About Chittenden County, VT

The Burlington Home Show will be occuring this weekend at the Sheraton Hotel in Burlington, Vermont. This is the 15th year of the event which will have 200 exhibitors and will attract roughly 9,000 visitors. Show hours are 10-8 on Saturday and 10-5 on Sunday. There is a $6 admission fee. The show will highlight many area builders, remodelers and local businesses ranging from new homes, log homes, remodeling options, landscape design, heating/cooling systems, windows, hot tubs, lawnmowers and more!

This weekend, Burlington Vermont will host the 15th annual Mardi Gras celebration. Events kick off on Friday night with a Masquerade Ball at the Radisson Hotel. Tickets are $12 in advance and $14 at the door.

On Saturday, festivities begin at noon on Church Street with the Festival of Thieves. The Parade begins at 3:00 with 40 floats tossing over 180,000 beads as well as 7,680 authentic Louisiana Moon Pies and thousands of Lake Champlain Chocolates. Over 12,000 people attended the parade last year. The Magic Hat Block Party will immediately follow the parade where top bands will play. Proceeds from bead sales will benefit the Women's Rape Crisis Center in Burlington. Last year, $5,000 was raised for the center from this event. Magic Hat had raised over $100,000 over a thirteen year time period for WRRC. The event is projected to bring 25,000 visitors over three days.

Here are some additional links pertaining to the event:

http://www.magichat.net/mardigras2010

http://www.burlingtonfreepress.com/article/20100225/ENT/100224033/Mardi-Gras-in-Vermont-2010

http://www.burlingtonvt.org/public-events/winter-festival/mardi-gras.html

Mark and Lisa at Catamount Realty Group look forward to seeing you at Mardi Gras!

February 15th, 2010

Burlington Vermont

To answer this question, let me begin by asking a question. When you are in a legal proceeding, would you have the lawyer representing the person sitting across the table from you represent you as well? The answer is so simple. Of course not.

Why then when buying a house or property which for many people represents one of the largest financial decisions of their lives would you utilize the Realtor who represents the Seller(s) to safeguard your best interests as the Buyer(s)?

In Vermont, we do not have "dual agency." Some states do allow this (where one Realtor represents both sides of the transaction while maintaining "neutrality") but for the life of me I do not understand why. It makes absolutely no sense whatsoever. There are simply too many places for conflicts of interest to rear their head.

In Vermont, Realtors must represent only one side of the transaction - either the Buyer(s) or the Seller(s). Often, Buyers aren't clear on this point. They see a sign in front of a house for sale or a listing online. Call that Realtor and utilize that Realtor to facilitate the negotiations of price, terms and conditions when that Realtor represents the Seller(s). Do you see where this is completely problematic? Be sure to ask if the Realtor you are speaking to is the Listing Agent. If so, thank the Agent and tell them you want representaion, hang up and find another Realtor who can represent you and your interests. Keep in mind, good listing agents are experts in finding out information from prospective buyers without you even being aware of it. They can ask questions that ultimately compromise your negotiating position. Thank them politely. Hang up and find a Realtor to be your Buyer's Agent.

When Sellers agree to list their property they agree to a commission which is paid to both the Realtor who lists the Seller's property and the Realtor who brings the Buyers to the table. A typical Realtor commission these days is either 5 or 6%. Thus, this commission is split in half (i.e. with either 3 or 2.5% going to the buy side Realtor). Buyers should not think because I am represented by a Buyer's Agent I am incurring an additional expense to pay their commisssion. The commission is already taken into account by the Seller(s) in their Listing Agreement with their Listing Agent. All Sellers are willing to split the commission between the Realtor representing them and the Buyers Agent representing the Buyer(s). Sellers do this to facilitate the transaction and in this market they are happy as can be to have buyers brought to them.

Let me further clarify. If there is no Buyer's Realtor involved, the Listing Agent consumes the entire commission of 6 or 5% with no split whatsoever. Now do you see why listing agents so love it when buyers call them directly? On a house that costs say $300,000 with a 6% commission, the Listing Agent would receive an $18,000 commission. If there is a Realtor representing the buyer(s), the listing agent would have to split their commissions.

There are many other reasons why you would want to utilize a Buyer's Agent when buying real estate in Vermont. Here they are:

• Full Access To Our Regional MLS - Until you have made it clear to your Realtor you want to be represented by a Buyer's Agent and entered into that Agreement in writing the realtor you are communicating with is ALWAYS representing the Seller(s). They cannot give you information that otherwise comprimises the Sellers ability to get the most money for the sale of their home or property. This could include the number of days on the market as a great example. These days this is a critical number to know. Further, listing agents have this game they play when the "re-list" thier listings it sets the odometer back to zero for "days on the market" accuracy. Only a Buyer's Agent representing your interest will research the history of the property you are interested in buying to let you know exactly how many days that property has been on the market and with whom.
  
  
• Negotiating Power - As your Buyer’s Agent, I will run a Comparative Market Analysis (CMA) to determine a prospective home’s Fair Market Value (FMV). In simpler terms, as your Realtor I will look at similar homes in the same neighborhood that have sold recently. This way, you will know whether or not the seller has their home priced fairly. If the home is priced over Fair Market Value, your Buyer’s Agent can present your “under asking price” offer with plenty of firepower – and a greater chance that the offer will be accepted. In addition, the terms and conditions of your offer are important as well.
  
