May is “National Home Improvement Month”. Who knew?!

This is good information to have, or pass along to a friend that is considering remodeling.
Of course, I have relationships with many types of licensed contractors, and I’m happy to send you a specific reference. Also if you would like to get the most bang for your buck, call me. I have plenty of statistics detailing whether a rnovated kitchen or the addition of a home office will give a better ROI.

May is National Home Improvement Month. During times of a softer economy paired with the approach of warmer weather, the National Association of the Remodeling Industry (NARI) wants to remind homeowners to beware of unscrupulous people posing as remodelers.

One common issue exploited homeowners have run into is having to pay both the contractor and the subcontractors. The homeowner’s financial obligations should only be to the contractor. Some dishonorable contractors are collecting large, upfront payments from residents. When the work has been completed, instead of paying the subcontractors, the dishonest business owner instead pays the interest on properties they have already purchased and can only re-sell below cost. This predictably leaves subcontractors without paychecks and forces them to establish mechanics’ or materialmens’ liens on their customers’ properties.

The subcontractors secure payment for their work, but this causes difficulties for homeowners, who then pay the same fee twice for one remodeling project. Since subcontractors have 90 days to file mechanics’ liens, it could take months for homeowners to realize that they have been defrauded. Residents should note that these types of liens will pay the subcontractors before the homeowners if occupants sell their properties.

Protect yourself

To avoid these circumstances and ensure that you only pay the cost of a project once, NARI suggests you take the following steps:

Be sure you hire an experienced remodeler and not a fly-by-nighter waiting for the building industry to pick up again.

Contact state or local licensing agencies to ensure a contractor meets all requirements.

Check with your local NARI chapter, the government Consumer Affairs Office or the Better Business Bureau to ensure the absence of any adverse files on-record for the contractor.

Ask to see a copy of the contractor’s certification of insurance or for the name of his or her insurance agency to verify coverage. Most states require a contractor to carry worker’s compensation, property damage and personal liability insurance.

Verify that the contractor’s insurance coverage meets all the minimum requirements. If homeowners request estimates from several different contractors, they should confirm that they are bidding on the same scope and quality of work. Discuss any variations in bids and beware of any bid that is much lower than the others.

Draw up a contract before a remodeler begins work that includes the contractor’s name, address, and phone and license numbers, if applicable. It should also include details about what the contractor will and will not do.

The agreement should offer a detailed list of materials for the project, with information such as size, color, model, brand name and product. The contract should include approximate start and completion dates.

Study the design plans carefully. Before any work begins, the homeowners should insist both that they approve the plans and that the contractor identifies the design plans in the written contract.

Known as the “Right of Recision,” federal law requires a contractor to provide a homeowner with written notice of the resident’s right to, without penalty, cancel a contract within three business days of signing it, provided it was solicited at some place other than the contractor’s place of business or appropriate trade premises.

Verify that you share an understanding of financial terms with the contractor and that the contract explicitly states them. The total price, payment schedule and any cancellation penalty should be clear.

The contract should include a warranty covering materials and workmanship for a minimum of one year, and identify the warranty as either “full” or “limited.” The contract must identify the name and address of the party that will honor the warranty, namely the contractor, distributor or manufacturer. Homeowners should make sure the document specifies the time period for the warranty.

In the event of a disagreement, a binding arbitration clause is useful. Arbitration may enable the homeowner to resolve disputes without costly litigation.

Before signing a contract, completely review it and confirm that you comprehend it. Consider the scope of the project and verify that the contract includes all requested items. If the agreement lacks mention of a specific, discussed item, consider it excluded. Never sign an incomplete contract, and always keep a copy of the final document for review.

Homeowners can depend on NARI

NARI reminds all homeowners that its members must adhere to a strict code of ethics and that there are grievance procedures in place for members who do not. Under the NARI code of ethics, members pledge to always provide quality service and work and follow the high ethical standards of the association, to only promote products and services that are functionally and economically sound, and consistent with objective standards of health and safety, that any advertising or sales promotions will be factually accurate, and any agreements or warranties will be fair and mutually beneficial to all parties concerned.

NARI members also agree to honor all contractual obligations, until and unless all contractual parties involved alter or dissolve them. They also will promptly acknowledge and act on any customer complaints, and refrain from any act intended to restrain trade or suppress competition.

