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

The Bennington Vermont Select Board has appointed Troy Richardson of RE/MAX Maple Leaf Realty to the Bennington County Regional Planning Commission for a term of one year ending March 2010.

The Bennington County Regional Commission is a compact of the municipalities of the Bennington region, operating under the authority of The Vermont Planning and Development Act (24 V.S.A., Chapter 117). The commission is made up of commissioners appointed by the municipalities, at large members, and a professional staff, whose mission is to work collectively for the purpose of effective planning and technical assistance for its member towns; addressing their individual needs and their needs in relation to each other and the region. The commission aims to bring cohesiveness to regional endeavors, and to regional-and-state endeavors, through the cooperative efforts of its members. The commission will assess substantive regional issues and advocate such positions on those issues as are endorsed by the membership. The commission also will act to make sure that regional policies and goals are honored by state agencies that have programs with regional impact.

Responsibilities

The commissioners and professional staff are responsible for the effective operation of the commission and the carrying out of its mission. This includes providing technical assistance and planning services to its member towns, along with coordination and legal and public advocacy in the following areas:

Economic Development
Social Infrastructure
Natural and Environmental Resources

To these ends, each commissioner is responsible for the effective fulfillment of the region’s needs through the creation and support of a regional plan that fosters cooperation among the member towns and promotes social, economic, and environmental balance for the entire region.

The responsibilities and duties of the commissioners and staff are outlined herein.

Responsibilities of the commissioners and the commission include:
Serving as a liaison between the municipalities they represent and the regional commission, attending both municipal select board meetings and BCRC meetings;
Advocating the purpose, work, and value of the commission to the member communities, and representing the interests and concerns of the member municipality to the commission;
Articulating the needs of the commission to our state representatives and government agencies;
Creating and supporting a regional plan that fosters foresight and intent in the region’s growth;
Being active in the mandated tasks of the Commission through attendance at full meetings and participation in standing or project committees;
Being active in the procurement of funds to underwrite the mandated tasks and programs of the commission that are not covered by state and municipal dollars;
Certain functions related to the unorganized Town of Glastenbury;
Being hands-on directors of the commission. This includes the following:
— As a body, initiating legal and public advocacy regarding issues affecting the region;
— Review of budget and staff hiring and performance, ensuring the level of each is sufficient to maintain a high standard of professionalism in BCRC endeavors;
— Setting fair and realistic service priorities for the organization;
— Recommending program or public forum topics relevant to current or potential regional issues.

The professional staff of the BCRC is responsible for:
Technical assistance to member municipalities in matters of planning and zoning;
Comprehensive planning services to municipalities such as economic strategies, capital planning, social and recreation planning, and grant application assistance;
Comprehensive regional planning and special studies of issues affecting more than one municipality or region;
Performing review functions including local planning, Act 250, public service, facilitating conflict resolutions, et al.;
Procuring and implementing special programs: solid waste, transportation, water quality, energy, the joint work program, emergency management plans, et al.;
Maintaining a Geographic Information System (GIS) service center providing updated municipal and regional maps, and special project mapping;
Communicating with elected officials directly and through its body of commissioners;
Providing education to commission members, elected officials, and the citizenry at large;
Providing informational services such as regional demographics to municipalities, agencies, non-profits, and public-private sector requests;
Coordinating with other organizations or agencies in furthering the mission of the BCRC and the region’s interests.

It will be through the combined efforts of the commissioners and staff that the Bennington County Regional Commission will continue to be a professional, cost effective server of the planning needs of the municipalities and the region. The commission is uniquely positioned to guide growth and development in the region and facilitate activities between local governments and the state.

Bennington VT, Community Information

If you’re planning to go bargain hunting, you are likely to come face to face with a special challenge: the long-vacant home.  Many of these properties have been foreclosed, and now rest in the hands of the bank.  The owners are long gone.  While this is not as true in teh Bennington VT real estate market, you will find some in the area.

While the greatest percentage of these “distressed properties” are still in fair to good condition, how can you be sure of possible defects in the home when the previous owners are not available to disclose such facts? 

Since the bank-owners and their real estate agent may not know all the details about the previous owners, you would be well-served by ordering a “pre-inspection” if you find an attractive property at a low price.  Hire an inspector for a preliminary look, and do not make an offer until you know more.

You can pay just a couple hundred dollars for a brief inspection, money well spent before you submit a bid.  Having an idea of the home’s true condition can help you determine your offer, or help you make a decision to walk away from the deal, without any obligation.

If the utilities are cut off, ask your representative about getting them turned on during the inspection, which is critical to the inspection’s accuracy.  Take a careful look at recent sales in the neighborhood, and make your offer armed with knowledge and confidence!

