News, Publicity and Press Releases

There has been a resurgence of the housing market in the past few months as reported in the Reformer on August 21, but the Southern Vermont Board of REALTORS®, which represents the full body of licensed REALTORS® in the region, gives us a more in-depth view of the current market evaluation.  Home buyers question if prices are going to drop more while sellers wonder if their house is priced effectively to sell in a market some compare to a roller-coaster ride.  Other homeowners wonder if the new tax assessment will be a fair evaluation of the current market.

The Southern Vermont Board of Realtors®, which is part of the National Association of Realtors®, aids and assists Realtors® in this region by keeping them current on the latest news, laws and events that affect homeownership and the local real estate industry.

John McPherson a Director of SVBR and REALTOR with Berkley and Veller Greenwood Country, explains that “some properties that are well-located and well-maintained, will sell at the same price as they did at the market peak, while other properties will require an updating or a lower price to sell in this shifting market.  There has definitely been an increase in sales of less expensive properties due to the drop of average prices though that trend cannot be applied to every property.”

Troy Richardson, a State Director of SVBR and broker with RE/MAX Maple Leaf Realty in Bennington, commented “There is so much on the market right now that buyers are taking more time than before to buy and are even holding out for their “dream house” thinking more will come on the market, whereas in the past, I could have shown someone all the properties in their range in southern Vermont over 1-2 days and people made choices quicker because there wasn’t as much available. The majority of the homes are priced appropriately, but buyers are taking much longer to choose because of the variables in the market. The incentives to buy are definitely there.”

Dart Everett, appraiser and owner of Everett Real Estate Services, Inc. of Brattleboro revealed his amazement at how often the comparables are not on the market very long. “It appears that the market is stable, but without confidence.”  Everett adds further “Appraisers look at the fact that of the 30 sales and resales in the last 4-5 years, there have only been 1 or 2 homes that have sold for less than before, while a good number of them have sold for more than even during the peak.  We are certainly doing more appraisals for refinancing than for sales, but with interest rates as low as they’ve been, it’s to be expected. It’s true that prices in some of the larger Dover and Stratton condominium projects have decreased, but basically, we’re standing pretty good.”

Todd Brown, an appraiser and owner of Todd Brown Real Estate Services, agrees, “That most of the appraisals during January through June were for refinances, but that appraisals for purchases have increased in the last couple of months.” Brown added, “I’ve seen about 95% of the sales go through within 5% of the listed price.”

Barb Yanke of Chittenden Bank offers, “We have found that more and more borrowers are getting pre-approved for mortgages and looking for properties to buy.  The challenge has been finding homes that are within the home buyers’ budget, that do not require a lot of work.  However, in recent weeks the number of pre-approvals turning into contracts has increased.  This includes Windham County and Cheshire County.”

Yanke adds, “There is still plenty of money available to buyers.  Even with as little as 0% down in the affordable housing programs.  There has been a lot of press about the banks not having money to lend or that it is not easy to get a mortgage, but the bottom line is if you are a qualified buyer there is plenty of money to borrow.  It is the Stated income/No income/No asset and sub-prime loan programs that have gone away.  We have returned to the 4 C's of lending.  "C"redit how the borrower has repaid their debts, "C"ollateral the property itself, "C"apacity can the borrower afford the mortgage and "C"apital do they have any down payment or reserves.”

Brattleboro Town Lister Al Jerard says, “Our statistics support the trend of more sales in the last three-four months and almost all of them fall about 15% above the 2005 assessed value.” Jerard did report that there were three foreclosures in Brattleboro scheduled this past month and one went into bankruptcy rather than foreclosure, so that is an increase from before. Our target date for the new grand list is April, 2010 and homeowners will be receiving a notice in May or June.”

Bennington Chief Assessor supports that trend citing “There has not been a lot of activity, but with sales numbers down, the market values have been holding with the majority of sales shown to be above assessed values. Bennington’s reappraisal assessments occurred in 2005-2007 and we have not had any significant numbers of foreclosures or grievances.”

John McPherson adds. “If there is one message that homeowners and homebuyers need to hear, it’s that real estate is now affordable again. Home values have found that sensible balance between supply and demand where sellers don’t need to fear selling at too low a price, and buyers don’t need to fear buying at too high a price. The market is now rational.”

The Southern Vermont Board of REALTORS® has a directory with contact information of all licensed REALTORS® in southern Vermont on www.svtrealtors.com  or you may call 802-464-3344.

