Don't Make the Mistake....

Yahoo! Real Estate just posted an article: 10 Worst First-Time Homebuyer Mistakes 2010 (which I would be willing to bet looks quite similar to the same list for 2009). At any rate, while the article does bring up some very good points, it doesn't by any means pertain solely to first-time homebuyers! Purchasing a home (whether your first or your tenth) can be overwhelming, and being informed going into the process can definitely ease some of the stress.

A couple of my favorite points brought up in the article are:

Mistake #2- Skipping Mortgage Qualification. It is SO devastating to buyers when they walk into a property that they love, only to find out that they can not afford it. Trust me, skip the heartbreak, and get pre-approved before you get emotionally vested in any property!

Also, Mistake #9- Not Choosing to Hire an Agent! The fact that some buyers try to take on such a huge endeavor AND investment without representation baffles me! That would be like me to trying to replace the engine in my car...by myself! The results could be disastrous- and potentially costly! (Besides, any Realtor will help you through the process so that you avoid the other nine mistakes mentioned in this article- it's a no-brainer!)

Enough of my rambling, take a look at the article yourself! If you are a first-time homebuyer and looking to start the homebuying process, feel free to contact me today, and we can get you started off on the right foot!

-Jamie Wright, REALTOR
Jamie@BurlingtonVermontHomes.com
(802)846-9530

Couldn't we all be a little Greener?

I recently found this new (well, new to me) blog that has some really great ideas for decorating your home in an eco-friendly AND stylish manner. From ideas on where to find "green" paint, rugs, and furniture, to tutorials on how to re-purpose old household items, this blog is with jam-packed recommendations and solutions for sustainable living. So, visit Green Your Decor sometime! If you're feeling extra crafty, make sure you check out the post 5 Awesome, Eco-Friendly DIY Projects for your Home. Enjoy!

-Jamie Wright, Realtor
(802)846-9530
Jamie@BurlingtonVermontHomes.com

Open House TOMORROW (Yes...Wednesday)! Move-In Ready in Essex!

Come join me tomorrow evening (that's right: Wednesday, July 21st) to celebrate the end of another work day, and check out this amazing Saxon Hollow end unit! This three bedroom and three FULL bathroom home boasts and open floor plan with three sets of french doors leading out to beautiful private decks- ideal for entertaining and outdoor enjoyment! This unit also features abundant storage, a spacious master suite with walk-in closet and full bath, slate-tiled entry, hardwood floors, gas fireplace, and attached one-car garage. Please feel free to stop by and see this fabulous home for yourself, tomorrow evening anytime bewteen 4:30-6:00 p.m. Offered at just $249,900!

For additional information on this property, please click here, or stop by the Open House tomorrow evening at 7 Saxon Hollow Drive, unit A-1 in Essex!

Directions: Sandhill Road to Allen Martin Parkway, left on Saxon Hollow, first unit on the right.

If you can't make it to the Open House but would still like to see the home, please feel free to call or e-mail me at 802-846-9530 or Jamie@BurlingtonVermontHomes.com. Remember, you can always browse Chittenden County's entire inventory of townhomes by visiting BurlingtonVermontHomes.com!

-Jamie Wright, REALTOR

Check out what Smart Money is saying!

A couple of months ago, our very own Coldwell Banker Hickok & Boardman Realty was selected by Smart Money Magazine (a publication of The Wall Street Journal) to participate in a story that they were writing about getting started in the Real Estate business. Enter Alyssa Abkowitz, a journalist from Smart Money who flew to Burlington from Manhattan and trailed myself, and several other fellow H&B agents, as we went about "business as usual" over the course of several days. On one such day, Alyssa came with me to host an Open House where we met (who would soon become) some of my recent buyers: soon-to-be newlyweds and recent transplants from Hawaii, Scott and Jessica! Alyssa and myself were both excited about Scott and Jessica's enthusiasm for finding their first home together, and Alyssa (a newly licensed agent herself) decided Scott and Jess were the perfect first-time homebuyers to work with for the (ever-evolving) story she was looking to write.

Scott and Jess were extremely gracious in allowing their house hunt to be followed, documented, and scrutinized. In the end, after several showings, a couple offers, and lots of time spent together in the car- Scott and Jess ended up finding what would be their new home together! Alyssa was able to aid in the offer-writing process, and as we submitted the offer all four of us kept our fingers crossed! Fortunately, the offer was (eventually) accepted, and so began the remainder of the homebuying process (all the fun stuff that buyers tend to forget about when they are caught up in house hunting: loan applications, financing contingencies, inspections, etc.).

