South Burlington Real Estate

Introducing South Burlington's Newest Neighborhood- Rye Meadows

South Burlington's Newest Neighborhood- Rye Meadows

Dousevicz Inc.  of Essex, announces the commencement of Rye Meadows in South Burlington, a new mixed use development located at 1075 Hinesburg Road in South Burlington.  The neighborhood will consist of 22 Single Family Homes on approximately 1/3 acre lots, 7 Cottages, 7 Carriage Homes, 16 Townhomes, and approximately 20,000 Square Feet of commercial space.   

 

Site work started in August of this year and the company has already started infrastructure and foundation work for the Carriage Homes, Single Family Homes, and 5200 of Commercial Space.  Initial occupancy is scheduled for early 2016.

 

Brad Dousevicz, Director of Development and managing Broker for Dousevicz Inc states “This project has been a long time coming.  We think that home buyers of varying price points will welcome the quality and energy efficiency of a Dousevicz home at Rye Meadows in South Burlington.”  Dousevicz states that the project will utilize the latest in green building technologies by planning to offer a base single family home with super efficient, thermally broken R-40 double stud walls, Low E windows, under slab insulation, and energy star fixtures and appliances.  The company has been working hand in hand with efficiency Vermont and even plans to offer “Net Zero Ready” homes at Rye Meadows.  

 

“We’ve carefully crafted every inch of this neighborhood.  From the park and open space in the interior, to the quaint cottages located in the South East corner to the larger private single family lots to the West, we have put a great deal of time designing a truly walkable community that South Burlington can be proud of.”  

 

Prices for the neighborhood range from $238,000-$475,000.  More information can be found at www.Dousevicz.com

 

South Burlington Market Statistics for Condominiums and Single Family Homes For March 2015

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South Burlington Market Statistics for Condominiums and Single Family Homes For March 2015

One of the hottest markets in Chittenden County, and one of the overall most active markets in the entire state of Vermont, is South Burlington.  It's no surprise that locals and transplants alike flock to the City of South Burlington, located just a few miles to the South of Vermont's largest city, Burlington.  South Burlington has some of the best school systems around (although I've told clients time and time again that you really can't go wrong with any of the school systems anywhere in Chittenden County), has great shopping opportunities (Hannafords, Lowes, Trader Joes, Healthy Living, University Mall to name a few), and a fanatastic location near Burlington, Williston, Essex, and easy acces to I-89.  Nearly any home in South Burlington can be deemed "well located" when looking at accessibility to shopping, schools, and employers, but you can also find privacy in select areas or homes and condos with a more "urban" feel.  Frankly, the City of South Burlington has it all.  So, what does all of this mean for market data?  Pricing, median sales, etc?  

Let's explore the data for March, 2015 to give you a snapshop of what you can expect when you buy that next home or condo in this highly desirable location in Vermont:

There were 42 new condo and home listings and 22 sold listings for the month of March.  More importantly, there were 40 "pending" listings which means they will close in the near future, likely 4-6 weeks.  The average sales price for the month was $314,000, which was an 18% increase from the previous month.  The average sales price the same period for 2014 was only $268,000, which means the market in South Burlington active and improving.  The average days on the market was 82, which was a decrease of over 35% from the previous month.  The average days on the market this time a year ago was 85 days.  

Overall the market in Chittenden County, and specifically South Burlington, is healthy and showing improving property values as we exit the first quarter of 2015.  This type of healthy market is precisely why Dousevicz Inc is going to be launching two new neighborhoods in South Burlington the later part of 2015, totalling a combined 159 housing units.  If you would like information on buying your next home or condo in South Burlington, call Brad today at 802-238-9367 or email him at dousevicz@gmail.com.  Here's to Spring!

 

 

 

Top Cities in New England - Vermont Has It's Fair Share!

Golocalpro.com recently just ranked the best cities in New England based on such indicators as: Economics/ Prosperity, Safety, Culture, Health, and Quality of Life. It's no surprise that a Vermont town made the list--but FOUR? Wow. That's right, 4 local towns made this list. They are; South Burlington, Essex, Burlington, and Colchester. As someone who actively markets and sells homes and condos in each of these markets, along with living in Colchester myself, I can fully understand why each of these towns made the list. They each have wonderful attributes, ranging from excellent schools, access to wonderful and healthy lifestyle choices, and interesting and neat things to do around town. In addition to the criteria outlined in this analysis, the real estate has been fairly stable, and a good invest for most in each of these downs. Give a call to Brad about buying or selling in any Chittenden County town, including the ones that made this prestigious list- South Burlington, Essex, Burlington, and Colchester.

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.

Making Buying a Home a Reality with FHA Loans

Have you thought about buying a home, but think the possibility is just too far out of reach?

Do you think the only way you own your own home is with 20% down? If you have thought this, don't worry, many people have. In fact, there is a general misconception that owning a "piece of the American dream" is simply out of reach for many Americans. Not true! With an FHA loan, you too can qualify for the purchase of a home...now!

What is an FHA Loan?

FHA is the Federal Housing Administration, which is a member of HUD. Essentially, an FHA loan is a federally insured loan, so your local lender can offer you a great deal on a loan. There is minimal risk for the lender.

So what does this mean for me?

Well, first it means that you may qualify for a low down payment- 3.5% of the purchase price in fact! Also, most of your closing costs (attorney fees, mortgage origination fees, etc) can even be rolled into your loan, so you will need even LESS money at closing. This is one of the reasons that makes FHA loans so attractive to most home buyers with little cash on hand.

So What's the Catch?

Really- nothing in particular, however there are two specific things worth mentioning:

  • There are limits on the value of the home you can purchase. In Chittenden County of Vermont, for example the limit for a single family home is $318,750.
  • You will have to qualify for the loan, just like any other "traditional" loan out there. As long as you have had a steady job and a good credit score, you should have a good opportunity of qualifying for an FHA loan.

The fact is, the FHA program is a great program for people looking to purchase, although they may not have the typical 10-20% down payment available. You can qualify for a very low 3.5% down payment, and be in the home of your dreams earning equity instead of paying rent. For more information on the FHA program, visit: https://www.hud.gov/offices/hsg/fhahistory.cfm Contact Brad Dousevicz of Dousevicz Real Estate for more information, or to discuss your options- 802-238-9367