Thursday, July 2, 2009
Nick Maclure named 2009 OCBR REALTOR OF THE YEAR
Nick Maclure was awarded the 2009 Orleans County Board of Realtors, Realtor of the Year. The title is decided by the votes of our fellow Realtors. Nick stated that he was very surprised and honored. It is nice to know you are respected by the people you work with. Nick also received the honor of being the #2 Century 21 salesman in the State of Vermont in terms of units sold for 2008.
BLOOD DRIVE - Wednesday July 8th - Newport
The Orleans County Board of Realtors is sponsoring a Blood Drive at the Gateway Center in Newport Vermont on Wednesday July 8th from 11:30 to 5PM. Lunch is provided as is a coupon for a free carton of Friendly's Ice Cream. Also, enter for a chance to win 2 BOSTON RED SOX tickets. Walk-in or Appointment. Call Kristi @ 800-843-3500 ext. 3265 for appointments.
Come give the gift of life and enjoy some time on the shore of Lake Memphremagog.
Come give the gift of life and enjoy some time on the shore of Lake Memphremagog.
Wednesday, June 3, 2009
BREAKING NEWS - Pending Home Sales Up for Three Months in a Row
Daily Real Estate News June 2, 2009
Pending Home Sales Increase
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Geographical Breakdown
Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment. Buyers who are wondering about their options should contact a REALTOR, who can advise consumers on the housing assistance programs and resources available in a given area.”
Affordable Housing
NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Pending Vs. Existing Sales
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.
Source: NAR (06/02/09)
Pending Home Sales Increase
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
Geographical Breakdown
Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
NAR President Charles McMillan said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment. Buyers who are wondering about their options should contact a REALTOR, who can advise consumers on the housing assistance programs and resources available in a given area.”
Affordable Housing
NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Pending Vs. Existing Sales
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.
Source: NAR (06/02/09)
Monday, June 1, 2009
$8K Tax Credit Applied to Down Payment.
HUD releases details of $8,000 credit for down payment
(WASHINGTON) – Housing Secretary Shaun Donovan has formally announced details of the agency’s plan to allow first-time homebuyers to apply the $8,000 tax credit to their downpayment on FHA-backed homes.
Buyers will not be able to use the credit as their entire down payment. Buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away.”
(WASHINGTON) – Housing Secretary Shaun Donovan has formally announced details of the agency’s plan to allow first-time homebuyers to apply the $8,000 tax credit to their downpayment on FHA-backed homes.
Buyers will not be able to use the credit as their entire down payment. Buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
“We believe this is a real win for everyone,” said Donovan. “Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away.”
Thursday, April 2, 2009
New Burke Location!!
Century 21 Farm & Forest Realty Expands to Burke, VT.
Century 21 Farm & Forest would like to announce that Annette Dalley, formerly of the Peter D Watson Agency, has joined our team and will be operating our new Burke Office in the same location as the former Peter D. Watson Agency. We are very excited about this news. Annette is a top performing agent and is now associated with the top selling firm in the Northeast Kingdom as well as the most recognized Real Estate Brand in the world.
Century 21 Farm & Forest looks forward to expanding our coverage further into the Caledonia County and offering its residents the same high level of quality service that we have done for many years out of our Derby office.
Century 21 Farm & Forest would like to announce that Annette Dalley, formerly of the Peter D Watson Agency, has joined our team and will be operating our new Burke Office in the same location as the former Peter D. Watson Agency. We are very excited about this news. Annette is a top performing agent and is now associated with the top selling firm in the Northeast Kingdom as well as the most recognized Real Estate Brand in the world.
Century 21 Farm & Forest looks forward to expanding our coverage further into the Caledonia County and offering its residents the same high level of quality service that we have done for many years out of our Derby office.
2008 Awards Cerimony
Century 21 Farm & Forest Realty Brings Home Awards.
Century 21 Farm & Forest attended Century 21’s Annual Gold Awards in Burlington, VT on March 18th. Century 21 Farm & Forest Realty is proud to announce that they placed 2nd in the state in both Adjusted Gross Commission and Closed Units. Dan Maclure, Stephen Peacock, and Connie Isabelle received Two Million Dollar Awards. Cindy Sanville received a Four Million Dollar award as well as a Masters Ruby. Nicholas Maclure also received a Four Million Dollar award as well as recognition for the number 2 agent in the state based on Closed Units. Century 21 Farm & Forest would like to congratulate the team for their performance and is looking forward to the rest of this year as it is off to a great start.
Century 21 Farm & Forest attended Century 21’s Annual Gold Awards in Burlington, VT on March 18th. Century 21 Farm & Forest Realty is proud to announce that they placed 2nd in the state in both Adjusted Gross Commission and Closed Units. Dan Maclure, Stephen Peacock, and Connie Isabelle received Two Million Dollar Awards. Cindy Sanville received a Four Million Dollar award as well as a Masters Ruby. Nicholas Maclure also received a Four Million Dollar award as well as recognition for the number 2 agent in the state based on Closed Units. Century 21 Farm & Forest would like to congratulate the team for their performance and is looking forward to the rest of this year as it is off to a great start.
Thursday, February 19, 2009
Want $8000?
Wow, Now I wish I didn't already own a house. If you are considering buying a home this year you may be able to qualify for up to an $8000 tax credit (credit or refund) if you purchase a home before Decemeber 31, 2009. This is huge! There are income caps but they are quite high. Furthemore, you can't have owned a home within the last 3 years. Therefore, it is geared towards first time home buyers, but not necessarily restricted to.
With amazing interest rates, great inventory, lenders with ample money to lend, and now an $8,000 insentive, what are you waiting for? Give us a call or send us an email to find out more information on the stimulous package.
Please review the following link for more details: http://www.federalhousingtaxcredit.com/
With amazing interest rates, great inventory, lenders with ample money to lend, and now an $8,000 insentive, what are you waiting for? Give us a call or send us an email to find out more information on the stimulous package.
Please review the following link for more details: http://www.federalhousingtaxcredit.com/
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