  
• Representation - As your Buyer’s Agent, I am there to make sure YOUR best interests are accounted for. With your Buyer’s Agent in your corner, you can rest assured that you’re on, at least, even ground with the home seller. Similarly, Listing Agents enter into a legally binding agreement that require them to ALWAYS act in the best interest of their seller(s). They are the seller’s “coach” and will make sure that their clients’ best interests are looked after.
  
  
• Industry Contacts - It takes a lot of people to close a real estate transaction – Buyer’s Agent, Listing Agent, Loan Officer, Home Inspector, Property Appraiser, Insurance Agent, General and Sub-Contractors, and sometimes more! A good agent will come with a strong, professional closing team that has performed in the past, and will continue to perform. A transaction is only as strong as its weakest link – with your Buyer’s Agent & their closing team, you can rest assured that you will have plenty of support to make the buying process as smooth as possible.
  
  
• Maximize Your Time - While driving neighborhoods is an excellent idea to help you decide which locations you prefer, it’s not a very efficient way to find your new home. Gas is expensive, and your time is valuable. Your Buyer’s Agent will listen to your needs, make fantastic suggestions based on your likes & dislikes, and provide you with a list of homes and communities that ALL match your wants & needs. Your Buyer’s Agent has helped MANY new homebuyers through MANY purchases, and will help you better organize your search & decision making process – saving you valuable time.

If you are considering listing your home for sale or buying a home, condominium or other real estate in Burlington, Vermont, please give me a call or email me to discuss representing you, our current market conditions and your needs/wants in a new home and community. I would be delighted to assist you. I can be reached on my direct line at 802.238.5256 or email me at Chris@ChrisHurdVT.com

As always, please feel free to post any thoughts and comments right here on Hurd's The Word

February 4th, 2010

Burlington Vermont

Vermont continues to have the lowest foreclosures of any state in the entire United States. Recent information reported by Bloomberg BusinessWeek indicate that Vermont has suffered the least with ONLY 143 foreclosures in the entire state for all of 2009!

RealtyTrac, in its monthly report from December 2009, reported that only 6 homes in all of Chittenden County (includes 17 towns around and including Burlington VT) went into foreclosure or 1 in every 10,479 housing units.

Put another way, The Vermont Housing Finance Agency (VHFA.org) reported from the Bloomberg.com website that as of January 29th, 2010, Vermont had the lowest foreclosure rate in the country at 0.04% of all homes in the state. The Bloomberg article went on to report that Vermonters are avoiding the foreclosure mess in part owing to traditions of "thrift, modesty and self-reliance - bolstered by laws that protect buyers and land".

In addition, the article went on to say "state and local laws discourage the kind of speculation that spurred development in some states, said Robert Hill, executive vice president of the Vermont Association of Realtors in Montpelier. "If a site for home construction is found to be on prime agricultural soil, the project is halted. The house must be built elsewhere, other land must be purchased and put in a trust as an offset, or the builder must go to court to seek clearance," he said.

Hill continued saying, “The permitting process is extremely difficult to maneuver in Vermont.” “Any developer or builder has to make a significant investment of time and effort. You just can’t come in here and throw stuff up overnight.”

Whatever the reasons, tiny Vermont (pop. 621,270) leads the nation in a category we can be extremely grateful for. With stringent environmental and zoning laws on the books for decades supply has been kept low. This enraged developers looking to make a fast buck during the go-go years. Hill added, as a result, "demand has outstripped the supply of housing. With no surplus of homes, prices didn’t collapse (like in many other states) when buyers decreased," Hill said.

If you are considering listing your home for sale or buying a home, condominium or other real estate in Burlington, Vermont, please give me a call or email me to discuss the market and your options. I would be delighted to assist you. I can be reached on my direct line at 802.238.5256 or email me at Chris@ChrisHurdVT.com

Armed with solid numbers, buyers and sellers alike can manage their expectations and the current realities of our local market.

As always, please feel free to post any thoughts and comments right here on Hurd's The Word

This Saturday, February 6th Burlington, Vermont will participate in the 15th annual Penguin Plunge to support Special Olympics of Vermont. This Burlington event has become well known from its start in 1995 with only 15 participants to a record 900 participants in 2009. This year should break all records with approximately 1,000 participants. Jump into the icy waters of Lake Champlain to help support the 850+ Special Olympics athletes in Vermont. Donations will go towards providing the athletes with opportunities to participate in sports training and athletic competitions.

If you would like to participate in the Penguin Plunge, fundraising expectations are a $25 registration fee and a $150 fundraising minimum per participant. This year, Special Olympics of Vermont hopes to raise $350,000 from the event. You may click here to register: http://www.vtso.org/burlington_plunge.php

Come down to the Burlington waterfront at 11 am to watch the festivities.

For more information, contact Kim Bookless at KBookless@vtso.org

For a less chilly way to support Special Olympics of Vermont, visit Mexicali Grill and Cantina in Williston today between 11 am and 10 pm as they will donate 10% of all proceeds from food and drink purchased today (including take-out) to Special Olympics of Vermont.

Catamount Realty Group proudly supports Special Olympics of Vermont. If you would like to make a donation, you can do so on line at https://secure.specialolympics.org/site/apps/ka/sd/donorcustom.asp?c=mlIYIjNZJuE&b=5190615&BeneficiaryID=VT146 or by mailing a check to Special Olympics Vermont, 368 Avenue D, Suite 30, Williston, Vermont 05495 Double or triple your tax-deductible donation to Special Olympics Vermont through your company's matching gift program. Find out if your company will match your donation to Special Olympics with our custom search engine. If you need information to process these matching funds, please contact Chrus Bernier (cbernier@vtso.org) at Special Olympics Vermont.