated monthly, and others are updated every few months.

Altos Charts for the San Jose real estate market as a Whole – automatically updated each week – single family homes

First, the market profile and then the basic charts for single family homes or houses in San Jose. FYI, Altos uses LIST prices. The RE Report further down uses SOLD prices (which is part of the reason why I utilize both).

This real time market San Jose housing market profile (updated April 6th) shows on the graph a growing inventory, extremely small and shrinking days on market, and a rising market action. San Jose is in an extremely strong seller’s market and still heating up according to Altos! The Median List Price (for condos and houses combined) is usually stable around $1,250,000, though it has been getting nearer and nearer to $1.3 mil since last year.

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The Cambrian Park Real Estate Market Update

Cambrian Park Real Estate Market graphicThe Cambrian or Cambrian Park district is a popular residential market with good “bang for your buck.” It remains a strong seller’s market with signs of spring warming in the air. This article provides a detailed look at the residential real estate markets of Cambrian with live and monthly updates. Here are some points of note from the latest monthly update for Cambrian Park single family homes:

  • The sales to list price ratio keeps rising, reaching a red hot 111% of asking!
  • Sales are happening quickly with an average 15 days on market.
  • Market activity is growing into spring with a rising number of closed and pending sales.

The Cambrian Park Real Estate Market

One of the best ways to get a pulse on the Cambrian Park real estate market is to see what’s selling fast. Sometimes a few low sales will make the market look more sluggish than it is. For the Cambrian housing market, though, most single family homes are selling well, with multiple offers, and overbids right now. But not all. So let’s separate them out by time and see how it looks.

Before we begin, it’s important to recognize how much has changed since last March. With almost a year behind us we can clearly see some the pandemic’s affect on the real estate market, but it will still take time to see the full picture. For more on the impact of the pandemic on the market, check out my post titled Coronavirus impact on real estate sales.

Early on in the lockdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for the months involved. Current numbers are accurate.

Fast sales are stronger sales: under 14 days is best for Cambrian Park realty sales 

Just now (as of April 12th) I pulled the single family home sales for Cambrian (MLS area 14) for the last 30 days and saw a huge difference between the homes that sell fast and those that do not. The turning point seems to be 14 days on the market between overbids and underbids.

Out of 55 properties sold in the last 30 days, 50 of them or over 90% sold in 14 days or less, with the average days on market (DOM) for this quick group a lighting speed 6 days! For these fast selling homes the average list price $1,458,633 and average sale price $1,667,897 (averaging an overbid of $209,264 or approximately 114% of list price)! In total, none in that group sold below list price, 3 sold at list price, and the remaining 47 properties sold over asking.

The 5 slower sales, just shy of 10% of all sales, were on the market between 19 and 108 days. All 5 sold above list price (1 sold for $1 more), which is strong for the slower sales.

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Updating the Campbell Real Estate Market

Tudor style house on graphic that says - How's the Campbell real estate market?How is the Campbell real estate market? Campbell is still in a strong seller’s market and is heating up in spring after only mild seasonal cooling through early winter. This article, updated monthly, offers data and analysis on the residential real estate market in this popular Silicon Valley community. Here are a few points from the latest update on Campbell’s single family housing market:

  • The sales to list price ratio for home sales last month rose to a hot 106.8%.
  • These sales had a quick turnover with an average of 21 days on the market.
  • Median and average sales prices rose roughly 10% from February and even higher year-over-year.

The Campbell, CA Real Estate Market

It’s hard to predict what’s coming up next with all that’s happened since March of 2020. The charts below certainly show the impact of the pandemic on the real estate market, but it will take a while to see the full picture. To read more about the Coronavirus impact on real estate sales, check my blog post on the topic.

At the beginning of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory in those months, though current numbers are now accurate.

If you’re selling, perhaps last summer you’d have gotten 4 – 6 offers on your well prepared, beautifully staged, and aggressively priced home for sale. Recently, we’ve started to see those numbers again (and sometimes more!) as we enter a spring market with a long (and growing) backlog of demand. However, we are still seeing some buyers bring in offers with normal contingencies, particularly if there are not any competing bids. With the restrictions on showings and real estate in general, these numbers may still be low. As the vaccine rollout and reopening expands into spring and summer we may begin to see that extend to increased activity in the real estate market. But we’ll just have to wait and see!

Here’s a quick view of the Campbell real estate market stats from Altos Research, using LIST prices:

Campbell Altos Real-Time Market Profile

As of April 7th the Altos chart showing Campbell, CA single family homes is in a strong seller’s market with rising market action, low and growing inventory, and low days on market. Things are heating up in Campbell!

