Fear of overpaying for property is common these days, especially in places like New York where prices continue to be unstable.

If you are “frozen” because you are concerned you will pay too much, here are some factors to consider:

• Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
• Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.

While the Bennington VT real estate market holds relatively steady, we are seeing prices dropping on homes where Sellers have a need to sell more quickly, such as a relocation or some other factor than prevents them from waiting.  While prices are falling, it is true that interest rates are rising, or creeping up.  Take a good look at your situation today and contact Troy Richardson at RE/MAX Maple Leaf Realty to find your perfect home. 

Source: The Wall Street Journal, Douglas Heddings (07/27/2009)

Bennington VT, Buying

Have you heard about the tax credit for First Time Home Buyers?

Congress passed legislation that grants tax credits of up to $8000 to first-time home buyers. But how do you know if you qualify for the credit?

• Homes must be purchased between January 1, 2009 and December 1, 2009. To qualify as a first-time home buyer, the purchaser or spouse may not have owned a residence for three years prior to the purchase.

• The credit can be applied to primary residences including single-family homes, condos, townhomes and co-ops.

• The credit is equal to 10% of the purchase price, up to $8000.

• Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 are eligible.

• Buyers must occupy the home for three years or more to avoid repayment of the credit. If the property is sold within three years, the credit is recouped upon sale.

For complete, up to date information about the tax credit, please visit http://www.federalhousingtaxcredit.com/2009/index.html

Bennington VT, First Time Buyers

If you are in the market for a Bennington, Vermont area home and would like to know more about the neighborhood, check out this fun site at http://realestate.aol.com/home-values and type in Bennington, VT. The map will give you information such as homeowners vs. renters, crime and school ratings, etc.

Because all real estate is local, no single website can accurately capture or calculate market values.  To get a true market value, Troy Richardson can give you a local perspective.

Call Troy Richardson at 802-447-3210 to schedule an appointment to view homes in your choice of areas!

Bennington VT, Buying, First Time Buyers

The National Association of Realtors has produced a new national radio show, “Real Estate Today,” which debuted in February of 2009. The new show can help Bennington, Vermont real estate buyers stay up-to-date on market and home financing and meet the challenges of first-time home ownership. Other related topics are gardening and landscaping, remodeling and carpentry, and home decorating. (more…)

On February 17th of this year, President Obama signed the American Recovery and Reinvestment Act, which includes a provision for a tax credit available to Bennington, Vermont homebuyers. (more…)

 It’s that time of year when we all try to cut expenses where we are able. The U.S. Department of Energy offers these tips to keep Bennington, Vermont real estate owners warm and keep the cold cash in their pocket:  
1. Plug air leaks with caulking, sealing, or weather stripping. Even insulating the electrical outlets can save money.
2. Make sure the furnace is serviced each year. The small cost of servicing will result in greater savings.
 
3. Install a programmable thermostat. Lowering the thermostat when no one is home can save up to 10% of your heating bill.
  
5. Insulate the attic.  Heat rises – most real estate should have between R-30 and R-49 insulation in the attic. Go to www.eere.energy.gov/consumer for more information.
 
7. Welcome the sun. Open curtains to allow sunlight to naturally heat the home.
8. Find the star. Cut energy bills by up to 30 percent with Energy Star labeled products. Use compact fluorescent light bulbs (CFLs) in place of comparable incandescent bulbs. Find stores at www.energystar.gov.
 Making a home energy efficient can not only save you money but make your real estate more appealing to potential buyers. Call Troy Richardson for more ideas on how to get your home ready to sell!

Bennington VT, First Time Buyers, Environmental

The recent ice storms in our area is a reminder for Bennington, Vermont real estate owners to prepare for power outages this winter. Many power outages are short-lived, but some may last days. Here are a few things to keep on hand:
1.      Candles and holders, or oil lamps and oil.
2.      Matches or lighters
3.      Flashlight and extra batteries – keep this in an easy to reach area!
4.      Water.
5.      Extra blankets.
6.      Fire extinguisher
7.      Food items that are easy to prepare.
8.      A deck of cards or a game to play while the power is out!

Bennington VT, First Time Buyers, Safety

HUD LAUNCHES COMPREHENSIVE WEBSITE TO INCREASE FINANCIAL LITERACY, PROMOTE HEALTHY HOMEOWNERSHIP
My Money, My Home, My Future

WASHINGTON – The U.S. Department of Housing and Urban Development today launched a new, comprehensive website to assist Americans with improving financial literacy, sustaining healthy homeownership and achieving financial security.  The My Money, My Home, My Future website provides a range of interactive resources to inform users about the importance of financial literacy, including a Self-Assessment Tool, online games and informative classes.

“It is imperative that Americans are better educated about their finances and understand what it takes to be a responsible homeowner,” said HUD Secretary Steve Preston.  ”The resources on the website allow families to plan ahead to make smart choices about their finances and homebuying decisions.”

The new site provides a wide-range of information about all avenues needed to be successful on the road to greater financial education, including:

• Building a Financial Foundation;
• Sustaining Healthy Homeownership; and
• Achieving Financial Security.

One of the most unique features of this website is the Self-Assessment Tool.  The Self-Assessment Tool provides an extensive guide to help users learn more about personalized options for purchasing and/or refinancing their home.  Users will be prompted to answer a few questions.  Based on the answers given, the Self-Assessment Tool lists numerous links to visit on-line to learn more about the necessary and correct steps to own a home, refinance a home, enhance their financial skills, and much more.

Some of the other links on My Money, My Home, My Future give detailed information about:

• 9 Steps to Buying a Home
• Housing Counselors and Lenders
• Banking, Credit and Building Wealth
• Foreclosure Process and Alternatives
• Refinancing Loans and FHA Insured Loans

This new site is also located on www.HUD.gov and www.FHA.gov both in easy to find locations on the main web pages.

 

First Time Buyers, Bennington VT, Buying

First-time real estate buyers in the Bennington, Vermont area have an advantage in today’s market – they don’t have to worry about selling their homes before buying another. And homeowners are thrilled to sell to first-time buyers – they can move on to their new home and continue to stimulate the market.

If you are a potential buyer, you still need to consider a few golden guidelines:

• Location, location, location. Although recent studies have predicted a loss of equity by 2012 in metropolitan areas, government moves to reduce loans have changed those figures – and in fact, don’t hold true in smaller, less volatile areas such as Bennington, Vermont.
  
• The old school rule of spending no more than 28% of your pretax income on your home is back – that includes mortgage, taxes and insurance.
  
• Work on your credit score – you will need 720 or more to qualify for the best mortgage rates.
  
• Be bold when it’s cold. Prices generally are more negotiable in winter, and a $7500 federal tax credit is available for first-time home buyers until June 30, 2009.
  
• Prepare to stay in your new home for a decade. If prices drop another 10 to 15%, your investment pocketbook won’t be challenged if you are in it for the long term. The National Association of Realtors states that typical first-time buyers plan to stay in their home for at least 10 years.
  
• Recline through a decline. The bottom line is that real estate is still a solid long term investment, so equity and pricing valleys will eventually even out.

Bennington VT