As I rounded the corner driving up to Woodford VT this morning, I came across a baby Moose. I stopped to take some photos and video, and as you can see, the moose didn’t want me to pass. It was almost wanting to lead me up the hill. I’ve lived in Vermont for over 20 years and this is only my second moose sighting.
Hello, my name is Donna and this is my first blog. I’m now working at one of the best real estate offices in Bennington, VT. I specialize in residential real estate. Stop by and say hello at 203 Northside Dr.
Mortgage rates have been rising ever since November 2010, when lows of 4.42 percent were reported. Bankrate.com recently reported a rise to 5.02 percent in 30-year fixed rate loans, which is the second time in three weeks rates have crossed the 5 percent mark–many experts say signaling the end to the 4 percent mortgage rate era.
Forecasters predict mortgage rates to hover in the 5-6 percent range in 2011.
Yet, some industry experts say the rise in mortgage rates may stimulate a sluggish housing market.
The rising rates create an urgency for potential buyers. They’ll have more incentive to buy soon before mortgage rates go any higher.
After all, higher interest rates mean buyers will pay more for their mortgages. Greg McBride, chief economist at Bankrate.com, told CNNMoney.com that when rates rise 4.25 percent to 5 percent, it takes away 9 percent of the purchasing power of buyers.
Lawrence Yun, chief economist of the National Association of REALTORS®, doesn’t foresee a moderate hike in mortgage rates as a negative for the industry. Instead, he says the real mortgage challenge is getting lenders to approve creditworthy buyers for a loan.
“It’s less about rates than it is about underwriting standards … If lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy,” Yun said.
Here in the Bennington VT real estate market, we have already seen local banks with increased rates from what they were in late 2010. It’s pretty safe to say that these rates will only continue to inch up over time. With these historic lows, it’s a great time to buy a house.
In the Bennington VT real estate market, it’s important that you take safety precautions with your holiday lighting. This article gives you some good tips for holiday safety.
Before you plug in and light up for the holidays, run your decorations through this quick safety check.
Lights, inside and out, are a beautiful part of the holiday season. But as with all electrical devices, you need to take special precautions. Before you deck the halls, run through this checklist to keep your holidays merry and bright.
Inspect light strings. Discard any that are damaged. Frayed or cracked electrical cords or broken sockets are leading fire hazards.
Follow the manufacturer’s instructions for connecting multiple strings. The general limit is three strings. Light strings with stacked plugs can usually accommodate greater lengths than end-to-end connections.
Replace burned-out bulbs promptly. Empty sockets can cause the entire string to overheat.
Make sure outdoor lighting is UL-rated for exterior use. Exterior lights, unlike those used inside the house, need to be weather-resistant. The same goes for any extension cords used outdoors.
Don’t use outdoor lights indoors. They’re too hot for interior use. For the coolest bulbs and greatest energy efficiency, try LED lights, which come in a wide range of styles and colors.
Don’t attach light strings with nails or staples. They can cut through the wire insulation and create a fire hazard. Only use UL-approved hangers.
Take exterior lights down within 90 days. The longer they stay up, the more likely they are to suffer damage from weather and critters chewing on them.
Store lights safely. Tangled lights can lead to damaged cords and broken sockets. After the holidays, coil each string loosely around a stiff piece of cardboard, wrap it in paper or fabric to protect the bulbs, and store in a sturdy container until next year.
Pat Curry is a former senior editor at BUILDER, the official magazine of the National Association of Home Builders, and a frequent contributor to real estate and home-building publications.
Article From HouseLogic.com, By: Pat Curry, Published: November 18, 2009
Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands – or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado.
Keep in mind that in the Bennington VT real estate market, not all of these comments may be applicable. It is important to consult with your bank or real estate professional to determine the best course of action for you. Remember, all real estate is local, and this commentary is more geared towards a national audience.
Myth #1: Foreclosure happens fast. Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion. Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in Florida and 26 months in New York.
The fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes.
