As a landlord, you have the responsibility of providing a habitable rental home and have an unwritten warranty that the premises will remain habitable. That means you must provide basic services to all your tenants. A residence must have heat, power, and plumbing, no problems with the structure that could be a danger to anyone living or visiting the property at any time.
If a tenant complains, and you are the landlord or property manager, ignoring or refusing to make necessary repairs you are in violation of the habitable law. Trying to get the tenant to move by shutting off services or locking them out of the property will only result in a judgment against you. Make sure your property is in good repair and not in violation of the habitable law. If you have any questions contact your attorney for sound legal advice.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
Sunday, September 26, 2010
Thursday, September 23, 2010
Has the Treasure Valley housing market hit bottom?
Home sales are still down, but at least one builder says some buyers who have held back are starting to surface. The home-buying tax credit is out. Market-timing bargain hunters are in.
Statistics released Monday by the Intermountain Multiple Listing Service showed 654 home sales reported in the Treasure Valley in August, a 33 percent decline from the year's high-water mark of 975 set in April. That's when the $8,000 federal tax credit had first-time buyers scrambling to make offers on homes.
Sales have been trending downward since the incentive package expired at the end of April. The median price of a home in Canyon County fell to $85,000, exactly half what it was in January 2007. The median is the midpoint, with half of all homes selling for more and half for less.
"It's pretty bad right now," said Shaun Tracy, a real estate agent with Boise RE/MAX. "August should be one of the strongest sales months of the year. But it was below January's numbers, which is usually one of the worst months of the year."
Still, at least one ray of sunshine is piercing the gloom of Valley home sellers, home builders and real-estate agents. The median price of a new Ada County home is down from July but up from August 2009, because some higher-priced homes are selling.
Lars Hansen, director of development for Brighton Homes in Boise, said the increase is being driven by buyers who have been waiting to buy at the bottom of the market and worry they will miss it if they don't act now.
"There are a lot of people with cash who have been sitting on the sidelines who think this is the time to buy," Larsen said.
New-home costs are also rising because of higher costs for materials including sheet rock, petroleum-based products used in housing construction, and hardwood flooring.
"The clearance sale is over in terms of what's left in a supplier's warehouse," he said.
The median price of a new home in Ada County climbed to $185,000 last month, an almost 6 percent spike from August 2009. But it was down from $212,000 in July.
New-home sales in Ada County at 59 were off 37 percent, compared with 94 a year ago. Overall, 421 homes sold in the county, up from 392 in July but down from 521 in August 2009.
Canyon County had 233 sales last month, up from 221 in July and better than the 219 transactions year ago. Sales improved as prices fell. The median price in August was off 23 percent from $110,000 a year ago.
Most local governments reported a decline in the number of residential building permits they issued in August.
Meridian, for example, issued 18 single-family permits last month, a two-thirds drop from the 57 issued in July. Boise's 17 permits last month were 32 percent below July's total.
Mile Pennington, an agent with John L. Scott Real Estate, said that after the first eight months of 2010 both Ada and Canyon counties are about 500 sales ahead of the same period a year ago. The total is skewed by the federal incentive program, which created "an artificial market," he said.
"Now it's anybody's guess what's going to happen the rest of the year," he said.
Don Hubble, owner of Hubble Homes in Meridian, said some potential buyers are reluctant to pull the trigger on a home purchase because of continuing economic uncertainty.
"Interest rates are about 4.2 percent for a 30-year, fixed rate mortgage," Hubble said. "It's a pretty strange market when you can own a house for less than you can rent one, and more people aren't buying."
Any uptick in sales will likely have to wait until the unemployment rate starts to fall, said Jenifer Gilliland, building manager with Boise Planning and Development Services.
"Our analysis shows there is a direct relationship between permitting and unemployment," Gilliland said. "We're going to be moving along this same path as long as unemployment languishes at around 10 percent. When unemployment comes down you'll see more activity."
Joe Estrella The Idaho Statesman
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
View us on Merchant Circle @
http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code
Read more: http://www.idahostatesman.com/2010/09/14/1339114/has-valley-housing-market-hit.html#storylink=mirelated#ixzz10Q9SLU4S
Statistics released Monday by the Intermountain Multiple Listing Service showed 654 home sales reported in the Treasure Valley in August, a 33 percent decline from the year's high-water mark of 975 set in April. That's when the $8,000 federal tax credit had first-time buyers scrambling to make offers on homes.
Sales have been trending downward since the incentive package expired at the end of April. The median price of a home in Canyon County fell to $85,000, exactly half what it was in January 2007. The median is the midpoint, with half of all homes selling for more and half for less.
"It's pretty bad right now," said Shaun Tracy, a real estate agent with Boise RE/MAX. "August should be one of the strongest sales months of the year. But it was below January's numbers, which is usually one of the worst months of the year."