It’s spring! It is the most popular time for homeowners market their homes for sale. Marketing a property for sale requires more than sticking a sign in the yard and a couple blurry images loaded onto the MLS system (contrary to what many “discount” brokerages will tell you, BUT that’s another story for another day).
In the current market, 1. correct home pricing and, 2. home showing condition are extrememly important. I routinely leverage the home staging team to help with showing condition. Home stagers strongly encourage sellers to complete some essential tasks to ensure the most critical first step takes place: driving buyers to a an in-person viewing of the property.

“Many people think all they have to do is make sure the inside of their home is clean, but it really goes far beyond that when it comes to making sure your home looks its best so that buyers will take a look,” said Thomas Scott, vice president of Operations for Showhomes Franchise Corporation. “That is why we have released five essential tips that can help local residents stay on the right track when preparing their homes for a sale.”

Five tips for selling a vacant (or a lived in) home:

1. Curb Appeal – the better the curb appeal of your home is, the more attractive it is to prospective buyers. Make certain the walkway to the front door is enticing. You know those cobwebs you walk by every evening on the lower corner of your entry way? Sweep them.

- Trim overgrown bushes, weed beds and add a fresh layer of mulch
- Clean your front door and repaint if needed- don’t forget the hardware!
- Add a fresh, cheery doormat
- Keep grass cut, edged and blown
- Plant some color in the beds to add contrast

2. Cleaning – for most buyers, dirt equals stress and the last thing most buyers want is more stress in their lives.

- Pressure-wash the driveway and sidewalks.
- Clean windows inside and out
- Pressure wash decks and patios

3. Paint – the condition and color of the paint can make a huge difference in how buyers react to your home. Select light neutrals – creamy kakis, pearly grays or soft greens.

4. Replace Worn Carpet – Dirty carpet is unsanitary and nobody will be able to overlook your worn carpet. Replace the top layer with inexpensive neutral colored carpet and you will always recoup the investment. TRUST ME on this one. Offering a carpet rebate does not work. Most buyers can’t get past someone else’s carpet wear.

5. Stage your home – Buyers who look at vacant homes only see floors, walls and ceilings. With nothing else to look at, they focus on flaws. Because of this, vacant houses are very vulnerable to low-ball offers and often sell for 15-20 percent below list price.

My professional staging team is at your disposal- from a 2-hour consultation, to a complete home staging.
If you are even thinking about listing your home for sale, please enlist the services of a professional stager. Even if you choose to list your home “by owner”, especially if you list by owner, you need the advice of a professional.

6 Do’s, 6 Don’ts for New Home Buyers

Its an investor’s market in most of Atlanta.
However, you don’t have to be an investor to get a great deal on a property. Many first time home buyers are finding unparalled inventory and pricing in today’s Atlanta marketplace.

If you are ready to invest in your future, read on for 6 do’s, 6 don’ts for today’s first time home buyer:

DO:

DO utilize free online tools to arm you with as much knowledge as possible. For example, utilize tools offered such as the Home Price Comparison Index available at http://www.coldwellbanker.com which offers buyers a way to compare average housing costs in over 400 U.S. markets.

DO take time to access and closely review your credit score. A sound financial track record and solid credit score can help lock in a loan and lower interest rates. Checking your records with a fine-tooth comb in advance will also ensure that you catch any errors ahead of time, as well as help you better understand how lenders may perceive you.

DO explore mortgage pre-approval. Getting this early green light will help others involved with your purchase that you are serious about home ownership – and well-qualified.

DO line up your “all-star” team of professionals before game day. A team of experienced professionals will be key to making the home buying process simple and seamless. Start by interviewing and selecting a sales associate who you “connect” with. That sales associate should also be able to help you identify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process.

DO anticipate your future needs and buy for lifestyle. Try to anticipate how long you’ll live in your next home and plan for major lifestyle changes when possible. What may make a perfect starter home for a couple might not work as well when children come into the picture. Remember, people move for lifestyle reasons and your first home will likely not be your last.

DO hone in on your housing priorities. Your ideal home may have a porch, a pool and five full baths. But before you start looking, make sure to separate your “must-haves” from your “nice to haves,” so you know where you can compromise to meet your budget.

DON’T:

DON’T fall in love with the first house or neighborhood you see. That grand colonial with the picturesque view may win your heart at first glance, but don’t fall in love too fast. You need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the riverfront ranch that’s closer for your commute is a better bet all-around.

DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude when it comes to your first home purchase. You “want it all” when it comes to size, amenities, location, etc. But remember that your eyes may have a larger appetite than your wallet. Make sure that the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign on the dotted line.

DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds. Buying for lifestyle, as opposed to trying to turn a quick profit, will help ensure that you are viewing home purchasing and ownership in the right context.

