May Happenings

When I was a kid, I always had the feeling that May was the end of the school year. My heart and mind made that switch to the fun-filled, easy, lazy days of summer. SCREECH! In this business, May is the opposite – we’re in the thick of the hot spring market. Buyers and sellers are ready to be connected, and we’re working like mad. Lazy days? Yeah, right.

April’s Unofficial Numbers

Market Turnaround? This market is giving every sign that stabilization in the Montpelier/Barre area is well under way. The total sales over the past 12 months are more than the current number of listings (273 to 265). Every town in the market (with the exception of Northfield) can make the same claim. Northfield also experienced one of the most active weeks in April, with four offers on Northfield homes for sale coming through our office.

And here’s some evidence that we’re perhaps more than stabilizing, that we’re actually seeing the local market turning into more of a sellers’ market. In the past couple of months I’ve heard several stories about good old fashioned bidding wars. I’ve even been involved in some of them. Full price offers being rejected.  I’m also seeing houses come on the market and then going under contract within a week or two.  To quote just about every thriller movie trailer I’ve seen, “It’s happening.”

Happy Anniversary!

Our office celebrated a wonderfully noteworthy anniversary on May 1. Alice Wright, our extraordinary office manager marked 25 years with Heney Realtors. Speaking not just for myself but for everyone in the office, I say congratulations and thank you. I’m also curious as to how she got hired when she was 4.

A Day In The Life

On a recent tour of local, shall we say, fixer uppers, a buyer and I embarked on a lovely game of “What’s that smell?” Cat? Rodent? Refrigerator? Mold? Other? If you really want to know the answer (and if you do, you’ve got the iron stomach of an investor), it was cat, rodent and mold. Neither house actually had a refrigerator.

Dominoes

It’s very common for sellers to need to identify their next house before they can sell. Likewise, it’s very common for buyers to have a house they need to sell before they can buy. It can seem incredibly stressful and unmanageable, but it doesn’t need to be. I’ve found that just understanding that there are a lot of moving parts can make the process seem more tolerable.

Sellers, don’t wait until you find your next house before putting yours on the market. Using a “contingent upon finding suitable housing” clause can provide a cushion in the event that you have an acceptable offer, but still don’t know where you’re going.

Buyers, if you have something to sell first, you’ve got to get it on the market and under contract before you can make a credible offer. Some sellers will accept an offer contingent on the sale of a buyer’s house with a kick-out clause. That’ll become more common as the market continues to rebound, but we’re not quite there yet. With either of these contract terms, it’s a very good idea to talk with a knowledgeable Realtor, because it’s critically important to get the language and the timeframes correct.

Quote Of The Month

This month’s quote comes from the young son of a woman who recently listed her house with me. “I want to do what he does so I can put lockboxes on houses.” I wonder if the job would be even more appealing if he knew that I also get to play “What’s that smell?”      

April’s Closed Transactions

For more about the local real estate market, my analysis and commentary (this is all my own content – I don’t just download this from a website), or just to shoot the breeze, give me a call or send an email.

Also, if you or someone you know is looking to buy or sell, and wants intelligent real estate advice and professional service, please keep me in mind. I’m always happy to help.

Sales data comes from the Multiple Listing Service and is only reflective of properties that were listed.

242 Elm Street in Montpelier is one of the most easily recognizable, and beautiful buildings in town. It’s the house with the big white columns.  It’s the house with the great double lot (a half acre!). It stands out, and in a good way

It’s also a rock solid investment. Four units, including one of the nicest owner-occupied units around. This main unit, with three bedrooms, has hardwood floors, and upgraded kitchen, and sumptuously preserved historic detail, including a marble hearth and woodwork.

The second floor two-bedroom unit has bright hardwood floors, and gets lots of natural light. It’s a classy unit, and, like the main unit, gets above market rents (as it should).

The remaining two units (one bedroom and two bedroom) allow more opportunity for the next owner to put a personal touch.  Don’t get me wrong, they’re in perfectly good condition, they just aren’t at the level of the first two units. I haven’t seen very many apartments in Montpelier that are.

