Addison County Real Estate - Summer 2012

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“We both have stable jobs and know we want to be here for a while. I’m almost 30 … and it’s time to buy a house.”

— Colby Benjamin

PAGE 2 — A Special Publication of The Addison Independent, Monday, July 9, 2012

P!"#$%&' A$$!()#(*, LLCAlyth Hescock, Certi!ed General Real Estate Appraiser

own a home for a smaller monthly payment than ever before. Renters are therefore looking to buy, and with them the interested pool of buyers has shot up in recent months, giving homes on the market more attention.This is clearly good news for sellers.

According to the Northern New England Real Estate Information Network, the sales of single-family homes are up 8.75 percent from last year during the spring period (April through June).These same factors also make the current

market rosier for sellers.Although this may seem like a drastic

change from the dull prospects of previous years in the real estate market, the current

buying and selling climate is a product of the nature of real estate, experts said. Bonnie Gridley, owner

of RE/MAX Champlain Valley Properties, said that

of the market that many people forget.“The market is dynamic.

Many people don’t understand that every time a house comes onto the market or one goes under contract and sells, the market changes,” said Gridley. “The availability of money and loans and the lending climate contributes to the market, as well as the local job market and economy of the area ... as well as the country and the world.”In light of these constant

changes, it is important for both buyers and sellers to note market strategies. Gridley said that the best move for buyers starting the process is to work with a lender to take advantage

situation and understand their buying potential.

For sellers, brokers agree that it is worthwhile to invest in minor updates and time to clean and freshen the home before it is listed. They said sellers should be also realistic about the listing, always price to sell, and welcome any opportunity to show the property. Information like this can be crucial in

avoiding stressful and exhausting home buying or selling. Bill Martin of Green Tree Real Estate attributes buyers’ and sellers’ recent success to increased knowledge of the way real estate works, plus preparation. “More than ever

buyers are educated about the home buying process,” said Martin. “The vast majority of buyers have also listened to Realtors’ advice to be pre-approved with a lender. Both of these are good for the buyers so that they will be ready when the right property is

found. It can be very disappointing for a

home only to have someone else get it because you were not prepared.”Martin predicts that

there will be a steady increase in the local real estate market, with gradual increases in value. He believes that Vermont and

Addison County in particular are desirable places to live and will work to boost a market upturn.As the market changes over the months

and years, so do the ways transactions are

handled. Current technologies can make it easier for parties involved to buy or sell

Associates broker Neil Mackey said that the trends in technology would continue to motivate market changes in the future.“I think more and more people will rely

on and use technology in their everyday real estate transactions than ever before,” said Mackey. “Our profession in Addison County needs more young tech-savvy people to become involved.”In sum, while the buying and selling

process is complex, it can be made easier by knowing the current real estate market. At the moment, there are advantages for buyers and sellers alike, and becoming educated in

Balance(Continued from Page 1)

“The

market is

dynamic.

Many

people

don’t un-

derstand

that ev-

ery time

a house

comes

onto the

market

or one

goes un-

der con-

tract and

sells, the

market

changes.”

— Bonnie

Gridley,

owner of

RE/MAX

Champlain

Valley

Property

“I think more and more

people will rely on and use

technology in their everyday

real estate transactions than

ever before. Our profession in

Addison County needs more

young tech-savvy people to

become involved.”

— Century 21 Jack Associates

broker Neil Mackey

THE CURRENT COUNTY market is improving and offering positives for both buyers and sellers, according to local experts. Low inter-est rates and growing demand for properties are contributing to favorable conditions.

Independent photo/Andrea Warren

A Special Publication of The Addison Independent, Monday, July 9, 2012 — PAGE 3


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For all the prospective home buyers

out there, take a minute to look at these

interest rates — homebuyers today can get

a mortgage for, in some cases, less than 4

percent interest. According to the Federal

Home Loan Mortgage Corporation’s

mortgage market survey, these rates are

some of the lowest on record in the last two

decades. Which means, for those whose

work and family situation is fairly secure

for the next few years, it may be a good

time to buy a house. A conversation with a

thinking about buying determine if now is

the time.