DON’T try to time the market. By the time most consumers sense a major real estate or financial market shift, the tables have typically already turned. Instead of waiting for a slim and unreliable window of time – and potentially missing out on the perfect home – buyers should focus on their own lifestyles and buy when the time is truly right for them.

DON’T jump into an exotic or confusing mortgage. When it comes to down payments and mortgages, if it sounds too good to be true, it probably is. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, what seems like an attractive rate now may balloon exponentially a few years down the road. So arm yourself with information and don’t be afraid to ask questions.

DON’T underestimate the value of a trustworthy real estate agent’s on-the-ground expertise. While being a savvy buyer and doing one’s homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.

Keller Williams client focus this week- Home Financing Solutions

Financing Solutions with David Reed

Overcoming the misconceptions about the “credit crisis”

You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong!

We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers.  It seems the press just can’t get enough of all the gloom and doom in the housing industry.  The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required.  You just need to know where to look.  Who are these lenders? They’re right down the street.

 

Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.

The best part?  FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant.  FHA borrowers only need to have $500 in a transaction.  All the while, FHA mortgage rates are as good or better than their conventional counterparts.

Low or no down payment, extremely competitive rates and easier qualifying.  No wonder FHA is moving up the charts!

Please contact me if you would like more information about FHA loans or help getting into your first home.
Chris@Chris-Reeder.com or (404) 323-3533.

Pricing property to sell!

Boy I love Clark Howard!This was in Clark Howard’s advice column this morning:
Oddball pricing strategy works in down real estate market

Selling a house is a turbo-challenge right now. Clark’s mom recently put her condo on the market. Figuring out the price point was the most difficult part. Everyone’s perplexed by the question of price point these days. Here’s some advice: Don’t look at comps from a year or 2 ago; look at today’s comps. Know that if you overprice, you’ll likely get less in the end than those who price realistically upfront. You lose your initial marketing thrust when you overprice upfront. Listing your home at a realistic price will lead to less angst, a shorter time on the market and possibly a better price.Clark and Christa have a mutual friend who was selling her home last year. Clark advised the friend to price her home at a totally oddball figure, something that ended in $XXX,552.27, for example. Everyone laughed at him at the time. Now financial writer Jonathan Clements reveals this pricing strategy actually works. When you throw out an oddball figure, people think 2 things: First, that it’s a bargain. Second, that’s there is carefully thought out reason behind it. But whatever you do, do not overprice your home!

Great advice for any Atlanta Real Estate seller!

To view the today’s column in it’s entirety, click here

Open house in Bolton, Atlanta- Sunday, 3/2 from 3PM-5PM

Join us for an open house in Bolton from 3-5PM on Sunday, March 2!
See you there!

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   <td style=”padding-right: 12px; padding-left: 12px; padding-bottom: 12px; padding-top: 12px”><!–First 10 details in the format “DetailType: Detail  ” next detail–><b>Address: </b>2142 Parkview Lane <b>Type: </b>Residential <b>Style: </b>Single Story <b>Bedrooms: </b>4 <b>Bathrooms: </b>4 <b>Suite: </b>No <b>Living Area: </b>   <b>Year Built: </b>2004 <br><a href=”http://platform.point2.com/Report/lct.ashx?lid=1504446&aid=BP&url=http%3A%2F%2Fchristinereeder1.point2agent.com%2FListing%2FViewListingDetails.aspx%3FListingID%3D1504446%26ShowCompact%3DFalse%26Preview%3DFalse%26Bb%3DBP%26Cc%3D1504446″>More Details</a></td>
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   <td style=”padding-right: 12px; padding-left: 12px; padding-bottom: 12px; padding-top: 12px”><!–First 500 words of description–>Welcome home to your oasis in the city..where neighbors walk and wave through your cu-de-sac in the evening. Perhaps they have extra time due to their short commute. Spacious gourmet kitchen features Stainless Appliances, Granite, Hardwood Flooring and Cherry Stained Cabinetry. Breakfast nook leads to your relaxing outdoor retreat- the Dining Deck. This home has virtually no yard work- the front area is just enough to “WOW” your guest with curb appeal, the back is all dining deck. Basement is perfect as guest suite or home office. Custom blinds throughout stay for you. The Master Bedroom features a large sitting area, with an expansive trey ceiling. Master Bath is a spa lover’s retreat with jacuzzi tub, two full closets and get-ready-for-the-day areas. Just a few Steps away are the Children’s Playground, Barbeque by the Gazebo, and Dog Walking Path. Old World Charm meets New World Luxury in Bolton.<br><a href=”http://platform.point2.com/Report/lct.ashx?lid=1504446&aid=BP&url=http%3A%2F%2Fchristinereeder1.point2agent.com%2FListing%2FViewListingDetails.aspx%3FListingID%3D1504446%26ShowCompact%3DFalse%26Preview%3DFalse%26Bb%3DBP%26Cc%3D1504446″>More Description</a></td>
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   <td style=”height: 13px; text-align: right”>Brokered and Advertised by Pennington Properties  LID 1504446</td>
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   <td style=”height: 13px; text-align: center;”>Information is deemed to be correct but not guaranteed.</td>
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Easy East Point~ Atlanta’s best kept secret?

