How Much Down Payment Do You Need?

Some people, particularly first time home buyers, feel intimidated at the thought of making a large down payment on a house. Sometimes, too, they feel some confusion about how much will be required.

The size of your down payment will depend on the price of the home you want to buy. It will also depend on your ability to pay, and the type of mortgage you get.

As a general rule, lenders like to see a 20% down payment for a conventional mortgage.  A conventional mortgage is one that is underwritten by a bank, savings and loan , or some other mortgage company.  A 20% down payment on $100,000 home would be $20,000.

If you are selling your current home in order to buy another, you may get enough cash to cover the 20% down payment. If you are a first time home buyer, however, you may have trouble coming up with that much money.

Certain mortgage options allow you to make a smaller down payment. Some lenders, for example, will accept smaller down payments if you buy private mortage insurance (called PMI).

FHA loans require an even smaller down payment, as little as 3-5%. If you qualify for a VA loan, you don’t need a down payment at all. Many special loan programs  for first time home buyers also have a reduced down payments.

The principal behind these requirements is simple. lenders know from experience that homeowners who put a substantial amount of their own money into buying a home are less likely to default on the mortgage.

And if the mortgage is secured by an insurance policy (as in PMI) or by the government (as in FHA or VA loans), the lenders feel protected and they are willing to skip the requirement for the large down payment.

Any further questions, do not hesitate to contact me. I would be happy to counsel you or recommend a good mortgage broker who can provide the specifics on the various mortgage programs available to you.

Thinking of Buying Your First Home?

Are you a 1st time home buyer? If so, attend our FREE workshop on Wednesday June 10th from 6-8pm at the Marriott Courtyard on Cherry Street in Burlington. The Burlington Free Press along with Northfield Savings Bank and Geri Reilly, top Realtor at at Coldwell Banker Hickok & Boardman Realty, will be sponsoring a free workshop on how to prepare for this life changing decision. We’ll cover all the basics and answer all your questions. We’ll also focus on how to get the Federal Stimulus to work for you and details on the 1st Time home buyer tax credit. Join us! For more info, dont hesitate to contact me at 802.862.6677 or geri@buyvtrealetsate.com . Hope to see you there!

Asbestos Real Estate Danger–Safe Removal and Healthy Options

Buying a home is a rewarding experience, often afforded as a result of years of hard work. With this form of luxury, though, come some additional responsibilities. Due to the widespread use of asbestos throughout the 20th century, it is essential for those involved in real estate to take the proper measures in inspecting and removing the mineral. Asbestos exposure has resulted in the development of severe lung cancers such as mesothelioma. Although medical technology continues to improve, mesothelioma claims thousands of victims every year in the United States alone. Mesothelioma can take anywhere from 20 to 50 years for mesothelioma to develop, making it extremely difficult for physicians to accurately diagnose this disease. The amount of asbestos-related incidents in the country has resulted in mesothelioma lawyer firms advocating and protecting victim’s individual rights. The United States government and asbestos manufactures have been heavily criticized for concealing and not acting enough to inform the public of the dangers associated with asbestos exposure. The removal of asbestos must be undertaken by a professional abatement contractor who is trained in handling dangerous materials. In addition, most people are unaware to the fact that eco-friendly products can cut energy costs. Cellulose, cotton Fiber and lcynene are all green options to be considered. Cotton fiber is made from recycled batted material and treated to be fireproof. The United Nations Environmental Program states that usage of recycled materials such as green insulation methods and lighting can reduce energy use by 25 to 25 percent! These new alternatives will allow for a healthy lifestyle, free and clear of any damaging substances.

 

Asbestos in the Home

Courtesy of the Mesothelioma Cancer Center – www.asbestos.com

South Burlington Youth Lacrosse

Have you seen the new South Burlington Youth Lacrosse trailer? Geri helped sponsor the team by putting her logo on the trailer. Stop by Dorset Park and take a peek at the trailer and catch the lacrosse team practicing or playing a game!

 

SB Youth LAX Trailer

How to Sell Your Home Faster!

As we all know the real estate market has been relatively slow for the past year or so especially when comparing to the housing bubble of the early to mid-2000’s. The homes that are selling fast these days are  A.) priced right, and B.) in immaculate condition. Here are some tips to getting your house in tip top shape to hopefully get your home sold in under 90 days:

1.) The Basics – As the saying goes, “You never have a second chance to make a first impression!” This could not be any truer! The first few things a buyer sees when they pull up to your house is the front yard and entrance. Make sure your yard is spotless – rake, weed, add some new flowers, whether in the garden or in hanging baskets on the front porch, etc. Also, give the front door and fresh coat if paint if needed and replace the house numbers, mailbox and outside light if needed. If not, at least make sure they are all clean.

