Stephen Cantrill – ERA Young Realty & Investment https://scantrill.com Wed, 05 Jun 2019 21:06:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.3 https://secureservercdn.net/198.71.233.179/q3r.e2b.myftpupload.com/wp-content/uploads/2018/11/cropped-Era-Rim-logo-01-01-32x32.png Stephen Cantrill – ERA Young Realty & Investment https://scantrill.com 32 32 EMPHASIS ON HOME INSPECTIONS https://scantrill.com/emphasis-on-home-inspections/ Wed, 05 Jun 2019 20:59:49 +0000 https://scantrill.com/?p=203 The post EMPHASIS ON HOME INSPECTIONS appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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EMPHASIS ON HOME INSPECTIONS

There are so many more compelling reasons to engage a home inspector than ever before—even for a  newly constructed home. I cannot emphasize enough that the inspection process performed by the town or the county for new homes is an inspection for compliance to their building codes—period. These inspections are important, but do not address a comprehensive look at the entire condition of the home. Every home wears out eventually but new homes are not perfect just because they are new.

Builders can and often do miss things or make mistakes. Realtors are the professionals in the business that see this every day. You have the most leverage to get things corrected before you take possession of the home. A good inspector is very thorough, only costs a few hundred dollars and looks at many more things than the municipal inspector. Getting even one finding corrected can easily save you more money than the cost of the inspector. It is easier for the builder to comply with your request than to wait to get paid. Even if your inspector finds nothing, the value is still worth the peace of mind.

There are even more reasons to get a re-sale home inspected. And remember: an inspection is for the purpose of informing you of the condition of the home. You’re not buying a new home, so it is unreasonable to expect the seller to return it to the condition of a new home. However, even though a seller may night put a new roof on for you, at least you’ll know the expected useful life of this expensive item.

You should be interested to know if there has been work performed on the home that should have required a permit and whether or not work was performed professionally by licensed contractors. If not, then you will be responsible for these conditions when you, in turn, go to sell the home. It is critical to know if there are any electrical problems that rise out of an inspection. You could lose your home to fire in an instant with electrical problems.

Plumbing issues can be equally expensive. Leaking areas behind walls or on floors will cause mold and are frequently the most expensive repairs known in the insurance industry.

Recently municipalities have been requiring permits for an ever-increasing variety of work on property. Restrictions are clearly increasing. Whether we like it or not is just simply an academic debate. The real question when you acquire a property should be to find out what conditions you are accepting responsibility for as you go forward. An inspection will help you decide what is significant and what is immaterial.

 

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GETTING THE MOST OUT OF A 2ND HOME https://scantrill.com/getting-the-most-out-of-a-2nd-home/ Sun, 31 Mar 2019 22:47:20 +0000 https://scantrill.com/?p=163 The post GETTING THE MOST OUT OF A 2ND HOME appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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Don’t Believe These 5 Myths About Real Estate Agents

Do you need one? Do they pocket the whole commission? Let’s set the facts straight.

Buyers and sellers often enter the market with misconceptions about real estate agents — how we work, how the process works and what the agency relationship is all about.

It’s helpful to point out, without getting too far into the weeds, that in any one real estate transaction, there are most likely two agents: one for the buyer and one for the seller.

Here are five myths (and five truths) about working with both buyer’s and seller’s agents.

1. Agents get a 6 percent commission, no matter what

Most people assume that their agent is pocketing the entire commission. That would be nice, but it’s just not accurate.

Truth

First, it’s helpful to know that the seller pays the commission, and they split it four ways: between the two brokerages and the two agents.

Finally, the brokerage commission isn’t fixed or set in stone, and sellers can sometimes negotiate it.

2. Once you start with an agent, you’re stuck with them

If you’re a seller, you sign a contract with the real estate agent and their brokerage. That contract includes a term — typically six months to a year. Once you sign the agreement, you could, in fact, be “stuck” with their agent through the term. But that’s not always the case.

Truth

If things aren’t working out, it’s possible to ask the agent or the brokerage manager to release you from the agreement early.

Buyers are rarely under a contract. In fact, buyer’s agents work for free until their clients find a home. It can be as quick as a month, or it can take up to a year or more. And sometimes a buyer never purchases a house, and the agent doesn’t get paid.

