Who doesn’t like a house with a secret entrance, check out this house in California. Not only is it stunning, but it could easily be in a James Bond movie.
Home with a secret entrance fit for a spy – Video – Personal Finance.
Interesting article in the USA Today, regarding housing demands and how they relate to buyers confidence and buying fundamentals.
Why housing demand defies real estate fundamentals – USATODAY.com.
This week’s edition of the Stowe Reporter featured McKee’s monthly real estate article. This month McKee explored first time home buyers. Here’s a copy of the article:
Purchasing a Home and Getting a Loan in Today’s Market
Although inventory in Stowe declined by 15% in 2011, this is still considered a buyer’s market, but people are buying as evidenced by the 23% increase in sales volume this past year. For those buyers thinking about starting their search understanding the mortgage process is paramount to reaching the goal of homeownership.
Today’s lending environment has changed dramatically from before the economic downturn. Financial institutions became extremely cautious following the downturn as reflected in their lending standards.
“Mortgage rates are near historic levels. Even though lenders have tightened up lending guidelines, with the right preparation and expectations, it is possible to take advantage of the current low rates,” according to Mark Stanton, CMP, of Primary Residential Mortgage, Inc. located in Stowe. For a buyer taking advantage of these rates this means often being able to afford more at a lower monthly payment.
As a buyer searches out a realtor they should also be contacting a bank, mortgage broker or other financial institution to help determine what they can afford. Key to navigating the lending process is having a strong team with good communication.
When preparing to purchase a home, here are a few items buyers should prepare:
In a recent CNN Money article, Greg McBride, senior financial analyst for Bankrate.com, even expects that lenders will ease up on borrowing requirements — marginally — in 2012. “Instead of requiring a 740 credit score for the best rates, lenders will dip their toes into 720 waters,” he said. Knowing your score ahead of time will help you and your team best determine the right loan and property.
Vermont has the lowest foreclosure rate in the country and that is a result of local lenders and mortgage brokers helping Vermonters find the right product. “There are still great programs out there to help borrowers with little or no down payment.” says Jeff Teplitz, Residential Mortgage Loan Consultant with EverBank, located in Stowe. “FHA requires a 3.5% down payment, Rural Development and VA allow for no down payment. All three programs allow the seller to contribute up to 6% of the purchase price towards closing costs. If you have 5% to put down, Fannie Mae and Freddie Mac are still offering very competitive products as well.”
The forecast for rates in 2012 is that they will remain historically low, this coupled with continued affordability should help the national and local markets continue to stabilize. Locally our market is viewed as a stable market and is attractive to lenders. For buyers, Stowe continues to be a sound place to invest in real estate.
McKee Macdonald is a broker with the Smith Macdonald Group, part of Coldwell Banker Carlson Real Estate of Stowe. Comment on this article at stowereporter.com, or email letters to news@stowereporter.com <mailto:news@stowereporter.com> .
To read the article at the Stowe Reporter click here.
Grandview Farm Designed by Cushman Design Group
New England Home Magazine is featuring a Rowayton architect and real estate developer built for themselves. Locally we have several architect’s that work with local builders to create special homes for themselves and their customers.
Check out Cushman Design Group, who designs some of the areas most spectacular homes. According to their website, “The Cushman Design Group, Inc. provides integrated architectural design services, specializing in all aspects of high quality residential, commercial, interior, site planning and landscape design. We are committed to design excellence and achieve it with a balance of creativity and technology coupled with attention to our clients´ budgetary and programmatic requirements”
Sam Scofield also brings a unique eye to building in the Stowe area. Stating on his website, “My strengths lie in tailoring projects to the often conflicting needs and desires of my clients with thoughtful design, as well as consideration for the site, applicable codes and zoning regulations, and acknowledgement of construction practices. As a result of my extensive building and project management experience, I can integrate architectural and construction perspectives while assuring quality and cost effectiveness for successful and enjoyable projects”
Youkel, named for it’s founder Alain Youkel, does a lot of work in the Stowe area but also in Burlington and Montreal. “We believes that the built environment has a direct influence on the way we live, work and play. Architecture addresses the social, material and spiritual need of the people based on their culture and the climate of the place. Our practice is based on creation of value, context and function through design excellence. We believe that high quality of design is attained through a clear understanding of the objectives, intensive dialogue, budget and program control, and proficient project management throughout the design process.” according to their website.
For more architects in the Stowe area click here.
The market had a rebound in December for existing home sales, jumping 3.6% compared to December 2010 according to statistics provided by The National Association of Realtors. Overall inventory also decreased, sales in the Northeast rose 3.3 percent compared to December 2010.
Click here to read more from NAR December Existing-Home Sales Show Uptrend.
For information about Stowe area real estate and happenings sign up to receive our blog. We’ve packed it with useful information regarding real estate, area events, happenings in Stowe and Vermont, art, outdoor activity information and much much more.
It is our pleasure to inform you that Smith Macdonald Group of Coldwell Banker Carlson Real Estate has released its 2011 Year End Report, our survey of residential real estate sales in Stowe, Lamoille County and Waterbury. This report compares data based on deals that closed by the end of 2011 (January 1 through December 31) with those closed in the prior quarter and in 2010.
The momentum generated by the Stowe area real estate market last year has continued in 2011. Market-wide, sales transactions increased 23% versus a year ago. While inventory has decreased by 15% in 2011 compared to 2010.
As always, we continue to follow closely this area’s sales activity and trends in residential and land real estate, and would welcome the opportunity to answer any questions you may have about the report or the market generally.
Request your copy of the 2011 Year End Smith Macdonald Report.
The FHA (Federal Housing Association) will continue to allow buyers to purchase distressed homes owned by the bank or HUD using FHA-insured financing. Interesting article, see below.
FHA Waives Anti-Flipping Rule Through Year-End to Speed REO Sales.
Vermont Unemployment Rates
Jobs have been in the forefront of everyone’s mind since the economic downturn. The lack of jobs and poor housing markets seem to go hand in hand. Many areas that were hit hard by one or both still have a long way to go to recover. Those areas that had stable or slight dips in one or both have been able to recover more quickly to a stabler market.
Vermont’s jobless rate took a dip in November, the third straight month of declines, to 5.3 percent compared to the 8.6 percent nationally. The Morristown-Stowe area rate was 5.7 percent, which is much lower than the 6.8 percent from November 2010.
To read more about jobless rates and the election click here:
HouseLogic Poll Finds Voters Driven by Jobs, Housing in 2012 Election
To read the article in the Stowe Reporter dealing with jobless rates click here:
State Jobless Rate Takes a Dip
Interesting article relating to commercial properties in 2012. The U.S. ranks top investment pick according to the 20th annual survey of Association of Foreign Investors in Real Estate (AFIRE) members.
While this only deals with large cities the same factors that make them appealing to investors also come into play on a smaller scale for local commercial properties. Commercial properties often take longer to sell and can remain vacant, but with a growing economy and lower jobless numbers (see up coming blog on Jan 5th regarding lower jobless numbers) they become attractive quickly. The Stowe area has many commercial options and several have started to attract new businesses to the area.
To read the full article click below:
