There is a special mindset associated with “staging” your home to sell in a soft market.  Staging refers simply to the act of improving your home’s appearance in order to appeal to the widest segment of potential buyers.  The approach you must adopt is to see your home with an objective eye.

Stop looking at your home as your “home,” and start visualizing it as the “product” it becomes when it enters the market.  Both a real estate agent and a professional home stager can help to market your product successfully by highlighting positive features and downplaying less attractive aspects.

Since you may have a strong emotional attachment to your home, you may not fully appreciate hearing about a better way to show your offering, but try to recognize that the way you decorate to SELL may be quite different from the way you decorate to dwell.  The appearance of a space often trumps its functionality when impressing buyers. 

Your goal is to sell quickly at a fair price.  A survey by a large national real estate brokerage showed that staged homes sell in half the time, and another survey of REALTORS® showed that a $500 “staging” investment recouped 343% of that cost.  So be prepared to swallow a little pride, move some furniture, and field better offers on the road to your successful sale.

Troy Richardson can refer you to a local Bennington VT staging professional.
 
Bennington VT, Selling
 

The VA Loan is well known because it is the only mortgage product today that allows for no-down payment. What makes the VA Loan even more attractive is that it also has no private mortgage insurance, which a borrower would find with a conventional loan unless a 20% down payment is made.

“Most conventional mortgage programs will charge PMI to protect the lender against default on a loan,” said Dan Davis, VA Loan Specialist with VA Mortgage Center.Com. “This money (PMI) is non-refundable, even if you never default on the loan. It doesn’t go toward your principal or interest, so it’s wasted money.”

And while PMI does finally go away on a conventional loan after the homeowner has 20% equity in the home, VA only requires a one-time funding fee that can be financed into the loan in order to limit the overall cost of the loan to the veteran.

“The VA Funding Fee is still considerably less than the equivalent of paying PMI for 15 years,” Davis said.

The VA funding is typically 2.15% of the borrower’s loan amount for a first-time VA Loan user. Subsequent uses of the VA Loan increase the VA funding fee to 3.3%. Davis points out that while PMI is neither refundable nor tax deductible, the VA funding fee is added to your principal loan balance, which won’t affect how much you can write off for tax purposes. It also won’t take away from the amount you pay down on your principal loan amount each month, but it does ultimately add a few thousand dollars to you mortgage loan.

VA Funding Fees can be lowered however, depending on the size of down payment that’s made. In fact, a 5% down payment will lower the funding fee to 1.50%; a 10% down payment will lower the funding fee to 1.25%.

And for veterans with 10% or more service-connected disability, they are exempt from the VA Funding Fee.

“Conventional lenders aren’t as forgiving,” Davis said, “they’ll only remove PMI if you have a very large down payment or a good deal of equity in the home.”

Bennington VT, Buying

If you are looking to purchase in the Southern Vermont area, call Troy Richardson at RE/MAX Maple Leaf Realty to assist you with the process. It’s not as scary as you may think.

Sit down with Troy today to start the process, with no obligation. It’s important that you feel comfortable with your REALTOR; start that conversation today.

Bennington VT, Buying

Troy Richardson is a Board Member of the Career Development Center’s Building Trades Department, and recently found this video created by students at the Career Development Center, which gives some good history and information about Bennington VT.

Bennington VT

Troy Richardson of RE/MAX Maple Leaf Realty can assist you with more information on the FIrst Time Homebuyer Tax Credit of up to $8,000. when you purchase a home and close on the transaction on or before November 30, 2009.

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

In real estate investment, one person’s misfortune is another’s opportunity.  Indeed, with so many foreclosed properties on the market, buyers are poised to take advantage of a literally once-in-a-lifetime chance at investment or ownership.

Every opportunity presents some challenges, however, and you’ll need more than luck to effectively buy a distressed property.  These transactions are more complex than traditional sales, and you are strongly advised to seek the advice and representation of a real estate professional well versed in this new marketplace.