242 Elm Street in Montpelier has one of the keys to investment property in Montpelier—parking. There’s a four bay garage that’s in great condition, plus a sizeable parking area that allows for snow removal. Housing with off-street parking? What a concept!

The back of the building is what would be called a shed. It’s attached to the house, but is unfinished space. Two stories of unfinished space with an existing footprint. Could it be a fifth unit? Could it be studio space? Could it be amazing storage? There are lots of options that are worth pursuing.

The list of improvements and updates is extensive. Standing seam metal roof and architectural asphalt shingle roof. Updated electric (no knob and tube wiring in this one). Hardwired smoke and carbon monoxide detectors.  But one of the best features of the building is something that was done at construction—it’s made of solid wood.

That’s right, it’s built like a boat. Wood stacked on top of wood, not framed in. Want to know how such a grand property stays so straight? Solid construction. You’ve got to see it to really appreciate it.

Great rental history, great rents, and great tenants. All four units are currently rented, showing it works as a Montpelier investment property, but imagine the opportunity for growing net worth if you were to move in and make it owner-occupied…

Knotty Shamrock in Northfield, VT

Last night, after a well-attended Norwich University summer barbecue, several folks headed over to Northfield’s newest establishment—The Knotty Shamrock.

After weeks of speculation as to what the newly renovated downtown storefront would look like, it had its grand opening last week.

Modeled after a traditional Irish pub, complete with ornate barbacking, and rich interior décor, the Knotty Shamrock also seems to be having a little fun with itself. Amid pub favorites such as Irish stew and pot pie was the Greek Salad…with Irish cucumbers.  I love it!

The service was spectacular. Our waitress took several orders at once, remembered them, and was quick and professional. 

All of the tables were full, as were most of the seats at the long bar.  Business was definitely booming in Northfield last night.

101 sales. That’s more than the total number of sales in Montpelier, Barre City, Barre Town, or the U32 District.

Here’s a breakdown of the past month’s activity for smaller homes in the main area’s major markets (Barre City/Barre Town, Montpelier, Waterbury/Mad River Valley, and the U32 District Towns—Berlin, Calais, East Montpelier, Middlesex, and Worcester)

Numbers like this suggest that the market for smaller homes in Central Vermont is strong and active. People look to these homes to provide efficiency and ease of maintenance. Buyers also make lifestyle adjustments that lead them to be interested in a smaller home.

That’s happening again, but for different reasons.  Today, we’re seeing more and more buyers who are looking for enough land to have a decent-sized garden, maybe some livestock, and certainly chickens.  I’m not sure whether to call these Vermont hobby farms, or small-scale agriculture, or, maybe it’s still called getting back to the land. 

Whatever it’s called, it works for a lot of people. They grow their own food, they reconnect with the land, with the seasons, and with the weather.  People have realized that even just a few acres of usable land can allow that connection.  More ambitious small farmers could do very well with 80 or even 100 acres with good pasture, perhaps a woodlot, and maybe a sugaring operation.

When I talk with people in Central Vermont who are going back to the land, I find out it’s usually done for personal satisfaction. They like knowing exactly where their food comes from, and they like that they’re doing timeless work that also preserves Vermont’s working landscape.  They go into these small-scale farms with their eyes open about the work that’s involved. And they love it. It’s satisfying.

First time homebuyers are looking for smaller homes.  Gone are the days of zero percent down loans, the kind of loans that made larger homes possible for first time buyers who, as a group, tend to have smaller down payments.  But they still want to own homes.

The American Dream of homeownership is still very much alive in Central Vermont, and today’s first time buyers are being very practical.  They know what they can afford as a monthly mortgage payment, and tend to stick to that limit. That means they’re not stretching to buy bigger homes than they can really afford.  They’re looking to for a place to begin to establish community roots and experience homeownership. They’re also looking for a place that they’re going to be comfortable living for the next several years.

It also means that people who currently own smaller homes (two bedrooms would be considered a smaller home, as would anything with less than 1500 square feet) are in an interesting position.  They’re sitting on property that is in something of a shortage, and that has an increasing demand.  In terms of economics, that means that supply is stable, and demand is increasing.   That could mean that even with the price declines of the past few years, these smaller homes may be worth more than owners think.

