Real Estate Information

What do you need?  What do you want?  I’ve got it, and if I don’t I can get it.

Sometimes I feel like a concierge.  I’ve always thought I’d be bad at that job (come on, like you’ve never thought about how you’d do as a concierge…), but I’m actually pretty good.

Since I’m involved in so many home sales in Montpelier, Barre, and Northfield, I see a lot of things.  I talk to a lot of people.  And I know who can do what.

Just this past week, I made recommendations to people for an electrician, a lender, a home inspector, a plumber, someone who could refinish floors, and a snow plow driver.  Usually, it’s customers or clients that I’m currently working with, but sometimes it’s people who bought or sold a house years ago.

But I also meet a lot of people who provide unique non-housing related services.  Want to find humanely raised meat?  How about a homemade quilt?  Homeopathy? All right here in Barre and Montpelier?  Just ask the concierge.

I’m always happy to pass along names of people whose work I know.  If anyone out there knows a good, um, anything, pass a name and number along to me and I’ll put it in my arsenal.  Never know when someone’s going to want a good alpaca shearer.

They shear alpacas, don’t they?  Yes they do, my friends.  Yes they do.

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Stop!  Don’t Sue!

Most homes for sale in Montpelier and Barre come complete with what’s called a Property Information Report.  That’s the six page document that gives the seller the opportunity to say what they know about the place.  Has the basement flooded?  Has the boiler been replaced?  How old is the roof? 

This does a couple things.  First, it lets the seller have a public confession that the house is not, in fact, perfect.  Second, it lets buyers become aware of the imperfections before they even look at a property, and certainly before they make an offer.  The result should be that buyers make offers based on as much information as possible.  Then, they don’t have to reopen negotiation after a home inspection.

As for the headline, a properly filled out Property Information Report is a tidy little piece of insurance for a seller.  Buyers sign a document saying they have received the document (as part of the offer paperwork).  So when the basement leaks two weeks after the closing, the buyers can look back and see that yes, the basement has leaked in the past.  And no, they’re probably not going to win a lawsuit against the seller.

It’s better to know more.

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Friday’s Tip:  Make sure the key works.

I can’t tell you how many houses I’ve visited where the key doesn’t work easily. The lights are on, the heat is on, the place shows beautifully, but the key doesn’t turn.  Sometimes that’s because owners use a different door than the one that’s keyed.  For example, in our house, we come in through the garage, but when we have company, they come through the front door.

But it doesn’t send the message that you want to send.  As a seller, you want buyers to think of your house as being worry-free, and well-maintained.  If the key doesn’t turn, or the door doesn’t open easily, it suggests that the owners are ok with that condition.  Buyers begin to wonder (sometimes subconsciously, sometimes not) about what else might not be perfect. 

Plus, you definitely don’t want a Realtor muttering about the lock.  You want easy.

I’ve actually had to cancel showings just because I couldn’t get the lock to turn.  I mean, turning around with buyers who want to see the house, but can’t get in. Not to spend someone else’s money, but a brand new lockset costs less than $100. They’re easy enough to install that even thumbs-Mikus can do it.

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Flooding in Montpelier?  It’s not a complete surprise.  I mean, the town is in a valley, and there are two rivers that come together right downtown.  Throw in a late winter bombshell of a snowstorm (I’m hearing reports of up to 30 inches in some areas), warm weather, and a little rain, and guess what?  Flooding in Montpelier.

The post office and other stores downtown are sandbagging and moving electronics off the floor, just in case.  Fortunately, the town installed electronic gauges in the Winooski River in various places to monitor the water level, and to give as much advance notice as possible in the event the river actually does come out of its banks.

So, I guess the advice is to be ready to get wet, and don’t get in the way of any emergency vehicles that you may encounter.

Friday’s Tip:  Be Available

Buying a house isn’t easy.  Selling a house isn’t easy.  I know, you thought I’d try to convince you otherwise.

For buyers, the home search adds to an already busy schedule.  Imagine taking everything you normally do in a week, and then looking at a couple houses, searching online, talking with your trusted Realtor about different properties, and more.  Some buyers are lucky and they only look at one or two places before they know they’ve found the right one.  Others look at five, even ten houses before making the decision.

That’s a lot of time, a lot of dinners that got delayed, a lot of work that may have had to be missed.  It’s a big time commitment. And in the end, buyers get a house they want; a house they’re going to love for a number of years.

Buyers, being available puts you in a very good position.  When good properties at good prices come on the market, they get a lot of showings right away.  As in, the day the listing goes live.  So, say your Realtor finds a hot new home for sale in Barre that’s exactly what you’re looking for. You may get a call in the morning saying, “This is a hot one.  Let’s see it before anyone else does.”  That gives you the first opportunity at the best properties.

For sellers, the process may not be as time intensive, but it can be an incredible inconvenience.  It’s not uncommon for a house to be on the market without any showings for weeks, and then, suddenly, a Realtor calls and wants to show it the next afternoon.  In a perfect world sellers would be able to keep their homes in showcase condition all the time, but it’s just not possible.

It’s emotionally challenging, selling a house.

But sellers have to be available.  In this market, turning away a potential buyer is not a good idea.  That buyer could be the last buyer you’ll see with your house at the current price.  It could be the last buyer you see for two months.  If you’re motivated to sell the house (and if it’s for sale, that suggests you’re motivated to sell your house), then it’s in your best interest to take some inconvenience to accommodate a showing. 