Myth #2: Buyers can’t get clear title or title insurance on foreclosed homes. Buyers of bank-owned properties in nearly every jurisdiction are protected from later title attacks by foreclosed homeowners by the bona fide purchaser rule, under which courts would prefer to simply award cash damages to be paid by the culpable bank to a wrongfully foreclosed-on homeowner, rather than reversing the sale or ownership to the new, innocent buyer.
Myth #3: Buyers should wait for the shadow inventory to be released. Many a buyer, discouraged with the homes they see on the the form in their price range, has decided to sit still and wait for the banks to release for sale what is called their “shadow inventory” – rumored to be anywhere from 4 to nearly 6 million homes that have already been foreclosed, but not listed for sale, or will be foreclosed in the near future. The fact is, to the extent that the banks have acknowledged the existence of a pool of homes they own but are not selling, they have expressed that their reasoning for holding the homes off the market is to avoid flooding the market and driving home values down any further. For that reason, buyers should not expect to see a massive influx of these shadow homes onto the market anytime soon – if ever.
The banks’ current modus operandi is that as they sell a home, the replace it with another home in that market – if they sell 50 homes in a town that month, they’ll put another 50 on the next. So, don’t hold your breath waiting for a fabulous new flood of homes. Instead, set up a Trulia alert to notify you when homes that fit your search criteria come on the market, and be ready to call your agent and go visit any and every one that looks like it might be a good fit.
Myth #4: If you’re looking for a deal, you’re looking for a foreclosure. Despite what they may say, no buyer’s heart’s fondest desire is to buy a foreclosure. But almost every buyer dreams of buying a great home – and getting a great deal on it. Many people think that to get a great value on their home on today’s market, it means they must buy a foreclosure. As a result, the value and other advantages of buying an individually-owned home on today’s market are frequently overlooked. Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes.
Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home. You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table. On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures.
Myth #5: Having a foreclosure on your credit history means it’ll take years and years before you can buy again. Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase. Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure. To do so, though, all your other ducks must be in a row.
Any professional home stager will tell you that even one piece of art can be a distraction in a home, so what about a six foot Christmas tree? Here are some tips on how to decorate your home during the holiday season when trying to sell in the Bennington VT real estate market.
My motto during the holidays (and for home staging in general) is “KIES.” In other words, Keep It Elegant and Simple. Your holiday decorating must be kept simple and nondenominational (no religious items). “KIES”also applies to your front yard. Under no circumstances should you setup a twelve foot nativity scene that spans your entire front yard or a six foot tall Chanukah menorah that lights up at night.
Outside Holiday Decorating Tips:
Using plain white lights on your trees and bushes look very festive and really do not scream any specific holiday. White lights can also help to illuminate your home at night and help potential buyers take a better look at your property. When you are decorating your home while it is on the market, think WINTER not Christmas or Chanukah. A seasonal pine wreath on your front door is another nice touch and smell great when a potential buyer enters your home. Please stay away from the new blow up holiday decorations that require a blower and constant power to look nice; if a potential home buyer drives by your home during the day all they will see are “deflated balloons” all over your front yard! That really does not scream fantastic curb appeal.
Inside Holiday Decorating Tips:
Your inside decorations need to be kept to a minimum. For Christmas, a six foot Christmas tree in the corner of one room with white lights and blue and silver balls is all you should setup. A taller, thin tree is ideally what you should use. Stick to two colors for your Christmas theme, such as blue and silver or even gold and silver. Remember, less is more when your home is on the market.
A few empty presents that are wrapped under the Christmas tree will finish your holiday look. Please only leave your Christmas tree up for about 10 days and it must be down before the New Year.
Vanilla candles with seasonal pine and pine cones are also great for centerpieces on tables and will leave your home smelling fantastic during this Holiday season. Glass jars filled with blue and silver holiday balls also make great centerpieces and you can find everything you need to decorate at the local dollar store.
If you cannot bear the though of not having your holiday religious items out, please buy a large plastic container to have on standby. If you receive a call to show your home during the holiday season, quickly pack away your religious items (e.g., menorahs and nativity sets) and store them out of sight.