And for those selling a home, real estate

professionals are telling us that that while

the market has not returned to the glory

days of a decade ago, it is certainly more

active than it was two our three years ago

in the depths of the recession. The National

Association of Realtors recently reported

that the number of people who signed

contracts to buy previously occupied homes

rose in May, matching the fastest pace in

two years. Another real estate trade group

currently tracking the market says that

sales of single-family homes in Northern

New England this past spring were up 8.75

percent from the same period last year.

We hope readers will use this supplement

as a guide to get started with buying or

selling a house while interest rates are low

and the market continues to turn around.

Talk with family and friends who have been

through the process, and don’t forget that

many real estate professionals have years of

experience and resources that can help you

buy or sell a home.

— The editors

Editors’ note Dream house(Continued from Page 1)

(See Benjamins, Page 12)

-

thing perfect. They were on the search for a mod-

Moving into an old home did not seem comfort-

-

ties they looked at seemed like great deals, but

after calculating repairs and renovations needed

resulting total cost suddenly fell from reach.

When looking at houses built at the turn of the

last century, they were unsure of the return those

properties would yield.

“Say the house is listed for $230,000, you get it

for 220 or 225. That may seem like a pretty good

deal,” Colby Benjamin said. “But then you’re

looking at closing costs, a new roof, a new foun-

dation, potentially other things that you want to

change … to me I was looking at those houses

and going ‘Market value is 225, I have to sink

50,000 or 60,000 into it to get it up to where I

want the house … is it ever going to be worth

310 or 315? Am I ever going to make that money

When they saw their current home, Benjamin

says he knew right away.

ourselves living in, and it was a price that we

could afford,” he said.

They moved quickly to put in a bid, and got

it. With an offer in only a couple of days after of

seeing it, they had a contract the next week, and

closed on the property six weeks later.

Looking back at the process, Benjamin recalls

that friends and family provided along the way.

As a son of a general contractor, and with more

Benjamin had many guides as a home buyer. The

most helpful advice he was given, he said, was to

“make sure we were buying a house because we

actually wanted to live here, and not just buying

a house because we wanted a house.”

It sounds simple, but Benjamin says that once

they were able to answer “yes” to that question,

they were able to get serious about buying.

Benjamin also recalls their decision to buy a

THIS HALLADAY ROAD home proved to be just right for homebuyers Monica and Colby Benjamin, who found it after over a year of searching in Addison County.

Independent photos/Christy Lynn


Ingrid Punderson Jackson Real Estate44 Main StreetMiddlebury, VT 05753802-388-4242www.middvermontrealestate.com

Straightforward Advice fromReal Estate Professionals Choose the Right REALTOR®A Realtor with experience and knowledge will be able to provide you with the guidance you need to make informed decisions. Make sure you choose wisely.

LocationLocation, location, location! How many times have you heard this? It still holds true, and always will. You can re-model, re-design and land-scape but you can’t change the location. Where you buy the home is just as important as the home, if you’ve got appreciation of value in mind.

Home InspectionsA home inspection is a sound investment — it could save you thou-sands of dollars! A professional home inspector will examine structural, mechanical, electrical, plumbing and heating as well as other systems, and can help you make informed decisions.

Your Lender and Your LoanChoose your lender wisely and make sure the loan program is appro-

best for you.

Buy a Home You Can AffordUse a lender’s guidelines and your family budget to decide how much house you can afford. You want to get the most house for your money without over extending yourself.

Buy a Home You LikeBuying a home can be an emotional decision for you and your fam-ily. Think it through and weigh the pros and cons. It’s OK to garner input from family and friends, just remember that you’re the one that

Prioritizing Your Needs List When people decide to start looking for that perfect home, most have a vague idea of what they want. While it’s helpful to not have things set in stone, it will be a plus for you and your Realtor to make a list of what features you have to have in your next home.

