VPR News: For Many, It's Still A Good Time To Buy A Home

VPR News: For Many, It's Still A Good Time To Buy A Home

This is a great sound bite (or readable article). Six months of inventory in Chittenden County and still a buyers market with historically low interest rates. But with rents rising this could cause more demand as the pent-up need for housing grows and people save for this new generation of downpayments.

Emerald Ash Borer - A press release

Press Release from the:
USDA and Vermont Agency of Agriculture Team Up to Survey for

Emerald Ash Borer

Purple Traps Going Up in Ash Trees Across Vermont

Montpelier, VT – Purple, three-sided traps resembling a box kite can be seen in ash trees throughout Vermont as part of a surveillance program by federal and state agencies. The U.S. Department of Agriculture, Animal and Plant Health Inspection Service and the Vermont Agency of Agriculture are partnering to survey for emerald ash borer (EAB), a non-native, wood-boring beetle that has killed tens of millions of ash trees in the eastern United States and Canada. The Monteregie region of Quebec Canada is the closest EAB infestation to Vermont’s northern border. To date, EAB has not been detected in Vermont.

These traps will be placed in ash trees in all counties and at high risk sites, such as campgrounds, sawmills, recreational areas, major transportation arteries, etc.

The purple traps are coated with an adhesive that captures the insects when they land and are baited with a lure to attract the pest if it is present. In addition, the color is thought to be attractive to EAB, and is relatively easy for humans to spot among the foliage.

“The traps being placed around Vermont will help us discover if we have EAB in Vermont early on which allows us to address this invasive pest immediately,” said Jon Turmel Vermont State Entomologist. “Early detection is the best tool we have to fight EAB. The ash tree is a very important natural resource in our state and we want to do everything we can to protect our trees.”

“The triangular purple traps do not pose a risk to humans, pets, or wildlife; however, the non-toxic glue can be extremely sticky,” said USDA State Plant Health Director, Mark Michaelis. “We want people to understand that the traps don’t attract or pull beetles into an area, but rather they are a detection tool to help find EAB if it is present in the area.”

These traps will be monitored and remain in place throughout the summer during the beetles’ flight season. The traps will be monitored throughout the summer and removed in the fall. Results from the trapping will be available once the traps are removed. 

If you see a purple trap on the ground, please call the USDA’s toll-free num­ber: 1-866-322-4512. The EAB hotline is staffed during regular business hours and a message may be left at any time. Callers are asked to include a name and telephone number.

Emerald ash borer (EAB)  Agrilus planipennis Fairmaire (Coleoptera:Buprestidae) is an invasive species wood boring beetle, native to China and eastern Asia, which targets ash trees.  EAB probably arrived in North America hidden in wood packing materials commonly used to ship consumer and other goods.  It was first detected in July 2002 in southeastern Michigan.

EAB attacks only ash trees (Fraxinus spp.), and all the ash species—including green, white, black, and blue—are at risk. EAB kills stressed and healthy trees and is so aggressive that ash trees may die within two or three years after they become infested. EAB larvae tunnel under the bark to feed in the phloem and outer sapwood producing galleries that eventually kill the tree. For additional information on EAB, visit www.purpleEABsurvey.info.

What you need to know about the 3.8% "Sales Tax" on your home.

Something you need to understand is just what does the new health care bill and the sale of your home have to do with each other. There are many misconceptions going around so this link will help to clarify what you need to know as a seller. This will not go into effect until 2013 so if you are one of the sellers who may be affected you should talk to your Real Estate or financial advisor before this is implemented.

The truth behind the 3.8% "Sales Tax" on your home.

Charming Village home goes under contract in 14 days

Great charming Village home in Bristol goes under contract in 14 days!
Now we just have to get to closing
MLS 4055971



REALTOR® Magazine-Daily News-Free Earth Day Blog Post: How Trees Save Home Owners Money

REALTOR® Magazine-Daily News-Free Earth Day Blog Post: How Trees Save Home Owners Money

Mortgage Interest Deduction on Chopping Block

Mortgage Interest and Property Tax Deductions
on Chopping Block!

The shift from taxable income to adjusted gross income (AGI) is gaining ground in Vermont's House Ways and Means Committee. Last week, the Miscellaneous Tax Bill (H.436) included language calling for the shift from taxable income to AGI. The Vermont Association of Realtors® responded to the association's Call to Action earlier this week to contact legislators and urge them to remove any language that would eliminate the mortgage interest deduction and property tax reductions.

THE FIGHT IS NOT OVER. The House Ways and Means Committee is discussing H.243, which includes the elimination of itemized deductions from Vermont tax returns. This would include the elimination of the mortgage interest deduction and property tax deductions. We need YOU to get involved at a grassroots level. Here is what you can do to help:

Talk to friends and family about the importance of the Mortgage Interest Deduction and Property Tax Deduction.

Call, write or email your local legislative representative to let them know if you are not in support of this bill. Here are some talking points you can use when you do.

