Peggy Smith’s Stowe VT Real Estate Blog » Sellers Information

Vermont Thrift Saved the Day?

Peggy — Tue, 03 Feb 2009 16:33:40 +0000

This is a great article talking about why Vermont has the lowest rate of foreclosures in the country. Something that has allowed homeowners to maintain a truer property value than a lot of other states. The article is from bloomberg.com “Vermont Foreclosures Held Off by Yankee Ways, Land-Use Laws“

By Brian K. Sullivan

Jan. 29 (Bloomberg) — Vermont is avoiding the foreclosure crisis plaguing homeowners across the U.S., perhaps owing to traditions of thrift, modesty and self-reliance — bolstered by laws that protect buyers and land.

The foreclosure rate in Vermont is the lowest in the U.S., 0.04 percent of all homes in the state, according to RealtyTrac Inc. of Irvine, California.

To read the full article click here.

Stowe Vermont Real Estate Market Update

Peggy — Mon, 27 Oct 2008 20:24:14 +0000

I can’t turn on VPR, the local or national news or open a paper without hearing about the down turn in the real estate market. I also have seen the slow down in my own business. Symptoms like a greater number of deals falling apart, homes are talking longer to sell and buyers demanding more from sellers in order to close.

But, through it all, it seems the real estate market in Stowe VT is holding strong. Prices have been holding steady and buyers are still coming to the table to … buy. Just this month The Stowe Reporter had 2 articles on the topic. Check them out in the below links. If you have any questions, post me a comment or shoot me an email. I’ll be happy to give you my insight on the Stowe Real Estate market.

Stowe Reported Real Estate Articles

Prices steady, but selling property takes longer, 10/16/08
By Lisa McCormack

Stowe real estate market bucks national downtrend, 10/21/08
By Lisa McCormack

Seller Respond To Low Offers

Peggy — Fri, 13 Jun 2008 14:56:34 +0000

With the real estate market seeing a down turn across the country, more and more seller’s are receiving “low-ball” offers. I was reading the NY Times and found an article including a sample response letter for seller’s. See the letter below and a link to the full article… happy selling!

Dear Bidder:

Thanks so much for your note. I’m truly glad that you like our home as much as we do. You’re right that my family and I have many great memories of this place, and we hope someday you will, too.
And I just want you to know that I’m not insulted in any way by your offer. The fact is, none of us are very good at buying and selling homes. We don’t do it often, and as much as we know we’re not supposed to let emotions get in the way, it’s hard not to. After all, few people buy or sell anything else as expensive as a home in their lifetimes.

That said, your offer disappointed me. You seem to believe that I’m not aware of how bad things are out there or that I’m in denial. But I do read the headlines, and I priced the house accordingly. I knew I might have to wait awhile to sell it.

I should point out that your data draws on what has already happened in the housing market. Instead, I’d ask you to consider what’s about to happen.

One big reason for the falling prices is that it’s harder to get mortgages. Lenders went from giving money to anyone with a pulse to demanding higher credit scores and larger down payments. All sorts of buyers simply couldn’t make the numbers work anymore.

That may now change. Starting June 1, Fannie Mae and Freddie Mac, which buy mortgages from lenders and help make it possible for them to lend more money, are loosening restrictions on the sorts of loans they’ll buy in many markets. That is supposed to make it easier for people to buy a home with a down payment of 5 percent, or even less. Many more qualified buyers should mean more bids, and I’m willing to wait to see if it turns out that way.

I know you talked about having choices, but presumably we wouldn’t be engaging in this correspondence unless you liked my home best. Given that, I’d ask you to think about something: How often do you find a place that you can actually imagine living in? Sure, there are a lot of other properties out there. But an increasing number are in foreclosure and probably have problems lurking within the walls. So don’t let fear of a falling market keep you out of a home that you truly want.
It’s probably obvious by now that I’m not going to counter with a particular number. This doesn’t mean that I do not want to negotiate. I’d just like you to consider what I’ve said and see if you find it convincing. In the meantime, other shoppers who are interested in my home now have a price to beat. So thanks for helping me out with that.

Just one more thing. Please take another look at whatever mortgage calculator you’re using and see how your monthly payment will change if you brought your price up a bit. It almost certainly is not going to be enough to break you. But it may be enough to get us to a deal.

I look forward to your reply.

Yours,
The Undaunted

Read Full NY Times Article: Negotiating for a House? Start With ‘Dear Seller’

How to Sell Your House (in a crappy market)!

Peggy — Mon, 16 Jul 2007 13:59:42 +0000

If you are interested in learning some of helpful points to your sell your house, I recommend you watch this video:“How to Sell Your House (in a crappy market)!“.

Sometimes it is better to listen to what experts outside of Vermont have to say. It is a quick and easy video to watch, just four minutes long. It offers good advise on selling your home in the current market. Go to How to Sell Your House and see what the experts have to say.

Also I am offering a FREE book on “Who’s the Best Person to Sell My House?”. Just make a comment on my blog and I will be happy to send you a copy

To Search the MLS check out my website: Peggysmithvt.com

Subscribe to Peggy Smith’s Stowe VT Real Estate Blog