2.)   Clean the Windows – Consider having them professionally cleaned or to save money you could do them yourself with Windex and wipe off with newspapers to avoid streaks – they work great! Also, remove dated window treatments unless they are wooden blinds or Plantation shutters. But make sure those blinds are open if you’ve got a view – a stunning view is a huge selling point!

3.) Clean & Declutter – If you want your home to sell fast, clean everything! This means you might have to get up on a chair or ladder to clean hard to reach spots like chandeliers, ceiling fan and shelves. Also wipe down any grimy light switch plates and keep your bathroom mirrors spotless. Have your carpets professionally cleaned as well and if that’s not enough, just have them replaced. Don’t forget to clean out your closets, guest room, and garage too! This spots are notorious for collecting random junk. Have a yard sale or donate unwanted or unneeded household items – minimize your belongings – it will make your future move a lot easier too! Also make sure your kitchen is spotless and the counters are bare – remove unnecessary  appliances and gadgets, including toasters and coffeemakers.

4.) Depersonalize – If you remove most of your personal items from various rooms, prospective buyers can better visualize their personal belongings and decorations in the home. Remove knick-knacks, personal photos, collections, paperwork, etc.

5.) Paint - Use neutral colors that will appeal to more people. Again, it’s all about making it easier for buyers to imagine your home as their new home.

6.) Staging – Home stagers have become part of an entourage to help real estate agents and seller get homes ready to be someone else’s. That frequently means depersonalizing  the home and making it “model home” neutral. This will appeal to more buyers.

7.) Check Out the Competition – Go online and check out some real estate websites – there are a ton of them! Realtor.com, Zillow.com, Trulia.com, etc. Look at photos of other homes for sale to get some ideas. These sites will also offer suggestions and questions to ask your agent .

Ultimately your goal is to give your home that WOW factor which will make your home stand out to prospective buyers and make them remember it. This along with a good price will give your home value, which is what today’s buyers are looking for.  For more information, advice from a seasoned real estate expert, or to set up a free home consultancy/market analysis of your home, give Geri Reilly a call! 802.862.6677

Happy St. Patrick’s Day!!

As much as the Reilly Team loves to work, we also love to play and celebrate our favorite holidays! We’ll be celebrating in style this year by taking a limo down to Rira’s Irish Pub this afternoon for a traditional Irish lunch of corned beef and cabbage and perhaps some bangers and mash as well. And I’m sure a few of us might be washing that all down with a Guinness or two! Don’t worry though…we will all be back in the office bright and early tomorrow morning to resume business which, by the way, is booming thanks to our motivated sellers, the promise of a significant 1st time home buyer tax credit, and the beautiful (and early) Spring weather! (It’s supposed to be over 50 degrees here today in Burlington, VT!) Or maybe the real reason business is booming for us is because the Reilly Team has the luck o’ the Irish! Happy St. Patty’s Day everyone!!

Lund Family Center Fundraiser

Last night Geri Reilly hosted a “girls’ night” wine tasting/fundraiser to benefit the Lund Family Center, an organization that focuses on reducing child abuse and neglect by helping pregnant or parenting teens and young adults. They also help create new families through adoption being Vermont’s oldest and largest private non-profit adoption agency. The Lund Center is also a leader in woman-focused substance abuse recovery services having the state’s only residential treatment program for pregnant and parenting young women and their children. The fundraiser was held at Shelburne Vineyard, a unique winery with a state of the art tasting room offering award-winning wines. Their space is beautiful and a great place for people to mingle and enjoy some Vermont wine. The event was a huge success with over 70 women attending.

The Geri Reilly Team Ranks #1 and #3 for 2008!

The Geri Reilly Team ranked the #1 Coldwell Banker Team in Vermont for 2008 and #3 in the Northeast Region which consists of 19 states (including Massachusetts, New York, and Illinois) and 862 Coldwell Banker offices.  Geri Reilly, herself, as been the #1 Coldwell Banker Agent in Vermont since 2000 and has held various spots within the top ten across the region over the years. She has been selling real estate in northern Vermont for over 28 years and there is a reason why she and her team hold such high honors. They have the knowledge and expertise to get the job done right the first time, every time. Results like these matter given our current market and economy. Whether you’re thinking of buying, selling or just need some real estate advice, contact her and her team now!