Is the kitchen the center of your universe at home? If it is, a great kitch-

you spend a lot of time outside? You’ll want to have some outdoor living space such as a deck or patio. Love to work out? You’ll need space for your exercise equipment.

Once you know what you can and can’t live without, prioritize. What if the house doesn’t have the perfect indoor gym space? Is there room to create it or is this a compromise you’re not willing to make? Once you have the list, communicate with your Realtor. They can make your wants and needs a reality with a little help from you!

The Right Questions to Ask A REALTOR®How long have you been in the business?

Experience is key when hiring a Realtor, especially when it comes to guidance during negotiations. When selling a home, A Realtor’s con-tacts are invaluable and can reduce the time your home is on the mar-ket. When buying a home, A Realtor’s knowledge of the marketplace can save you time and help you avoid looking at homes that don’t meet your needs. What’s your best strategy to help me achieve my goals?

If you’re selling: How will you sell my home? What tools will you use to approach the sale of my home? Will you focus on one form of market-ing, or is your approach to marketing multi-faceted? If you’re buying: How will you help me during the Purchase pro-cess? What services can I expect?

Do you have references, and would you be willing to let me con-

tact your former clients? Ask former clients/customers what their experience with the Realtor was like, how they handled details and how their team worked together.

What haven’t I asked you that I need to know?

There will always be questions. How a Realtor answers them can tell you a lot about their knowledge and how you will interact. You want a Realtor who hears you, addresses your concerns and deals head-on with any questions you may have.

Vermont(Continued from Page 1)

last year. More homes have been introduced

to the market in recent months, generating

greater activity.

Broker Neil Mackey of Century 21 Jack

Associates said that one consequence of this

increase in options is that local buyers have

higher expectations.

“The buyers have more inventory

to choose from,” said Mackey. “I

recently had buyers that looked

at 18 different properties before

making an offer that went under

contract.”

Mackey said challenges could

wants of buyers and sellers. He said

while sellers usually expect to get

more than their property is worth,

buyers are looking for bargain prices.

Bringing these two sides together

determines the fair market value and

— if it happens at the current rate —

boosts creates a more active market.

Higher selling activity can

be partially attributed to Vermont’s low

unemployment rate. Vermont boasts the

lowest jobless rate among New England’s six

states, and Addison County’s relatively stable

economic situation has boosted real estate

demand, according to the experts and the stats.

Addison County’s pending listings have risen

by 29 percent this year, and homes have spent

an average of 64 days on the market, a dramatic

decrease from last year’s average of 211 days.

According to Coldwell Banker Hickok and

Boardman’s Northwest Vermont early spring

2012 market report, Addison County recorded

65 residential sales from January to April, a 14

percent increase from last year. The median sale

price of homes in the area is $185,900, which is

a 13.5 percent decrease from last year. Despite

the fall in home prices so far, experts do expect

them to rise this year due to the low interest

rates and growing demand.

In spite of some negative trends in the

regional and national markets,

from the recently lower costs of

mortgage funds. In April, Federal

Reserve policy makers said they

intended to keep interest rates low

for the foreseeable future.

Due to factors like mortgage

rates and the general economy, the

Addison County market has seen a

sudden spike in activity. However,

not all experts predict it will grow.

Geri Reilly Real Estate agent Jill

Fraga interprets this spring as

“stable” and believes that the local

area market is not necessarily on the

rise because rates may not stay low

forever as demand rises.

“I expect the market may slow in the next

few years as interest rates start to climb back

up,” said Fraga.

While Fraga has a slightly less optimistic

outlook, she also says that area trends have

been positively focused around sustainable

living. More and more attention has been paid

to sustainable aspects in homes and has become

a popular point of interest for buyers in the area,

something that may offer another positive view

of the current state of our state.

“Buyers seem to be paying more attention to

size, age or systems of the home,” said Fraga.

“I expect the market may slow in the next few years as interest rates start to climb back up.”

