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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.
An Example of a Home in Poor Condition
We are often asked what are good projects and items to do to increase or keep the value of your home. In the following article you will see what exterior projects are the most important in terms of an investment by homeowners. Curb appeal is key, not only from the actual street, but from the web as well. If your home does not present itself well in either the likelihood it will be shown and sold is greatly reduced.
In Vermont with the weather we get it is important to take care of exterior features to maintain value. Roof’s and siding can easily fall into disrepair if they are not cared for. These are two areas we see sellers having to fix or address after a building inspection. Keeping those items up to date and in good shape will help sellers realize great returns on their homes.
To reach more about exterior replacement project, click below.
REALTORS® Identify Exterior Replacement Projects as Best Investment for Homeowners.
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.
It is our pleasure to inform you that Smith Macdonald Group of Coldwell Banker Carlson Real Estate has released its 2011 3rd Quarter 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 Q3 2011 (January 1 through September 30) with those closed in the prior quarter and in the 1st three quarters of 2010.
The momentum generated by the Stowe area real estate market last year and in the first two quarters has continued. Market-wide, sales transactions increased 23% versus a year ago. This represents a 121% increase in sales volume in Q3 from Q3 in 2009, which represented the bottom of the market.
The Smith Macdonald Group ranks number one in all Lamoille County residential sales transactions during the first three quarters of 2011 and top ten statewide year to date. Additionally, Coldwell Banker Carlson Real Estate represented 31% of all sales in markets reviewed in this report more than any one office location.
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.
Looking forward to speaking with you soon and we hope you had a nice summer.
It is difficult to understand all of the terminology that is thrown out today. Many people do not want to admit that they have no understanding of these terms or they do not understand the difference between them. Here are some short explanations that might help:
Bank owned properties take the least amount of time to close on a property. They can be listed with a real estate agent and purchasing them works just like a regular sale. The advantage to bank owned properties is the bank has no attachment to the property and they want to get it off the books as quickly as possible. Usually this results in a good deal for the buyer.
Foreclosures can be a bit problematic. Sometimes the bank or mortgage holder will auction off the property. It will be necessary to have your financing secured and a ten per cent deposit at the time of the auction. One thing to be aware of on foreclosed properties is the condition of the property you are purchasing. Many times the foreclosure process takes so much time and the homeowner might be angry that his property is being taken away. The house might not be in good condition. There may have been burst pipes, damage to the plumbing, wiring or the like. A thorough inspection by a qualified contractor should be done before the auction or a condition of the sale at auction
With short sales, be prepared for a possible wait when making an offer on a pre-foreclosure/short sale home; very few can close in 30 days or less and in my experience they take over nine months to close. If the owner has not completed a bankruptcy procedure, the bank has the right to go after the difference between what the property is selling at and what the owner owes. It is very hard to do a short sale without the cooperation of the owner. It does have advantages for everyone but a great deal of patience is required.
The reward can be an excellent property purchased at a great price, but the frustration level may be greater than the reward. Each side should have a real estate agent experienced in short sales, along with lawyers, and other professionals. Each of the steps along the way can be made easier by seeking out the experts in their fields.
The 2011 Mid-Year Smith Macdonald Report was featured in the out of town real estate section of Montreal’s Westmount Examiner on July 14, 2011. The Montreal market remains an important section of the Stowe real estate market and being featured in this paper is just another level of service that the Smith Macdonald Group of Coldwell Banker Carlson Real Estate bring to their customers and clients.
Click here to request a copy of the report.
Vermont Life Magazine
{First We’d Like to Say}
California has more sand. Texas has bigger hair. New York has more Knickerbockers.
But when it comes to certain other things, Vermont is No. 1 in our book.
