What Do All The Initials Mean After A Real Estate Agent’s Name?

One of our agents was at an event recently and was asked, “What do all those initials mean after some of your agents names?”. It’s a great question, and the initials all mean something different, but they all mean that these agents have committed to increasing their education to better help you, our client or customer. Here’s a rundown on the initials and what each one means, by Sales Associate Michele Penner.

The letters after an agents name signify designations that they have earned from the National Association of Realtors.  These designations are earned by taking specific educational courses, passing an exam and often times meeting  practical requirements. The following is a list of designations:

 

ABR – Accredited Buyers Representative

ABRM – Accredited Buyers Representative Manager

ALR- Accredited Land Representative

CCIM – Certified Commercial Investment Member

CIPS- Certified International Property Specialist

CPM – Certified Property Manager

CRB- Certified Real Estate Brokerage Manager

CRS – Certified Residential Specialist

CRE – Counselor of Real Estate

GAA – General Accredited Appraiser

GRI – Graduate Realtor Institute

PMN – Performance Managing Network

RCE – Realtor Association Certified Executive

RAA – Residential Accredited Appraiser

SRES – Senior Real Estate Specialist

SIOR – Society of Industrial and Office Realtors

RSPS – Resort and Second Home Property Specialist

Michele Penner, Sales Associate

Michele Penner, Sales Associate, fell in love with northern New Hampshire and the Bretton Woods area over ten years ago, pursuing her hobbies of skiing, kayaking, gardening and hiking. She now has the opportunity, having sold the wholesale business she ran with her husband, Terry,  to promote the area through Real  Estate Sales. She is fulfilling her dream – relocate to northern New Hampshire and live and work in the community she loves. Michele can be reached in the Littleton office, or by email at: michele@peabodysmith.com

Andy Smith Addresses Real Estate Professionals at Fall Workshop

Andy Smith Addresses Real Estate Professionals at
Leading Real Estate Companies of the World^® Fall Workshop 

Blaise Coco, Andy Smith and John Reinhardt

 

 

 

 

 Andy Smith, Broker/Owner of Peabody & Smith Realty was a speaker at the Leading Real Estate Companies of the World^® Fall Workshop in Providence, Rhode Island last week. The meeting attracted brokers, managers and relocation professionals from LeadingRE member firms across the U.S., who gathered for educational sessions and networking opportunities.  

Smith’s session addressed Strategies for Real Estate Brokers, a topic of great interest in the real estate community. As a respected expert in this area, Smith shared insights to help educate fellow Leading Real Estate Companies of the World ^® members. He was joined on the panel by two other Brokers, Blaise Coco of Coco, Early and Associates in Methuen, Massachusetts and John Reinhardt of Fillmore Real Estate in Brooklyn, NY.
 

Smith’s session was part of the larger meeting program, which gave attendees an opportunity to discuss real estate trends and to address ways to best meet the needs of home buyers and sellers – from marketing properties on the network’s global home listings website(s), RELOHomeSearch.com and LuxuryPortfolio.com, to implementing new ways to elevate a company’s performance. 

“Our network includes some of the most forward-thinking, service-oriented real estate professionals in the industry.  By bringing these people together to exchange ideas and discuss strategies for success, we continue to support our member firms in their efforts to offer the most responsive and relevant real estate services available,” Pam O’Connor, president/CEO of Leading Real Estate Companies of the World^® said. 

As a member of Leading Real Estate Companies of the World^®, Peabody & Smith Realty can assist individuals buying or selling homes in virtually any community worldwide and can meet corporate relocation needs.  For more information on Peabody & Smith Realty, visit www.peabodysmith.com.

 “It’s always a wonderful opportunity to join together with other brokers to share ideas on how to better help your sellers and buyers and to network with others. I was honored to be chosen to speak.” Smith said.
  

Also attending the three day conference were Melanie Kerr, Operations Manager at Peabody & Smith and Chrissy Smith, Marketing Director. They attended a variety of classes including Web 2.0 Marketing, relocation, new initiatives at LuxuryPortfolio.com and more. 

