CNN Money has some great tips on how to nab a good home improvement professional. Here's how to look for these signs of excellence (or trouble).
Good signs:
He has a good rep in the industry. You already ask friends and neighbors to recommend good contractors, but a more reliable source of referrals is other people in the trades: a plumber you love who raves about a general contractor, for example, or a great tile shop that suggests a tile setter.
They've done business with him, they know how well he plies his craft, and if they're willing to put their professional reputations on the line by vouching for him, they must like what they see.
His business card includes a local address. A tradesman who provides a physical address that's in your community is far less likely to disappear on you than someone whose true locale is hidden behind a post office box.
His list of references is a mile long. Even terrible contractors have had a few happy clients along the way - or have family members who can play the part when you call. The longer the list of references, the less likely it's rigged.
Bad signs:
He wants to skip the permit - or have you apply for it. Any major improvement project legally requires a building permit, which means that inspectors will check the work. If a contractor wants to go without a permit, it means he'd rather not have anyone looking over his shoulder (other than you, but let's face it, you don't know what to look for).
If he wants you to apply for the permit yourself, it could be because he doesn't have the necessary state licensing - and it means you'd be the middleman between the inspector and contractor instead of letting them work things out directly.
He solicits business door to door. A paving contractor rings your bell to say he just did a job in the neighborhood, has extra materials and will cut you a rock-bottom deal if he can work on yours that afternoon. Sounds great, right?
Trouble is, you have no idea who he is or if he's going to do the job right. And if that new pavement starts cracking three weeks later, you'll never get him back to repair the damage.
He seems sleazy. Ultimately, you have to feel comfortable letting this person into your home. Clearly, you're not going to hand your house keys to someone who flips a cigarette butt into your azaleas or leers at your 16-year-old daughter.
But if he doesn't look you straight in the eye or you just have a gut feeling that something might be amiss, go ahead and cross him off your list. Nowadays, thankfully, there are plenty of contractors available to do the job.
4/29/09
Salt Lake Home Buyers and Sellers Headed to a More Level Playing Field?
Most people have heard home listings and sales increase in the
spring. But that's not true this year through March. The number
of sales in the county dropped 19% compared to the last quarter of
2009. In Salt Lake City proper, the number of new listings coming
on the market dropped by over 50%. Now there's a market to keep an
eye on."
Sure, home prices might be down from last year at the same time.
The real news is in what is happening right now, not last year.
Some of the trends in Salt Lake proper are clearly reversing as we
speak."
According to the numbers supplied by the WFRMLS, the average home
price is up 56% in 84102. Now, who really believes that? The truth
is, there just weren't enough sales to come up with a good 'average
home value.' Statistics don't lie, but this time they're certainly
not painting an accurate picture of the market in 84102."
Some zip codes simply don't have enough sales in the last quarter.
It's impossible to get an accurate representation of the market from
just 13 home sales."
County-wide, the average single family home sale price is up over
the last quarter of 2008. I've been waiting a long time to say that!"
The number of new listings is dropping. This is good news. With
24% fewer new listings than this time last year, there will be less
to choose from. If this continues, Salt Lake home sellers could
start to level the playing field."
County-wide, the average single family home sale is $37,655 more
than it was in 2006. Even with the slight downturn, we did fairly
well. That's a 16% increase. Overall, we are very fortunate to
live where we do right now."
We still have a way to go, but trends are reversing. New listings
have slowed down to 2006 levels. But sales activity is still at the
lowest its been in a long while. There will still be time to go out
and find some great deals in the meantime."
ALL OF THESE ARE SOURCED FROM THE QUARTERLY XL COMPS DIRECTLY FROM
THE WFRMLS AND COMPILED FOR THE FANTIS GROUP REAL ESTATE AND SALTYHOMES.COM.
spring. But that's not true this year through March. The number
of sales in the county dropped 19% compared to the last quarter of
2009. In Salt Lake City proper, the number of new listings coming
on the market dropped by over 50%. Now there's a market to keep an
eye on."
Sure, home prices might be down from last year at the same time.
The real news is in what is happening right now, not last year.
Some of the trends in Salt Lake proper are clearly reversing as we
speak."
According to the numbers supplied by the WFRMLS, the average home
price is up 56% in 84102. Now, who really believes that? The truth
is, there just weren't enough sales to come up with a good 'average
home value.' Statistics don't lie, but this time they're certainly
not painting an accurate picture of the market in 84102."
Some zip codes simply don't have enough sales in the last quarter.
It's impossible to get an accurate representation of the market from
just 13 home sales."
County-wide, the average single family home sale price is up over
the last quarter of 2008. I've been waiting a long time to say that!"
The number of new listings is dropping. This is good news. With
24% fewer new listings than this time last year, there will be less
to choose from. If this continues, Salt Lake home sellers could
start to level the playing field."
