Home Repair: Who Do You Call?

My washer broke down this week and I want to share a very pleasant experience I had with Tri-County Appliance.

Our washer broke down, and we were quoted a ridiculous amount by another repair company. A friend recommended Tri-County Appliance, and they were able to tell me what the problem was over the phone and quote me an estimate that was very fair, and almost 1/3 of what the other company was going to charge. They came to our home within a day and worked very quickly and efficiently and the total ended up being less than what was originally quoted. The technician showed me the problem, and told me that some of the other “repairs” that the other company was going to charge me for, didn’t even exist. I would highly recommend Tri-County Appliance Repair. There number is 805-683-4762.

I’m always grateful for friends and family who provide recommendations for reliable repair services. Do you have any stories of excellent service or recommendations? Post them on comments below. It’s reassuring to know that there are quality businesses in town that provide value added service, rather than inflated prices.

The Santa Barbara Real Estate Blog is provided by the Daniel Zia and the Zia Group team. For comprehensive real estate information and to search the MLS, visit www.ZiaGroup.com. To contact Daniel Zia directly please email Daniel@ZiaGroup.com or call 805-637-7148.

New Santa Barbara & Carpinteria REO Listings this morning

These two Bank-owned REO listings just came on the market.
1) San Roque 2/1.5 Condo in Santa Barbara for $330k: This is a beautifully remodeled condo unit with amenities and quality construction unlike anything else at this price in SB. Fully remodeled with granite counter tops, high-end appliances, in-unit laundry, bull-nosed corners, etc. This unit has a private and fenced patio and the complex has easy access to 5-points shopping center, La Cumbre Mall, and all that upper-state street offers.

2) 4/3 house or 2-units for $459k in Carpinteria: This property sold for this price in 1999, which by that simple equation (given that we are at 2003 prices) will make it one of the best values of the year. From my knowledge it is currently set up as a 3/1 unit downstairs and a separate, large 1/1 unit upstairs. You are within 1 mile to downtown Carpinteria and probably close to that for beach access as well. The home does have close proximity to the freeway, but you can't beat the price. Would make an excellent rental, owner-user situation, or multi-family investment property.

If you have any questions, or want to schedule an appointment to view either property, please contact me ASAP on my cell: 805-637-7148 or via email at Daniel@ZiaGroup.com. I'd be happy to provide all available info including property address, map location, pictures, square footage figures, etc.

I expect the Carpinteria property to sell quickly. The market continues to move at a very rapid pace. In the past two weeks, I had clients negotiating on 6 properties, five of which had multiple offers, and one of which had 20 offers. Hopefully, that gives you some frame of reference as far as what type of market activity we are seeing.

Home Buyers: What Factors Impact Your Credit Score?

There currently exists a large market for credit reporting and monitoring, as evidenced by the popular (and catchy) FreeCreditReport.com melodies. Your credit score is important, especially to potential buyers seeking to obtain the excellent financing options available today. An excellent credit score is a score in the high 700s, but a score in the high 600s or low 700s is very good, as well. A higher credit score can add up to tens of thousands of dollars in savings over the course of a typical mortgage. But what are the factors that impact the credit score and how you can control them to improve your credit score? The following are the five major categories the corresponding percentage of weight:

PAYMENT HISTORY (35%) – Pay your bills every month by the due date and you will be well on your way to a quality credit score. If you have not paid on time, how late are you? How often are you late on payments? This includes everything from your electric bill to your personal credit card.

AMOUNTS OWED (30%) – There are two major items in this category. The first is the actual amount you owe on each bill or credit line. Obviously, keep this number at zero or as close to zero as possible. The second is the amount of your credit limit that you have used, which should always be below 50%. For example, if you have a $1,000 credit limit on your VISA credit card then you should never charge more than $500 (and even less if possible) to keep this portion of your credit score in good standing.

CREDIT HISTORY (15%) – This portion asks the question of how long you have had each account. If you don’t have a credit history, start one today. Most people will end up having many “credit histories”, as each credit card, cable bill, mortgage payment, etc. counts toward your history. Maintain each history over time and you will see a boost to your overall credit score.

TYPES OF CREDIT (10%) – Do you have a mortgage? Do you have a credit card? Do you have a business line of credit? The total amount of outstanding credit you have relative to your ability to pay off those balances has an impact on your credit score. Generally, you will do well in this category as long as you keep current on all your monthly payments. A mortgage with 10 years of on-time payments will boost your credit score.

NEW CREDIT (10%) – New Credit is defined as when someone, such as a car dealer or banker, checks your credit score with one of the three companies (Equifax.com, TransUnion.com, Experian.com), even if you do not actually receive new credit from them. Someone checking your credit has a relatively low impact on your credit score, but it is best to keep the checking of the score to a minimum.

Regardless of whether or not you’re currently looking into purchasing a home, it is important to take the necessary steps today to develop your credit score. It will pay huge dividends in the future. If you are currently interested in purchasing or selling property in the Santa Barbara area, the ZiaGroup can provide you with local knowledge and excellent service. Contact Daniel by phone (805-679-7593) or email (Daniel@ZiaGroup.com) and allow the ZiaGroup to assist you with your search today.

Searching for Rental Property? 3 Important Things to Consider

The current real estate climate in Santa Barbara is providing an opportunity for would-be investors of residential income-producing property. Non-owner occupied rates have remained low and there exists a decent number of local REOs that pencil out when placing 20%-30% down. Here are three important things to consider if you’re in the market for a rental property.

1. Property Taxes – Many first time rental property investors fail to factor in a quality property tax assumption into the monthly cash flow. A safe property tax assumption is 1.125%, but you should always check to see the actual property tax assessment before purchasing a rental property. On a $500,00.00 property using this assumption, your total annual bill will be $6,250, or about $520 per month.

2. Local Rental Rates – Rent for a 2 bed, 1 bath apartment can vary drastically from one neighborhood to the next, and Santa Barbara is no exception. Make sure to research the rates in the immediate area surrounding your rental property and check out websites that pool rental data, such as www.rentometer.com. Consider what the rental rates will be in 5-10 years, as well, and be conservative in your assumptions.

3. Jobs and Schools – Your future tenants need to work and they will likely, at some point, have children. Research the local job market relative to other cities. Look into California labor reports, released monthly, at http://www.labormarketinfo.edd.ca.gov. Also check the school district in which your rental property is zoned. A school district with an excellent reputation will add additional value to your property.

The ZiaGroup is ready to assist you in your search for a rental property in the Santa Barbara area. We can provide you in-depth local knowledge of properties coming to market before they arrive on the MLS. Visit our comprehensive website on Santa Barbara real estate and contact Daniel by phone (805-637-7148) or email (Daniel@ZiaGroup.com).