Before jumping into an agent’s car and asking them to play tour guide, consider a sit-down consultation or a call, and read their online reviews to see if they’re the right fit.

Otherwise, start slow, and if you don’t feel comfortable, let them know early on — it’s more difficult to break up with your agent if too much time passes.

3. It’s OK for buyers to use the home’s selling agent

Today’s buyers get most things on demand, from food to a ride to the airport. When it comes to real estate, buyers now assume they need only their smartphone to purchase a home, since most property listings live online.

Truth

First-time buyers or buyers new to an area don’t know what they don’t know, and they need an advocate.

The listing agent represents the seller’s interests and has a fiduciary responsibility to negotiate the best price and terms for the seller. So, working directly with the selling agent presents a conflict of interest — in favor of the seller.

An excellent buyer’s agent lives and breathes their local market. They’ve likely been inside and know the history of dozens of homes nearby. They’re connected to the community, and they know the best inspectors, lenders, architects and attorneys.

They’ve facilitated many transactions, which means they know all the red flagsand can tell you when to run away from (or toward) a home.

4. One agent is just as good as the next

Many people think of “agent” as a generic term and that all agents are created equal.

Truth

A great local agent can make an incredible difference, so never settle. The right agent can save you time and money, keep you out of trouble and protect you.

Consider an agent who has lived and worked in the same town for ten years. They know the streets like the back of their hand. They have deep relationships with the other local agents. They have the inside track on upcoming deals and past transactions that can’t be explained by looking at data online.

Compare that agent to one who’s visiting an area for the first time and needs their GPS to get around. Some agents aren’t forthright and might be more interested in making a sale. Many others care more about building a long-term relationship with you, because their business is based off referrals.

5. You can’t buy a for sale by owner (FSBO) home if you have an agent

In a previous generation, sellers who wouldn’t deal with any agents tried to sell their home directly to a buyer to save the commission.

Truth

Smart sellers understand that real estate is complicated and that most buyers have separate representation. And many FSBO sellers will offer payment to a buyer’s agent as an incentive to bring their buyer clients to the home.

If you see an FSBO, don’t be afraid to ask your agent to step in. Most of the time the seller will compensate them, and you can benefit from their knowledge and experience.

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USING “PRICE PER SQUARE FOOT” AS A MEASURE OF VALUE https://scantrill.com/using-price-per-square-foot-as-a-measure-of-value/ Tue, 12 Feb 2019 16:18:46 +0000 https://scantrill.com/?p=143 The post USING “PRICE PER SQUARE FOOT” AS A MEASURE OF VALUE appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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USING “PRICE PER SQUARE FOOT” AS A MEASURE OF VALUE

“How much is it per square foot”, seems to be one of the most often asked questions by the buyers I meet. It is a valuable tool but, more useful in some instances than others and should not always be relied upon as your exclusive measure of value.

It works best with tract homes in homogeneous neighborhoods. These are the ones you find in metro-Phoenix, Las Vegas, Texas and Florida where there are usually 5 standard models of homes for the subdivision. An important example: these are usually 3 bedroom, 2 bath, 2-car garage homes, all with a similar style and all built within a compressed time period. Of special note is that garage. An appraiser will value a garage or a basement at a lower square footage value than the living area of the home and you’re getting a “blended” square footage price.

If you want something “unusual”, for instance: mountain view, larger lot, land backing Forest Service, a location near coveted community services or site near a river or lake—that adds value. And it is a measureable value. An appraiser will assign more value to a larger lot or ocean view. Those things were more desirable and cost more when the home was built. Put more simply: compare apples to apples. Just because that metric makes easy logic to you, is no sign it works for the market or the home you’re looking to buy. I read that in 2018 home in the California Bay area averaged $900 a sq. ft. and in Austin, TX, $210 a sq. ft.

Let’s look at another example, let’s say: a getaway, part time 2nd home. Maybe it has no garage and maybe you don’t care or don’t need one. Maybe the appealing feature is that it is near a lake or better climate zone. Let’s say the asking price is $200,000 and it’s just a 1,000 sq. ft. home with no garage, so that’s $200 a square foot. Well, in your primary home neighborhood, maybe you can get something for $400,000 and it’s 2,000 sq. ft. so that’s also $200 a sq. ft.—but, it has a garage. Seemingly you are getting a better value with your primary home. You’re paying $200 a sq. ft. for the livable area PLUS you have the garage. So with that comparison and using the sq. ft. analogy, you’d have to say the 2nd home value is not as good.

Well, what is it going to be? What is the correct sq. ft. value? A REAL $200 a sq. ft.—as in the vacation home, or the calculation of your primary home? The answer is that they are not comparable. They’re apples and oranges. If you bought your tract home new for $400,000, the livable part really isn’t valued at $200 a sq. ft. You’ve blended in a cheap garage.

There are other significant ways to judge value: comparable homes in the same market or maybe a recent appraisal. Those are objective. Then there is the subjective: do you like it? Does it represent the lifestyle change you’re looking for? Can you make income on the property as a B&B? Does it have one of those getaway qualities such as near water or recreation opportunities you don’t have at home? Buying a home in a new place either as a primary or secondary residence is going to be an education process. You will have to put your thinking cap on and stimulate your imagination. There is no one, single, easy answer with which to value the home.

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HOW DID THE REAL ESTATE MARKET DO IN 2018? https://scantrill.com/how-did-the-real-estate-market-do-in-2018/ Tue, 08 Jan 2019 22:56:25 +0000 https://scantrill.com/?p=128 The post HOW DID THE REAL ESTATE MARKET DO IN 2018? appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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HOW DID THE REAL ESTATE MARKET DO IN 2018?

This is a market wrap up for 2018 for Rim Country, including Payson. People ask me every day “how’s real estate”? I’m flattered to be asked, but a good answer looks at the entire year. In fact, part of the answer is that sales have been good for at least 5 years, climbing out of the recession of 2008. Prices have been rising for that long. The last half of 2018 saw things level off due to several converging factors nationwide and that includes the Payson market. However, this is the wrap up for the year:

As they say, you can make statistics seem to say anything you want, but these are raw numbers and they don’t lie. There are many, many more metrics to describe the direction things are going. Perhaps the single most descriptive words are: robust, strong, solid or positive. Is it a seller’s market? Well, it’s not a buyer’s market. There are many good values and choices available.

People will still choose the best value among a group of choices that they see. Translated: your property should be priced within reason, should be in show-ready condition as much as possible and as attractive as you can make it appear when someone walks in the door. Contact me any time for a free opinion of value, a listing proposal or for information about any property in Rim Country. I enjoy the support of many past clients and repeat business.

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Your house didn’t sell? https://scantrill.com/your-house-didnt-sell/ Wed, 12 Dec 2018 22:36:17 +0000 https://scantrill.com/?p=105 The post Your house didn’t sell? appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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YOUR HOUSE DIDN’T SELL?

You’re in a bad mood. Your house didn’t sell. It’s December, you had it listed with a Realtor for 6 months and it didn’t sell. It’s the holiday season. Buyer traffic died down. Maybe you fired your Realtor. Maybe the listing expired. You’re not sure what to do next. Whatever, in any case, you’re not a happy camper.

What the heck happened? There are almost always TWO [2] main reasons. Let’s not make it complicated:

[1.] PRICE and [2.] CONDITION. Every buyer has a price bracket in mind and it doesn’t matter what that is, small or large. At any price bracket, the buyer will see those homes currently available and if yours is perceived as overpriced contrasted to the others, it will not compare favorably with the others. In fact, if it is too overpriced, it will not even show up in the bucket of homes in that buyers price bracket. So, price speaks for itself—even if your agent didn’t speak that language, or if you did not listen to your agent. Like I said: it’s not complicated. You may not like the message, but the message is clear.

2. CONDITION. I like to use this analogy: I know you can remember meeting someone’s kid for the first time who was a totally rude brat. How long did it take you to get over that impression? The answer is: “years—if ever”. So how do you think it looks to someone if your house is not ready to show? It doesn’t have to have new counters, cabinets, flooring and all the goodies. The next lady of the house may want to change all of that anyway. But it does have to be neat, clean, tidy and uncluttered inside and out. That means different things to different people. No one is perfect. But good Realtors see at least 50 homes a month; they have a pretty good idea.