County-wide, the average single family home sale is $37,655 more
than it was in 2006. Even with the slight downturn, we did fairly
well. That's a 16% increase. Overall, we are very fortunate to
live where we do right now."
We still have a way to go, but trends are reversing. New listings
have slowed down to 2006 levels. But sales activity is still at the
lowest its been in a long while. There will still be time to go out
and find some great deals in the meantime."
ALL OF THESE ARE SOURCED FROM THE QUARTERLY XL COMPS DIRECTLY FROM
THE WFRMLS AND COMPILED FOR THE FANTIS GROUP REAL ESTATE AND SALTYHOMES.COM.
4/21/09
4/20/09
Real Estate Agents and Brokers Use Twitter to Find Prospects and Sell Homes
The Associated Press reported just this last week about a growing trend for realtors to use the popular site Twitter.com to find buyers for their homes. The "tweets" (140 characters or less announcements) read like a minimal ad:
"Listing coming. Hurry if you have buyers. Under $500K, 2,190 feet. 3Bed 2.5Bth."
While this could be useful in getting the word out it doesn't seem to work like other information sent out. Stuff like this tends to not get "retweeted".
I've noticed another trend among Salt Lake real estate agents and Twitter that, while tempting to do, isn't a very effective way of garnering your target audience as followers (and target audience is the key to being effective on Twitter). Tweets like, "I'm from Salt Lake. I'm an entrepreneur and real estate investor." or "Asset Based Lending Credit Analyst- Real Estate/Property Jobs,Recruiter,Salt Lake City, UT, United States" don't mean much to people. However, some effective real estate Twitterers I have taken note of do the following:
1. They tend to engage on a personal level with others.
2. They tweet out deals they have going on and in what area of town they are in.
3. They give their tweets a hashtag so others can find them on a Twitter search.
4. They tweet out useful information.
5. They tweet every day.
It takes time and patience to build the right audience on Twitter. You can build an audience by offering the tried and true method of giveaways or by retweeting for others of course. That will build your following. But if you want to be truly effective and gather that golden target audience it is important to tweet out useful information and participate in a meaningful and helpful way every day.
Read more from the Los Angelos Associated Press article
"Listing coming. Hurry if you have buyers. Under $500K, 2,190 feet. 3Bed 2.5Bth."
While this could be useful in getting the word out it doesn't seem to work like other information sent out. Stuff like this tends to not get "retweeted".
I've noticed another trend among Salt Lake real estate agents and Twitter that, while tempting to do, isn't a very effective way of garnering your target audience as followers (and target audience is the key to being effective on Twitter). Tweets like, "I'm from Salt Lake. I'm an entrepreneur and real estate investor." or "Asset Based Lending Credit Analyst- Real Estate/Property Jobs,Recruiter,Salt Lake City, UT, United States" don't mean much to people. However, some effective real estate Twitterers I have taken note of do the following:
1. They tend to engage on a personal level with others.
2. They tweet out deals they have going on and in what area of town they are in.
3. They give their tweets a hashtag so others can find them on a Twitter search.
4. They tweet out useful information.
5. They tweet every day.
It takes time and patience to build the right audience on Twitter. You can build an audience by offering the tried and true method of giveaways or by retweeting for others of course. That will build your following. But if you want to be truly effective and gather that golden target audience it is important to tweet out useful information and participate in a meaningful and helpful way every day.
Read more from the Los Angelos Associated Press article
4/15/09
Tea Party Intolerances
Over 300 cities are participating in the tax day "tea party" today, Salt Lake most definitely included. I am not at the protests, but I do sympathize with those that are. They feel it is unfair that their hard earned dollars are going to bail out what seems like everyone but them. They believe the tax debt is so high it will ruin America. I understand how you feel. I bought my house a little too late and didn't get a tax credit. I don't get any bail out, despite a hard economic downturn, either. However, this bail out, however unfair it may seem, is necessary. I say this with an understanding that the new $6000 tax incentive for buyers of new homes does absolutely nothing to help strengthen many of the old downtown neighborhoods which I tend to work in as a real estate broker. It encourages urban sprawl, yes. It encourages home buyers to go further away from our historic downtown neighborhoods, too. This is true. But something had to be done and this is at least somewhat of a solution. The real estate market affects over 60% of our economy whether through direct sales or jobs related to the sales, etc. Not everyone can be satisfied in one solution. We are in trouble as a nation and we need to do something. We need to get this economy moving again with incentives and programs to move us in the right direction.
4/13/09
Protect your own home treasures from pirates
It was a great victory for the US Military yesterday in the rescue of the brave Captain Richard Phillips from Somolian pirates of the high seas. Back here at home where things may not be quite something that seems right out of a novel, you still have your own treasures and kin to guard against theft and attack. Reinforcing your home with anti-theft protection can also add to its value.