— Geri Reilly Real Estate

agent Jill Fraga


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Low rates, programs seen helping many homebuyersBy LAUREN DAVIDSON

-ures demonstrate, individuals in the home-

has proved to be beneficial to Addison

The Addison Independent recently

vice president and loan de-

the current area real estate mar-

question and answer outlines

-spective on home

Q: What have you no-ticed about the real estate mar-

-

Q: A tax credit was available for first-

A: I am not aware of any current tax

have been around for a while available for

-

Q: In the past months, what is there new and different

A: There has been

purchase and re--

tions and extremely -

this observation is relative to

-

-

QA&

THE BENJAMINS ENJOY the kitchen in their new home. The open layout and mod-ern design of this 10-year-old home was one of many selling features for this young couple.

Independent photo/Christy Lynn



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WASHINGTON (AP) — The average

Source: Freddie Mac Primary Mortgage Market Survey

The number of people who signed contracts to buy previously occupied homes rose in May, matching the fastest pace in two years, the National Association of Realtors reported June 27. That suggests Americans are growing

market.


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ALSO TREE WORK

home that was move-in-ready, rather than to buy a home that needed more serious work.

-

time,” he said. -

said. --

ect, and it turns out to be a nightmare,” he added.

that goes into owning a house and make sure

when your furnace breaks down, or something -

ways know.” -

have to go onto a credit card with a high interest

for it.”In the end, it seems to have been worth the

--

aging search, “but it was fun, too. And now it

Benjamins(Continued from Page 4)

THE BENJAMINS’ NEW pool offers a great summer refuge as the weather stays warm in Addison County.

Independent photo/Christy Lynn


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WEYBRIDGE2 br, 2 bath home on 13.68± acres

