This week, the National Association of REALTORS® reinforced the importance of the Federal Housing Administration’s role in the housing recovery. The NAR stated that FHA insurance is one of the primary sources of mortgage financing available to first-time home buyers. In the last three years, FHA’s market share has increased dramatically and is expected to go from 2% in 2005 to over 30% in 2009. Current Vermont limits for FHA insured loans are $200,160 for a single-family dwelling.

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A few lawmakers have made a deal with Citigroup, Inc. to let bankruptcy judges alter home loans. The proposed change in bankruptcy law, which some Democratic senators hope to attach to President-elect Obama’s economic stimulus plan, could help lessen the foreclosure crisis. But the Barre-Montpelier Times Argus stated that home foreclosures in Vermont are showing signs of slowing. Vermont has the 8th lowest percentage of delinquent or foreclosed mortgages, and home prices have remained steady.

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On Friday, February 13, Kathy and Troy on Real Estate Today discuss how to start the process of buying a home.

Buying a home can seem overwhelming to anyone who has never been through this process but can be equally confusing to those that have purchased a home before as times have changed, markets have changed, the mortgage industry and requirements have changed as well as how Realtors work together within our Multiple Listing Service. We often sit down with buyers who have begun their search by looking at homes yet this is actually the second or third step in the process.

The place to start is in determining how much of a mortgage you may be qualified for and what the costs are associated with getting a mortgage so that you not only are looking at homes in the appropriate price range but you also understand what is expected in the form of closing costs. Begin with the local bank you are currently using for your checking and savings accounts and make an appointment. Remember, at this stage in the game you are just gathering information so don’t feel that you are obligated to any one mortgage professional. Just explain when making your appointment that you are looking to purchase a home and want to get prequalified and learn about their different mortgage products. It is also a good idea to do some comparison shopping, speak with several banks and mortgage brokers to find out what they offer in the form of interest rates and costs.

There are many steps in the buying process so begin by gathering information and speaking to several local Realtors to find someone you are comfortable working with. Your Realtor will help to guide you through the process and answer any and all of your questions. Your goal is to buy yourself a home and your Realtor wants to make this home buying experience a pleasant one.

You can listen to this show by from our website. This is a large file, and may take 1-2 minutes to download.

Real Estate Today is a weekly radio show produced by RE/MAX Maple Leaf Realty, hosted by Kathy Sollien and Troy Richardson. The show airs each Friday on WBTN AM 1370 in the Bennington VT area. You may listen live each week on the web through their streaming website at www.wbtnam.org or you may listen to past shows on iTunes.

As a new homeowner or potential seller, it is not likely that you are acquainted with the inner materials of a home. However, most buyers seek an updated home inspection before closing on a new property. It is important to reassure buyers that the home is safe and does not contain any potential health hazards. These inspections are critical to clearing hurdles down the road that may slow the sale of property.

 One of the most common surprises new homeowners and sellers confront is asbestos in older structures. Indeed, asbestos containing materials (ACMs) are now banned for use in the United States but many older buildings still contain these products, which are generally safe, but homeowners should be aware of where they are and when they become hazardous.

Asbestos was included in thousands of construction products and still exists in nearly 80% of homes built prior to 1978. Common asbestos materials include attic insulation, ceiling tiles, and pipe lining. Asbestos was particularly adept at insulation and prevention of temperature transfer and was used extensively until adverse health effects began to manifest in those who worked with the material frequently.

It is only when asbestos containing materials are compromised or very old that they become hazardous. Asbestos products under these conditions are rendered “friable.” Home inspection companies should be able to identify these circumstances and advise you on a course of action. When asbestos material is friable, asbestos fibers can be released into the air, potentially endangering those in the area.

Inhaled asbestos fibers lodge in the body’s inner tissue and have been conclusively linked to the rare cancer, mesothelioma, commonly referred to as asbestos cancer, in addition to many other respiratory disorders. There are few options for mesothelioma treatment or curative therapies for other conditions caused by sustained asbestos exposures. Homeowners need to be aware of potential hazards that may exist so they may be able to avoid potentially harmful effects of hazardous asbestos.

Again, most asbestos containing materials will not pose an immediate hazard and an informed buyer will not be turned off by their presence if they’re reassured of their safety by a professional opinion.  These simple precautions can be taken to assure that both sides know that they and their families will be happy and healthy in their new home.

Downsizing is a fact of life for many people these days.

It can be a traumatic situation, so here’s some advice from Jim Henderson, president of William C. Huff Co., a moving and storage company.

• Start early. Once you’ve made the decision to sell, start the weeding and moving process. A side benefit is that this winnowing of belongings will make your home more attractive to buyers.
• Begin by eliminating things that aren’t used frequently. Belongings that have been relegated to the basement, the garage or the attic are good candidates for sale or donation.
• Get the whole family involved. Asking grown children to take what they want can painlessly remove a significant portion of belongings.
• Digitize photos and other paper. Storing memories online can keep them safer longer as well as eliminate clutter.
• You may want to consider including the furniture in the sale. This can expedite the transaction for both buyer and seller.

Bennington VT, Selling 

Episode 1 of Real Estate Today is titled “Introductions.”

Kathy and Troy introduce themselves and the basic outline of the show. 

You can listen to the show on iTunes or download an episode directly from our website.

Real Estate Today is a new show airing Fridays at 11 am on WBTN AM 1370 in Bennington VT area.

Kathy Sollien and Troy Richardson of RE/MAX Maple leaf realty will be discussing a variety of real estate topics.  Whether you are a first time home buyer or have been through the process multiple times, your questions about buying and selling real estate in the Bennington area can be answered here.

You can email your questions to remax@wbntam.org

Join us every Friday at 11am for Real Estate Today.

By DAVID ESPO

WASHINGTON (AP) — The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama’s recovery plan.

The tax break was adopted without dissent, and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider scaling back spending.

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Critics of the proposed $15,000 housing allowance amendment to the economic stimulus bill say it won’t work.

The Senate version of the proposal would give $15,000 (or 10 percent of the purchase price, whichever is lower) to every buyer of a house in 2009.

The idea is to bring more buyers to the market, but some suggest that this won’t happen if people are worried about losing their jobs or if they are concerned that the value of the property will decline.

Rajeev Dhawan, director of Georgia State University’s Robinson College of Business, argues that the plan is an insignificant amount in the high-end market and at the lower end, it won’t help those who can’t afford to buy a home because they can’t get a loan.

“How are those at the lower end [of the market] going to get financing?” asks Dhawan. “The banks aren’t lending.”

Other critics say the plan will cost too much – an estimated $75 billion if 5 million homes are sold.

Dean Baker, co-founder of the Center for Economic & Policy Research, a Washington think thank, says those homes would have been sold anyway. “It seems a total waste of government money for no reason,” said Baker.

Source: BusinessWeek.com, Moira Herbst (02/06/2009)

Bennington VT, Buying

Real estate today is a new show premiering Friday February 6 at 11 am on WBTN AM 1370 in Bennington VT area.
 

Kathy Sollien and troy Richardson of RE/MAX Maple leaf realty will be discussing a variety of real estate topics.  Whether you are a first time home buyer or have been through the process multiple times, your questions about buying and selling real estate in the bennington area can be answered here.
 

You can email your questions to remax@wbntam.org
 

Join us every Friday at 11am starting February 6 for real estate today.