Is it during dinner time?  Go out.  During baby’s nap time?  Take junior for a drive. You have company? Stick everything back in suitcases and go see a movie.  Most showings take about a half hour, and while most buyers are willing to adjust appointment times, some aren’t.  Don’t miss out on them.

This is one of those uniquely Vermont traditions.  To those who don’t live in Vermont, it may conjure up images of the Town Green, and the early colonists.  Maybe even people selling vegetables from pushcarts.

It’s evolved.  Town Meeting Day in Vermont is a big deal.  It’s the day when all town and school budgets are voted on, as well as any other municipal issues.  Some towns have gone toward making Town Meeting just a regular election day, with Australian ballot.

But many towns have kept the original format.  Big auditorium (churches or school gyms work nicely) with as many townspeople as want to come.  Issues are debated, and voted upon—often vocally, in the form of “Ayes” and “Nays”. That’s it.  That makes budgets, spending issues, and more.

It’s such a big deal in some towns that the “No Parking” signs have an exception for Town Meeting.

This is not me up on a high horse encouraging people to carve out an evening to hash out municipal budget details.  Go to Town Meeting if you want, but definitely vote.  In some of these towns, there are only a couple hundred voters, so each one really does count.

Tough Love From a Financial Planner

I used to be a financial planner, but this advice isn’t from me. A client of mine passed along the advice that their financial planner had given them.

Just about anyone who bought a house in Montpelier or Barre (or elsewhere) in 2006 or 2007 probably paid more for it than it’s worth in today’s market.  That money is gone.  It’s probably going to take a good while for the local market to regain the 25-30% that it gave up in the last few years. Sure, eventually the value is going to be back, I’m not worried about that. But it’s going to be some time.

Sellers have a choice.  If you really want to sell and move on to whatever’s next in your life, then you’re going to have to be able to face the reality that the money’s gone.  If you’ve got a new job waiting for you elsewhere, if you’re looking to have a change in climate, if your house is too small (or too big), and you can afford to do it, go ahead and sell, and move forward.

It might take 10 years for the market to regain its recent losses. If you can wait it out, that’s completely fine.  If you just don’t want to, then move forward.

There is a silver lining, though.  If you’re selling when prices are down, and you’re buying in the same market, then you’re probably just fine.  The next house you’re going to buy has gone through the same market, and its value is down too.  Hey, it’s some solace anyway.

Ok, we’ve all heard it before.  But it’s really time to start listening.

I had two buyers in the last week walk through homes for sale in Montpelier and Barre and comment on all the clutter. And not in a good way.  Not in the “Wow, there’s a lot of stuff, and I LOVE this property!” kind of way.  More in the “Hmmm…didn’t anyone tell them to get rid of their things?” kind of way. 

As a seller, that’s not the reaction you want. 

And believe me, I’m not judging.   My house is a total disaster.  As I’m writing this, there’s a (clean) onesie on the table that we have to take back to daycare, three slippers on the living room floor, a copy of One Morning in Maine just waiting for me to glue the spine back together, and three days’ worth of mail in the box.  But my house isn’t for sale.  I’m not trying to get people to fall in love with a vision of living here. 

Selling a house is hard.  One of the things that hardest for a lot of people is changing the way they use their house.  It’s just got to shine.  It’s got to stand out.  It’s got to feel loved.

Next week:  Why flossing is so important.  Not really.  I just wanted you to know that I realize that everyone’s heard this before.

This week’s Tip of the Week:  Be nice.

Some of you know that I used to teach 2^nd grade.  And, while I loved using Responsive Classroom, that’s not really where I’m heading with this.

Central Vermont is pretty small, and we all probably know each other.  We certainly know people who know each other.  This past week, I heard from a potential buyer about how they had been insulted by a potential seller.  As in, the family felt personally and emotionally insulted.  Um…that’s probably not the best way to get a house under contract.

It’s right there in the listing agreement that Realtors can’t discriminate based on a number of protected classes.  But I have to say, that even if someone is a jerk, it’s perhaps in your best interest to go along with them at least during the transaction. 

You’re not becoming part of the family, you’re just working out a business transaction with someone.  How about this:  Think of it as going to Shaw’s and your least favorite cashier has a clear lane.  Just take the clear lane, grin, get out of the store, and then tell your significant other about what a big girl/boy you were for getting along with someone you don’t really like.

Except this is one where you sell your house.  It’s a pretty big deal.

If a deal falls apart because of something that can’t be resolved, that’s one thing.  But if personalities are getting in the way, then something needs to change.

Is it the season, or what?  Lately I've been showing a lot of multi-family properties in Montpelier.  There are only eight for sale right now, and I think I've been in all of them in the last week.  I think that's great.  There's some pent up demand for multi-family properties, not the kind where people have been looking and looking and looking and can't find anything.  No, this feels more like the kind where people really want to look, and really want to buy, and are finally at peace with the situation.

My children, it's ok to invest in real estate.  It's ok.  No penance needed on this one.

But, be patient with tenants.  I had two apartments cancel showings today because of this crazy stomach bug that's zipping around Montpelier.  Two out of ten.  But still, 20% that were up all night throwing up?  Yes, we'll gladly reschedule for next week.  Just open the windows a little in the meantime.