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Category Archives: Real estate advice

Pinellas County real estate monthly indicators

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Click to view the Pinellas County real estate Monthly Indicators

The media sometimes obsesses over the negatives, but last year brought several important improvements in key metrics that should not be brushed aside, such as an improved inventory picture. Foreclosures also dominate news stories, and for good reason. People should occupy homes, not banks. Which means qualified buyers need reliable access to mortgage capital, and distressed properties may need further attention in 2012 to expedite transfer of ownership and tax-base recapture. As we delve into a new year, we’re seeing mostly positive signs. Let’s examine some of them.

New Listings were down 18.3 percent for detached homes and 29.9 percent for attached properties. Pending Sales increased 2.9 percent for single-family homes but decreased 11.3 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $118,000 for detached homes and 14.5 percent to $85,000 for attached properties. Months Supply of Inventory decreased 39.7 percent for single-family units and 36.7 percent for townhouse-condo units.

U.S. economic data has been encouraging. The unemployment rate flirted with a 3-year low and an initial reading on the fourth quarter of 2011 GDP was in-line with expectations. Mortgage rates posted yet another fresh new record low. At the risk of sounding redundant (at the risk of sounding redundant), the missing puzzle piece is still jobs. Improvements in the labor market will spur housing demand through new household formations, improve family financials and galvanize consumer confidence.

Click to view the Pinellas County real estate Monthly Indicators

ForSalebyOwner.com founder uses agent to sell home

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The founder of ForSalebyOwner.com, a popular for-sale by owner (FSBO) website, used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months.

Colby Sambrotto, founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.

Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.

“At first he wouldn’t let me increase the price,” Buckler said. “I told him I know what I am doing – the market is picking up.”

The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.

Source: “DIY Guru Gets Broker Help,” The Wall Street Journal (Aug. 3, 2011)

Home Security Check

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The first step toward protecting your home from break-ins is to conduct a home security check that will show where your property is most vulnerable.

This step-by-step list, arranged according to the hierarchy of risk, is a good place to start.

Your home’s appearance
Burglars want an easy target. Stand on the street outside your house and ask yourself: Does my property look neglected, hidden, or uninhabited? A front door or walkway that’s obscured by shrubbery offers crooks the perfect cover they need while they break a door or window.

Consider trimming shrubs away from windows, widening front walks, and installing outdoor lighting with motion detectors. Simple motion-activated floodlights cost less than $50, and installing them is an easy DIY job if the wiring is already in place. All sides of your house should be well-lit, not just the front.

Doors: The first line of defense
Are your front and back doors vulnerable? Steel, solid wood, and impact-resistant fiberglass are all good choices for security. If you must have glass, make sure it is tempered or reinforced for added strength, and that sidelights are positioned where somebody can’t easily reach in and turn the lock.

Open all doors and check the strike plates, the metal fittings that catch bolts and latches. Chances are, the strike plates are fastened to the soft wood of the door jamb with two screws only. Not good. Best are four-screw strike plates with 3-inch screws that penetrate the jamb and bite into the hard wood of the stud behind the jamb. All exterior doors should have deadbolts that throw at least a 1-inch bolt. Ask your locksmith to upgrade to Grade 1 or Grade 2 locksets and deadbolts, the most secure options.

Back doors and garage doors are more likely to be attacked before the front door, according to Chris McGoey, a Los Angeles-based home security consultant. If you have an attached garage, secure the door by disabling the automatic opener and locking the door before you go away on a long trip. The door leading from the garage into the house should be outfitted with the same hardware as all other exterior doors and be kept locked at all times.

Windows
In order of risk, ground-floor and basement windows are more likely to be attacked than second-floor windows. The exception is second-floor windows that can be easily accessed by a deck or other elevated structure outside the home. Make sure all windows can be opened, closed, and locked with relative ease–and then remember to lock them. The biggest problem with windows is that homeowners leave the house and leave them wide open.

For added security, consider installing blocking devices on the most easily accessed windows so they can’t be opened from outside, says McGoey. Wooden dowels laid in the track block windows that slide horizontally, and steel locking pins (about $7 each) inserted in small holes drilled through the frames prevent windows from sliding vertically. If you install a home security system later, the pros will install glass-break sensors on your most vulnerable windows.

Storage sheds
Don’t ignore the doors and windows on your outdoor storage shed, especially if you store tools such as ladders, saws, screwdrivers, and hammers, any of which would be handy to a burglar. As with house doors, the best option is a secure deadbolt. Hasp closures are easily defeated because someone can insert a crowbar behind the hasp and snap it.

