Tuesday, January 29, 2008

Hey Burlington Vermont. What the Fed Cut Means To Your Mortgage?

An article by CNBC described it this way.

"On days like this, I think it's important to go back to the ol' mortgage primer and figure out exactly what all this news means to you, to your mortgage, to your home equity line and to your home's financial future. I've said it before, and I'll say it again: the 30 year fixed is not tied to short-term treasuries.

Fixed mortgage rates are tied to long-term bond yields that move based on the outlook for the economy and inflation. And guess what? The long-term outlook for the economy isn't exactly rosy right now.

This week's rate cut does affect short-term adjustable rate mortgages, but not really as much as you might think. Why? Because this rate cut was already priced into the market, maybe not three quarter's point, but definitely a half-point. So, if you are facing a reset on your ARM, you're in much better shape today than you were just six months ago.

So does this cut stem the foreclosure crisis? Maybe a bit on the margins but not really, and here's why: the folks facing foreclosure because they can't make their monthly payments have no equity in their homes and no money to put down on a refinance.

While rates might be lower, this is a market where lenders and investors are much more aware of risk and will gravitate toward borrowers that represent less risk. So many folks will still find themselves in trouble. For people who are having trouble paying the initial rate on the loan, forget it. No help there.

As for those looking to buy a home, that is, get a new mortgage, while ARM rates may be lower, the mortgage landscape is still far far different tundra than it was just a year ago. You can't do a stated income loan anymore, and you can't do 100% financing. Tighter standards don't change with a rate cut.

And I want to add my two cents here about a home equity line of credit. Yes, the rates are lower now, but I really don't think that means we should all start using our homes as ATM's again, which is what got us all in trouble in the first place. This is a time to pay off debt, not to gather more. The housing market is still in trouble.

The statement from the Federal Reserve this morning: "incoming information indicates a deepening of the housing contraction as well as some softening in labor markets." We all know the price correction in housing is still underway with home prices across the nation (yes, I know, some markets worse than others) expected to fall further, so this is no time to put your home in more hoc. Just my two cents, which I'm putting in the bank as we speak."

If you are a cash buyer, now is a great time to be actively buying. As they say, cash is king!
In addition, if you seek a mortgage to buy a house and have impeccable credit, Life Is Good for you.

Please post any comments here at Hurd's The Word or refer to my website at: Burlington VT Real Estate

Tuesday, January 22, 2008

Full Moon Over Burlington Vermont

We have a glorious full moon upcoming on Tuesday, January 22nd. I celebrate such events. It's quite possible my love of full moons began while as a young child being read Goodnight Moon by my mother over and over night after night. That reassuring story and the gentle melody of my mum's voice comforted me to sleep as I found my sweet spot amidst the tangle of my sheets and cozy Hudson's Bay blankets. Years later, I, as have many of us, read this same classic story to my/our children.

In a newer book, On The Day You Were Born, it's author Debra Frasier pays loving homage to the moon as if it were a present to look forward to each and every month all our lives. She writes, "On the day you were born the quiet Moon glowed and offered to bring a full, bright face, each month, to your windowsill...". When clouds hide my dear friend from time to time (it's inevitable), it only makes my heart yearn for the next one all the more.

I've been giving precious thought about how to celebrate January's soon full moon...

Several Januarys ago, a friend and I hiked up Camel's Hump on a cloudless night. The wind lay still. As we ascended from the Huntington trailhead, my heart quickened its paces. Warmth radiated to the tips of my fingers and toes in the twenty degree below zero air. Snow on the trail and in the woods reflected the sun's light from the face of the moon illuminating everything. As our eyes became accustomed to the unfolding scene around us greater and greater details were discovered. Shadows of tree branches crisscrossed the worn, snowy trail. I was floored by how much I could see on that night. I think I read somewhere it takes 30 minutes or something like that for our eyes to adjust to the night away from all artificial lights. As time passed, I thought, my, oh my, I could read a book in this light. Such beauty!

We stopped along the trail several times to drink water and savor our steaming hot chocolate from my treasured thermos and just "be". We passed ‘nary a soul on this night. Where was everyone I thought? Could we count ourselves amongst the very privileged few to be witnessing such beauty? Skyward we went. The trail sharpened its angle. More layers were peeled and stored in our packs. I was in a silk weight T shirt and yet somehow I was warm.

The Stillness. The Solitude. That ethereal light. But the best was yet to come...

At tree line, I replaced my damp "T" shirt and put on my driest fleece and layered up as we reached for the summit. When we broke free of the gnarled krumholz, joy leapt from my heart as a most stunning sight sprawled out beyond my feet. The lighting was other worldly. Like a negative of an old black and white photograph from Snowflake Bentley's collection. There we were perched on the upper reaches of the spine of the Green Mountains. To my right, I could see clear down to Mount Mansfield and well beyond. I rubbed my eyes testing myself and my wits for what my mind interpreted. I hadn't seen such a sight in Vermont ever before. Everything was so crystal clear. Straight ahead of us lie Vermont's Champlain Valley with all her teensy twinkling lights with people cozy in their homes. I blew kisses and loving thoughts to my children asleep in their beds in Burlington and I thought how lucky I was that my body could bring me to this spot, to this moment in time.

