Archive for the 'Vermont Economy' Category

It has been awhile since we talked about the real estate market in Burlington Vermont, only because there wasn’t much to talk about until now. June was a fantastic month for people putting homes under deposit. Interest rates bumped up this past month, but have slowly worked themselves back down under 5.5% in most cases. We have closed the gap for closings -time homebuyer tax rebate has helped our economy and more and more people are taking the plunge into home ownership by purchasing their first home. There are lots of deals out there if you know where to look and I can help you out with it. Just drop me a line. Brian French

We knew it would be only a matter of time before we saw things starting to take a turn for the better, and I think that is what we are seeing right now. Listings are getting more showings and the phones are ringing more and we are taking more contracts then we had in the last 4 months. It is a slow movement. One almost like a glacier that begins to thaw and move its way towards the ocean. Yes it is slow, but we will take slow verses no movement at all. People are finally realizing that this is the time to make the move. Interestingly enough, I noticed the interest rates bump up 1/2 % higher from yesterdays rates. I hope that is not a trend that is going to take place in our near future. The real estate market couldn’t handle that situation during this volatile time. If you would like some help in taking advantage of the first-time home buyer tax credit or have any other real estate needs in the Burlington area, give me a call or drop me a line.  I can help. Brian

There is an article today on the internet that states that the Government is predicting that the Recession has started to subside.  Expectations are such here, that we are hoping that things will noticeably change by the end of the summer. I was talking to another business owner yesterday and he said that the glacier has started to move slightly in reference to the economy, and I for one, think he may be right. We are starting to experience more phone calls and more showings on our listings which is the first sign of more activity. Yes our numbers are far behind last year’s but there may be a light at the end of the tunnel. The price decline that we have been experiencing has slowed dramatically which means we may be at the bottom of the market. It is a great time to buy before the interest rates take a hike on potential inflation discussions. If you would like to make a move, let me know. I can help. Brian

Mortgage Reform is a must. I am currently dealing with two potential short sales on properties that have loans larger than what a buyer has offered on the properties. It becomes a short sale if the bank agrees to take a loss on the property and convey it to the new buyer. The current process of trying to get answers from the mortgage company is incredibly frustrating and totally inefficient. In order for the mortgage company to talk to an agent a letter from the Seller needs to be sent to the mortgage company authorizing them to communicate with their agent. No problem there. I understand the privacy issues at stake. If the mortgage company does not lose the document, you need to give them 3 days before they will talk to you if it is faxed. Now that is efficient. Once they have the authorization and you have sent them a contract they have up to 14 days to let you know that they have received it. At least in my case, that is what they told me. At that time, they will let you know if they received it, and only, if they have a complete short sale packet. Of which, there are not standard forms that they supply agents, but apparently you need to have ESP to figure that one out. If you don’t, they will not respond to your offer. The complete short sale packet includes, but may not be limited to, seller’s last two year’s tax returns, last two months bank statements, a letter of hardship if they are not working and a whole list of more items that seem pretty standard to me. Unfortunately, they don’t supply this standard list? Why I ask. For each day that goes by, the bank is losing money and it is costing the borrower more money. There is no urgency to this process. Deals get lost because buyers don’t want to wait the 30-45 days before they really know if their offer is going to be accepted or not. It is a ludicrous system and needs to be changed. The people that got us in this mess, are dragging their feet to help get us out of it. The longer it takes, the more that is lost. Where can we go and who can we turn to for help in this situation? Not long ago banks wanted to get in the real estate business and were turned down. Thank goodness for congress recognizing that it could lead to huge problems. Oh wait, it was their lending problems that did lead to huge problems in the real estate market and our global economy. Now who is going to change the rules to make sure they don’t make things worse than they already are. Someone needs to take control and institute new regulations that will expedite the process. Based upon my experience it won’t be the mortgage companies.

