Real Estate Market News for October – Leslie Lerner Properties – Houston Realtor

[wpcol_2third id=”” class=”” style=””]OCTOBER NEWS YOU CAN USE
Housing Stats ∙ Hiring a Contractor – Ways to Protect Yourself

HOUSTON HOME SALES REMAIN STRONG

Houston area home sales and prices continued to rise in September, causing inventory to slightly decrease after holding steady for two months. Houston home prices reached record highs for a September in Houston, according to he Houston Association of Realtors (HAR) report.

According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR):

  • Single-family home sales rose 7.0 percent versus September 2013;
  • Single-family home sales broken out by price range:
    • $1 – $79,999: decreased 20.7 percent
    • $80,000 – $149,999: decreased 8.8 percent
    • $150,000 – $249,999: increased 10.2 percent
    • $250,000 – $499,999: increased 16.5 percent
    • $500,000 – $1 million and above: increased 26.7 percent
  • Total property sales were up 7.0 percent year-over year;
  • Total dollar volume climbed 15.7 percent, increasing from $1.7 billion to $2 billion on a year-over-year basis;
  • Days on Market for single-family homes was 47, slightly above July’s record low of 45 days;
  • Rentals of single-family homes shot up 13.2 percent year-over-year and the cost of renting those homes increased 2.7 percent to $1,749;
  • Townhouse/condominium rentals rose 8.8 percent, with rents flat at $1,533.

>>>Read the entire release.

HIRING A CONTRACTOR
Are you thinking about doing some remodeling or have a few projects you would like to address? If so, make sure you get estimates from several contractors. Also, know all of the questions to ask before and after you hire a contractor. The lowest bid doesn’t always mean the most qualified to do the job or the best results.

BEFORE YOU HIRE A CONTRACTOR

Ask Questions
What are your qualifications and licenses you hold?
Contractors should be licensed and bonded. You can check with the city’s building/permitting department to find out about all of the necessary requirements.
How many projects like mine have you completed in the last year?
Ask for documentation and pictures if available.
Will my project require a permit?
Most cities and states require permits for small and large projects. Make sure your contractor understands the permitting process and will get all of the necessary permits before starting the project.
What type of insurance do you carry?
Contractors should have personal liability, workers compensation and property damage coverage. Ask for copies of current insurance certificates so you can verify that you will not be held liable for any injuries and damages that could occur.
Will you be using subcontractors on this project?
Make sure that all subcontractors have current insurance and licenses. Ask the contractor to provide you with a list of subcontractors and suppliers that will be used.
Do you have a list of references?
You should be able to get a list of names, addresses and phone numbers of several clients with projects like yours. You can ask questions such as:
>>Was the contractor professional, ethical, fair and honest through the process?
>>Were you pleased with the quality of work?
>>Would the contractor listen to your concerns and respond in a respectful manner?
>>Were you included in conversations throughout the project?
>>Did the crew show up on time?
>>Were you comfortable with the subcontractors?
>>Was the job completed on schedule and did the contractor fulfill his/her contract?
>>Was the job site kept clean during the project?
>>Was the contractor receptive to coming back after the job was complete if there were any issues?
>>Would you use this contractor again?

GET A WRITTEN CONTRACT AND UNDERSTAND YOUR PAYMENT OPTIONS

Always get a written, signed agreement and make sure payments during the project are contingent upon completion of certain stages of work. Never pay the full sum upfront! A contract should include the following:

  • the contractor’s name, address, phone, and license number
  • an estimated start and completion date
  • the payment schedule for the contractor, subcontractors, and suppliers
  • the contractor’s obligation to get all necessary permits
  • how change orders are handled. A change order is a written authorization to the contractor to make a change or addition to the work described in the original contract, and could affect the project’s cost and schedule.
  • a detailed list of all materials including each product’s color, model, size, and brand. If some materials will be chosen later, the contract should say who’s responsible for choosing each item and how much money is budgeted for it (this is also known as the “allowance”).
  • information about warranties covering materials and workmanship, with names and addresses of who is honoring them — the contractor, distributor, or manufacturer. The length of the warranty period and any limitations also should be spelled out.
  • what the contractor will and won’t do. For example, is site clean-up and trash hauling included in the price? Ask for a “broom clause” that makes the contractor responsible for all clean-up work, including spills and stains.
  • any promises made during conversations or calls. If they don’t remember, you may be out of luck — or charged extra.
  • a written statement of your right to cancel the contract within three business days

AFTER YOU HIRE A CONTRACTOR

Keep Records
Keep a file that includes copies of the contract, change orders, any correspondence between you and the contractors and a record of all payments.

Pay As You Go
As mentioned above, make sure payments during the project are contingent upon completion of certain stages of work. Never pay the full sum upfront! Don’t make the final payment or sign a final release until the project is complete and you are happy with the work. You will also need to make sure all subcontractors and suppliers are paid before releasing the contractor. If subcontractors and tradesmen are not paid, it is possible that they will be able to file a mechanic’s lien against your home forcing you to pay them. You can protect yourself by asking for a release from each and every subcontractor and supplier for a lien release or lien waver.

Information gathered from the FTC and the National Association of the Remodeling Industry.

[/wpcol_2third][wpcol_1third_end id=”” class=”” style=””]All of the service, for less money!

LESLIE LERNER PROPERTIES WILL:

  • List Homes $300,000 – $799,999 for $4,500
  • List Homes $800,000  and up for $12,000
  • $200,000 – $299,999 for $1.5%
    >>Read More
  • We will rebate 1.5% of the Buyer’s Agent’s Commission if we show you 1 – 3 homes.
  • We will rebate 1% if we show you 4 – 6 homes.
    >>Read More

>>>SEE WHAT PEOPLE ARE SAYING ABOUT LESLIE LERNER PROPERTIES

If you think it is time to buy or sell a home, remember to call Leslie Lerner Properties at 713.489.9900.  Leslie Lerner Properties is the Home of Flat Fee Listings and Rebated Commissions.  A great amount of information can be found at www.LeslieLernerProperties.com.  Leslie Lerner Properties offers all of the service for less money, when buying or selling a home.

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