I’m always learning new tidbits about Atlanta communities.
While on an appointment in East Point last week, I got to chatting (as you know I do!) with a seller about the community.
I asked, “What do you love most about living in East Point?”? He replied with, “There are so many reasons, let me just write them all down”.
Here is his open letter to you, potential East Point resident.

“Thanks for letting me be a spokesperson for East Point.  Let me start off by saying that my wife and I have both lived in Atlanta for the last 12 years (most of which we didn’t know each other).  Between the two of us we have lived in Buckhead, Emory, Decatur, Grant Park, Vinings, Smyrna, North Lake, Alpharetta, East Lake, and Midtown. 

Here are some great reasons to live in East Point:

1. Ft McPherson.  This is actually the reason we moved here in the first place.  The closing of Ft. McPherson will result in a massive redevelopment of 480 acres of land between downtown and the airport.  That’s 5 times the size of Atlantic Station.  I have attached two links that show the final draft of the plans for the reuse.  The first one is a very large pdf that has lots of detail.  The second is a smaller file that shows that our house will be within 1/4 mile of mixed use and high density retail area with restaurants and shopping as well as 1/4 mile from park space.  In the pictures you can see our house is right between the fort and Langford Parkway.  In a few years, this land will be easily one of the best places to live.  If we weren’t moving to Indiana to be closer to my wife’s family, we would live here for a very long time.  It actually makes me a little mad to be moving.
http://www.mcphersonredevelopment.com/documents/FINALDRAFTReusePlan.pdf
http://www.mcphersonredevelopment.com/documents/FtMc-newsletter-Oct2007-v6.pdf

2. Small town life.  The city of East Point is just plain cute.  Once you et off Langford Parkway you feel like you are miles and miles away from the city.  They have a very small town feel – you should come and see their fireworks display on the 4th of July.  It’s not as big a Lenox, but it is infinitely more intimate and family orientated.  They also have little fairs and markets right downtown throughout the year.  City Hall, the fire department, police station and the library are all within 100 feet of each other (and trust me, going to East Point city hall is so much nicer and easier than City of Atlanta’s).  There is also a park and a great recycling center.  You will often see lots of people riding their bikes along Main Street in the summer because it’s so flat too!

3. Locally owned and operated.  East Point doesn’t have many chains, other than the gas stations and a Taco Bell.  Every store and restaurant is locally owned and operated.  Taco Pete is fantastic – it looks like a little hut, but their food is great and the people are so nice (they actually remember you).  Thumbs up Diner, Q’s, El Roccio, Chick a Loes are all great places to eat.  If you drive down a little further into College Park you can also go to the Brake Pad – a favorite of local cops which is always a good sign for a great place to eat.  East Point also just opened some art store or gallery.  I haven’t been in yet, but I will.

4. Marta.  I work up in Sandy Springs in the king and queen building.  So I am able to take Marta to work every day.  It’s only a 5 minute walk which isn’t bad even when it’s cold or raining.  We were even able to sell one of our cars and live with just one very easily, which was so nice.  $53 per month vs. a car payment, gas and insurance?  I did enroll in the flex car program, so if I NEEDED a car, I would have easy access to one.

5. East Point Corner Tavern.  I was going to add this to the list of locally owned and operated places, but I feel it deserves it’s own number.  This place epitomizes why I REALLY love East Point.  Every where I have lived in Atlanta, there has seemed to be unspoken friction between groups.  That doesn’t happen in East Point.  I promise.  Go up to East Point Corner Tavern on a Saturday night to see Karaoke, or Friday for ‘Adult Trivia’.  You will see men, women, old, young, black, white, straight, gay, rich, poor, hip and square… everyone all getting along and hanging out together.  And that’s true just about everyone in East Point.  Everyone coexists in harmony.  It sounds corny, I know.  But to actually see it in action is a wonderful thing.  This is something that I never experienced in any other part of Atlanta.   I can’t tell you how much I will miss this place when I move.  On a side note, the staff is so friendly, relaxed, and attentive.  Oh, and their food is out of this world – upscale bar food, so they offer salmon burgers but no wings.

