Essex VT Real Estate

What Taxes Should I Expect to Pay When I Buy or Sell a Home In Vermont?

We get this question quite a bit. Especially from Vermont 1st Time Homebuyers, or buyers moving to Vermont from another State. Today, we'll take some time to dive into what you should expect to pay at closing when buying a home in Vermont. In Vermont, the buyer of real estate pays the "Vermont Property Transfer Tax." (This differs from State to State, so there is the possibility you may sell a home in one state, pay your tax, and then pay a tax when you buy in Vermont!) If the buyer is going to have the residence as their primary residence, the tax is calculated as follows:

  • .5% of the first $100,000, then 1.25% for that portion of the sales price over $100,000.
The law allows for a few exemptions from this tax, and they should certainly be explored with your attorney:
  • a transfer directly to a creditor to secure a debt.
  • tansfers to a corporation
  • transfer without payment to a spouse, child, or grandparent
Usually the property transfer tax form is filled out by the SELLERS attorney, and signed by each party at closing. For Sellers, if you are selling your primary residence, and it has been your primary residence for at least 2 years, you will avoid a capital gains tax. As for property taxes, see the following link for information from Town to Town: http://www.vermontrealestatetoday.com/newsletter/2009effectivetaxrates.pdf You will notice that property tax rates vary greatly from town to town. In conducting your Vermont home search, be sure you have a firm grasp on how taxes may differ from each town you may be looking. You may be surprised at the differences from one town to the next! For more information, or to ask about your options in buying Vermont Real Estate, contact Brad today at brad@dousevicz.com!

Is it a good time to buy real estate in Vermont?

The recent economic "meltdown" has effected the housing market in various ways in the last few years. We can't seem to escape the constantflow of bad news coming from our televisions every night on the evening news, can we? Today we'll explore why it's a great time to buy real estate in Vermont, and the Burlington and surrounding areas of Chittenden county, specifically. The first thing I always remind buyers and sellers is this; Vermont real estate, like politics is first and foremost LOCAL. What's happening in Miami, Las Vegas, or Southern California doesn't really affect us up here in Vermont. Here are some major reasons why:
  1. Vermont did not experience the "Boom" those other areas experienced, and we hence have not experienced the "Valley" either. Vermont's home values, even in the growing of the housing boom, staying fairly level. Vermont has laws that prevent speculative buying, and our building community to did not over-build the available inventory to sell. This has helped maintain home values in Vermont and the more localized areas of Burlington, South Burlington, Williston, Essex, Charlotte, Colchester, and Shelburne.
  2. The current national unemployment level is hovering at around 9%. The unemployment level in Vermont, and more precisely Chittenden County, is nearly 1/2 that amount. The bottom line is that jobs in Vermont have not been nearly as affected as they have in other parts of the country. Employers like UVM, IBM, and Fletcher Allen Health Care have a long employment record in and around Burlinton. There's no reason to believe they'll go anywhere in the time-being, either. If jobs are the key to the economic recovery, and an improved housing market- we're already where we need to be.
  3. Mortgage rates remaining remarkably low. In fact, you can STILL qualify for a low rate of 4.9% for a 30 year fixed rate. This low rate, coupled with the relatively flat but somewhat lower prices than what we have seen in recent years means that homes in Vermont are more affordable than ever. See the link here to a recent Vermont affordable housing study: http://www.burlingtonfreepress.com/article/20110315/NEWS01/103150303/Study-Vermont-housing-more-affordable
Simply put, it's a great time to buy- and there are plenty of great homes to chose from. Contact Brad or begin your home search today!

Dousevicz Real Estate Featured on FOX 44 for the "Real Estate Minute"

Fox 44 Has Paired Up with Dousevicz Real Estate to offer the "Real Estate Minute"

Dousevicz Real Estate is pleased to announce that Brad Dousevicz, Managing Broker, will be featured on FOX 44 for a weekly segment called "The Real Estate Minute." The segment will air every Wednesday during Fox 44's news segment at 7:25 am, 8:25 am, and 10:10 pm.
Each "Real Estate Minute" will explore topics that buyers and sellers alike will need to know to buy or sell a home in the local Vermont real estate marketplace, such as:
  • Steps for the 1st Time Homebuyer
  • Buying New Construction
  • Prepping your home for a quick and profitable sale
  • Buying Green Construction
  • Tipsfor Buying a Condo in Vermont
  • Is it a good time to buy a home in Vermont?
  • Much More!
The "Real Estate Minute" is co-sponsored with Dousevicz Real Estate, the Law Offices of Fred Peet, and Peoples United Bank. Do you have a topic you would like to see covered on the Real Estate Minute, or have a question about local Vermont Real Estate you would like to have answered? Contact Brad today at 802-879-4477, or email him at brad@dousevicz.com!