Not all storage shed doors are able to accommodate a deadbolt. In that case, opt for a heavy-duty slide bolt ($15-$25) instead of a hasp closure. With one of these, a tough steel bolt slides into a fitting attached to the shed door frame or a second shed door. The bolt is then rotated down and locked in place with a padlock. When attaching a slide bolt, avoid screws, which can be easily undone. You’re better off using nuts and bolts because they’re stronger, and because the nut does its job from the interior of the shed.

Patio doors
It’s relatively easy to lift a set of older patio doors off the track, even when they are locked. Don’t attempt to do this on your audit, but take time to inspect the doors and hardware. Replace any missing or broken locks, and consider installing and using locking pins to prevent them from sliding.

Consider your family’s habits: Do you leave the patio doors open all summer? Locking the screen door isn’t good enough; it keeps out bugs, not thieves. Get in the habit of closing and locking patio doors when they’re unattended or you’re not home.

Safeguarding household valuables
Thieves want easy-to-grab electronics, cash, jewelry, and other valuables, though some are not above running down the street with your flat-screen TV. Most make a beeline for the master bedroom, because that’s where we’re likely to hide spare cash, jewelry, even guns.

Tour each room and ask yourself: Is there anything here that I can move to my safe deposit box? Consider getting rid of old jewelry you never wear. A home safe, bolted to your basement slab, is a good spot for everything else. Have you made a video inventory of other items of value in your home? Are you properly insured for theft? Understand that high-ticket items in your home office, such as computers, professional camera equipment, or other business essentials, may require an additional rider or a separate policy. And take steps to back up the personal information stored on your home computer.

Home Office Security Check

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This quick home-office security check will help you protect computer equipment, electronics, and personal data from theft, fire, and other dangers.

A professional home security system can help reduce your losses, but not taking a few extra steps is asking for trouble. This home-office security check is designed to highlight the hot spots and help you protect valuable home-office equipment and information.

Make sure you’re insured
Take a look around your office. Are you properly insured for all of your equipment and possessions? Don’t assume that your umbrella homeowner’s policy is sufficient. Most policies will cover replacement of computers only up to a specific dollar amount, say $1,000 or $2,500. You’ll bear the rest of the cost, unless you add a rider to your existing policy. (Riders tend to be inexpensive; you may pay an extra $50 a year to cover all your camera equipment, for example.)

Equipment that you use solely for business may not be covered at all by your homeowner’s policy, necessitating a separate commercial policy. The cost of these policies varies widely, depending on the type of work you do and the value of the items. Equipment on loan from your employer, such as an office laptop, should be covered under your employer’s policy.

Back it up–twice
Are you are currently backing up your data to an external hard drive? If you are, good for you, but you can’t rest there. If you lost both computer and backup drive to theft or fire, you’d be out of luck. Better is a service such as CrashPlan, which charges $100 a year to constantly back up all your critical data to a remote server.

Paper documents are slightly trickier than the digital variety, because they’re usually one-of-a-kind. That’s why important data–insurance policies, Social Security cards, passports, auto titles, a list of your family’s credit card numbers, etc.–should be stored off-site in a safe deposit box ($50 to $75 a year) or in a fireproof safe bolted to your basement slab. You can scan and digitize these documents to keep them handy, but be sure to back up the digital versions, too.

Bear in mind that digital media, such as DVDs and CDs, can still melt in a fireproof safe. Media safes constructed by companies such as FireKing are built to block heat transfer, but you’ll pay for the extra protection. A 650-pound, 1.5-cubic-foot safe that can hold 140 CDs might run you $3,000; smaller ones that hold 20 CDs cost about $400.

Avoid data and identity theft
Backups are fine, but they won’t keep prying eyes off your data if your computer is stolen. Most computers have built-in security features–controlled via their system preferences panel–that you probably aren’t using. For example, you can drag your most sensitive data into a single password-protected folder. Or you can “disable automatic login” so the computer can’t boot up without a password.

If you want to go whole hog, activate your built-in encryption program or install a third-party program such as the free download True Crypt that will scramble every file on your computer. Without the password, no one can access a single file. The downside: If you lose or forget the password, adios data. If you’re not comfortable with high-tech data security measures, then the best advice is probably the simplest: Install a solid office door with a good lock.

Protect against power surges
Electronic equipment that you use every day should be plugged into surge protectors ($40 and up). These devices, which look like high-end power strips, guard against occasional fluctuations in electricity coming from your local power company, or from electrical appliances cycling on and off inside the house.

Surge protectors can’t make up for improper wiring or insufficient power coming into the house. If you’re unsure of your home’s power capacity, consider hiring an electrician to do a wiring inspection. Ask him to check how many amps your electrical panel carries (200 amps is typical of most modern homes).