While a bank-owned home may look like a great deal, don’t assume that any offer will be accepted.  Most banks list their foreclosed properties through real estate brokerages, and while they want to sell as quickly as possible, the listing agents have a fiduciary responsibility to get a good price for the owner.

An insultingly low offer can table the transaction permanently, so proceed with common sense and a trusted representative.  Keep in mind when negotiating your offer that you should have an additional 10% of the price tag set aside for repairs.  A foreclosed property, particularly an older one, will almost certainly require some overhauls.

In addition to consulting with Troy Richardson, consult with a local real estate attorney who can advise you about current foreclosure laws, which vary significantly from state to state.  Know exactly who’s at the door when your opportunity knocks!

Bennington VT, Buying

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, “It’s something we can get done.”

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Bennington VT, Buying, First Time Buyers

This article appeared in the Brattleboro Reformer.  Kathy Sollien, quoted here is co-owner of RE/MAX Maple Leaf Realty in Bennington VT with Troy Richardson.  A complete copy of the RE/MAX New England Regional Housing Outlook Report is available by calling Troy or Kathy at RE/MAX Maple Leaf Realty at 802-447-3210 in Bennington VT. 

By CHRIS GAROFOLO

BRATTLEBORO — Vermont real estate agents have seen a resurgence of the housing market in the past few months, according to the latest figures from the RE/MAX of New England quarterly forecast.

The real estate report released this week highlights the combination of low interest rates and first-time homeowner credits for the boost in sales. While the market is still down from the same time last year, sales in single family homes have increased every month of the second quarter in Vermont.

Single family home sales in the state rose 26.6 percent in June from the previous month, according to the RE/MAX report. The average price for a single family home also jumped from $190,788 in May to $210,250 in June.

All six New England states showed double-digit increases since the start of summer in single family home sales activity.

“We’ve certainly rebounded from the market crash of October 2008 through March 2009. And, we now see a market similar to the first half of 2008,” said Jay Hummer, executive vice president and regional director of RE/MAX of New England in the report.

“We’re actually looking at some semblance of a normal market; the total shut-off that we experienced from October through March is behind us and people are buying homes again,” he said. “Unfortunately, foreclosures will continue to put pressure on home pricing and value.”

Locally, real estate agents have noticed an upswing in potential homebuyers.

“We’ve had, in the last couple of weeks, a series of multiple offers on residential properties,” said Chris Lewis, a real estate agent with Brattleboro Area Realty.

When there are several offers at a time, it means more competition in the marketplace, driving home sales and affording better prices for buyers, she said. “When we do get that kind of a signal, it means the market is starting to turn over.”

Local real estate agents credit the surge of activity to the $8,000 federal tax credit for first-time homebuyers, which expires the end of November. Buyers must close the deal for their new dwellings by Dec. 1 to qualify for the credit.

“Nov. 30 may seem like a long way away, but it’s not when you’re buying a home,” said Kathy Sollien, broker/owner of Bennington-based RE/MAX Maple Leaf Realty, in the housing market report.

Sollien said in the report she has seen a big push from first-time homebuyers. “If you had talked to me a month ago, I would have said that I have only sold about half as many homes as I did this time last year. Now, the market is beginning to turn.”

The housing market forecast also reported the average house spends roughly 31 days less on the market than it would have last June.

“This is a great time to be a buyer,” said Realtor and sales manager John Hatton with Berkley & Veller Greenwood Country Realtors, because of the federal tax credit for new homeowners, the interest rates remaining below 6 percent and the market having plenty of motivated sellers.

“We have seen a very significant increase in business,” he said.

Existing home prices still remain down with the average median price in the country at $181,800, down more than 15 percent from June 2008. The median price in northeastern states fares a little better, down 5.9 percent from last year.

Chris Garofolo can be reached at cgarofolo@reformer.com or 802-254-2311, ext. 275.

Article courtesy of: Brattleboro Reformer