Keeping Your Buyer’s Comfortable:
New York winters can get pretty cold, so please keep the temperature in your home set between 68-70 degrees.
Please shovel any snow and ice off your walkways and driveways to make it easy for a buyer to get into your front door.
Make sure you have an extra large floor matt so buyers can wipe their feet after they enter your home.
Make sure you leave out both paper towels and tissues since cold winter weather causes noses and eyes to run. When a buyer is walking through your home, everything should be easy.
Please leave your outside lights on after 5:00 pm, if a buyer cannot locate your home how are you going to sell your home?
Final Thoughts:
Some house stagers will disagree and tell the homeowners not to put out one holiday decoration. In my opinion, this is not a realistic goal for a family that has celebrated every previous holiday in a home that they love. By explaining to the homeowner where to place their tree and the time-frame to keep the tree up, most homeowners are very receptive to the idea. Selling a home is a very stressful time in a person’s life and having a small Christmas tree up for a week will most likely not delay the sale of their home. An exterior of a home decorated very well with white lights might even attract some additional positive buyer attention.
– Kate, your local New York home stager, we serve Rockland County and Orange County of New York, Bergen County and Passaic County of New York.
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Posted by Kate Case, RESA, ASHSR, Home Stager Kate_HomeStager
ARLINGTON — While the town’s portion of the new tax rate is down half a cent, taxpayers will see their rates go up by about 4 cents in total.
The Select Board voted Monday to set the municipal tax rate at 28 cents per $100 of property valuation. The homestead education tax rate was set at $1.4872, while the nonresidential tax rate was set at $1.4580.
While the town’s tax rate is based on what it needs to raise to meet the budget, the other two numbers are largely set by the state and are created by using a formula that involves the cost per pupil in the school and the town’s common level of appraisal.
The town’s common level of appraisal stands at 92.59 percent. The figure is applied to the grand list to cover discrepancies between the list and what homes are selling for. Board member Lawrence Molloy said the town should examine its options for reappraisal or partial reappraisal, as it is one of the few factors in the education tax rate the board can control.
To calculate what a person’s property tax bill will be, the municipal rate is added to the state rate and charged per $100 of the property’s assessed value. On a $100,000 home, a person paying the homestead rate would be billed $1,768, a $36 increase over last year.
In 2009, the homestead education tax rate was set at $1.4465, while the nonresidential tax rate was set at $1.4428.
Despite the Arlington School District’s budget being down 3.8 percent from last year, the tax rate has gone up largely because of the cost per pupil. Select Board member Cynthia Browning said the state factors such things into its calculations.
Reprinted with permission from The Bennington Banner, KEITH WHITCOMB JR.
As we’ve been telling you on our weekly radio show Real Estate Today on WBTN AM 1370 here in the Bennington VT real estate market, we have been seeing a steady decline of the inventory, which is a good sign overall that we might be heading in the right direction as far as a corrected real estate market.
Troy
The number of homes for sale declined 2.4 percent in November in the metropolitan areas covered by ZipRealty Inc. In the last 25 years, the decline in November has averaged 1.8 percent.
The data doesn’t include New York, but Miller Samuel Inc., an appraisal firm, reports that inventory was down 7.1 percent from the end of October and down 18 percent compared to November 2008.
October was the first month since January to show a rise in bank-owned homes. The number of bank-owned properties declined over the summer because of efforts to prevent foreclosures. As time runs out for many families, the number of foreclosures is increasing.
As of the end of October, banks and mortgage investors had 639,000 foreclosed homes for sale across the U.S., Barclays Capital estimates. “We expect a rebound in distressed inventory in the coming months,” says Glenn Boyd, a senior analyst at Barclays.
Source: The Wall Street Journal, James R. Hagerty (12/09/2009)
I spent the night at my sisters house about 2 hours North of Bennington, and in the backyard were about 40 huge bluejays that she feeds every day, and these three deer eating the corn she puts out each morning for them to feast on.
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