At any rate, after several weeks of being under contract, Scott and Jess officially became homeowners a coupe of weeks ago! I LOVE working with first-time homebuyers, and Scott and Jess were no exception. It is so gratifying sitting at a closing table with buyers that are SO excited and eager to take on the joys of homeownership!

So, without further ado, I thought I would pass along the article from Smart Money: "Diary of an Undercover Broker: How We Sold A House". Thanks SO much to Scott and Jess for all of their cooperation...and I am so glad they wandered into my (and Alyssa's) Open House that afternoon!

If you are thinking of purchasing a home, feel free to call or e-mail me today and we can get your home search started (though, I can't promise you a mention in Smart Money)!

-Jamie Wright, REALTOR
Jamie@BurlingtonVermontHomes.com
(802)846-9530

Am I starting to sound like a broken record?

I know I have said it before, but I just can't stress it enough: NOW is a fantastic time to buy a home!! Even though we no longer have the homebuyer tax credit in place, we DO have INCREDIBLY low interest rates (not to mention a great inventory of homes)! With interest rates hovering around 4.75%, buyers are experiencing greater purchasing power (read: they can afford more home for the same amount of money)!

Heather Myott from Coldwell Banker Mortgage did a calculation to illustrate what this increase in purchasing power really translates to, and I thought I would pass it along:

For example, if a buyer is purchasing a $300,000 home and putting down 3.5% with an interest rate of 4.75% for a 30 year fixed rate loan, their monthly payment (of principal and interest) would be $1,544.15.

Now, let's pretend that same buyer waits to purchase the same home until rates have increased to 5.75%. The payment (again, principal and interest) for the scenario- $300,000 purchase price with 3.5% down for a 30 year fixed rate loan BUT with an interest rate of 5.75% would be $1,727.16. THAT'S AN INCREASE OF $183.31 PER MONTH!! (Or, $65,000 over a 30 year loan!)

Now, I don't know about you- but I have a pretty serious shopping habit. So, I translate that $183 a month to at LEAST one outfit! (That's an entire wardrobe by the end of the year!) Of course, depending on your lifestyle, you could view this additional $183 per month a number of ways: you could think of it as one week of day care, one month's cable, telephone, and internet bill, a couple of nice dinners out, a car payment (part of all of it), or even vacation money at the end of the year!!

Continuing on with the example, if the buyer wanted to maintain the payment amount of $1,544.15 in an economy with interest rates 1 point higher than we are seeing now (so, 5.75%), they would only be able to afford a $268,000 home- that's a decrease in 11% in the amount of home they are able to afford!!

Bottom line: if you are thinking of purchasing a home, but don't think you can afford the home that you want, you should probably speak to a lender and determine what you can afford, as you might be (pleasantly) surprised. Do you have a specific home in mind? If so, click here for a mortgage calculator to help determine what your monthly mortgage might be.

You can contact Heather Myott at Coldwell Banker Mortgage at (802)238-1704 or Heather.Myott@MyMortgageFamily.com

As always, you can reach me at (802)846-9430 or Jamie@BurlingtonVermontHomes.com

-Jamie Wright, REALTOR

Look no further!

JUST LISTED: If you have been looking for a condo or townhome in the Essex area, don't pass this property by! This amazing 3 bedroom Saxon Hollow townhome offers both space and privacy. If you enjoy bringing the outdoors in, you'll LOVE this unit- there are 3 separate sets of french doors that lead to the peaceful outdoor decks! (BBQ'ers: take note!) The interior boasts 3 bedrooms- including a spacious master suite with walk-in closet and master bath, 3 full baths, and an open family room with a gas fireplace. Hardwood floors. Offered at $259,900.

To view interior pics of this amazing property, click here. If you would like to schedule a showing, please call or e-mail me today!


-Jamie Wright, REALTOR
Jamie@BurlingtonVermontHomes.com
(802)846-9530

Open House Sunday: Immaculate Burlington Condo!

This Sunday, June 5th, I will be hosting an Open House at this fantastic condo in the New North End of Burlington from 1:00-3:00 p.m. This move-in ready townhome has 2bedrooms and 1 bathroom in over 1,000 square feet. Conveniently located close to the lake and bike path, schools, Colchester and just minutes from downtown Burlington.

Recent updates include fresh paint, newer windows and furnace (installed in 2007), newer carpeting, and updated light fixtures. The large back deck backs up to the woods and river, providing for a peaceful area for relaxing outdoors!

This townhome is offered at $177,000. For more information on the property, please click here, or stop by on Sunday!

If you can't make it to the Open House this Sunday, but would still like to view this property, please contact me to arrange a showing: Jamie@BurlingtonVermontHomes.com or (802) 846-9530

-Jamie Wright, REALTOR