Leading Real Estate Companies of the World^® is a global real estate and relocation network with 700 affiliates, 5,500 offices, and 170,000 sales associates in 38 countries. The network’s affiliated firms are widely recognized as the premier providers of quality residential real estate services, producing nearly $370 billion in annual home sales volume – more than any national franchise. 

As a member of Leading Real Estate Companies of the World^®, Peabody & Smith Realty can assist individuals relocating to virtually any community in the U.S. or abroad. 
  

With 23 full time Realtors, and a support staff of six, Peabody & Smith Realty has offices in Franconia, Littleton and St. Johnsbury. Peabody & Smith Realty has been serving the area for over 15 years. They are members of the “Board of Regents” and one of only 700 firms chosen as part of “The Leading Real Estate Companies of the World”. The can be seen on the web at www.peabodysmith.com.

Current Real Estate Market Conditions in Northern NH & Northeast Kingdom VT

Fall Market Watch
Residential Sales Slow Down

By Andy Smith, CCIM

After showing much resilience and maintaining a steady sales level through early summer, the local home market has finally succumbed to the malady facing the industry across the country. An overall decline in both unit sales and price has made for anxious times for Sellers. Overall, the average sale price has dropped 15.6% to just over $204,000. Many of these price reductions are due to bank owned property now coming onto the market, and are being sold at discounted prices. Inventory has continued to grow, although the rate of new homes coming on the market has slowed considerably in the last 30 days. Is this a Buyers market? By all means!

Those Buyers that are qualified, have a solid down payment and steady employment history are finding a great selection of homes. In addition, these Buyers are working with willing Sellers, and are finding interest rates that have dropped back down in the 5% range. 

What homes are selling? Those that are both priced below market and are in good shape or those that need some tender loving care, and are priced accordingly. Overall, Buyers are looking for value, or the ability to find hidden value. The homes in the higher priced markets which cater more to the vacation market or retirement buyer are still selling, but are seeing the largest reductions in price. Primary homes in the mid $150k to $200k range have held their values better but have still seen a decline in sales volume.

Have we reached the bottom? That question really depends on how the market reacts to other economic forces such as energy costs, unemployment fears, and the ailing financial sector. If folks have a hard time making their mortgage payments, and are unable to refinance or sell their home quickly and for at least what they owe, the mortgage delinquency rate will continue to climb. As of the end of the 2^nd quarter, mortgage delinquency (ratio of borrowers 60 days or more past due) increased for the 6^th straight quarter, hitting as national average of 3.53%. This is up more than 51% from a year ago. Increases in foreclosure sales will continue to have a very negative effect on the marketplace, as values of homes that are not being foreclosed on will need to compete with bank owned property. There are a few good notes, one being that New Hampshire was one of 6 states that dropped in mortgage delinquency. The other is the Fed’s took bold and unprecedented action in putting Fannie Mae and Freddie Mac into receivership. While I doubt that this move will have any immediate effect on the market, it will keep mortgage money flowing, and prevent a much worse situation from occurring.

The market will improve when Buyers feel comfortable about their jobs and financial situation, and begin to invest in their homes again. The lower prices, and lower interest rates will have an effect, and inventory will begin to come down. Nothing will be a quick fix for the market, as we need to work through the inventory, but it will soon begin to show signs of recovery.

Getting Divorced and Keeping the Home.

Question: I am getting divorced and don’t want to lose my house – my kids are dealing with enough change as it is, I’d like to be able to keep them in the only home they have known and in the only school they have known – but I am not certain I will be able to manage on my own.  Do you have any suggestions? -Suzanne, Bethlehem, NH

Peabody & Smith Sales Associate Michele Penner answers:

The New Hampshire Housing  Financing Authority (NHHFA) , which is a non-profit benefit program, has a program designed just for that purpose, called Philip S. Rader Divorced Borrower Initiative..  This program allows  for an eligible borrower with minor children to  refinance and retain their home.  There are some specific criteria that must be met., but  you can contact them  at www.nhhfa.org.  or call 1-800-649-0470 (NH only). Good luck Suzanne, if you need anything else, please don’t hesitate to call.

