The 30-year fixed mortgage rate fell to a more than two-year low in the week ended Nov. 29, slipping to 6.1 percent from 6.2 percent the prior week.

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In 1991, Vermont became the fifth state to lower the allowance for legal blood alcohol content while driving from 0.1 percent to 0.08 percent. The law imposes stiffer penalties for repeat convictions and requires counseling for offenders.All hard liquor (anything over 16 percent alcohol content by volume) is controlled by the state. Prices are tightly regulated, so there is no variation among liquor stores. Beer and wine are sold at supermarkets and convenience stores.

Bennington VT

Community Information

Bargaining is an art, particularly when the buyer wants to make a rock-bottom bid without insulting the seller.

“The offer has to be palatable and show you’ve done your homework,” says Deb Greene, president of the Minneapolis Area Association of REALTORS® and an associate with Coldwell Banker Burnet in Plymouth.

Sheri Fine, an associate with Edina Realty in Minneapolis, agrees. “Sometimes an unreasonably lowball offer can make a seller so angry they won’t make a counter offer or deal with a buyer.”

Here are their suggestions for coming up with a number that is competitive and compelling.

• Point out to your buyer that an offer that is more than 10 percent off the list price isn’t customary and is likely to be rejected.
• Make sure the buyer realizes that there are other attractive homes on the market and won’t be shattered if the sellers reject their lowball offer.
• Help the buyer recognize the home’s strengths as well as its weakness.
• Make a list of reasons to share with the seller for offering less than list price.
• Instead of asking for the price to be lowered, negotiate other tangibles such as repairs, closing dates, and closing costs.
• Encourage the buyer to be respectful whenever he or she is around the seller.

Source: Star-Tribune, Lynn Underwood (11/17/07)

Reprinted from REALTOR® Magazine Online November 28, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved.

Bennington VT, Buying, Selling

When buying a home, would you consider asking the sellers to “hold” their home off the market without offering to give them a deposit? As a seller, would you take your home “off the market” for purchasers who were unwilling to give you a sum of money as a deposit? (more…)

Economic Commentary

The “Local” Forecast
by Lawrence Yun, Chief Economist, NAR Research

This upcoming winter’s national weather forecast will be closely monitored. Retailers will be assessing potential sales of warm coats. Utility companies need to anticipate heating fuel usage. Scientists will look at the latest climate and environmental data and debate the pace of the planet’s warming trends.

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In a highly competitive industry like real estate, what reasons would a seller have for going it alone? Not surprisingly, the majority of unrepresented sellers choose to sell By Owner in order to avoid paying a commission.Before traveling the For Sale By Owner route, consider the following question. Would you be willing to pay a commission if a real estate agent brought a ready and willing buyer to you?

Focusing too much on commission might be penny-wise but dollar foolish, especially when you learn that homes sold by realty professionals fetch 16% more than those sold by unrepresented sellers. 16% is roughly three times the fee that many brokerages charge for their valuable service, so it’s easy to see how paying for representation is likely to put more money in your pocket, not less.

What’s the explanation for the difference in sale prices? Most commonly, it comes down to the fact that unrepresented sellers are showing their home to a much smaller universe of buyers than the one that real estate agents can bring. By exposing your property to the widest segment of qualified buyers, you significantly increase your chances of a full price offer from a genuinely motivated party.

Honestly discuss your concerns about brokerage fees with an agent you trust, who will cooperate with you to create a fair and valuable relationship.

Categories: Bennington VT, Selling

The 16-day deer hunting season, which runs from mid-to late-November, attracts the attention of all Vermonters, not just hunters.

Opening day of the season, although not a designated holiday, probably can compete with the day after Thanksgiving as a most requested day off.

Huge numbers of Vermonters (mostly men, but that’s changing) spend at least one of the weekends at “deer camp,” traditionally a cabin in the woods with few amenities.

More recently, deer camp might include condos or hotel suites… and a good many of the hunters really do hunt.

Bennington VT

Community Information

Home ownership has been called The American Dream. And yet, while 7 out of 10 Americans are either directly impacted by a disability, or know someone who is, only 7 percent of all adults with disabilities are homeowners. What’s wrong with this picture? (more…)

When more than 30,000 Realtors® and guests convene for the National Association of Realtors® 2007 REALTORS® Conference and Expo this week, they’ll be helping kick off a yearlong celebration of 100 years of issues advocacy, industry advances, and professional acumen in real estate, as NAR approaches its centennial year.

“For 100 years, Realtors® have added value to the real estate transaction,” said NAR 2007 President Pat V. Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt. “As NAR reaches this milestone, our association looks back on a rich history of expanding homeownership opportunities, promoting affordable housing and protecting consumers in the real estate transaction.”

When the organization that would become NAR was founded, its mission was to radically transform the real estate industry into a respected profession. NAR’s Code of Ethics was adopted in 1913; the association was only the second trade group in the United States to adopt mandatory ethical standards. NAR’s early leaders also sought to establish homeownership as a cornerstone of the American dream and to expand it to the growing middle class.

Throughout the years, NAR has worked closely with the federal government to create programs and initiatives that expand homeownership opportunities. NAR played a key role in legislation that created the Federal Housing Administration in 1934; FHA pioneered the long-term amortization that today allows millions of middle-income borrowers to buy a home. In 1938, when the Federal National Mortgage Association was created, which is now known as Fannie Mae, NAR achieved another long-sought goal: creating a steady source of low-cost mortgage funds.

Today, NAR is the leading advocate for private property rights, homeownership and housing issues. This week, Realtors® from across the country will be meeting to discuss a broad range of real estate issues, including mortgage lending and subprime concerns, minority homeownership, green buildings, water rights and property development, and affordable housing opportunities.

A new book, The National Association of Realtors®: 100 Years in Celebration of the American Dream, which provides an historical account of the real estate industry over the past 100 years and NAR’s involvement in shaping and transforming that industry, will be made available for the first time during the convention. The book will be sold at the NAR booth (#2633) for $49.95. Also at the NAR booth, Realtors® can have their picture taken to become part of a commemorative photo mosaic, “The Face of Real Estate for 100 Years.” The mosaic will be part of a yearlong campaign to celebrate NAR’s centennial. A retrospective video on the history of real estate in America and NAR’s contributions to that history will premiere during the convention, as well.

“As NAR embarks on its second century, it is with a renewed commitment to ensuring a strong and vital real estate industry and a firm belief in the long-term value of homeownership as the foundation of the American dream,” said Combs.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.

Bennington VT, Press Release

WASHINGTON, November 09, 2007 -

The National Association of Realtors® is joining the struggle to end homelessness for the nation’s veterans. Today, NAR is sponsoring the inaugural U.S. Veterans Day Golf Tournament in Washington, D.C.; all proceeds will benefit U.S. VETS–D.C., a unique residential community offering permanent housing and other supportive services for homeless veterans. Then on Monday, November 12, during the 2007 REALTORS® Conference & Expo in Las Vegas, NAR leadership will visit the U.S. VETS facility there to make a donation that will help house and educate homeless vets in the Las Vegas area.

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