Brattleboro Reformer

By BOB AUDETTE

BRATTLEBORO Between the two of them, Jack Berkley and Don Long have nearly a century in the real estate business.

On Thursday, they were recognized by the Southern Vermont Board of REALTORS® as REALTOR® Emeriti.

"It’s great that the two honorees are still at it," said Berkley, 84, who said he was pleased that his peers conferred the title on him and Long.Long, 76, said he was "terribly excited" to receive the title.

Born and raised in Vermont, Long fought in the Korean War, after which he spent five years in Connecticut working for Pratt & Whitney. Moving back to Vermont, he got a job at Montgomery Ward on Main Street, in the building now occupied by Brown & Roberts Hardware.

"I decided there’s got to be something a little better than this," said Long.

He took a job with Roland Fisher, who he said was the leading real estate agent in the area at the time.

Both Long and Berkley worked together at RJ Fisher.

But by far his best job has been in real estate, he said, which he got into when he was 37 years old.

"I wish I had done it when I was 21," said Berkley.

Before joining up with Jack Veller, to form Berkley & Veller, they were "friendly competitors," said Berkley.

Veller was working for the real estate division of Richards Insurance at the time.

"We decided to join forces," he said. "It was a really difficult decision. We really liked the people we were working with."

In 1975, Long started his own business Long Realtors. In the late 1990s, Long retired from the business.

"But I wasn’t cut out to retire. I was just lost. I like to talk to people."

He went back to his old firm, which had been renamed Curtis and Curtis and is now Coldwell Banker Pinetree Real Estate. Now he is working for Better Homes and Gardens The Masiello Group.

Both men said the most rewarding part of their jobs has been getting people into their own homes.

"They come in with a dream, and it ’s wonderful to see it come to fruition," said Long.

Berkley said he was extremely proud of "the great number of friendships I have made both among the real estate community and with former customers and clients."

For Long, what was also satisfying about the business was working together with his wife, sons and daughter.

Berkley and Long said while the real estate market has slowed down, it’s not as bad as in other parts of the country.

Now is a good time to buy a house, added Long.

"There is plenty of money and good interest rates," he said.

"People who can afford to buy now can get houses that are a good value and that fit within their budget or income level," agreed Berkley.

In 1992, his wife Helen joined Berkley & Veller, thus expanding it to Berkley & Veller Greenwood Country Realtors.

Bob Audette can be reached at raudette@reformer.com, or 802-254-2311.

Seeking five good neighbors to receive $10,000.00 Grants.

REALTOR® Magazine is seeking nomination for the tenth annual Good Neighbor Awards.  The program recognizes REALTORS® who've made extraordinary commitments to community service.

Five winners will be announced in November in REALTOR® Magazine and at the 2009 REALTORS® Conference & Expo in San Diego.  The winners will receive a $10,000.00 grant for their community cause, national publicity, travel expenses to the conference, and a crystal trophy.

"We created the Good Neighbor Awards to recognize REALTORS® efforts to make their communities a better place to live" says Pamela Geurds Kabati, REALTOR® Magazine Editorial Director.  "REALTORS® generally are big-hearted people and many of them get very involved in their communities, but their local efforts are seldom rewarded on a national level."

Last year's winners contributed a combined total of nearly 8,000 hours to their cause in one year and drew a standing ovation during NAR's annual convention in Orlando.  The 2009 Good Neighbor Awards are sponsored by eNeighborhoods, Homes.com and Lowe's.

Good Neighbor Award entries must be received my May 22, 2009.  For more details and an entry form, go to www.REALTOR.org/realtormag and click on the Good Neighbor logo, call 800-874-6500, or see the ad in the March issue of REALTOR® Magazine.

A panel of local mortgage lenders let REALTORS® know that interest rates are currently at historic lows and they have money to lend for new mortgage loans.

The Southern Vermont Board of REALTORS® recently hosted a roundtable on home mortgages to learn how changes in the mortgage industry are impacting the local housing market.

‘Their rules are changing everyday.’ Ed Sensor, President of Northeast Home Loan, stressed when referring to FannieMae and FreddieMac, the federally sponsored home loan giants that purchase loans from mortgage lenders. ‘The days of 100% mortgage financing are past’ Sensor added. While conventional 80% mortgage financing is now the norm, some local lenders offer 90% for qualified buyers, even 95% financing through VHFA. Jon Muise, Area Director of USDA Rural Development, noted that his direct loan program will still finance 100%. The Rural Development guaranteed loan program, available through qualifying banks, recently raised income limits for recipients. A family of four can now qualify even with an adjusted gross income of $70,000.