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Don’t Believe These 5 Myths About Real Estate Agents https://scantrill.com/dont-believe-these-5-myths-about-real-estate-agents-2/ Wed, 28 Nov 2018 17:08:56 +0000 https://scantrill.com/?p=94 The post Don’t Believe These 5 Myths About Real Estate Agents appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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Don’t Believe These 5 Myths About Real Estate Agents

Do you need one? Do they pocket the whole commission? Let’s set the facts straight.

Buyers and sellers often enter the market with misconceptions about real estate agents — how we work, how the process works and what the agency relationship is all about.

It’s helpful to point out, without getting too far into the weeds, that in any one real estate transaction, there are most likely two agents: one for the buyer and one for the seller.

Here are five myths (and five truths) about working with both buyer’s and seller’s agents.

1. Agents get a 6 percent commission, no matter what

Most people assume that their agent is pocketing the entire commission. That would be nice, but it’s just not accurate.

Truth

First, it’s helpful to know that the seller pays the commission, and they split it four ways: between the two brokerages and the two agents.

Finally, the brokerage commission isn’t fixed or set in stone, and sellers can sometimes negotiate it.

2. Once you start with an agent, you’re stuck with them

If you’re a seller, you sign a contract with the real estate agent and their brokerage. That contract includes a term — typically six months to a year. Once you sign the agreement, you could, in fact, be “stuck” with their agent through the term. But that’s not always the case.

Truth

If things aren’t working out, it’s possible to ask the agent or the brokerage manager to release you from the agreement early.

Buyers are rarely under a contract. In fact, buyer’s agents work for free until their clients find a home. It can be as quick as a month, or it can take up to a year or more. And sometimes a buyer never purchases a house, and the agent doesn’t get paid.

Before jumping into an agent’s car and asking them to play tour guide, consider a sit-down consultation or a call, and read their online reviews to see if they’re the right fit.

Otherwise, start slow, and if you don’t feel comfortable, let them know early on — it’s more difficult to break up with your agent if too much time passes.

3. It’s OK for buyers to use the home’s selling agent

Today’s buyers get most things on demand, from food to a ride to the airport. When it comes to real estate, buyers now assume they need only their smartphone to purchase a home, since most property listings live online.

Truth

First-time buyers or buyers new to an area don’t know what they don’t know, and they need an advocate.

The listing agent represents the seller’s interests and has a fiduciary responsibility to negotiate the best price and terms for the seller. So, working directly with the selling agent presents a conflict of interest — in favor of the seller.

An excellent buyer’s agent lives and breathes their local market. They’ve likely been inside and know the history of dozens of homes nearby. They’re connected to the community, and they know the best inspectors, lenders, architects and attorneys.

They’ve facilitated many transactions, which means they know all the red flagsand can tell you when to run away from (or toward) a home.

4. One agent is just as good as the next

Many people think of “agent” as a generic term and that all agents are created equal.

Truth

A great local agent can make an incredible difference, so never settle. The right agent can save you time and money, keep you out of trouble and protect you.

Consider an agent who has lived and worked in the same town for ten years. They know the streets like the back of their hand. They have deep relationships with the other local agents. They have the inside track on upcoming deals and past transactions that can’t be explained by looking at data online.

Compare that agent to one who’s visiting an area for the first time and needs their GPS to get around. Some agents aren’t forthright and might be more interested in making a sale. Many others care more about building a long-term relationship with you, because their business is based off referrals.

5. You can’t buy a for sale by owner (FSBO) home if you have an agent

In a previous generation, sellers who wouldn’t deal with any agents tried to sell their home directly to a buyer to save the commission.

Truth

Smart sellers understand that real estate is complicated and that most buyers have separate representation. And many FSBO sellers will offer payment to a buyer’s agent as an incentive to bring their buyer clients to the home.

If you see an FSBO, don’t be afraid to ask your agent to step in. Most of the time the seller will compensate them, and you can benefit from their knowledge and experience.