The Art of Negotiation- Buying a home in Vermont

Successfully Negotiating the Deal Negotiating the transaction is usually the most complex aspect of buying a home. At the same time, it's the one that can involve the most creativity. That's why it's important to have an experienced and savvy REALTOR, like Brad Dousevicz, who has successfully worked through MANYdifferent transactions scenarios. That said, what follows are a few strategies for negotiating a good deal in a market like this one, all of which involve; presenting yourself as a serious buyer while at the same time, keeping your emotions in check; trying to understand and respect the priorities of the seller; being creative and, where necessary, willing to compromise to get the deal done. Strike a balance- Motivated but not too eager For you, as a buyer, it all starts before you even make an offer, the first time you see that home you think might be THEONE. It's important that you not give yourself away to the listing agent by getting too excited about your "Find." If anything, ask a few questions, maybe take a few notes, and let Dousevicz Real Estate do most of the talking. The point is that ideally you're trying to strike a balance by appearing, on the one hand, to be a qualified and motivated buyer, while on the other hand, not appearing to be too eager. You'll demonstrate that you're a serious buyer- the kind sellers look for- at the time you make the offer, particularly if you:
  • Make it clear that you're not dependant upon selling in order to buy
  • Make an all- cash offer or show that you've been pre-approved for a loan
  • Provide an attractive "earnest" deposit with the offer
  • Make a reasonable offer that still gives you rom to negotiate your price
Not only will this approach show that you're qualified and motivated, it will place you in a stronger negotiating position overall. The sellers won't want to lose you and so will be more inclined to reduce their price a little and/or make some concessions with resepect to term. Understand and respect the Seller's priorities If, through the negotiations, you can find out more about the seller's situation and priorities you'll not only improve your position, but you'll also be able to resolve any obstacles more creatively and sensitively. For instance, if a seller is adamant about the sale price they might be more flexible about taking care of a few repairs or part of the transaction costs. Or if they need a certain closing date, you might be able to get them to concede some other terms. There are no "one size fits all" approaches to negotiating. In principle, thought, the more you know about the seller's priorities, the more you'll be able to work with them in order to achieve your own priorities. Look beyond the price While a home's sale price is generally the focus of negotiations, often sellers will have needs such that the terms of purchase can significantly influence the final deal. Additionally, it is in relation to the terms- which can represent thousands of dollars in value- where you can get most creative when it comes to resolving the obstacles to transacting. Here are some elements in the purchase agreement that you might put on the table for discussion:
  • An all cash offer by you
  • The amount of earnest money deposit you provide
  • Closing and Possession dates
  • Inclusion of furniture, fixtures, etc, not considered part of the property (examples; hot tub, pool table, washer and dryer, etc.)
  • Payment of repairs required by your lender
  • Payment of taxes, utilities, and rents
  • Payment of title search and insurance
  • Payment of attorney fees
Along these lines, the key is to get all terms of purchase in writing within the agreement. These terms should then be carefully reviewed and clearly understood by both you and the seller so that you're on the same page and the negotiations move forward. Is it really THEONE? If so, Make it So! If you're really interested in buying the home you're negotiating over- if it really is THEONE- you should be willing to make some compromises to make the deal happen. If that's not the case, then you should listen to your heart and consider looking for another home- it just might be out there waiting for you... That said, here are a few basic principles of successful negotiation to consider if you're committed to completing your purchase:
  • Remember your priorities and respect the sellers- don't let the small thinkgs get in the way of your better judgement.
  • If necessary, defer until "later"- if small issues do get in the way in the midst of big ones, focus on and consolidate your agreement on the big issues and come back to the small ones later.
  • At the end of the day, if there are disagreements about relative small expenses, split the difference and smile.
The reality is that most negotiations that Dousevicz Real Estate has dealt with proceed without much problem. In the event that there are difficulties but you're committed to buying the home, remember; where there's a will, there's a way.