$395,000 MLS 4018459

MIDDLEBURY4 br, 2 bath homeon .21± acres

$379,900 MLS 4146168

BRIDPORT2 br, 2 bath home on 11.44± acres

$245,000 MLS 4098134

BRISTOL4 br, 3 bath home on .75± acres

$236,900 MLS 4084345

MIDDLEBURY4 br, 3 bath home on .86± acres

$292,000 MLS 4163316

MIDDLEBURY3 br, 2 bath home on 2.52± acres

$329,000 MLS 4126217

CORNWALL4 br, 2 bath

on 23.10± acres$324,900 MLS 4116292

LAKE V

IEW

S

ADDISON3 br, 3 bath home on 12.3± acres

$595,000 MLS 4154979

CORNWALL4 br, 4 bath home on 12.6± acres

$529,000 MLS 4124501

VERGENNES 3 br, 2 bath home on 1.14± acres

$184,900 MLS 4151138

ADDISON3 br, 2 bath homeon 1± acres

$185,000 MLS 4084225


$895,000 MLS 4143347

BRIDPORT3 br, 3 bath

on 11.46± acres$692,500 MLS 4164501


$177,800 MLS 4140565

LAKE F

RONT

LAKE F

RONT

FERRISBURGH2 br, 2 bath home on .5± acres

$212,000 MLS 4153229

VERGENNES 5 br, 3 bath home on .18± acres

$242,000 MLS 4113935

ADDISON 4 br, 3 bath homeon 5.07± acres

$229,000 MLS 4081282

VERGENNES3 br, 2 bath home on .3± acres

$279,000 MLS 4062117

ADDISON 3 br, 2 bath home on 5.01± acres

$254,900 MLS 4163897

BRISTOL3 br, 2 bath homeon .92± acres

$189,950 MLS 4070538

ADDISON 3 br, 2 bath homeon 10.09± acres

$187,500 MLS 4109391

TWO U

NIT

BRAND N

EW

FERRISBURGH3 br, 3 bath home on 2.1± acres

$349,000 MLS 4152760

VERGENNES 6 br, 3 bath home on 4.129± acres

$379,000 MLS 3071034

FERRISBURGH3 br, 1 bath homeon .10± acres

$525,000 MLS 4158512

PANTON2 br, 2 bath home on .85± acres

$529,000 MLS 4144775

FERRISBURGH4 br, 3 bath homeon 20.13± acres

$749,000 MLS 4138598

VERGENNES 5 br, 4 bath home on .45± acres

$329,000 MLS 4051260

NEW HAVEN3 br, 2 bath home on 1.1± acres

$335,000 MLS 4155672

LAKE F

RONT

LAKE F

RONT

OTT

ER C

REEK

NEW

PRIC

E

VERGENNESCommercial/Residential

on Main Street$199,000 MLS 4035962

LEICESTER

convenience store$320,000 MLS 4135845

NEW HAVEN14 guest room motel near Middlebury

$649,000 MLS 4128837

VERGENNESTurn-key ice cream shop with rental space

$449,000 MLS 4028157

BRISTOL

$299,900 MLS 4093611

FERRISBURGHLight manufacturing/retail

space on Route 7$448,346 MLS 4151761

COMMERCIAL PROPERTIES

Connie HoustonManager Broker

January StearnsREALTOR®/Broker

Courtney HoustonREALTOR®/Broker

Richard EstyREALTOR®

Karen MerrillREALTOR®

John NelsonREALTOR®

Donna LaBergeREALTOR®/Broker

Nancy RyanREALTOR®/Broker

Karla HuinzengaREALTOR®

Christine FraioliREALTOR®

Nancy LarrowREALTOR®

Liz MarinoREALTOR®


Friendly & ComprehensiveService for Buyers & Sellers in Addison County and Beyond

George Brewer Mirjam Brett Brian Valley

2337 Rt. 7 SouthMiddlebury, VT www.acrevt.com

Kittredge Land Surveying, PLLCSeth W. Kittredge, L.S.

Boundary Retracement – SubdivisionsBoundary Line Adjustments

Replacement of Missing Corner MonumentsVermont Land Records Research

Expert Witness ServicesTopographic/Site Surveys

Construction Layout

Phone: 802-870-7028 Cell: 802-989-1625 28 Thomas Circle - Vergennes, Vt. 05491email: [email protected]

National market picks up

Americans bought new homes in May at the fastest pace since April 2010, according to the Commerce Department. Sales rose 7.6 percent in May from April to a seasonally adjusted annual rate of 369,000 homes.

How does Vt’s education

property tax system work

(See Property taxes, Page 15)

Editor’s note: In Vermont, the state sets the education property tax rate, along with local school boards. All homeowners pay property tax to pay for public schools based on the value of their home and land, and many receive a discount based on their income. The Department of Taxes provided this FAQ about the education property tax rate.How are the education tax rates set?

What is the purpose of the common level

of appraisal?

How does the spending level voted in my

town affect the homestead education tax

rate?


Middlebury Cape

Convenient and well-kept three

bedroom house in Middlebury.

In-town on spacious .41 acre

lot. Easy walk to schools,

downtown. Hardwood floors,

bay window, brick fireplace with

wood stove, finished basement

with workshop, two-car garage.

Recently renovated kitchen and

upstairs bath, lovely new back

porch. $310,000.

For Sale by Owner

Contact Steve Abbott: (802) 377-7762 or [email protected].

JIPNER HOME INSPECTIONS, LLCA HOME INSPECTION SERVICE COMPANY Inspecting !ne homes since 2000

VAUGHN JIPNERLICENSED, INSURED & CERTIFIED

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Easy to read computerized electronic reports — PDF Format.

BillBeck.com

Much has been written about the real estate market over the past !ve years. While the number of sales has decreased, values in Vermont have not decreased by double digits as they have in other parts of the country. If you would like a CURRENT MARKET EVALUATION of your property re"ecting recent sales in Addison County, please contact us to schedule a complimentary analysis with no obligation.

Coldwell BankerBill Beck Real Estate802-388-7983Email: [email protected]

CURIOUS ABOUT THE MARKET?

Property taxes(Continued from Page 14)

= (District Spending Adjustment) 1.55050 or 155.050%.

The effective homestead tax rate is now calcu-lated in the following way:(Base Homestead Rate) $0.89 x (District Spending Adjustment) 1.55050 = (Effective Homestead Tax Rate) $1.3799.