And now –  here are some quick stats, care of my RE Report for Campbell:

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Milpitas real estate market

Graphic: House and yard with words Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County. Altos Research has called it a strong seller’s market for many months now, and it just keeps getting hotter! Here are a few more points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • March’s active inventory more than doubled from the month before but remains well below this time last year.
  • Listings regularly saw bids well over list price with an average ratio of 107.3% of asking!
  • The average Milpitas home is sells around $1.2-$1.5 million.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though certainly not a typical market. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling over list price, and usually above peak pricing from spring 2018! That said, sellers don’t be tempted to list your home too high. Price it appropriately to today’s market and you will have more interested buyers willing to compete for your home, perhaps even starting a bidding war!

A lot has changed since March 2020. Over time we’re beginning to get a clearer view of how covid-19 is affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, follow the latest market trends in this article and check out my post: Coronavirus impact on real estate sales, to learn more about the restrictions placed on our local market.

During the initial shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So disregard those previous months data, but current numbers are accurate.

So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated automatically on a weekly basis, so check back often:

Altos Real-Time Market Profile, Milpitas

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Mountain View CA real estate market trends and statistics

Mountain View CA real estate market trends and statistics on Mary Pope-Handy's Valley of Heart's Delight blogMountain View’s real estate market is warming up again after a brief and mild winter cooling. This March has been a busy one, but in some areas it’s not looking quite as hot as March 2020. Here’s a glance at some of what we’ll see in the single family home market below:

  • Sales, pending sales, and active inventory were all up from March 2020 indicating plenty of activity.
  • Days on market average around a month at 29 days.
  • The sales to list price ratio is hot at 104.4%, just not quite as hot as the 108.2% we saw this time last year.

The Mountain View Real Estate Market

How’s the Mountain View CA real estate market? This is one of the hottest areas within Silicon Valley and is home to a myriad of high tech companies and is a stone’s throw from others. With a charming and walk-able downtown, easy access to CalTrain, and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target. (Also popular are adjacent municipalities: Sunnyvale, Cupertino, Los Altos, and Palo Alto.)

All that popularity comes at a cost, though. Prices have been sky high in Mountain View for years, both for rentals and for home buying. The good news, though, for those with property or those who take the plunge and purchase: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated monthly, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. From time to time I will be adding “in the trenches” commentary to bolster this information.

Before we dive in, it’s necessary to acknowledge that much has changed since March 2020, so this data is going to show some atypical trends due to current circumstances. This month’s data gives us a view into the pandemic’s current impact on real estate, but not the full picture. For more on this, read my post titled Coronavirus impact on real estate sales.

During the first lockdown order, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) beginning from March 17th until around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. That means current numbers are accurate while data for those previous months are not.

Overview of the city of Mountain View’s residential real estate market for houses:

See the whole Mountain View Real Estate Report online here.

Single family home (mostly houses, but some duet homes) closed and pending sales grew from the month before, and both are well above March 2020 numbers. Active inventory slipped month-over-month and is just a hair over last year. The market is looking more active than last year, with more than quadruple the number of pending sales. Despite a more active market, March 2020 had quicker average days on market and higher average overbid. Mountain View is in a prolonged seller’s market that’s heating up into spring, but looking a little less wild than 2020.

Mountain View is a strong seller’s market with an unusually high level of activity.

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $2,137,500 (-18.3%) $2,617,500 $2,150,000 (-0.6%)
Average Price $2,380,050 (-10.4%) $2,656,530 $2,207,860 (+7.8%)
No. of Sales 28 (+7.7%) 26 21 (+33.3%)
Pending 47 (+34.3%) 35 10 (+370.0%)
Active 19 (-9.5%) 21 18 (+5.6%)
Sale vs. List Price 104.4% (+2.2%) 102.2% 108.2% (-3.5%)
Days on Market 29 (-6.2%) 31 (+252.3%)
Days of Inventory 20 (-6.7%) 22 26 (-20.8%)

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Sunnyvale real estate market trends & statistics

Spring is coming in hot in the Sunnyvale real estate market! Buyers are competing against multiple offers for practically every listing in this red hot seller’s market. Here are a few quick points from the single family home market below:

  • The sale to list price ratio heats up again with homes selling on average at 113% of asking. That’s a raging sellers market!
  • Properties are selling quickly with an average time on market of only 10 days.
  • Active inventory is a little short of where it was a year ago, but sales and sale pendings are much higher.

First a quick note before we dive into the Sunnyvale real estate market trends and statistics. A lot has changed since last March and while a reaction to the pandemic is visible in this data and analysis it will take a long time for us to see the full impact on the market. To read more about how the pandemic is affecting real estate sales, please read my post: Coronavirus impact on real estate sales.

Last spring, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM) between March 17th through roughly May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those past months, but not current data.