Researched and written by Kathryn Flagg
Illustrated by Willa Koerner
| Arts & Letters
★ Vermont has more writers and authors per capita than any other state. ★ Vermont also has the most libraries per capita in the country, even though it is one of only eight states that do not supply funding directly to the libraries. Colleges ★ More colleges per capita than any other state. Sacrifice ★ More Vermonters died in the Iraq War per capita than any other state. ★ During the Civil War, Vermont contributed more per capita from its treasury and from its population of young men to the conflict than any other state in the Union. Service ★ Most Peace Corps volunteers per capita. Farmers Markets & Local Foods ★ We’re leading the United States in the number of farmers markets per capita. ★ Vermont also has the most CSAs, the most certified organic farmers, the greatest amount of certified organic farmland and the greatest number of local dollars spent buying local foods. That’s per capita for the country. Cow Power ★ Vermont has the highest number of farm digesters, which turn cow manure into energy, per capita. Breweries ★ Vermont has more breweries per capita than any other state in the country — one brewery for about every 30,000 people. Artisan Cheese ★ Greatest number of artisan cheesemakers per capita. Dairies ★ Vermonters lead the nation in per capita production of dairy products. Oatmeal ★ According to Wikipedia, Vermont leads the United States in per capita consumption of cooked oatmeal cereal. Tennis, Anyone? ★ Vermont has the most tennis courts per capita of any state in the country. Health ★ In 2009, the United Health Foundation ranked Vermont the “healthiest state in the country.” Vermont ranked first this year for a combination of reasons, including low rate of obesity, high number of doctors and low rate of child poverty. ★ According to a 2002 study by the U.S. Fish and Wildlife Service that compared the states, Vermont had the highest percentage — 60 percent — of residents engaged in some form of wildlife watching. |
Preservation
★ No. 1 per capita in the use of federal historic tax credits for rehabilitating old buildings. Patents ★ No. 1 per capita. Green ★ Vermont ranked No. 1 in the inaugural survey by Forbes magazine of “America’s Greenest States.” Public Safety ★ Vermont has the fewest state and local sworn police per capita, with 15.5 per 10,000 residents. However, the state is ranked the third safest in the country based on the number of violent crimes per capita. Moonlighting ★ Highest percentage of population who work more than one job (9.4 percent) among all New England states, and well above the national average of 5.2 percent. Maple ★ Vermont has the highest percentage of sugar maple trees of any state in the nation and is the largest producer of maple syrup in the country. Home Value ★ The foreclosure crisis continues to batter much of the United States. But in the third quarter of 2010, Vermont’s largest city, Burlington, led all metro areas nationwide in percentage increase in the median price for the sale of existing homes — 17.6 percent. Rural Rides ★ Highest percentage of unpaved roads in the nation.  WE JUST MISSED Close only counts in horseshoes and the Olympics, but here are some categories where Vermont finished near the top. 2nd ★ High school graduation rate. ★ Hunters per capita, behind Alaska. ★ Golf courses per capita, behind Florida. 3rd ★ Skier and snowboarder visits, behind Colorado and California. ★ Per capita exports to the rest of the nation, behind Washington and Texas. ★ The well-being of children, based on 10 health indicators such as infant mortality and teen birth rate. 4th ★ “Best-run” state, according to business website www.247wallst.com, blending a range of factors, including percentage of people with health insurance, state debt levels and violent crime rates. 5th ★ Vermont was No. 5 globally (and No. 1 in the United States) in “destination stewardship,” a National Geographic study that weighed such factors as environmental quality, social and cultural integrity, historic preservation, aesthetic appeal, quality of tourism management and outlook for the future. |
Part III
The day arrived when the phone rang and I heard those magically words, “Hello, this is your closer.” Ah, it was like blue birds burst into song, the sun shone out from behind the computer and all was right with the world. I could see the sale happening in a month, perhaps a couple of weeks. This was not so bad, it was easier than I expected. And then… more demands, more documents, countless HUD statements. As if that was not enough, weeks go by and another phone call stating that the government has just come out with a new form that must be filled out by the owner of the property, a form that did not exist two weeks prior.
What totally mystifies me is that each time I have asked these handlers and closers if they have every bit of information they need, they say yes and I should hear in 48 to 72 hours. I hear nothing. Then when I call back to find out why I haven’t heard, they want another document, or they want it revised. It is frustration beyond words. Just as you think you have the brass ring, it slips away and you have to wait until you go around again.
What I have learned is to treat my handlers and closers with the utmost respect, warmth, humor and cooperation. I only once lost my temper, at the request for a new form that had to be filled out. The number one rule in working out a short sale with the bank is: DO NOT GET PISSED OFF AT YOUR HANDLERS. I apologized.
I have scanned, faxed and re-scanned and re-faxed the same documents over and over, still they insist that they do not have them. Where they are (perhaps a nice shredded bed for some rabbit)? So here I am stuck in the middle of the tunnel waiting to come out in the daylight. Will I succeed in getting the second mortgage holder to accept the offer made by the first mortgage holder? Will the first mortgage holder sell at the price they have told me? Stay tuned.
My advice… this is not a money maker for a real estate agent when you consider the time and frustration. Why am I doing it? It fascinates me. It is a puzzle to solve, it appeals to my creative side, and it makes real estate interesting.
After several days I succeeded in getting to the right department. I was given a “list” of all required documents. Once those were gathered together I was told to expect to be assigned a “handler.” In the meantime, if you call in to check on the status of your offer and you have not received a “handler,” you have to go through a whole explanation of who you are, and why you are calling. The only fortunate thing is that they make notes on the computer about all conversations with you. The unfortunate side is you must wait until they read all the notes and ask you some of the same questions you have answered before. Then it is your moment to ask: “What is happening?”
In most cases there is yet another form that they are looking for. It does not seem to matter that you were diligent sending the owners financial information, the purchase and sales agreement, the listing agreement, the buyer’s mortgage qualification; they will want some other document. If you succeed in accomplishing all their demands you are rewarded with a “handler.” You will dance around, sing hallelujah and feel like you hit pay dirt on Match.com.
My “handler” and I began a relationship that lasted over two months. Alas, I have to admit I was a two-time unfaithful mate. Behind my handler’s back, I had another handler from the second mortgage company. I actually preferred him, as he was upbeat and friendly, but the first one was funny. Everyday was exciting to me as I waited with baited breath to hear from them. Although, I would immediately respond to their demands, there would always be another one the next day or week. My true quest was to get to the “closer.’ This was like dating the ugly step sisters to finally have an audience with Cinderella.