I want to see that light again...

Today, I'm hoping and praying for clear skies this Tuesday night as thoughts near of packing my pack.

Please share your full moon stories by posting a comment here on Hurd's The Word or go to my website at: Burlington VT Real Estate

Goodnight Moon.

Monday, January 7, 2008

The Mother of All Sledding Hills - Charlotte VT

Can we possibly be any luckier than we are?

Living in the shadow of mighty Mount Philo, we don't even have to get into our car to reach the mother of all sledding hills.

For those of you looking for the best sledding on the planet, look no further! When our glorious state park, which has won awards as Vermont's best in past years, closes its gate after the last leaves have fallen, those in the know start getting really, really itchy. There's a buzz in our house.

Questions begin their annual percolation. Past year's memorable runs generate laughter and anticipation... Will we have a great snowy year? When will it snow? Remember last year, when I passed you like you were standing still? How 'bout the air off the crazy jump? When can we

SCREAM on our first run of the season down the closed road?

God Almighty, that first run of the year is always premo!!!

EVERYTHING about this run tops the classic category. About a mile of uninterrupted bombing down on your tummy, knees, or your bum. 2 hairpins, two steep sections (one on the upper third and the second on the lower third), sensational views on the walk up, on top and at the bottom when you roll off your sled in utter ecstatic hysteria!

To get it better than this you'd have to take the 1 mile bobsled at The Olympic Center in Lake Placid for over a hundred bucks and sign a slew of liability waivers.

Hey. On Mount Philo, it's ALL FREE.

The range of sleds is vast. Mad River Rockets, Hammerheads (our choice!), Trays, and all sorts of crazy derivations in between. Anything fit to get you down, in mostly one piece.

All this thinking, writing and describing has me cooked up in a frenzy.

Look.

I gotta go. Gonna grab my son and daughter and have today's death slalom duel.

If you hear us yelling, kindly get out of our way

If you have any great sledding stories on Mount Philo to share, please post a comment here at Hurd's The Word or if you know of any great hills absolutely post them here!

Chittenden County Annual Closed Sales Data for 2007

Based upon information provided by the Northwestern Vermont Board of Realtors (NVBR) as of today for the year of 2007, there were 1,678 residential, townhouse/condo and land units sold within all towns in Chittenden County with a total listed volume of $499,610,659. Divide this number by the units sold (1,678) and you get an average listed price of $297,742. Juxtapose this figure to the actual total sold volume of $486,985,952 then divide this number by the units sold (1,678) and you come up with an average sold price of $290,218. Are ya' having an ADD moment yet?

So, "what's up Chris?" you're asking. Well, here you are. These numbers produced a list-to-sell variance of $7,524 or (drum roll please) a 97.5% list to sell percentage. Average days on the
market for these 1,678 properties was 82.

Armed with solid numbers, buyers and sellers alike can manage their expectations and the current realities of our local market.
Call me at 802.238.5256, email me at Chris@ChrisHurdVT.com or post your comments here at Hurd's The Word.

Towns included in these single family residential figures for all of Chittenden County: Bolton, Buels Gore, Burlington, Charlotte, Colchester, Essex Junction, Essex, Hinesburg, Huntington, Jericho Village, Jericho, Milton, Richmond, Shelburne, South Burlington, St George, Underhill, Westoford, Williston and Winooski Vermont.

Burlington Vermont Market Trends Dec. 2007

Based upon information provided by the Northwestern Vermont Board of Realtors (NVBR) as of today for the month of November 2007, there were 14 residential units sold within Burlington Vermont with a total listed volume of $3,764,279. Divide this number by the units sold (14) and you get an average listed price of $268,877. Juxtapose this figure to the actual total sold volume of $3,650,800 then divide this number by the units sold (14) and you come up with an average sold price of $260,771. Are ya' having an ADD moment yet?

So, "what's up Chris?" you're asking. Well, here you are. These numbers produced a list-to-sell variance of $8,106.00 or (drum roll please) a 96.98% list to sell percentage. Average days on the market for these 14 properties was 79.36.

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

Call me at 802.238.5256, email me at Chris@ChrisHurdVT.com or post your comments here at Hurd's The Word.

These figures include sold numbers for single family residential in Burlington Vermont only.

Chittenden County Market Trends Dec. 2007

Based upon information provided by the Northwestern Vermont Board of Realtors (NVBR) as of today for the month of December 2007, there were 109 total units sold within all towns in Chittenden County with a total listed volume of $35,610,105. Divide this number by the units sold (109) and you get an average listed price of $326,698. Juxtapose this figure to the actual total sold volume of $34,461,310 then divide this number by the units sold (109) and you come up with an average sold price of $316,159. Are ya' having an ADD moment yet?

So, "what's up Chris?" you're asking. Well, here you are. These numbers produced a list-to-sell variance of $10,539 or (drum roll please) a 96.8% list to sell percentage. Average days on the market for these 109 properties was 74.

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

Call me at 802.238.5256, email me at Chris@ChrisHurdVT.com or post your comments here at Hurd's The Word.