Sunnyvale Real Estate Market Trends and Statistics

Just now I pulled the March sales of single family homes for the Sunnyvale real estate market trends and statistics. In that time the MLS reports there were 62 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in sale price was from $1,000,000 to $3,490,000 (31 sold between $1 – $2 mil, and the other 31 sold between $2.01 – $3.49 mil). For this Sunnyvale group:

  • the average list price came in at $1,790,550
  • average sale price was $2,016,960 – over $226K more!
  • average age 56 years
  • average square footage 1,663 SF
  • average lot size 6,338 SF
  • average days on market 16 (up from 15 last month)
  • average price per SF for all 22 houses: $1,245.32 (down from $1,265.60 the month before)

Not all homes sold $226K over list price, however. Here’s a bit more data on that part of the Sunnyvale housing market.

There were 55 homes (out of 62, or roughly 89%) which sold in 14 days or less. Of those hot listings, the average list price was $1,819,131 and average sale price $2,072,118, that’s almost $253K more! Only 3 of these properties sold below list price, 2 at asking, and the remaining 50 sold above. Home size average 1,693 SF and lot size average 6,390 SF, so slightly larger homes on larger lots compared to the whole. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the fast sales group: $1,260.92, or $15.60/SqFt higher than the total market average.

If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers. The days on market for this group ranged from 16 days – 370 days! Most took between 5 – 2.5 weeks. Among those 7 sales, 4 sold above list price and 3 sold below asking price. Their average list price (may include price reductions) was $1,565,984, and average sale price was $1,583,571 or a little under $17.6K above list price. Average price per SF $1,122.71, or a whopping $122.61/SqFt less than the total market average!

This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the list to sale price difference.

The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.

The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.

Do you find this kind of info useful? If so, I’d love to hear from you – my email address is mary@popehandy.com. Please tell your friends, especially if they are interested in buying or selling residential property here!

The Real Estate Report numbers for Sunnyvale (entire city), single family  homes

Feel free to visit the same statistics, trends, and more at my ReReport page.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

Sunnyvale realty market statistics

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $2,020,000 (+1.5%) $1,990,000 $1,965,000 (+2.8%)
Average Price $2,037,590 (+13.4%) $1,797,340 $1,950,010 (+4.5%)
No. of Sales 55 (+175.0%) 20 40 (+37.5%)
Pending 62 (+19.2%) 52 35 (+77.1%)
Active 24 (-4.0%) 25 30 (-20.0%)
Sale vs. List Price 113.0% (+1.4%) 111.4% 110.4% (+2.4%)
Days on Market 10 (-31.9%) 15 17 (-36.8%)
Days of Inventory 13 (-61.2%) 34 23 (-41.8%)

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Cupertino Real Estate Market Trends and Statistics

How’s the Cupertino real estate market?

Cupertino’s active inventory is growing low, but March saw a high number of sales with buyers competing furiously for the best homes. The sale to list price ratio kept rising and homes took only one week to sell on average – it’s a raging hot market in Cupertino! Here are some of the points on the single family market that we will see in the following article:

  • Seasonal trends are impacted by low inventory and a backlog of demand creating a fiery hot seller’s market.
  • Last month Cupertino homes regularly sold well above list price at an average ratio of 110.5% of asking.
  • Available inventory shrank since the month before while closed and pending sales grew by leaps and bounds.
Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Normally, looking at the market data for the previous month gives us a good idea about where the market is today. But change seems to be the only constant since the start of March. We’ll be seeing a clearer impact of the novel coronavirus on the real estate market over time, but for now you can read more about the Coronavirus impact on real estate sales in my other post.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for prior months. Current numbers are accurate.

This city often represents how the best markets in the valley are performing, as it offers a short commute to major tech centers, fantastic schools, and homes that are (generally) not too elaborate or wastefully luxurious. If Cupertino’s doing well, you’ll have a pretty good idea that the market in the more affordable price points in Los Altos, Saratoga, Los Gatos, etc. are likely also doing well. And if Cupertino is faring poorly, that is not a good sign for anywhere!

 

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Willow Glen real estate market in San Jose

Willow Glen real estate market is a strong seller's market. This Willow Glen sign is from the downtown business district.The real estate market of Willow Glen in San Jose just keeps heating up, with significantly more activity overall than a year ago. It’s a raging hot seller’s market for Willow Glen homes! This article will provide data and analysis for the residential markets in this area, updated monthly. Here are a few points from the single family housing market update:

  • Continually low active inventory shows that listings can’t keep up with this hyperactive market!
  • Pending sales have grown by nearly 50% for the second month in a row 2020!
  • Most homes sell in about two weeks and with an average of 108.9% of list price!

The Willow Glen Real Estate Market

Willow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.

The Willow Glen real estate market for single family homes remains in a long-term seller’s market despite recent cooling.