Michele Penner

 

Michele Penner, Sales Associate, fell in love with northern New Hampshire and the Bretton Woods area over ten years ago, pursuing her hobbies of skiing, kayaking, gardening and hiking. She now has the opportunity, having sold the wholesale business she ran with her husband, Terry,  to promote the area through Real  Estate Sales. She is fulfilling her dream – relocate to northern New Hampshire and live and work in the community she loves. Michele can be reached in the Littleton office, or by email at: michele@peabodysmith.com

I am a first time home buyer, where do I start?

I am a first time home buyer, where do I start?  -Candice, Whitefield, NH

First of all congratulations, deciding to become a homeowner is a big step!

 

The most important  thing you can do is get yourself educated on the process. of buying a home.

Here in the greater Littleton area there is a great program to help first time homebuyers., called AHEAD – Affordable Housing , Education and Development.  They put on first time home buyer seminars and will walk you through the process completely.  

Your Realtor is also a great source.  Realtors love to work with first time homebuyers.  We find such reward in helping you through  the process.  We understand that it can be daunting at times, but our goal is to get you through tit all as smoothly as possible and hand over the keys to your new home!

Sitting down with a lender is also key at the beginning of the process.  Many of the banks now have  loan applications/qualification  services on line, so you  can start the process from home!  But understanding what you will  qualify for in a loan  will be key in us helping you look for and find the right home.

-Michele Penner of Peabody & Smith Realty

Michele Penner

Michele Penner, Sales Associate, fell in love with northern New Hampshire and the Bretton Woods area over ten years ago, pursuing her hobbies of skiing, kayaking, gardening and hiking. She now has the opportunity, having sold the wholesale business she ran with her husband, Terry,  to promote the area through Real  Estate Sales. She is fulfilling her dream – relocate to northern New Hampshire and live and work in the community she loves. Michele can be reached in the Littleton office, or by email at: michele@peabodysmith.com

 

 

 

 

 

 

Septic Designs and Purchasing Land in NH

Do I need a septic design for the land I am considering purchasing in NH?  

-John from Acton, MA

Peabody & Smith Broker Associate Beth Horan provides us with the answer:
You do not need a septic design, although if you are planning on building within the next 4 years of purchase it may be wise to get a septic design engineered. A State approved septic design is good for 4 years. If after 4 years you have not used it you may submit it to the state for renewal providing the guidelines have not changed. If the state guidelines have changed such as tank size then you can resubmit it to an engineer who will then update and send back to the state for new approval.

 

What you might consider if you are not sure when you are going to build is a perk test. This is simply a test an engineer does to determine if the soils on the lot will support a septic system. What is important with a perk test is that you have some sense of house placement on the property as they will want to test in that vicinity vs. off in the corner of the lot.

 

A perk test is the lesser of the two. A perk test may run around $500 where as a septic design that gets recorded in the county runs about $1,200.  

 

Beth Horan, CRS, SRES, Broker Associate was awarded Peabody & Smith’s Sales Associate of the Year in 2002, 2003, 2005 and 2007. Beth has been with the company since 1998 and is a Licensed Realtor in both NH & Vt. She has obtained the highly coveted designations of Certified Residential Specialist and SRES. A Green Mountain College Alumni majoring in Retail Management & Textile Design led to independent careers for 11 years in Interior design and family home textiles business. Following in her Grandmother’s footsteps, Beth turned to real estate to fulfill her dreams of combining all her passions of working with people and design, along with her love for Real Estate and Architecture. Beth said assisting clients and customers with frequent, clear communication and knowledge of the area while hand holding them through a smooth transaction is what feels good. Beth and husband Steve have lived in Franconia for years with their two sons Travis and Tucker along with black labs Jack and Chase. She is an avid runner and enjoys, hiking, biking, skiing, gardening, and sewing along with extracurricular community and business involvement. Beth can be reached by email at beth@peabodysmith.com 

 

 

 

If you have a question, write in and let us know!

 

 

 

 

 

What does “current use” mean?

What does “current use” mean? From John in Boston, MA

Peabody & Smith Sales Associate Michele Penner responds:
“Current Use in New Hampshire is a special form of taxation used to allow and encourage land owners to keep their parcels of 10 acres or more of undeveloped land, undeveloped.  The program’s intention is to preserve open space and thus preserve the state’s rural character.  Land in current use is taxed at a significantly lower rate making it easier, less costly, for the homeowner or landowner to hang onto. 