Still, at least one ray of sunshine is piercing the gloom of Valley home sellers, home builders and real-estate agents. The median price of a new Ada County home is down from July but up from August 2009, because some higher-priced homes are selling.
Lars Hansen, director of development for Brighton Homes in Boise, said the increase is being driven by buyers who have been waiting to buy at the bottom of the market and worry they will miss it if they don't act now.
"There are a lot of people with cash who have been sitting on the sidelines who think this is the time to buy," Larsen said.
New-home costs are also rising because of higher costs for materials including sheet rock, petroleum-based products used in housing construction, and hardwood flooring.
"The clearance sale is over in terms of what's left in a supplier's warehouse," he said.
The median price of a new home in Ada County climbed to $185,000 last month, an almost 6 percent spike from August 2009. But it was down from $212,000 in July.
New-home sales in Ada County at 59 were off 37 percent, compared with 94 a year ago. Overall, 421 homes sold in the county, up from 392 in July but down from 521 in August 2009.
Canyon County had 233 sales last month, up from 221 in July and better than the 219 transactions year ago. Sales improved as prices fell. The median price in August was off 23 percent from $110,000 a year ago.
Most local governments reported a decline in the number of residential building permits they issued in August.
Meridian, for example, issued 18 single-family permits last month, a two-thirds drop from the 57 issued in July. Boise's 17 permits last month were 32 percent below July's total.
Mile Pennington, an agent with John L. Scott Real Estate, said that after the first eight months of 2010 both Ada and Canyon counties are about 500 sales ahead of the same period a year ago. The total is skewed by the federal incentive program, which created "an artificial market," he said.
"Now it's anybody's guess what's going to happen the rest of the year," he said.
Don Hubble, owner of Hubble Homes in Meridian, said some potential buyers are reluctant to pull the trigger on a home purchase because of continuing economic uncertainty.
"Interest rates are about 4.2 percent for a 30-year, fixed rate mortgage," Hubble said. "It's a pretty strange market when you can own a house for less than you can rent one, and more people aren't buying."
Any uptick in sales will likely have to wait until the unemployment rate starts to fall, said Jenifer Gilliland, building manager with Boise Planning and Development Services.
"Our analysis shows there is a direct relationship between permitting and unemployment," Gilliland said. "We're going to be moving along this same path as long as unemployment languishes at around 10 percent. When unemployment comes down you'll see more activity."
Joe Estrella The Idaho Statesman
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
View us on Merchant Circle @
http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code
Read more: http://www.idahostatesman.com/2010/09/14/1339114/has-valley-housing-market-hit.html#storylink=mirelated#ixzz10Q9SLU4S
What is a Lease?
A lease is a written contract or agreement renting land or building to another person. The lease or written contract is conveying property to another for a specified period of time, determined by the parties involved, in consideration of rent or other compensation for such property. A legal agreement on paper assigning property or contract to rent.
Learn more real estate terms and definitions at http://www.wordsnterms.com/
Dictionary and Thesaurus provided by http://www.mrpmrentals.com/
Learn more real estate terms and definitions at http://www.wordsnterms.com/
Dictionary and Thesaurus provided by http://www.mrpmrentals.com/
Tuesday, September 14, 2010
What is a Flat?
A flat is an apartment or suite of rooms on one floor forming a residence, chambers, co-op, condo, crash pad, floor-through, go down, joint, lodging, pad, railroad apartment, rental, room, rooms, suite, tenement or walk-up. Used primarily as a British term.
View all real estate definitions at http://www.wordsnterms.com/
Provided by: http://www.mrpmrentals.com/
View all real estate definitions at http://www.wordsnterms.com/
Provided by: http://www.mrpmrentals.com/
Sunday, September 5, 2010
FIREPLACE SAFETY
With our recent cooler weather upon us it is time to think about winter heating and using the fireplace. In rentals with a fireplace, the property manager must have the chimney inspected and cleaned for safety, after leasing, the tenant is to take on the responsibility.
Fortunately, fireplace maintenance is not difficult or time consuming. Once per year hire a chimney inspector and to assure the fireplace is functioning correctly and is clean with no safety issues. The cost for an inspection is relatively inexpensive and takes no more than 30 minutes. You will feel safe and be safe burning wood all winter long.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
View us on Merchant Circle @
http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code
For a business review visit us @ http://www.linkedin.com/nhone/
Fortunately, fireplace maintenance is not difficult or time consuming. Once per year hire a chimney inspector and to assure the fireplace is functioning correctly and is clean with no safety issues. The cost for an inspection is relatively inexpensive and takes no more than 30 minutes. You will feel safe and be safe burning wood all winter long.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
View us on Merchant Circle @
http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code
For a business review visit us @ http://www.linkedin.com/nhone/
Wednesday, September 1, 2010
Words n Terms of the week....Kitchenette
Kitchenette: A tiny kitchen area that is often built into the side of another room, such as in an efficiency apartment and often referred to as a galley kitchen or an eat- in cook’s room.
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