As a broker, I meet a lot of first time buyers, and I know what they want.  They want something they can start out with, maybe start a family, maybe not.  They want something that can be purchased without having a large down payment.  Remember that these are often buyers in their 20s and 30s, people who have good jobs, but are just starting. It can be difficult to come up with a large amount of cash for a down payment.

These buyers are fully aware of that, and tend to focus their attention on homes that work for them now.  They realize that as families grow, they’ll probably want a bigger house. But not yet. To start, they want to get their feet on that bottom rung of the property ladder. Smaller homes are very often that first step.

Here are the homes that were on the Montpelier caravan of homes for sale:

948 Paine Turnpike:  $162,000—Berlin--Heney Realtors

107 Freedom Drive:  $185,000—Montpelier condo

127 Northfield Street:  $189,000---Montpelier--Heney Realtors

30 Sibley Avenue: $245,000—Montpelier--Heney Realtors

9 Sunnyside Terrace: $289,000—Montpelier--Heney Realtors

50 Northview Road:  $295,000—East Montpelier

430 Stoney Corners Road:  $300,000—East Montpelier--Heney Realtors

20 Baldwin Extension:  $359,000--Montpelier

826 Towne Hill Road:  $529,900--Montpelier

By the time the monthly caravan rolls around, I’ve often seen several of the properties, but there are always some that I haven’t seen.  There’s nothing more helpful than seeing property. It’s a great opportunity to deepen knowledge of the local market. It’s also a critical step in being able to accurately price property. How does someone really know the comparable sales unless one has been in them.

Plus, I like to be able to come back to the office and call people I’m working with to let them know what I’ve seen.  When I have buyers looking for fixer uppers, and I see one on caravan, you know they’re getting the call. Sometimes it’s impossible to really tell about the condition, location, layout, or impression of a property until you’re actually inside it. 

So, if you’d like to get that first mover advantage, you should use a Realtor who is an active contributor to the local caravans.

And, comparing to a year ago…

The market continues to show less activity than it did a year ago. Total inventory is down, and so are the total area sales. Looking more closely, the two segments that really saw drops in inventory are Montpelier and U32. Barre City, Barre Town and Northfield have relatively unchanged numbers from last year. Total number of sales is lower across the board.

I had hoped to see a bump in the number of new listings in April, but that typical spring bump was delayed a month – perhaps because of the long, cold, wet, early spring. All five of the area markets saw that expected increase in new listings in May instead. Anecdotally, June seems to be shaping up to be a busy month for new listings as well.

Under Water

Lots of houses that had never had water in basements took in water during last month’s flash flood. Lots of driveways that had never had washouts weren’t spared either. The financial damages are still being tallied, as are the personal impacts. Sellers are well-advised to take a second look at the Sellers Property Information Report that was completed at the time of listing. If you suffered a wet basement recently, you really should update the report. Buyers should begin asking specifically if the floods had any impact on a property. Keep it all out in the open – but everyone needs to remember that this was a very rare event. I love living in Central Vermont, but basements sometimes get wet, bears sometimes get into chicken coops and cafes sometimes close at 7:00. It’s just part of life here.

Area Closed Sales During May

Sellers: On Your Mark

If you’re selling a piece of land, it’s a very good idea to make sure there’s a survey. It’s even better if there’s a soil test or a septic design in place too.

If you have a home with an unusual layout such as having bedrooms spread out on different floors, or not having a bathroom in the vicinity of the bedrooms, hiring an architect might help. Sometimes just having the plans drawn up can help. It might even be that re-working some of the spaces isn’t as expensive as you think.

If you’ve got an obvious defect, or one that buyers might think is an obvious defect, get estimates ahead of time. This could be an old roof, an uneven foundation wall, knob and tube wiring, an old furnace, etc. Let’s be honest, the housing stock in Central Vermont is generally pretty old. Very few houses are perfect and flawless. And by “very few”, I mean zero.

