Bennington VT — With all the choices in today’s market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.

It’s important to visualize your needs and plan ahead. “Know what you want in a home, what’s important to you, and what you can live without,” Troy Richardson, Broker/Owner of RE/MAX Maple Leaf Realty says. “Many of us start out with a champagne taste and a beer pocketbook, so it’s important to be realistic,” he adds.
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Bennington VT — It’s often said, “What’s Past is Prologue.” In real estate, the past can indeed determine the future, when buyers choose to restore or preserve a historic property. “Opportunities abound for those wanting to purchase a historic home, but so do questions about the soundness of the investment,” says Troy Richardson, Owner/Broker of the RE/MAX Maple Leaf Realty.

Before making an investment in history, Richardson recommends that potential home buyers consider these questions:
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Bennington VT — Many consumers think that any home they might want to purchase will be listed on real estate Web sites or in newspaper sections, whether sold through brokers or by owners. And indeed, most properties can be found this way. But limiting any search to just these channels can eliminate many prospects for a new home.

“The ‘hidden’ options of auctions and foreclosures can open up greater possibilities,” says Troy Richardson, Owner/Broker with RE/MAX Maple Leaf Realty. In some cases, these purchase methods can even offer opportunities to consumers who might not otherwise be able to purchase a home.
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Washington, September 14, 2009

The National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.
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Bennington VT – With low interest rates and an abundance of inventory, buyers are seeing that now is the time to buy. And for those who were previously on the fence, the 2009 first-time homebuyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new home this year.

“The $8,000 tax credit is available to first-time home buyers who purchase a principal residence between January 1, 2009 and December 1, 2009,” said Troy Richardson of RE/MAX Maple Leaf Realty. “First-time homebuyers who qualify are those who have not owned a residence during the three years prior to the purchase. Unlike previous homebuyer tax credits, this credit does not have to be repaid and can be used as a down payment toward the purchase of the home.”

For many interested buyers, this tax credit not only provides financial support, but it allows many to realize the dream of homeownership that they may not have qualified for previously.

The details of the credit are similar to the one offered in 2008 and include the following requirements:
• Buyers must close on their home purchase by November 30, 2009
• Buyers must ensure that they are qualified first-time buyers under IRS guidelines
• Buyers must decide which year to file under, 2008 or 2009
• Buyers must file an amended 2008 return or choose to apply the credit to their 2009 tax return

The success of the tax credit thus far has increased support for legislation that would extend the tax credit beyond the current deadline, as well as that which would open it beyond first-time buyers. This is just one of many efforts under way to help people like you achieve the dream of homeownership.

With all of the requirements and restrictions for this credit, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

To receive a free copy of the REBAC-published Homebuyer’s Toolkit, visit www.REBAC.net or call 800-648-6224 You may also call Troy Richardson at 802-447-3210 to receive a copy of the Homebuyer’s Toolkit.

RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington VT. Troy Richardson’s personal real estate website can be seen at www.TroyRichardson.com.

Bennington VT, Press Release

Bennington VT: Troy Richardson with RE/MAX Maple Leaf Realty has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).

Troy Richardson joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

REBAC, founded in 1988, is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS®, “The Voice for Real Estate,” is the world’s largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.

You may contact the Real Estate Buyer’s Agent Council by telephone, (800) 648-6224, by e-mail, [rebac@realtors.org], or by visiting the REBAC website, www.REBAC.net. RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington VT, and Troy’s personal real estate website can be seen at www.TroyRichardson.com.

Bennington VT, Press Release

Washington, September 01, 2009

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

“Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

The Pending Home Sales Index in the Northeast declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008. In the Midwest the index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago. In the South, pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008. In the West the index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he said.

“To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sectors of the economy,” McMillan said.

NAR’s Housing Affordability Index2 stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery’.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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1The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

2The Housing Affordability Index is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home, taking into account the relationship between median home price, average effective interest rate for loans closed on existing homes, and median family income. The higher the index, the better housing affordability is for buyers.