The post Don’t Believe These 5 Myths About Real Estate Agents appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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Don’t Believe These 5 Myths About Real Estate Agents https://scantrill.com/dont-believe-these-5-myths-about-real-estate-agents/ Wed, 28 Nov 2018 16:00:27 +0000 https://scantrill.com/?p=77 The post Don’t Believe These 5 Myths About Real Estate Agents appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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Don’t Believe These 5 Myths About Real Estate Agents

Do you need one? Do they pocket the whole commission? Let’s set the facts straight.

Buyers and sellers often enter the market with misconceptions about real estate agents — how we work, how the process works and what the agency relationship is all about.

It’s helpful to point out, without getting too far into the weeds, that in any one real estate transaction, there are most likely two agents: one for the buyer and one for the seller.

Here are five myths (and five truths) about working with both buyer’s and seller’s agents.

1. Agents get a 6 percent commission, no matter what

Most people assume that their agent is pocketing the entire commission. That would be nice, but it’s just not accurate.

Truth

First, it’s helpful to know that the seller pays the commission, and they split it four ways: between the two brokerages and the two agents.

Finally, the brokerage commission isn’t fixed or set in stone, and sellers can sometimes negotiate it.

2. Once you start with an agent, you’re stuck with them

If you’re a seller, you sign a contract with the real estate agent and their brokerage. That contract includes a term — typically six months to a year. Once you sign the agreement, you could, in fact, be “stuck” with their agent through the term. But that’s not always the case.

Truth

If things aren’t working out, it’s possible to ask the agent or the brokerage manager to release you from the agreement early.

Buyers are rarely under a contract. In fact, buyer’s agents work for free until their clients find a home. It can be as quick as a month, or it can take up to a year or more. And sometimes a buyer never purchases a house, and the agent doesn’t get paid.

Before jumping into an agent’s car and asking them to play tour guide, consider a sit-down consultation or a call, and read their online reviews to see if they’re the right fit.

Otherwise, start slow, and if you don’t feel comfortable, let them know early on — it’s more difficult to break up with your agent if too much time passes.

3. It’s OK for buyers to use the home’s selling agent

Today’s buyers get most things on demand, from food to a ride to the airport. When it comes to real estate, buyers now assume they need only their smartphone to purchase a home, since most property listings live online.

Truth

First-time buyers or buyers new to an area don’t know what they don’t know, and they need an advocate.

The listing agent represents the seller’s interests and has a fiduciary responsibility to negotiate the best price and terms for the seller. So, working directly with the selling agent presents a conflict of interest — in favor of the seller.

An excellent buyer’s agent lives and breathes their local market. They’ve likely been inside and know the history of dozens of homes nearby. They’re connected to the community, and they know the best inspectors, lenders, architects and attorneys.

They’ve facilitated many transactions, which means they know all the red flagsand can tell you when to run away from (or toward) a home.

4. One agent is just as good as the next

Many people think of “agent” as a generic term and that all agents are created equal.

Truth

A great local agent can make an incredible difference, so never settle. The right agent can save you time and money, keep you out of trouble and protect you.

Consider an agent who has lived and worked in the same town for ten years. They know the streets like the back of their hand. They have deep relationships with the other local agents. They have the inside track on upcoming deals and past transactions that can’t be explained by looking at data online.

Compare that agent to one who’s visiting an area for the first time and needs their GPS to get around. Some agents aren’t forthright and might be more interested in making a sale. Many others care more about building a long-term relationship with you, because their business is based off referrals.

5. You can’t buy a for sale by owner (FSBO) home if you have an agent

In a previous generation, sellers who wouldn’t deal with any agents tried to sell their home directly to a buyer to save the commission.

Truth

Smart sellers understand that real estate is complicated and that most buyers have separate representation. And many FSBO sellers will offer payment to a buyer’s agent as an incentive to bring their buyer clients to the home.

If you see an FSBO, don’t be afraid to ask your agent to step in. Most of the time the seller will compensate them, and you can benefit from their knowledge and experience.

The post Don’t Believe These 5 Myths About Real Estate Agents appeared first on Stephen Cantrill - ERA Young Realty & Investment.

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