Expert: David Beckett - 4/28/2007

Question
I've recently decided that I would like to buy a house in Burlington, and if possible, do so over the summer.  I'm a first time buyer, so I don't know too much about the process.  Do you have any advice about the current market for a first time buyer?  I realize that's pretty general, so ideally I'd be looking for something right in town, maybe a duplex that I could rent one unit out, and something that's structurally sound, but might be sort of a fixer-upper.

Answer
Hi Kathleen -

Forgive the lengthy response - but you've used one of my favorite words, "process". I believe strongly in the value of knowing how this all works as you get started exploring the possibilities!

There are presently 44 Single Family Homes on the market in Burlington, and 17 two-unit buildings. That's just within Burlington's city limits. Of course those numbers rise rapidly if we include other townships, condos, 3 unit properties and so on.

In my opinion, it's a terrific time to be looking to buy a home for the first time in the Burlington area: There's plenty on the market compared to the last few years, interest rates are very favorable, and there are some recent developments that should make it easier for you to have some leverage and make things work to your advantage.

At the beginning of the process, I can best explain these thoughts and share relevant market data with you if we can sit and talk in person for an hour or so. If you're not in the area right now, we can begin on the phone and then based on what you tell me about your needs, I can follow up by email.

In my experience, there are a few things we can discuss at the outset which can make the home buying experience a whole lot more fun and less frustrating for you. These would include:

- What exactly you're looking for (price range, towns, type, etc)and when you're going to want it.  
- Who else you might call on for assistance: Mortgage Professionals, Real Estate Attorneys, Professional Property Inspectors etc etc etc. Having been a Realtor since 1988, I know a few people, and can help you get a sense of thier exact roles in a Vermont purchase.  
- My possible role, and "agency", meaning who represents whom, etc etc etc. Agents historically haven't always done a great job of discussing with potential buyers all of thier various options. But since July 1, 1995, VT law requires the agent begin this discussion "at first substantial contact" and this is a very good thing.   
- The sale prices of properties like you're interested in. You'll feel more comfortable once you've seen the actual net sale prices of some of the places (which meet your criteria)which have sold over the past year.

I hope this is helpful to you, and look forward to talking whenever it's convenient.

David Beckett, Realtor, CBR
Chenette Real Estate
1 802 264 1888
david@askdavidbeckett.com