Blog :: 02-2012

Be Smarter--Like Heney Realtors on Facebook

We have a wide audience of readers for our Montpelier/Barre real estate blog. Some of you are locals, some of you are far-flung (yes, we consider Australia to be far-flung).

The updates and commentary that are making you a genius are only part of what's available. Check out our Facebook page. You'll find the fastest updates on new listings, price changes, and all sorts of information you'll want to know regarding the Montpelier and Barre real estate markets.

But it's also fun. There are contests, prizes, quizzes, the popular "Day in the Life" updates, "Market Slices" (come on, you know you're curious about that!), community information, and more.

Let's make it official. You know you like us. Go to Facebook.com/heneyrealtors and really like us.

--Ray Mikus

Montpelier Caravan--Our Picks

Today was the Montpelier Realtors' Caravan. It's a great chance to highlight the new listings in Montpelier. Selfishly, it's an opportunity for Realtors to preview the new listings, so that we can deepen our market knowledge.

Today's caravan featured five new listings...and four of them were those of Heney Realtors.

So...here are the picks:

15 North Park: This unassuming 1991 house surprised the crowd with its high end touches. Quartz countertop, tile floors, corain bathroom vanities, and a custom fireplace. Just plain beautiful. There's a direct entry two car garage, and the fenced yard backs right up to Hubbard Park. At $289,000, we were impressed.

 

295 Pine Hill Road--East Montpelier.  Built in 2004, this house has the layout that today's buyers want. Big, open rooms, nice natural light, and an efficient heating system. It's at the end of a cul de sac, and close to U32 high school, Montpelier, and Barre. Great location. Solid house. And hence, a top pick.

How Long Does it Take?

How Long Does it Take to Buy a House in the Montpelier/Barre Area?

Counting Down the Days

From the time an offer is accepted, how long does it take for the transaction to complete? Most of the time when people ask that they're using a lender and getting a mortgage. If you're buying a house in the Montpelier or Barre area, it's helpful to know how long it's going to take.

If that's the case, then you can expect 6-8 weeks of "escrow" in the Montpelier real estate market. It seems like a long time, and it might be different in other parts of the country, but, well, we're in this part of the country.

Initially, it can take time to work through a home inspection and other contingencies. There are some water tests that take two weeks to get results. Those tests are determined by the lender (and the type of loan), so it's important that when you're trying to figure the time frame you've talked openly with your Realtor about what kind of loan/financing you're using.

After the inspection contingencies, the biggest chunk of time is in the loan underwriting. It can take 2-3 weeks just to get the appraisal completed and the report to the bank.

When that's all done, then you should be able to get a finance commitment letter--which is typically the last contingency.  There's got to be some time between the issuance of the commitment letter and the actual closing too.

So...add it all up, and you're looking at 6-8 weeks. I've seen closings happen in as little as four weeks, but that was something of a miracle. I seem to remember hearing choirs of angels...

--Ray Mikus

Buying a House in Montpelier or Barre? Here's a Tip

Once upon a time buyers could get loans for pretty much however much they wanted, and could buy pretty much whatever they wanted. Those times have long since passed. Thankfully.

What's important now for folks buying homes in the Montpelier/Barre real estate market is knowing what you can afford. Not just in terms of the total amount of a mortgage, but also in terms of the monthly payment.

Having a pre-approval letter from a lender makes you a very powerful buyer. You know what you can afford. You know what you can look at. You might also find out that if you pay off that car loan (or even just a little more of it), you can qualify for a different amount. Hey, it's be worth a shot!

Also, when you find the right house, you're going to be in a perfect position to make a solid offer.

Sellers want to see that buyers have actually talked with a lender. And while it is possible to make an offer without having a pre-approval letter, savvy sellers will want to see one before they make any sort of counteroffer.

The beauty is that in the Montpelier/Barre market, there are several very good lenders. If you haven't connected with one of them, let us know, and we can make several solid recommendations.

Now get out there and get pre-approved!

Barre Caravan--Top Pick!

Barre Caravan This week's Barre Caravan featured nine new listings in Barre Town and Barre City. Talk about a range of property! Everything from a $39,000 fixer upper on Summer Street to a gorgeous house with an indoor pool up on Tree Top View.

Here are the picks of the caravan:

21 Wildersburg Common in Barre Town.

Wildersburg Common Barre Town Condo

It's been beautifully done, with custom floors. The overall impression was CLEAN. Plus, it's single floor living...which is important to some people. Three bedrooms, two and a half baths, and the convenience of condo living. These Wildersburg units don't come up very often.

 

 

  Actually, condos in Barre don't come on the market that often. Right now, the other great condo pick is 122 Batchelder Street in Barre City.It's the perfect, manageable size, and it's tucked away in a quiet area not far from Spaulding High School. Plus...it's super affordable at $127,800.

Batchelder Condo Barre VT

Wildersburg Common Barre Town Condo