According to the AARP, having the right locks and locking your doors and windows is one of the easiest ways to prevent against theft. They say to look for a single-cylinder dead bolt door lock backed by a reinforcing strike plate with three-inch screws. "The dead bolt should be at least one inch thick and extend at least one inch into the door frame when locked." I personally have in my house and recommend using a Schlage lock. These locks are made to make it very difficult for any thief to pick.
It's also a good idea to keep entry ways, pathways, stairwells, yards and parking areas well lit. Thieves are opportunists looking for easy targets. Make it hard for them to go undetected.
Avoid the cliche rock hide-a-key. Thieves know to look for these. Also avoid hiding the key under the mat. If you think you might forget your keys leave a spare with a trusted neighbor instead. Again, don't make it easy for these dirt bags to get inside your home where your nice things and loved ones live.
Another good way to keep burglars at bay is to install a security system in the home like ADT. This will alert the nearest police if there is a break in and the person doesn't know your secret code. Police also say these are some effective measures to take to thwart off a break in:
* Use solid core or metal clad entrance doors with solid door frames firmly attached to your home. Many intruders enter residences by physically destroying lightweight hollow core doors and flimsy door frames.
* Be sure entrance doors have wide-angle peepholes or view grills so you can see visitors without opening the door. Ask anyone who comes to your door for identification before allowing them inside.
* Join a Neighborhood Watch group. Most police departments have officers who will help you start a program.
* Keep valuable papers and records like stocks and bonds, duplicate copies of your will, valuable stamp and coin collections, and jewelry you don't frequently wear, in your safe deposit box.
* Give parking lot attendants and mechanics your ignition key only, not your house key. Don't carry an identification tag on your key ring either. This could help a would-be thief easily identify your home and vehicle.
* Consider installing an alarm system for an extra level of protection. You have a variety of choices, from do-it-yourself kits that trigger a siren or lights, to professionally installed systems connected to a police station or monitoring service.
* Invest in a heavy-duty gun safe if you have firearms in your home. This will keep guns out of criminals' hands, and keep them away from children, friends and relatives who don't know how to handle them safely.
All these measures will keep you and your family safe, add to the value of your home investment and give you a little more peace of mind.
According to the AARP, having the right locks and locking your doors and windows is one of the easiest ways to prevent against theft. They say to look for a single-cylinder dead bolt door lock backed by a reinforcing strike plate with three-inch screws. "The dead bolt should be at least one inch thick and extend at least one inch into the door frame when locked." I personally have in my house and recommend using a Schlage lock. These locks are made to make it very difficult for any thief to pick.
It's also a good idea to keep entry ways, pathways, stairwells, yards and parking areas well lit. Thieves are opportunists looking for easy targets. Make it hard for them to go undetected.
Avoid the cliche rock hide-a-key. Thieves know to look for these. Also avoid hiding the key under the mat. If you think you might forget your keys leave a spare with a trusted neighbor instead. Again, don't make it easy for these dirt bags to get inside your home where your nice things and loved ones live.
Another good way to keep burglars at bay is to install a security system in the home like ADT. This will alert the nearest police if there is a break in and the person doesn't know your secret code. Police also say these are some effective measures to take to thwart off a break in:
* Use solid core or metal clad entrance doors with solid door frames firmly attached to your home. Many intruders enter residences by physically destroying lightweight hollow core doors and flimsy door frames.
* Be sure entrance doors have wide-angle peepholes or view grills so you can see visitors without opening the door. Ask anyone who comes to your door for identification before allowing them inside.
* Join a Neighborhood Watch group. Most police departments have officers who will help you start a program.
* Keep valuable papers and records like stocks and bonds, duplicate copies of your will, valuable stamp and coin collections, and jewelry you don't frequently wear, in your safe deposit box.
* Give parking lot attendants and mechanics your ignition key only, not your house key. Don't carry an identification tag on your key ring either. This could help a would-be thief easily identify your home and vehicle.
* Consider installing an alarm system for an extra level of protection. You have a variety of choices, from do-it-yourself kits that trigger a siren or lights, to professionally installed systems connected to a police station or monitoring service.
* Invest in a heavy-duty gun safe if you have firearms in your home. This will keep guns out of criminals' hands, and keep them away from children, friends and relatives who don't know how to handle them safely.
All these measures will keep you and your family safe, add to the value of your home investment and give you a little more peace of mind.
4/10/09
Altos Research Report says Salt Lake real estate asking prices fell fastest in March. Now is the time to buy, folks
From the Altos Research Report:
"Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively...
"During March every market except Salt Lake City had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 234 days-on-market or nearly eight months. Miami has experienced the slowest market turnover in every month since September 2007. Salt Lake City experienced the fastest rate of inventory turnover at a median of 84 days-on-market, followed by San Francisco at 104 days."