If the CLA in your town is 90.00%, your homestead education rate to be applied to home-stead properties becomes $1.0409.(Effective Homestead Rate) $1.3799 ÷ (CLA) 0.9000 = (Tax Rate Paid by Homestead Properties)

$1.5332Keep in mind that some town districts are also

school districts. In those instances, the tax rate is a combination of the individual rates of the dif-ferent districts of which you are a member.Is the nonresidential tax rate of $1.38 ad-

-

No. The rate for nonresidential property is the same for all property in Vermont. It is adjusted only by the common level of appraisal. If the CLA is 90.00% the rate becomes:(Nonresidential Tax Rate) $1.38÷ (CLA) .9000 = (Effective Nonresidential Tax Rate) $1.5333.

-

Yes. In towns with per pupil spending in excess of $13,526 the homestead rate will be

2013. Consider a school district with spending of

$13,900 per pupil.The homestead tax rate will be $1.4182. That’s

$0.89 times the district spending adjustment.(Locally Approved per Pupil Spending)

$13,900÷ (Base Education Spending) $8,723 = (District Spending Adjustment) 1.59349

(Base Homestead Rate) $0.89 x (District Spending Adjustment) 1.59349 = (Effective Homestead Tax Rate) $1.4182.

The nonresidential tax rate is $1.38.

Of course, both these rates would then be ad-justed by the CLA.

Yes. If a town has “excess spending,” then the Department of Education includes that excess twice in the computation of its district spend-ing adjustment. Excess spending means the per-pupil spending (less eligible construction costs) is in excess of 125 percent of the excess spend-ing base. For tax year 2012 (FY13), the excess spending base is $11,873. So the threshold is $14,841 (1.25 x $11,873). Let’s look at an ex-ample:Your school district spends $15,500 per pupil.

The excess spending base is $11,873. 125% of $11,873 is $14,841.Your per-pupil spending exceeds the threshold

by $659. ($15,500 – $14,841. This is your school district’s excess spending.The district spending adjustment is: [(District spending) 15,500 + (Excess spend-

ing) 659]

÷ (Base Spending) 8,723 = 1.85246Rate becomes: (District spending adjustment) 1.85246 x (Base rate) $0.89)÷ CLAIf the CLA is 85%, the homestead rate is: (District spending adjustment) 1.85246 x (Base Rate) $0.89)÷ (CLA) .85= $1.9396In this example, the excess spending adjust-

ment adds about 7 cents to the homestead rate.

-

-

-

Yes. In those towns that have reappraised for 2012, the common level of appraisal used to calculate the rates will be the ratio of the reap-praised 2012 education grand list to the equal-

2012. The Director of PVR is charged by statute with determining whether a reappraisal has oc-curred that warrants a new CLA..

-

No. Municipal taxes that pay for highways and other municipal services are levied on the municipal grand list. With the exception of the few communities that have different rates in ac-cord with their charter, municipal taxes are not

The selectboard determines the amount to be

total municipal grand list established by the list-ers. There is no adjustment for the common level of appraisal as there is no need to adjust the mu-nicipal values to a single point in time. This is not a state tax requiring equalization across towns.

There is a property tax adjustment worksheet on the Tax Department website. It can used to estimate the property tax adjustment credit. Visit the link below:www.state.vt.us/tax/propertyadj.shtml

assures that a Vermont resident will not pay more than the statutorily established percent-age of household income for property taxes on his or her housesite (house and up to two acres). The difference between the taxpayer’s property tax bill and the property tax based on house-hold income is paid by the State in the form of a property tax adjustment credit. The money is paid directly to the Town. The Town then is-sues the homeowner a property tax bill for the net due. The property tax adjustment calculation uses prior year household income and prior year property taxes.

-

Call the Taxpayer Services Division at 802-828-2865 or toll free in Vermont at 866- 828-2865.You can also send e-mail to: schooltax@state.

vt.us.


Documents

Addison County Real Estate - Summer 2012