But things have certainly changed since last March. We should have a better view of the affect those changes are having on the Willow Glen real estate market this month, though not the complete picture. For an understanding of how Covid-19 is affecting the local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.

At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those previous months, though current numbers should be accurate.

1. Willow Glen Market Trends: Single Family Homes

March’s market saw some ups and downs, but generally it remains a hot seller’s market. Sales rose and pending sales skyrocketed almost 50% from the month before for the second month in a row, growing from 25 in January to a whopping 102 in March! Both are well above last year’s sales and pendings. Active inventory, on the other hand, fell month-over-month and is less than half of what it was in 2020! Far more homes are selling than are currently available putting pressure on Willow Glen buyers. The sales to list price ratio also shot up from last month rising well above last year to a fiery 108.9%. Overall the market is stable with extremely active spring trends and Willow Glen homes continue to be in a hot seller’s market.

Here are the most recent housing sales statistics from the RE Report.

Click for the complete Willow Glen real estate report:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,700,000 (+9.6%) $1,551,000 $1,600,000 (+6.3%)
Average Price $1,895,870 (+11.4%) $1,701,970 $1,807,940 (+4.9%)
No. of Sales 55 (+25.0%) 44 39 (+41.0%)
Pending 102 (+47.8%) 69 30 (+240.0%)
Active 22 (-35.3%) 34 53 (-58.5%)
Sale vs. List Price 108.9% (+3.9%) 104.8% 104.2% (+4.6%)
Days on Market 15 (-55.9%) 33 12 (+19.6%)
Days of Inventory 12 (-42.5%) 21 41 (-70.6%)

And last month:

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Landscaping with tanbark or mulch? Use caution!

Beware Tanbark or Mulch by the foundation!Some Silicon Valley homeowners spruce up their yards and gardens in spring and summer with tanbark or mulch. While this is a very common practice, and often encouraged as a drought-friendly gardening option, it can be a bad idea if it is too close to the structure, especially the home’s foundation. Tanbark is simply small bits of wood, and most common mulch is often no more than shredded wood. Why is that bad? Wood is food for termites and piles of tanbark or mulch can invite and hide them as well!

Tanbark or Mulch?

Mulch is the more widely used term and it can cover a broad scope of materials, but the most common type you will find in stores (and in Bay Area gardens) is the woodchip mulch. If you ask for mulch at a hardware store, this is most likely what they will show you. In the local vernacular, we often refer to mulch as the fine, thin, or decomposed stuff – we have a different name for the larger bark and wood chips.

I learned only recently that tanbark is something of a local term that people from other parts of the state or country may not be familiar with. Here in the Bay Area we call the stuff you commonly see underfoot at playgrounds or piled thick on the planted berms around a shopping mall parking lot by the name of tanbark. Some people may reserve the name for the large chunky bark chips while others will call just about any wood chip substrate by that name. So tanbark is, in fact, a mulch.

Homeowners and sellers wanting their home to make a good first impression are often tempted to apply mulch or tanbark in otherwise bare patches around their yard, but you can wind up with far bigger (and more costly) problems if it’s too close to the foundation!

What Was That About Termites?

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What is an exclusion in a real estate contract? What is an inclusion?

What is an exclusion in a real estate contract? What is an inclusion? Both of these refer to fixtures at the property which is for sale. If you want to sell your home in 2021, it’s very important to understand the “law of fixtures” as it relates to what you leave and what you take with you – unless the inclusion or exclusion is specified in the contract.

What is a fixture?

Generally speaking, a fixture is any item affixed or attached to the house, townhouse, condo or property which is installed with the intention that it be there permanently.

Examples of fixtures (items which stay or are included):

  • built in in cabinets (in the bathroom, kitchen, or anywhere else)
  • lights mounted from the ceiling
  • built-in ovens or other appliances which are built-in
  • in-ground (not potted) rose bushes.
  • built in fire screens
  • a fireplace insert
  • window coverings
  • wall air conditioning unit
  • built in speakers
  • built in wine fridge
  • hot tub (unless it is a portable model, which most aren’t)

The exception to the rule is anything attached solely for earthquake safety.  This would be the case if you have a large hutch which you have bolted to the wall so that it doesn’t topple in the case of a big quake. In Silicon Valley, fixtures are normally included with the sale of the home.

What is an exclusion?

Exclusions refer to fixtures which the seller does not want to include with the sale of the real property (real estate) but which otherwise would or should stay.

 

Examples of fixtures and personal property (

Exclusion examples:

  • there may be a light fixture in the dining room which is a family heirloom and the seller does not want to leave it with the house
  • an in-ground plant, bush, or small tree that the seller wants to take when moving out
  • curtains which match a bedspread or other decor
  • stereo speakers that are built in
  • surveillance equipment, such as a Ring doorbell or camera (I saw this recently where the seller wanted to keep it)

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