6. Utility bill.  City of East Point has you electric, water, sewer and trash on one bill.  Even in the summertime, I have never paid more that $160 in a month.  And I like air conditioning a lot.  Also, you can just put your yard waste along the road and a truck will come by and suck it up and turn it into mulch for the parks.  Obviously it’s nice to not have to bag leaves.

7. Location.  Minutes from the airport (or you can take marta).  You can take back roads to downtown and get to CNN in 10 minutes (my wife worked there, so that’s not an exaggeration).  Langford parkway can either take you to the Connector or to 285. 

If I can think of any more reasons, I’ll let you know.  I really think that East Point has something special going on that people should want to be part of. ”

Now, if THAT isn’t a testimonial for East Point, Atlanta, I don’t know what is!

Three Candidates- Three proposed “solutions” to current housing and mortgage issues

Housing and mortgage issues have become a strong topic of discussion during the Presidential primary campaign.  Though McCain, Obama and Clinton all support efforts to help defaulting subprime borrowers by refinancing into less costly replacement mortgages, such as FHA, the candidates’ similarities end there.  Three different solutions are sketched out below:

John McCain supports the Bush administration’s private-sector hypothetical cure to the foreclosure problem — efforts like the Hope Now Alliance and the recent Project Lifeline concept that offers distressed borrowers an extra 30 days to work things out with lenders before they lose their homes to foreclosure.

Hilary Clinton wants to clamp a 90 day moratorium on all foreclosures, in addition to a freeze of subprime adjustable mortgage rates for a minimum five years. Obama proposes the creation of a new $10 billion federal “Foreclosure Prevention Fund”. The Fund would be designed to help people renegotiate loans with their current lenders or to short-sell their homes.  Not to be outdone, Clinton says that $10 billion won’t be eonugh, and promises that her version of this fund would be three times the size of Obama’s.

Barack Obama also would promote a change to federal bankruptcy laws that lenders say would force them to raise rates.  In addition, Barack wants to empower bankruptcy judges to reduce borrowers’ mortgage debts to lenders — something the banking industry is now fighting desperately on Capitol Hill.  Obama also wants to create a new write off program for lower and middle-income homeowners who don’t currently itemize on their federal taxes. This plan would include a “universal tax credit” for 10 million borrowers that may save them an estimated average of $500 a year.  I’m not trying to advocate for any one candidate, I like parts of each candidate’s proposed plan of action. Just want to present a simple boiled down view…

What do you know about Green Mortgages?

Energy efficient mortgages, also known as Green Mortgages, were designed to allow homeowners to leverage bigger loans by focusing on their commitment to the environment . The concept is based on the premise that a more energy efficient home will have lower utility bills. That savings can be considered income, allowing a homebuyer to qualify for a bigger loan. The green mortgage was born in 1979 when President Jimmy Carter signed an executive order directing federally sponsored secondary market institutions to offer consumers incentives for energy-efficient homes.

To apply for one, you’ll need to provide a Home Energy Rating System (HERS) report. HERS reports indicate that your house meets all energy efficiency guidelines. Homeowners looking to upgrade their home’s energy efficiency can commission a trained Energy Rater to issue a HERS report suggesting efficiency improvements, and provide a detailed estimate for the cost of those improvements, as well as the associated savings. (The cost of the report is usually a few hundred dollars.) Your builder can provide the required paperwork for a new home.
Good stuff!
For more information, please contact Chris at Chris-Reeder.com

Manufactured housing- love it or hate it?

I LOVE the concept of manufactured housing.
It’s fast and efficient. The costs to build are generally lower than “stick built”. Most community homes look the same inside and out these days, so the look of a manufactured home isn’t necessarily negative. Casual observers can’t even tell if a home is manufactured. Almost all manufactured homes are built to withstand high winds as good as or better than non-manufactured.
Honestly, I thought after Katrina, buyers would flock to manufactured homes. I felt so strongly, I even bought stock in one well known manufactured home builder. (It’s just sitting there, barely inching up)
So, the question is…why are they not more popular? I guess the general public’s perception that “manufactured” equals mobile home.
I’d love to hear your thoughts- love em or hate em?
Consumers can find a wealth of information about manufactured housing by visiting the consumer pages at nahb.org.