Homebuyers with low credit scores may still qualify for a mortgage loan but should expect to pay more in closing costs. Although buyers’ creditworthiness is key, mortgage underwriters are now more careful to scrutinize homes probing for weaknesses to protect new homeowners from unanticipated repair costs.

Barbara Yanke, loan specialist at Chittenden Bank, cautioned REALTORS® that because of growing complexity ‘on-line rate shoppers’ may mislead themselves if they don’t carefully evaluate a mortgage loan offering.
 
While the housing markets in other states have undergone upheaval, the local market has not experienced nearly as much turbulence. With 124 filings, Vermont’s 2008 foreclosure rate is the lowest in the nation, only .04% versus 1.84% nationally according to RealtyTrac. Housing prices here have also evidenced greater stability than elsewhere in the U.S. According to MLS data the average selling price of a home in Windham County declined by just 7.3% last year while nationwide the
rate was nearly 20%.

A history of sound lending practices has spared Vermonters from the worst of the nationwide housing crunch. As 2009 unfolds with both lower interest rates and house prices, area REALTORS® and lenders agree they see an improving market for Windham and Bennington Counties.

BENNINGTON, VT – Troy Richardson of RE/MAX Maple Leaf Realty has been granted a Vermont Broker’s license from the Vermont Secretary of State’s Office.

In order to become a Broker, Troy was required to work as a licensed Salesperson for a minimum of two years, complete a minimum number of transactions and take 40 hours of Licensing Instruction in order to take and pass the Vermont State Broker’s Exam.

Troy has provided residential real estate services to the Bennington area for more than two years. Troy is a REALTOR® serving on the Board of Directors of the Vermont Association of REALTORS®, on the Board of the Vermont Real Estate Information Network, on the Board of Career Development Center Building Trades Department as well as active with the Catamount Rotary Club.  Troy has also achieved the nationally recognized designation of an e-PRO professional.

RE/MAX Maple Leaf Realty is affiliated with RE/MAX of New England and RE/MAX International. Since its inception in 1985, RE/MAX of New England has grown to over 300 offices with more than 3,900 sales associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, providing residential and commercial real estate, as well as relocation and referral services.  RE/MAX Maple Leaf Realty’s web address is www.MapleLeafVermont.com. Troy can be reached at 802-447-3210. 

Bennington VT: Troy Richardson with RE/MAX Maple Leaf Realty has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).

Troy Richardson joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

REBAC, founded in 1988, is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS®, “The Voice for Real Estate,” is the world’s largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.

You may contact the Real Estate Buyer’s Agent Council by telephone, (800) 648-6224, by e-mail, [rebac@realtors.org], or by visiting the REBAC website, www.REBAC.net. RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington VT, and Troy’s personal real estate website can be seen at www.TroyRichardson.com.

Southern Vermont Board of REALTORS® held their monthly membership meeting Thurs. July 17th at the Riverview Diner in Brattleboro. General membership business, the RACE for the CURE, and the annual Golf Tournament Fundraiser for the REALTORS® Youth Benefit Corp. were discussed.

In addition Jeff Manney, Residential Project Manager from Efficiency Vermont gave a presentation about the Vermont Residential Energy Code-what it is- who is responsible and how to show compliance. He also discussed the role of efficiency standards is in determining home value-new homes vs. older homes-third party verified labels and efficiency in real estate listings. There was a question and answer session following Mr. Manney's presentation.

The annual REALTORS® of the Year award will be presented at the next member meeting to be held on Thursday, August 21st.

 The Windham County Board of REALTORS® started 64 years ago in 1944. In 1948, when it grew to include half of Windsor County from White River Jct. south, the Board changed its name to Southeastern Vermont Board of REALTORS®. At that time there were only 18 members. 

Fifty years later the Southwestern Vermont Board of REALTORS® and Southeastern Vermont Board of REALTORS® has merged to form the Southern Vermont Board of REALTORS® (SVBR) including all of Bennington and Windham Counties There are now 189 REALTOR® members and 17 Affiliate members in the SVBR - a ten fold increase. 

The National Association of REALTORS® are brokers, salespeople, property managers, appraisers, and counselors engaged in all aspects of the real estate industry working on behalf of property owners and property ownership. Realtors® are pledged to a strict Code of Ethics and Standards of Practice.
 
The Southern Vermont Board of REALTORS® is in integral part of maintaining these standards of professionalism for its REALTOR® members through regular member meetings and seminars that provide up-to-date information and education on real estate matters.