Village Haven- Vermont and Chittenden County's Newest GREEN Community

Our Latest Sale- the sought after "Strafford" Design

Dousevicz Real Estate is proud to announce their latest real estate development project in Chittenden County, VT- Village Haven. Conveniently located minutes from Burlington, South Burlington, Williston, and Colchester, Village Haven is situated in the heart of the quaint Village of Essex Junction. Enjoy the ultra convenient location, and non-through street design! Walk to your favorite shops, restaurants, grocery store, and much more. As a unique benefit to those with young families, Village Haven is within WALKING DISTANCE to arguably some of the best school systems in the State of Vermont! All homes at Village Haven will be part of the National Association's Green Building Program, as well as certified with Efficiency Vermont. Dousevicz Real Estate is proud to offer our home buyers GREEN CERTIFIED homes at Village Haven. The benefits don't stop at Green Building and a Great Location! Step inside our model and you will notice the open floorplans, quality construction throughout, and extensive attention to detail. Every home offers a private master bath, a large walk in closet, and plenty of storage space above the garage. An extensive upgrade list is available including- Granite Countertops, Stainless Steel Appliances, 3 Season/ Screen Porches, and much more!

"Our Buyers are realizing they can make their home buying dreams a reality at Village Haven. With prices starting in the mid- $260's, people quickly find they can build their very own newsingle family house for the price of an existing condo at Village Haven, and save money on their maintenance costs because they are Green Certified! You won't find a unique product like this anyplace else in the greater Burlington area of Chittenden County. I guarantee it." - Brad Dousevicz, Dousevicz Real Estate

Homes at Village Haven located in Essex Vermont are selling quickly! Why buy a condo when you can have a single family home for the same price-- and the luxury of your own private yard and quality built Green Construction?

Our Latest Sale- the sought after "Strafford" Design

Contact Brad Dousevicz of Dousevicz Real Estate for more information. 802-879-4477.

VT Market Activity Report - Downtown Burlington Condominiums, Homes in Essex and Essex Junction

Every time I meet with a buyer or seller of Real Estate in the local Burlington, Vermont area, I start my conversation with a brief snapshot of what is happening in the marketplace. The market isconstantly evolving, and any agent you work with should evaluate the market constantly, whether it be to price your home to sell in the least amount of time or to get the best price for a condo or home you will be purchasing. A down market is perhaps the most important time to do your research! That is why I will explore two major marketplaces today:

  • The Downtown Burlington Condominium marketplace, for the months of August-October, 2010
  • The Single Family home market place of Essex and Essex Junction of August-October, 2010

The Downtown Burlington Condominium Market

Today I will examine the downtown Burlington "Luxury" condominium market for the last few months. Typically, these are the higher priced condos in the $300,000- $1,000,000 range. To be honest, $1M sales only happen in the Burlington downtown condo market 1-2 times per year- there simply is not that great of a supply of such units that come on the market. In fact, the average sales price for condominium in the greater Burlington area for the above mentioned range for both August and Sept were $385,600 and $406,667- respectively. The average number sold for the months were: 4 in August and 3 in September. October is not over, although we have already seen 3 sales in this particular price range. The average days on the market for condos in the greater Burlington area were:

  • 71 for August
  • 120 for September
  • 98 (thus far) for October

When we compare this to the average days on themarket for similar priced homes in other parts of Chittenden County including single family homes in Charlotte, Shelburne, South Burlington, Essex, and Burlingtonpriced at the same levels, we see very similar average days on the market- 76, 116, and 101. This tells us that the Burlington luxury condominium market is performing as well as the rest of similarly priced homes in the area, albeit it is a significantly smaller segment of the market as a whole.

The Single Family Home Market in Essex

The single family home market in the greater Essex marketplace for homes priced from $300,000-$700,000 is similar inquantity of homes sold, days on the market, and average price sold as our segment just explored- the downtown Burlington Condominium Marketplace. For the number of homes sold, Essex had the following activity:

  • August- 4, with an average sales price of $385,600
  • September- 3, with an average sales price of $406,667
  • October- 3 (thus far), with an average sales price of $309,500

Average days on the market for August, September, and October were all averaging less than 110 days. This also tells us that the market in Essex is not a anomoly- it is performing as well as the greater Chittenden County Market, and lines up with even a very different market- the Luxury Burlington Condominium marketplace as well. For more information, or to explore your options, contact Brad Dousevicz at 802-879-4477 today.