After reading a number of articles dealing with our dire economy and future predictions, I can only wonder in amazement how we got in this mess to begin with. Years ago, communities could count on their local friendly conservative bankers to help them do the right thing in terms of loans. You know, not giving you a loan unless you had the werewithal to pay it back. Establishing an equity position, so if you did default they could unload it without a significant loss. Having you have a viable ongoing place of employment for at least two years and your last two years of tax returns to prove your income just to name a few. I wonder now, as we all endure the incredible pain and uncertainty of our current economy if some of the mortgage giants and banks who caused this mess, think about what they have done and really care at all. It is a different world today then it used to be when i was growing up and looking to buy my first property. I wonder what our economy would be like now, if all our friendly conservative bankers with the old rules were the ones that were the ones  giving the  loans a few years back. I bet we wouldn’t be where we are today. Yes, things aren’t like they used to be, and that is not always a good thing.

Have you ever heard your parents talk about the good old days? If you haven’t then I would be surprised. When it comes to real estate in Vermont the “Good Ol Days’ are here now. Interest rates are unbelievably low and home prices are lower than they have been in years and the supply is ample. So when it comes to having it as good as it was in the good ol days the time is now to buy. These rates and opportunities will not last forever. If you are sitting on the sidelines trying to time this market, you may may be in for a big surprise. Interest rates can adjust upward extrememly quickly and the market can change just as quick for the seller as it did for the buyer. So if I were you, I would take advantage of today. Because not too long from now, we will be looking back at this time and wishing the “good ol days” were back again, but then it will be too late to have made that fantastic investment. What are your thoughts? I would love to know.

It’s official. President Obama has signed a bill that will give first-time homebuyers’ an $8,000 tax credit if they purchase a home before December 1, 2009. If you are thinking about buying your first home, this is an excellent opportunity that you can’t miss. Not only are prices lower than they have been in years, interest rates are almost record lows and now to top that off you can receive up to $8,000 back from your taxes. It doesn’t get any better than this. If you would like some help in this process give me a call today and check out our web site to see the details of the plan at www.c21-advantage.com you will be glad you did. Brian

If you look in the daily news you will find so many people who are close to having their home foreclosed on or are in the process of it. The economy has had a devastating effect on so many people and we hope that things will turn for the better sooner than later.  With that said, there are things you can do to assure that you will not lose your most prized possesion, your home. If you haven’t already, start an emergency savings plan. Deduct 10-20% of your income before you pay all your bills and put it in a separate savings account. If you can’t do this much, start with the smallest amount possible. Reduce your credit card debt. Credit card debt is one of the biggest reasons why people can not afford to get ahead. If you can’t pay off your credit card bill with what you are charging in the next month, then find a way to go without unless it affects your health or well being. There are lots of ways to save money on things that we think we need, but really don’t. Priortitize your life. Be a coupon shopper and don’t pay full price for anything. Take your lunch to work with your leftovers from the night before. Car pool if possible. Turn down your heat and shut off your lights when you leave a room. There are lots of ways to save money if you really stop and think of what is truly important. If you have your health, a loving family and a roof over your head, how much more do you really need to be happy.

There are a number of people out there that are struggling with large mortgage payments and other outstanding debt that has become too much of a burden. If you are one of those individuals and have fallen behind on your payments and have tried to renegotiate your loan to no avail, then a short sale may be your best option verses having a foreclosure. A short sale is where you sell your property for less than what you owe the bank. In this case, the bank would have to be willing to accept such a transaction. In many cases they would prefer to have something verses reclaiming the house and not getting any of their money back. In most cases, short sales net the banks more money than they would ultimately receive with a foreclosure sale. If you think you may be in this type of situation, contact me and I will help you out. It is not an ideal solution, but it is one that may be worth discussing. Brian

The United States and Barack Obama made history yesterday in his winning the Presidential election.  What an incredible time to be an American. Whether you voted for him or not, I think everyone should be proud of what he accomplished and what America was willing to do with courage and forthrightness. It wasn’t that long ago that this would not have even been a remote possibility, but now it has transpired and for that, Democracy has become the victor again. My biggest hope now, is for him to be able to develop the plan that will reduce America’s debt and get the economy rolling again. There are too many people suffering right now because of the past mistakes made by so many Wall Street executives, mortgage bankers  and life-time politicians.