REALTOR® Magazine-Daily News-Japan Crisis Causes Drop in U.S. Mortgage Rates

With mortgage rates still historically low and rents rising rapidly this is such a great time to buy a house, it will not get better. In fact we believe that people who sat on the fence last fall waiting for further drops in the Addison County and Chittenden County markets will never see those prices again!
REALTOR® Magazine-Daily News-Japan Crisis Causes Drop in U.S. Mortgage Rates

Top Ten Real Estate Markets to Watch

So Vermont makes the national real estate news again. In the latest Inman News (a dedicated real estate news site) Burlington and South Burlington make the list at number seven top real estate markets to watch. A few figures to concentrate on. Median sales price was $270,600 compared to $202,000 in the rest of the state. Days on market for this area were 126 compared to 161 for the rest of the state.

Want to learn more - visit this link.

Does this news impact the rest of the state? Yes, especially those regions directly surrounding Burlington. The inventory of good houses under $300K is in demand and buyers are looking to outlying regions. Also, Vermont's real estate has held its own better than most parts of the country. But that doesn't mean we are back at 2007 prices. Although we are not as far off as other states.

Stay tuned!

End of the 30-year mortgage?

If talks of doing away with Fannie Mae and Freddie Mac are enacted upon then the conventional 30-year mortgage may well have to re-invent itself. They provide almost 90% of the secondary mortgage market which is too large to ignore. So the question is….how will the private sector lenders react?

The next 18 months could see substantial changes to the way American's finance their homes. With interest rates still at historical lows and conventional 30-year mortgages still being guaranteed this is the time to buy a house if you have the desire, credit and stability.

Understanding Landlord Insurance

• 

  Understanding Landlord Insurance

  Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

New Adventures

Real Estate is a fluid entity and those of us within it must remain fluid and open to new opportunities. My new adventure is found at Lang McLaughry Spera, Vermont's and Northern New Hampshire's leading real estate firm with over 140 Associates and 14 locations. I will join this exceptional team as the Manager of Education and Recruitment. I will also remain a licensed real estate agent and registered Realtor® handling a small number of special listings at any one time. I look forward to sharing more as I enter this new journey but for now I am very excited and hope you will spend some time on the company website.http://www.lmsre.com

10 common homeowner tax filing mistakes

It is tax time. for ten helpful hints on how to avoid common homeowner tax filing errors you will find this article helpful! http://www.houselogic.com/articles/10-common-errors-home-owners-make-when-filing-taxes/

Good Housing news on the way?

Recent national reports are saying that the existing house sale market began rebounding by the end of 2010 ending with a strong month in December. You can learn more by visiting this link. http://www.realtrends.com/go/view_media.php?mp_id=10255&cat_id=1545

Investing in commercial real estate

Now is a good time to buy investment real estate because prices are low and interest rates for well qualified or capitalized investors are favorable. But there are a few things to consider to ensure you are making the right decision for your investment group.

• You should be able to profitably hold the property as a rental unit for several years to come as most real estate markets will continue to be soft through 2011. A slow recovery is predicted. Work with your realtor and financial advisor to know cap rates and expenses.
• Be careful not to over-improve rental properties in lower income areas. Lending guidelines have tightened and there is a diminishing demand for home ownership so re-selling to first time home buyers will be harder.
• Protect your cash flow and stay liquid to protect against vacancies and rental defaults.
• Selling a property quickly for cash in order to liquidate may not be an option.

But for the well capitalized investor in it for the long term this is a great time to buy!

Tidbits....

I thought I would share a recent summary of market conditions from the National Association of Realtors (NAR). There were a few interesting facts and figures that I am often asked about.

Many buyers perceive a foreclosed property or short sale as a chance to get a home at "basement bargain" pricing. I have heard expectations of 50% savings or more. But on average nationally foreclosures sold at a median discount of 15% this past November and short sales sold at a median discount of 10%. And keep in mind that dealing with bank owned property you do not always have the ability to negotiate contingencies and many homes are sold "as-is".

Affordability continues as mortgage interest rates and home prices are still historically low. But the NAR is predicting a market recovery to a sustainable healthy market in 2011 and is predicting gradual interest rate increases in 2011. Buying this 2011 winter will still provide many great opportunities for buyers as there are fewer buyers competing during these winter months. Expect the competition to heat up this spring.

October and November 2010 data shows that 32% of homes purchased were first time home buyers showing that for good credit buyers the bank financing is available. Lock into a 15 or 30 year mortgage now and it well may be one of the smartest investment decisions you will make in the next 30 years. Investors accounted for 19% of home buying transactions.

And specifically in the Northeast existing home sales rose in November by 2.7% and the median price was $242,500 - 9.2% higher than a year ago.

Condo verses Townhouse?

What is the difference between a condo verses a townhouse?

• A condominium shares walls, often called "part walls" with other similar units and involves individual ownership of the airspace within the unit itself, plus shared ownership of any common facilities such as hallways, surrounding lawn and grounds, pools, tennis courts, etc. as undivided interests with a fee simple title.  The ground underneath the condo is not owned by the individual homeowner.  Condos can be a popular option with homeowners who want the security of owing property but not the responsibility of caring for and maintaining a single family home.
• Town houses are built on lots owned by the individual homeowners. They could be connected by common " party" walls, or they could be freestanding homes separated by airspace and attached to each other by exterior shingles, shared garages or other structural elements.

Other types of dwellings besides condo and townhome include: the traditional single family home, cooperatives (not too many of these in Vermont), duplexes, twin-homes, retirement communities, manufactured housing, modular homes, and time-shares.

Call me to learn more about any of these!