Towns included in these single family residential, townhouse/condo and land figures for all of Chittenden County: Bolton, Buels Gore, Burlington, Charlotte, Colchester, Essex Junction, Essex, Hinesburg, Huntington, Jericho Village, Jericho, Milton, Richmond, Shelburne, South Burlington, St George, Underhill, Westoford, Williston and Winooski Vermont.

Stowe Vermont Market Trends Dec. 2007

Based upon information provided by the Northwestern Vermont Board of Realtors (NVBR) as of today for the month of December 2007, there were 5 residential units sold within the town of Stowe Vermont with a total listed volume of $4,888,000. Divide this number by the units sold (5) and you get an average listed sold price of $977,600. Juxtapose this figure to the actual total sold volume of $4,444,000 then divide this number by the units sold (5) and you come up with an average sold price of $888,800. Are ya' having an ADD moment yet?

So, "what's up Chris?" you're asking. Well, here you are. These numbers produced a list-to-sell variance of $444,000 or (drum roll please) a 90.91% list to sell percentage. Average days on the market for these 5 properties was 238.

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

Call me at 802.238.5256, email me at Chris@ChrisHurdVT.com or post your comments here at Hurd's The Word.

Towns included in these single family residential figures are for Stowe Vermont only as of the date of this entry.

Wednesday, January 2, 2008

The Driveway From Hell

Let's face it. My driveway in Charlotte Vermont was not designed by the Army Corps of Engineers (hmmmm or maybe it WAS...). Winter poses its challenges turning fancy schmancy SUV's into helpless sleds. In my third winter, I've learned a few tricks. But last night, our driveway claimed her first casualty of the ‘07-'08 campaign.

I've known since winter one I must clear the driveway of snow early each morning in the hopes of catching the late day sun's warmth from our western exposure. Works like a charm really. When mother nature cooperates, that is.

Goes like this. Snowblow driveway. Sun melts snow. Spotless driveway! Simple. That's nice! Seems easy. Right?

It's not @#%$!!*&*^%#@!!!.

We lost our first head to head battle last night.

What seemed an innocuous snowfall of 2 wet inches the night before, I mistakenly cleared the driveway by 14:00. Gambled the sun would do my work for me. But by 13:00 (using military nomenclature seems called for here), I could see progress was not being made. Cloud cover and temps just below the freezing mark were foiling The Master Plan. I realized I had to get out there and in a hurry as my son was breaking in our new rec room with hordes of friends later that evening. That meant cars coming over. Big heavy cars that slide fast. Arrrggggggggggh.

Clouds in the western sky cast an ominous pall preventing the necessary drying. My laissez-faire ‘tude was lookin' mighty lame.

As night fell, all was quiet outside. Inside, amidst the din of my son's friends urging on the Patriots, My friend, Jeff, visiting from Fairfax - that's Fairfax Vermont - decided to head home. There was still 5 mins. on the clock so we said hurried goodbyes.

Suddenly, he reappeared looking grim. As he told it, he descended the blocktop. Realized he was in helpless, unstoppable decline down our slippery slope. You know that feeling. You do. Touch the brakes and they're worthless. Antilock, anti skid, four wheel this, Haakapelita's that.

Fagedaboudit!!!

As he slid off the right shoulder accelerating headed toward the perilous dog leg to the left (a notorious graveyard site for many a snazzy car last winter), Jeff realized he was hopelessly aimed dead on the Bullseye of my sleeping Bug convertible quietly parked for the winter at her resting spot at mid driveway at the landing. Pulsing his brakes. Nothing. We all know the sweaty palms feeling and panic that grips us in such moments...

In what must've seemed like an eternity to Jeff , his gas guzzling behemoth SUV stopped in its jack-knifed position within a few feet of the still sleeping and as yet unscathed Bug.

We dug him out as we've done for so many others. (Please let's not recount last year's calamitous Valentine's Day Blizzard driveway carnage AGAIN. Three cars including one state trooper who wishes she had gotten her address right and one tractor plus one of our cars jammed in at the bottom of the driveway.) Last year's names read like a veritable who's who. Jeff, Allie, Celia, Chris, Sam, the Statey (never got her name or her dogs'), and another Chris. And there were others for sure the names escaping me. You know who you are.

I need to adjust strategy now. Another fine tuning is in order. Jeff suggested laughing as he whisked away..."how 'bout a 50 gallon drum filled with sand."

Hey good news. The sun's out at 9:51. We'll be able to get out of here shortly.

In the meantime, I think I'll go out the door and have a slide down the driveway on my boots, Just For Kicks!, before this latest installment melts into memory. I love that magnet on my fridge door which says, "Barn burnt down. Now, I can see the moon."

Stay tuned. Winter's just getting started...

Update...Bulletin...Breaking News!!!

It didn't take long...

01/01.08 4:30 pm - Sixteen and a half hours into the ‘08, Tracy T pulled a spectacular Starsky & Hutch move just above the dog leg left. 4 people shovelling like mad and some crafty driving and his SUV was free at last from The Driveway of No Mercy!