Geri Reilly has been selling real estate in northwestern Vermont since the early 1980s and has consistently been a top producer. She specializes in listing homes, buyer brokering and consulting. She can be reached at 802.862.6677 or Geri@BuyVTRealEstate.com.

Carolyn Weaver has over 13 years experience as a real estate agent and has marketed and sold hundreds of homes in Chittenden County. She specializes in neighborhoods, condominiums, new construction, custom homes and lakefront property. She can be reached at 802.846.9554 or Carolyn@BuyVTRealEstate.com.

Bryce Gilmer has been selling real estate in both Vermont and New Hampshire since 2005 and has several years of sales management experience. His expertise and knowledge of the real estate market is an essential part of assisting clients in their search for a new home. He can be reached at 802.846.9546 or Bryce@BuyVTRealEstate.com.

Chad Dion has over 12 years experience as a real estate agent and has marketed and sold hundreds of homes. He specializes in residential sales of condominiums, single family homes, and 2-4 unit buildings in Chittenden County. He can be reached at 802.846.9562 or Chad@BuyVTRealEstate.com.

Joanna Gnaedinger has over 26 years of experience working as a Realtor in Vermont. In addition to her experience, Joanna also has remarkable interpersonal skills which give her the ability to connect with her clients and meet their every need. She can be reached at 802.846.9522 or Joanna@BuyVTRealEstate.com

 For more information, testimonials, tips or to search for Vermont property visit www.BuyVTRealEstate.com.

Winter Fun in Vermont!

Even though the economy has been a little shaky lately, one thing that has helped our state’s economy is the abundance of snow we’ve had thus far this winter season! As most know, Vermont has some of best skiing/snowboarding on the East coast. Even though most of our ski resorts make their own snow, they definitely rely heavily on natural snow to cover their trails. Thankfully this season, Vermont has had it’s share of snow. We’ve had at least 5 or 6 decent storms so far, giving Burlington and the Champlain Valley over a foot of  snow on a few occasions and giving  higher elevations several feet of snow! This natural snow may be a pain sometimes – shoveling, plowing, icy roads, etc. – but for most of us Vermonters who live here for a reason and gladly endure 5 month winters, we love to play in it! Whether we’re skiing, snowboarding, snowshoeing, snowmobiling, ice skating, or simply making snow angels, Vermont just wouldn’t be Vermont without snow! If you like to play in the snow too, here are some great websites to check out:

Sugarbush Resort - downhill skiing and snowboarding. It’s their 50th anniversary – check out their website for deals!

Mad River Glen - a cooperative resort (owned by its skiers) downhill skiing only (no riders) – Ski It If You Can!

Stowe Mountain Resort – downhill skiing and snowboarding – Vermont’s biggest and most popular mountain.

Smuggler’s Notch - downhill skiing and snowboarding – get $20 off coupons for lift tickets when you buy Coke products at participating Mobil Gas Stations!

Catamount Outdoor Family Center – for cross country skiing and snowshoeing

Lake Champlain Regional Chamber of Commerce’s Visiting/Tourism Web Page – Winter Outdoor Recreational Activities

Leddy Park Arena – ice skating and hockey

Penguin Plunge - Vermonters jump in the icy cold Lake Champlain in February to support the Special Olympics!

Burton Snowboards -  leading snowboard manufacturer worldwide started in 1977 by Jake Carpenter in Londonderry, VT with it’s headquarters and flagship store in Burlington.

Vermont Weather Forecast from WCAX

And if you’re from out-of-state but just love Vermont and its long, cold winters and you’re thinking about moving to our beautiful state – give me a quick call or email -  my team will help you find your dream winter home!

Camel's Hump Winter '08-'09

Happy Belated New Year!

Thank goodness all of the holidays are over with!! They seemed to last forever this year and they were all crammed into about four weeks! It was fun while it lasted, but now back to business!! 

Let’s hope 2009 has alot to offer home buyers and sellers this year! I think it will. With interest rates hanging in around 5%, this may be the year for first time home buyers to make it happen. In addition, the government is offering upto $7500 for a tax credit for first time home buyers if they buy between April and June.  For more information on this, visit FederalHousingTaxCredit.com. This is all good news for home sellers too! With low interest rates, that means buyers will be out there looking more and hopefully making some offers. We’ve already see ALOT of activity this year so far in our office, Hickok & Boardman Realty.  I have high hopes for the real estate market this year!

Looking to buy? Contact me now for a FREE Buyer Consultation!

Looking to sell? Again, give me a call or email for a FREE Market Analysis of your home!

Looking to find our more information on the low mortgage rates everyone is talking about? Talk to our good friend Nick Parent from Spruce Mortgage.