Even if a wiring upgrade isn’t in order, ask him to clamp a whole-house surge protector onto your electrical panel and to any other incoming transmission lines, such as cable or data lines. These units, which cost between $200 and $300 installed, can stop a 40,000-amp surge in its tracks.

Not even a top-of-the-line surge protector, however, can guard against a direct lighting strike. As an added measure, unplug all sensitive appliances during a lightning storm, or if you’re leaving your home for a lengthy period of time.

Home Security Cameras: Peace of Mind While You’re Away

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Easy-to-install security cameras let you keep an eye on your home from afar, ensuring safety and security for you and your family.

Network cameras
Internet-based network cameras are a quick solution in setting up home surveillance. They connect to your broadband connection and don’t require difficult wiring or mounting.

Logitech’s Alert lets you view either real-time or recorded footage—with audio—of the inside and outside of your house through your iPhone, Android, or BlackBerry smartphone, and the system is expandable by adding additional cameras. You’ll get text or email notifications on your phone or computer if the camera’s motion sensor is triggered.

Panasonic’s BL-C131A goes one step further by giving you remote pan and tilt control from your smartphone or computer, allowing you to view in eight different positions.

The Alert 750i Master System starts at $299.99. (A similar device from D-Link costs $119.99.) The Panasonic BL-C131A costs around $300.

Riding the Z-Wave
If you have a Z-Wave-based home automation system installed, you can add wireless cameras to create a security network inside and outside of your house.

ADT’s Pulse is a complete home alarm system that uses Z-Wave cameras for home monitoring from your iPhone, BlackBerry, or Android. ADT Pulse service plans start at $48 a month, not including installation and cameras.

Schlage’s LiNK offers its Z-Wave Wireless Camera as an option to its electronic locks. Like ADT’s Pulse, you can also perform additional home management functions with compatible Z-Wave products like thermostats. Schlage LiNK starter kits cost around $300, and the Wireless Camera costs around $150.

Similar wireless security cameras are available for X10 home automation systems.

DIY camera
You can turn a basic computer webcam into a surveillance system using free downloadable software from Yawcam and EyeSpyFX. You’re required to have your computer remain on, but once set up you can log in remotely from another computer—say, at work—and view streaming video of your home. Just position the camera at what you want to monitor.

Yawcam offers motion detection and can send a snapshot to your email when triggered, while EyeSpyFX lets you view footage from dedicated iPhone, Android, and BlackBerry apps.

An affordable webcam like Microsoft’s LifeCam VX-2000 costs about $30 or less.

Do-It-Yourself Home Security: Windows May Leave You Vulnerable

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Protecting your home from break-ins starts with a do-it-yourself home security check to indicate whether your windows are an open invitation to criminals.

Check ground-floor and basement windows
Ground-floor and basement windows are more likely to be targeted than those on the second floor, and deserve the most attention. The exception is those second-floor windows that can be easily accessed by a deck or other elevated structure outside the home.

Start your home security check by looking at your ground-floor windows from afar. Are they blocked by high shrubbery? Bushes give ideal cover for someone planning to break or force open a window; cut greenery back so that front windows are fully visible from the street.

Keep locks locked
Make sure all windows can be opened, closed, and locked with relative ease—and then remember to keep them locked whenever you’re not around. The biggest problem that occurs with windows is when home owners exit their home and leave windows wide open—and vulnerable.

In spring and fall, when daytime temperatures swing and windows are frequently opened and closed, get in the habit of locking windows as you shut them.

Install simple security devices
Add blocking devices to the most easily accessed windows so they can’t be opened from outside.

Wooden dowels placed in the track block windows that slide horizontally, and require no installation.
Steel locking pins (about $7 each), inserted in small holes that must be drilled through the frames, prevent vertically-sliding windows from being opened.
If you install a home security system later, the pros will install glass-break sensors on your most vulnerable windows.

Check garage windows
Garage windows are often forgotten—give them a home security check to make sure they’re securely locked. Install curtains or apply translucent security film on garage windows so that valuables aren’t readily visible. Thieves are more likely to attempt a break-in if they see items worth stealing.

Do-It-Yourself Home Security Check: Doors are First Line of Defense

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Protect against break-ins with a security check that shows where the entrances to your house—your doors—are vulnerable.

Think like a burglar
First, stand back: is your front door visible from the street, or is it obscured by bushes? A door that’s covered by shrubbery offers thieves the perfect chance to break in without being seen.

Trim back or remove shrubbery that offers cover for potential intruders.

Upgrade strike plates and deadbolts
Open all doors and check the strike plates, the metal fittings that catch bolts and latches. Chances are, they’re fastened to the soft wood of the door jamb with two screws only. Not good. Upgrade security with four-screw strike plates ($3) and 3-inch screws that bite all the way into the stud behind the jamb.