The calculation assumes a downpayment of 20 percent and a qualifying ratio of 25 percent of gross income for mortgage principle and interest payments. The index is a general gauge with conditions varying widely around the country. Affordability conditions are lower for first-time buyers with smaller downpayments and less income.

Monthly publication of the index began in 1981 with annual data calculated back to 1970.

Existing-home sales for August will be released September 24; the next Pending Home Sales Index will be on October 1.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

Bennington VT, Press Release

Washington, August 26, 2009

Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to National Association of Realtors® data. To help Realtors® meet the needs of home buyers and sellers who need these services, NAR has launched a new Short Sales and Foreclosure Certification Program (SFR).

“Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a real estate professional like a Realtor® for these kinds of purchases,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Realtors® add value to the real estate transaction with their extensive knowledge and market insights, and this new certification will help them serve a growing need.”

The SFR certification program is offered by the Real Estate Buyer’s Agent Council of NAR. The program includes training on how to manage short-sale, foreclosure, and real-estate owned transactions, and provides resources to help Realtors® stay current on national and state-specific information as the market for these distressed properties evolves.

To earn the certification, Realtors® must complete a one-day education program, either in-person or online, as well as three one-hour Webinars. The certification program will be offered at the REALTORS® Conference & Expo in San Diego, Nov. 13-16.

“As Realtors®, we believe that any family that loses their home to foreclosure is one family too many,” said McMillan. “Unfortunately, there are situations in which people just cannot afford to keep their homes. A short sale can help families protect their credit by avoiding a foreclosure. When a foreclosed or REO property is sold, it helps the surrounding community by reducing the impact of those properties on home values in the immediate area.”

For more information regarding the SFR Certification visit www.realtorSFR.org.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Bennington VT, Press Release

RE/MAX Maple Leaf Realty is proud to be a part of the RE/MAX network.  Through our affiliation with RE/MAX we are able to offer our Buyer and Seller Customers and Clients helpful informaiton from our regional and international offices.  This video series on YouTube is a prime example of how RE/MAX sets itself above the competition. 

Natick, MA – August 26, 2009 - RE/MAX of New England today launched a series of public service announcements (PSAs) geared toward educating consumers during the home buying process. The series is the direct result of first-time homebuyer focus groups that showed that consumers lacked general knowledge about the home buying process and the tax incentives available to them.

The collective program of PSAs is aimed at connecting first-time homebuyers with experienced RE/MAX agents for education about the home buying process and to learn how they can become eligible for an FHA loan and for the tax credit before it expires on November 30, 2009.

“First-time homebuyers are a critical component of the housing market recovery,” said Jay Hummer, Executive Vice President and Regional Director at RE/MAX of New England. “The more homebuyers who know about the process and the tools available to them, the more likely they’ll take advantage of the buyer’s market and the more stable the housing market will become.”

The PSA program includes four videos on www.youtube.com/remaxne and www.remax-newengland.com that promote the First-time Home Buyer Tax Credit, FHA Loans, the Buying Process and the Selling Process.

In addition, RE/MAX offers its agents a wealth of educational materials, through the award-winning RE/MAX University, with detail about the tax credit incentive and FHA loans. RE/MAX is leveraging its extensive communications network, including corporate social networking accounts on Facebook, You Tube and Twitter, to promote the videos and corresponding collateral material.

For more information about RE/MAX Maple Leaf Realty and how we can assist you, call Troy Richardson today at 802-447-3210.

Bennington VT, Buying, Selling

Washington, August 21, 2009

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June; the rate was 6.43 percent in July 2008.

An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said.

“Realtors® are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”

Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.

The national median existing-home price3 for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.

Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price4 was $178,800 in July, down 18.9 percent from July 2008.

Regionally, existing-home sales in the Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.

Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.

In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.

Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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NOTE: Any references to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors® for more information.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.

3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

4Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for August will be released September 24. The next Pending Home Sales Index & Forecast is scheduled for September 1; release times are 10 a.m. EDT.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.

Bennington VT, Press Release