Bennington VT, Buying

Summer is a perfect time for weddings, vacations – and selling homes!

You can showcase your home and yard in this season and offer a pleasing picture to potential buyers.

• Start with the yard. Pull weeds and trim bushes, and sweep last years’ leaves off the steps. Stack that new load of firewood, and stage the yard with pretty outdoor furniture.

• Staging is important inside as well – create rooms with style and character that welcomes homebuyers.

• Turn on the air conditioner or fans when expecting potential buyers. And leave refreshments out for lookers. The longer they linger, the more opportunity for a sale!
Bennington VT, Selling

When selling a home, two situations may occur which are red flag indicators of a lengthy sale time.  Each requires the property owners’ attention in cooperation with their sales agent, and involves either the price or condition of the home.

The first involves a home that has been on the market for 60-90 days, but has been shown only once or twice.  More buyers are beginning to enter today’s real estate market, and homes for sale should be attracting a number of prospects. 

When buyers choose not to tour a home, the reason is often the price.  Homes that are attractive, but not being shown, are often priced “above” the market.  The key to increased showings, then, is to learn the market price of the home, then reset the price.

The second “red flag” occurs when a home is being shown often, but neither sells nor attracts offers.  The home’s condition is often the culprit in this situation.  Buyers learn the price, then drive by, making a judgment that it is an attractive home.  Once they see the home, however, their interest evaporates.

The solution can be a critical “walk-through” by the sellers’ agent to identify needed repairs and cosmetic improvements.  Until corrected, traffic is likely to remain high, while the chances of selling remain low.  Remove these red flags and prepare for a sale!

Be sure you have an open and honest conversation with Troy Richardson when listing your home in the Bennington VT real estate market, in order to ensure that you are pricing properly and finding out what you can do to improve your homes appeal to Buyers.
 
Bennington VT, Selling

Troy Richardson and RE/MAX Maple Leaf Realty can market your property and find qualified tenants for your Bennington area real estate.

But how do you know how much rent to charge?

• Is your home in a good area? The phrase, “location, location, location” works for rentals, too. Typically, the closer a property is to the core of a town or city, the higher the rent.

• Check out rents in the same area. However, take amenities into consideration, as well as the condition of the home.

• Consider adding a bonus. Owners can lure in tenants with the offer of free rent, additional services such as garbage pickup or mowing service.

• Including utilities in the rent is a great way to draw college students or seniors. Updated appliances, balconies, decks, fireplaces, or other “lifestyle upgrades’ can play into the amount of rent you can charge.

The easiest way to answer all these questions, is to bring in the professionals, and allow Troy and his team to value your property, offer you advice on how to make it more attractive, and let RE/MAX Maple Leaf Realty market your rental property.

Bennington VT, Investment

A recent profile of buyers and sellers compiled by the National Association of REALTORS® has revealed promising, if not surprising statistics about the changing face of the marketplace.  The percentage of first-time buyers is on the rise, and they are making their purchases for the long term.

Frankly, this makes sense, because first-time buyers aren’t struggling with the sale of an existing home.  Combine that advantage with low home prices, large inventories, and low interest rates, and the result is a positive trend for both buyers and sellers.

Recently enacted tax credits and modifications in the Federal Housing Administration are also helping buyers, along with predicted increased credit flow from a federal funds injection into the banking system.  More buyers entering the marketplace means more sales, reduced inventories, and increasing home values.

The profile of sellers shows that over 90% used a real estate brokerage to market and sell their property.  Buyers profiled listed the most important agent services as helping to find the right home and negotiate satisfactory terms and price.

If you’re planning a purchase, and need funds for a down payment, learn from buyers in the study who mostly used savings or a gift from family, and who also chose a fixed-rate mortgage over 90% of the time.  Consult with Troy Richardson today, and get on board the home ownership train.

Troy Richardson specializes in real estate in the Bennington VT real estate market, and can assist you with your home purchase in the Bennington market area, which covers Pownal to Arlington VT.
 
Bennington VT, Buying, Selling

Did you know that Smart Energy Services in cooperation with Central Vermont Public Service will rent a hot water heater to you?  Renting a hot water heater has many benefits.  How often do you think about your water heater?  If you’re like most people, it’s probably only when it fails, or you don’t have enough hot water for your daily needs.

Rental hot water heaters are among the most efficient available, are dependable, quiet, clean and safe.

For complete information on how to get a hot water heater rental, review this information in PDF format.  These rental hot water heaters are available in the Bennington VT real estate area and throughout Vermont.

Bennington VT

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