Buyers: Get Set

Several local lenders have continued to impress with their quick turnaround of home loans. Trust me, there’s no such thing as a “normal” loan. In this lending climate, buyers need to have good credit scores, but lenders are making it easy and quick. Call or email if you’d like contact information for good local lenders.

Everyone: GO!

Our office listed a property for sale, and the next day it went under deposit. In another case, buyers were working with our office and were the first people to see a new listing. They were able to negotiate a contract with the sellers within days of it being listed. The point is that properties sometimes move very quickly, and it’s important to get information as quickly as possible.

Realtor 101

In almost all cases, any buyer is able to have any Realtor show them property. You are always able to work with the listing agent but you can also work with any Realtor you want. The key is that you work with someone you know, someone you trust, and someone who is a true professional. Personally, I think it helps to work with a Realtor who has fashionable glasses, but maybe that’s just individual preference…

Newest Broker in Town

In June I earned my Broker’s license. Not all Realtors are brokers – the license shows an emphasis on continuing education, professional development and dedication. Becoming a broker involves a rigorous course of study, meeting standards for experience and transactions, and, my personal favorite, passing the state and national exams. As a freshly minted Broker, I’ll be able to provide that intelligent real estate advice and professional service that you’ve come to expect, just more of it. And with new business cards.

Area Rents

Continuing my non-scientific, but still directionally correct, and hopefully useful crunching of the numbers, here’s a snapshot of area rents:

And it comes with a side of Warren Buffett: Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.

If you’re looking at real estate as a vehicle for generating cash flow, tax advantages, and accumulation of net worth, you should seriously consider multi-family properties in Barre. There are 46 properties for sale, compared to 14 in Montpelier. Are they all good investments? Probably not, but if you look at the numbers, some of them are. Some work great as owner-occupied, and some work as pure investment. All I’m saying is that if you combine the current market conditions with the advice of the Oracle of Omaha, there’s a real opportunity in Barre.

A two-unit foreclosure (two and three bedrooms) for $74,900?? It might not be pretty, but if it makes money, who cares?

Call or email and I can help with cash flow analysis and financing analysis. I can also give you my favorite picks. Of course, you should always talk with an accountant or financial advisor too.

As always, if you know anyone who’s looking to buy or sell in the area, please keep me in mind. Call or email if you know anyone who just has to get their hands on this newsletter. I’ll make sure they get it.

I work with a lot of buyers, and I've shown hundreds of houses.  Here's a boiled down list of the most commonly questions that buyers have. I figured I may as well put these out there, and let people save some time.

1.  Where are the property lines?
2. If the property lines are trees or fences, who owns and maintains them?
3. If there is a septic tank, where is the septic tank?  Where is the leach field?
4. When was the last time it was pumped?
5. Can you get high speed internet at the house?
6. Can you get cell service at the house?
7. Who services your boiler/furnace?
8. When was the last time it was serviced?
9. How old is the boiler/furnace?
10. How much insulation is in the attic?  What type?
11. Have you ever had an energy audit performed on the house?
12. If you have a wood stove or a fireplace, when is the last time the flue was cleaned?

Our house has three main issues.  Those who have been here may want to add a few more, but we focused in on three issues.  In about 45 minutes, Sandy had given us fantastic ideas on how to transform the space (some subtly, and some more radically).  We talked about sight lines, circulation, definition of space, and more.

I’m good at what I do, but those are not things I would’ve ever thought about.  That’s why I go for expert advice.

I’m excitedly waiting to get the drawings, and to see what’s possible.  As with all renovations/remodeling jobs, this will certainly take longer than expected to get started, and take longer than expected to get finished.  From time to time I’ll give updates, but I really just wanted to get the word out about how pleased we were just with the initial meeting with Sandy.

Check out Sandy’s website, or get in touch with me and I’ll pass along her info.

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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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.

Know more about the Montpelier and Barre real estate market by following Heney Realtors on Facebook.

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.

Stay on top of the Montpelier and Barre real estate markets.  Follow Heney Realtors on Facebook.

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.

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.

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.

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.

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.

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.