Smaller furniture for smaller living spaces is this year’s big trend at the High Point, N.C., furniture industry trade show.

Manufacturers are responding to the demand from downsizing baby boomers and the increasing number of urban dwellers who need furniture that fits in modest-sized rooms.

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Housing finance agencies that provide mortgages to first time, poor and moderate-income homebuyers are facing difficulties finding money to loan.

Ohio canceled a $150 million bond sale after the credit market meltdown. West Virginia and Illinois postponed bond sales. Wisconsin suspended its entire program, and California put its program on hold.

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Real estate co-ownership arrangements are becoming increasingly popular, especially in cities where prices—even after the real estate meltdown—remain out of reach for many buyers.

“Lending guidelines have become twice as hard to meet because of the housing market,” says Joe Schiller, an associate with Rubloff Real Estate in Chicago. “People just don’t qualify like they used to. But if they get some friends and put money together, they can afford that 20 percent down that you now need to purchase.”

Schiller says that while financing is easier, these arrangements have the capacity to fail. He recommends that people who are considering a joint purchase hire a lawyer to draw up a co-ownership agreement, including a plan to get out of the arrangement.

Here are some other tips for co-buyers:

Before you begin looking for property, decide the geographic and financial ranges for the search.
Understand potential co-buyers’ finances; lenders will look hard at the finances of all partners in the deal.
If the property is a condo, understand the rules regarding rentals, just in case one partner needs to move out.
Put everything in writing, particularly the escape plan.

Source: The Chicago Tribune, Kyra Kyles (10/13/2008)

Bennington VT Real Estate, Buying, First Time Buyers

Reprinted from REALTOR® Magazine Online with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

As you prepare to list your home, you’ll need to determine how to set your asking price.  You may come across the term Comparative Market Analysis, which is used as a tool for gauging the perceived value of your home.  However, as a seller, you should think of that informal appraisal more as a COMPETITIVE Market Analysis.

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Home Buying Wisdom – 10 Things You Must Do Before Buying a Home
By Brandon Cornett

Buying a home is often the largest personal finance transaction a person makes in his or her life. So it’s critical that you make the right preparations and do the proper research. Regardless of unique situations and special circumstances, there are ten things you must do before buying a home.

1. Study the home buying process.
This will allow you to make better decisions and act confidently. Home buying lingo is a big part of this, so be sure to read through a few home-buying glossaries before you get into the thick of things.

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Home Loans 101: Preparing Yourself for Closing Costs
By Brandon Cornett

Closing costs are the fees and adjustments owed at closing (or “settlement”) by both the buyer and the seller. Closing costs may differ from state to state, but the following information will help you understand the types of costs you might incur.

Prior to closing day, your lender should give you a list of itemized closing costs associated with your loan. The list should be exhaustive, but sometimes it is not. Some of the most common items missing include: attorney fees (if any), tax adjustments, oil adjustments, title insurance gratuity, and other closing adjustments.

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WASHINGTON, October 24, 2008

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.

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As a buyer, you may find yourself drifting on an ocean of financing options.  As lenders tighten their requirements, there are a few aspects of the loan application of which you should be aware before applying for a mortgage.

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BENNINGTON, VT – Troy Richardson of RE/MAX Maple Leaf Realty has been granted a Vermont Broker’s license from the Vermont Secretary of State’s Office.

In order to become a Broker, Troy was required to work as a licensed Salesperson for a minimum of two years, complete a minimum number of transactions and take 40 hours of Licensing Instruction in order to take and pass the Vermont State Broker’s Exam.

Troy has provided residential real estate services to the Bennington area for more than two years. Troy is a REALTOR® serving on the Board of Directors of the Vermont Association of REALTORS®, on the Board of the Vermont Real Estate Information Network, on the Board of Career Development Center Building Trades Department as well as active with the Catamount Rotary Club.  Troy has also achieved the nationally recognized designation of an e-PRO professional.

RE/MAX Maple Leaf Realty is affiliated with RE/MAX of New England and RE/MAX International. Since its inception in 1985, RE/MAX of New England has grown to over 300 offices with more than 3,900 sales associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, providing residential and commercial real estate, as well as relocation and referral services.  RE/MAX Maple Leaf Realty’s web address is www.MapleLeafVermont.com.

To see the complete Code of Ethics, view this post 

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:
What Does it Mean for Consumers?

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.
For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times.
A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.
When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.

Read a summary of the principles embodied in the NATIONAL ASSOCIATION OF REALTORS®’ Code of Ethics.