There is a lot of available information explaining the recent NAR settlement effecting the residential home buying process. Many of the explanations have been offered by brokerages, social media from those in the industry, and state or local realtor estate associations. I found the explanation offered by Tanya Monestier a contract Law Professor from Buffalo, New York, or in other words, someone without “skin in the game,” to be a neutral explanation providing good advice. As with anything these days, there is a lot of information available, as well as misinformation. It’s quite simple actually…you simply need to understand what you are signing and negotiate the best deal that works for you. As always, Bergmann Law is here to help with your real estate questions.
Here at Bergmann Law when a client asks us a question, we play the truth teller. So which question is the most common and probably the most difficult to answer?
What is the worst-case scenario?
It’s our job to know the worst-case scenario and clients who call us with business or property problems are ready for the difficult conversation as we go through all of the possible outcomes, including the dreaded ones.
However, for a client who is at a high point in their life or career it can be much more difficult. For instance, having to explain to a Buyer who has found their dream home with the perfect kitchen that they should really investigate the water issues in the basement before they purchase can be an uphill battle.
But perhaps the most important area, and often most difficult, is in estate matters. The most common answer we get when we ask a client if they have estate documents whether they are a Buyer purchasing a home, someone starting a business, or even a parent with young kids is: “no, I don’t need them, my family knows what I want.”
That’s when we know we need to be the worst-case scenario squad to someone who is only thinking about the best of life.
For most of our clients the worst-case scenario is the event just before the question “did they have a will?” or “do you have a medical power of attorney?” But in reality, the worst-case scenario only gets worse when the answer is “no.”
First, even if you are young and have only a few assets, basic estate documents are especially important if you and your partner are not married or if you’d prefer a sibling to make decisions rather than a parent etc. Official documents are required for the person of your choice to be considered your next of kin to get information and to make healthcare decisions on your behalf. It doesn’t matter if you’ve been with your partner for a decade and only speak to your mom on her birthday, the state and the doctors will select your mother as next of kin.
Second, if you do have assets and financial responsibilities, even if your family knows what you want and only intends to follow your wishes, they still have to deal with logistical realities that will be made far simpler if you execute estate documents. Those documents show the state, your banks, your landlord, your business partner, your wishes. If you leave your family with no formal will documents, they will have a more complicated estate process to deal with even as they proceed with what you told them in an email or over dinner years ago and estate documents give your family the power needed to do what you have asked.
In spite of the confidence you may have in your family to know what you want, the reality we see most often is families who disagree over their understanding of what you want. We don’t imagine many families sit around the dinner table on Thanksgiving clarifying all aspects of when a ventilator should be turned off or why your bank savings should go to your nephew because you want your niece to get your jewelry. This is especially true in situations of a surprise death or injury that no one in the family could have predicted. Having these documents gives everyone clear direction rather than leaving families to guess what treatments you would have approved or who should get your favorite necklace. We always assure clients these documents relieve pressure and responsibility rather than adding to it during a difficult time. We understand it’s difficult to have to live in the worst-case scenario world, even for a little while, but even if you don’t feel it’s worth it for you, it will help your family and friends.
So, while we know it’s the last thing on many of our clients’ minds, the worst-case scenario squad is here when you need us. Give us a call.
In recent years, the integration of smart home devices has significantly transformed the real estate market and had a profound impact on home values. These cutting-edge technologies, designed to enhance convenience, security, energy efficiency, and overall living experience, have become a pivotal factor influencing buyers’ decisions and property valuations.
The National Association of Realtors offered that some of the most significant and effective Smart home technologies in home sale value include, smart thermostats, smart lighting systems, smart shades, smart irrigation, and smart energy meters. Others forms of smart home technology include security cameras, door locks, and even virtual assistants. These devices allow homeowners to remotely control and automate various aspects of their homes, creating a seamless and interconnected living environment. As a result, properties equipped with smart features are often perceived as more desirable and modern, contributing to increased demand and potentially higher selling prices.
Buyers are increasingly valuing the convenience and security that smart devices offer. This convenience factor not only simplifies daily routines but also enhances the overall quality of life within a home. Additionally, the added layer of security provided by smart cameras, doorbell cameras, and monitoring systems can positively influence a property’s appeal, especially in urban or high-crime areas.
Energy efficiency is another key aspect that smart home devices impact. Smart thermostats and lighting systems enable homeowners to optimize energy consumption, reducing utility costs and minimizing environmental impact. This resonates with environmentally conscious buyers and contributes to the property’s attractiveness and perceived value.
The presence of integrated smart technologies can also distinguish a property in our current competitive market. Homes equipped with comprehensive smart systems often stand out among similar listings, captivating potential buyers and justifying higher price points. Real estate professionals recognize the allure of these features and use them as selling points to highlight a property’s modernity and innovation. According to Jacob Ferrer, writer for Transactly, the increased demand for homes with these technologies is one of the biggest effects of smart home technology on the real estate market, and the prices of these products is becoming more and more affordable.
However, it’s worth noting that the impact of smart home devices on home values can vary depending on factors such as location, the extent of integration, and the preferences of potential buyers. While some buyers may see significant value in a fully automated smart home, others might view it as a potential maintenance burden or have concerns about data privacy and security.
Whether you are for or against the new age of home technology, the rise of smart home devices has and will continue to reshape the real estate landscape by influencing buyer preferences, property demand, and ultimately, home values.
Bergmann Law LLC 