To read more about other markets go here
To find some great homes at great prices in Salt Lake go to Saltyhomes.com
"Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively...
"During March every market except Salt Lake City had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 234 days-on-market or nearly eight months. Miami has experienced the slowest market turnover in every month since September 2007. Salt Lake City experienced the fastest rate of inventory turnover at a median of 84 days-on-market, followed by San Francisco at 104 days."
To read more about other markets go here
To find some great homes at great prices in Salt Lake go to Saltyhomes.com
4/7/09
I'm on the front page of Utah Pulse....again!!!
This time Utah Pulse Editor in Chief, Bryan Schott, interviews me in video format about the real estate crash, the future of the Utah's homes market and what this all has to do with Obama and Bush, the state of the Union...kidding. But I do make some predictions you'll want to pay attention to if you are thinking of buying a home in this market, especially this spring and summer. We're looking at a possibility of huge growth and this could just make or break it for those of you looking to get a good deal on the home of your dreams.
Click here to check it out!
Click here to check it out!
4/6/09
How to negotiate a better sale for the home you want
You've had your eye on it for weeks now. You've toured it, talked to the owners and their agent, discussed it with your agent, compared it to other homes in the area and houses in surrounding areas. You want it, it's perfect! But you also need it to come down to your price range.
With a sharp decline in the home sales market (single-family home values nationwide have fallen almost 12% since 2006 according to Standard & Poor) chances are you can get the listing price down a bit. Yes, even in Utah where we weathered the bust a bit better. SmartMoney Online says you must do five key things before negotiation begins:
Ask if there an outstanding mortgage - They probably won't take an offer lower than what they already still owe
Do your Research - If you haven't already, look up other comparable homes in the area and what they sold for. You can do this easily by going to sites like saltyhomes.com and doing a comparison search.
Find out how long the home has been for sale - This is key. Some sellers will be firm on the price for a very long time, but if it's been up for a while, they've eventually got to come down. But even if they lower the price, the more extended the period the home's been on the market still chips away at a home's value. A general rule, according to Iiona Bray, author of "Nolo's Essential Guide to Buying Your First Home" is if it's been on sale for two to three weeks you can cut the price by 10%. And, if it's been at least three months, deduct 15% to 20%.
Request other financial incentives - If the seller won't budge on asking price, there are still deals to be made, especially now. Requesting that a seller pay for closing costs or split escrow costs, for example, is common among buyers these days. Also, if there are repairs to be made a buyer can ask for cash towards the cost of those repairs.
Take a different tack with new home construction - New home buyers can now get $6000 in grant money from our great state of Utah out of a new bill passed in this last legislative session. This helps because new home builders are usually less willing to budge on asking price. The best way to get a deal out of them is to take them up on other offers such as furnishing the home or a big screen TV. According to SmartMoney, "When builders are selling identical units they would rather throw in incentives and keep the list price up so others buy [the identical units] for the same price."
Want more help on negotiating down that listing price from a pro? You're in luck. I am available. Call Tony Fantis at 801-541-8806 to help you get into that house you've had your eye on today.
With a sharp decline in the home sales market (single-family home values nationwide have fallen almost 12% since 2006 according to Standard & Poor) chances are you can get the listing price down a bit. Yes, even in Utah where we weathered the bust a bit better. SmartMoney Online says you must do five key things before negotiation begins:
Ask if there an outstanding mortgage - They probably won't take an offer lower than what they already still owe
Do your Research - If you haven't already, look up other comparable homes in the area and what they sold for. You can do this easily by going to sites like saltyhomes.com and doing a comparison search.
Find out how long the home has been for sale - This is key. Some sellers will be firm on the price for a very long time, but if it's been up for a while, they've eventually got to come down. But even if they lower the price, the more extended the period the home's been on the market still chips away at a home's value. A general rule, according to Iiona Bray, author of "Nolo's Essential Guide to Buying Your First Home" is if it's been on sale for two to three weeks you can cut the price by 10%. And, if it's been at least three months, deduct 15% to 20%.
Request other financial incentives - If the seller won't budge on asking price, there are still deals to be made, especially now. Requesting that a seller pay for closing costs or split escrow costs, for example, is common among buyers these days. Also, if there are repairs to be made a buyer can ask for cash towards the cost of those repairs.
Take a different tack with new home construction - New home buyers can now get $6000 in grant money from our great state of Utah out of a new bill passed in this last legislative session. This helps because new home builders are usually less willing to budge on asking price. The best way to get a deal out of them is to take them up on other offers such as furnishing the home or a big screen TV. According to SmartMoney, "When builders are selling identical units they would rather throw in incentives and keep the list price up so others buy [the identical units] for the same price."
Want more help on negotiating down that listing price from a pro? You're in luck. I am available. Call Tony Fantis at 801-541-8806 to help you get into that house you've had your eye on today.
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