When conducting your home security check, make sure exterior doors have deadbolts that throw at least a 1-inch bolt. Ask your locksmith to upgrade to Grade 1 or Grade 2 locksets and deadbolts ($25 to $80), the most secure options.

Check garage doors
Back doors and garage doors are more likely to be attacked than the front door. If you have an attached garage, disable the automatic opener and lock the garage door before you go away on a long trip. The door leading from the garage into the house should be outfitted with the same hardware as exterior doors and kept locked at all times.

Patio doors are vulnerable
Sliding doors leading to a patio can be a home’s weak spot. To beef up security:

Closely inspect the doors and their hardware.
Replace any missing or broken locks.
Consider installing locking pins to prevent the doors from sliding.
Get into the habit of locking the doors, not just the screen, when patio doors are unattended.
Replace your entry door
Check the construction of your entry doors. Those made of steel, solid wood, and impact-resistant fiberglass are all good choices for security. If you must have glass, make sure it is tempered or reinforced for added strength. Expect to pay $1,400 to $2,300 for an exterior replacement door, including installation.

Strengthen the lock on your outdoor storage shed
Don’t ignore the doors on your outdoor storage shed, especially if you store tools there; they could be useful to a burglar. As with house doors, the best option is a secure deadbolt. If your shed doors are unable to accommodate a deadbolt, a heavy-duty slide bolt ($15 to $25) secured by a padlock is a good substitute.


If disaster strikes, will your insurance come through?

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Most people don’t give much thought to their homeowners insurance policy unless a tree punches a hole in their roof or they come home from vacation to find that the basement has been transformed into an indoor swimming pool.

But if your homeowners insurance claims have been limited to those types of calamities, count yourself among the fortunate. Thousands of families in Joplin, Tuscaloosa and other tornado-stricken communities have seen their homes flattened and the contents destroyed. And sadly, many of these homeowners will soon discover that their insurance won’t cover all of their rebuilding costs.

The good news is that typical homeowners insurance covers damage from tornadoes. Other natural disasters, such as floods and earthquakes, aren’t covered under standard policies. But while 96 percent of homeowners have insurance, 64 percent of homes are undervalued for insurance purposes, according to a 2008 study by Marshall & Swift, a research firm.

Even if you don’t live in Tornado Alley, you should review your policy periodically to make sure you could recover from a catastrophe. Typical homeowners coverage falls into three categories:

Replacement cost. This covers the cost of repairing or replacing your home, based on a set dollar limit. The problem is that it may not reflect increases in the cost of construction and labor since you took out your policy. If a disaster strikes your entire community as was the case in Joplin higher demand could push up the cost of building materials and labor, says Amy Danise, managing editor of Insure.com.

Extended replacement cost. In this case, the insurer agrees to pay a certain percentage above the replacement cost to account for inflation, Danise says. For example, if your replacement cost is $250,000, extended replacement cost coverage would pay up to 120 percent of that, or $300,000. Even with this adjustment, you could come up short, particularly if it has been a long time since you updated your coverage. There are several online tools you can use to calculate the current replacement cost of your home. You can get an estimate at AccuCoverage.com for $7.95.

Guaranteed replacement cost. This coverage will pay the total cost of replacing your home, no matter how much prices have increased since you took out the policy, Danise says. This type of coverage is more expensive and increasingly difficult to obtain because insurers want to control their costs, she says.

In addition to these levels of coverage, many policies include an “inflation guard” provision that automatically adjusts your coverage limit when you renew your policy to reflect increases in construction costs. Some policies include this as part of standard coverage; for others, it costs extra, says Jeanne Salvatore, spokeswoman for the Insurance Information Institute.

Replacing your stuff

Most homeowners policies also cover lost or damaged possessions. Typical coverage ranges from 50 percent to 70 percent of the amount of insurance you have on the structure of your home. For example, if your policy provides up to $250,000 to rebuild your home, you could get an additional $125,000 to $175,000 to replace your belongings.

Again, though, there are different levels of coverage. You can insure belongings for their actual cash value, or the replacement cost. Actual cash value means what it says: If you lose a 10-year-old TV, your payment would be based on the value of a 10-year-old TV. Replacement cost coverage would get you enough money to buy a new TV.

Replacement coverage costs about 10 percent more, but it’s worth it, Salvatore says, because most household items depreciate quickly.

All homeowners should do an inventory of their belongings to figure out how much insurance they need and make it easier to file a claim, Salvatore says. Store a record of your inventory on a secure website, in a safe deposit box or with a relative or friend.

The Insurance Information Institute offers free home inventory software. The National Association of Insurance Commissioners also has information.

© Copyright 2011 USA TODAY, a division of Gannett Co. Inc.