If you are purchasing raw land that is classified in current use, please keep in mind that if you develop a portion of that 10+ acreage, you will have to take that portion of developed land out of current use.  There will be a 10% penalty assessed by the town to take that land which you developed out of current use.  If in this process you leave less than 10 acres undeveloped, the whole parcel will be subjected to the 10% taxation.  The portion developed, after the 10% fee, will also be taxed at standard yearly rates.” 

For more information on current use, feel free to give us a call at 603-823-5700 or 603-444-1294 or visit us online at www.peabodysmith.com.

 

 

Michele Penner, Sales Associate, fell in love with northern New Hampshire and the Bretton Woods area over ten years ago, pursuing her hobbies of skiing, kayaking, gardening and hiking. She now has the opportunity, having sold the wholesale business she ran with her husband, Terry,  to promote the area through Real  Estate Sales. She is fulfilling her dream – relocate to northern New Hampshire and live and work in the community she loves. Michele can be reached in the Littleton office, or by email at: michele@peabodysmith.com

Auction Properties and Foreclosured Property Are Not for Beginners

By Andrew Smith, CCIM

Our phone calls and emails are full of inquiries from Buyers looking for properties that have been foreclosed on, or are ready to go to auction. We are happy to help, and many seasoned Buyers are making great buys on bank owned property. However, this is not an area we recommend for first time homebuyers, or those with limited resources. Buying these properties can be very lucrative, but can also be very risky.

When you bid on a property at a foreclosure auction, you must be prepared to purchase that home with out any contingencies. If you are the winning bidder, you will need to put up approximately 10% of the purchase price in non-refundable funds, without financing or inspection contingencies. You need to be able to close in 30 days, and you are buying the property from a Seller that knows nothing about it. You don’t know if the heat and plumbing work, or if the roof leaks when it rains. You need to be in a position to handle these surprises without putting your family in a difficult financial situation.

Bank owned property can also be a great opportunity, but you do need to be ready to take more risk. Many of the OREO (bank owned) property available in this area is owned by finance companies or out of state banks. They also do not know anything about the property, and will make very limited representations about what they will and won’t do in the sales process. For instance, if the water has been shut off, they may not make any representations as to the condition of the heating and plumbing, and will put the responsibility on the Buyer to bear the expense of getting it turned on for inspections, or take the risk that it may or may not work after they buy the property. This makes it a very difficult and risky purchase for a first time home Buyer with limited cash. If you are a seasoned investor, and can take some risk, you may consider seeing what’s available. The full time professionals at Peabody & Smith would be happy to discuss the pro and cons of this type of investment with you. 

Slow, Steady and A Great Time to Buy Real Estate

By Andrew Smith, CCIM

The real estate market in Northern NE continues to prove that it has not caught the cold that has been plaguing many parts of the country for the last year. Although there are pockets of concern, the market continues to chug along, with astute Buyers stepping up and getting both attractive prices, and great financing terms. The chart below shows both activity and prices are down in some towns, and up in others.Activity in Vermont has been affected the most, with an overall decline in sales of -37%, while New Hampshire posts a strong 29% increase. Proper pricing seems to be the key. With more homes on the market, those Sellers that are realistic in their asking prices are getting their homes sold. This is reflected in the days on market, which after going up for the last few quarters appears to have stabilized, and actually saw a 2% decline to an average of 160 days. 

Many Buyers are coming in, and although they recognize the values, are still hesitant to take the plunge. Why is this a great time? Well, we feel that even if the market is not “right at the bottom” (the only way you will know is after it starts back up again!) the very favorable interest rates more than make up the difference. Interest rates are at historical lows, and coupled with more than ample choices, it’s the best of both worlds for Buyers. As the feds struggle to keep the economy on track, and keep inflation in check, we doubt these low rates will be sustainable. Look for higher mortgage rates starting in the 3^rd quarter of this year.

Still uncertain? Please come in and see one of our full time professionals,
and ask them to show you the real numbers and benefits associated
with buying real estate in today’s market, at today’s low rates.

 

 

 

 

Spring Market Watch

By Andy Smith, CCIM

Broker/Owner Peabody & Smith Realty

Boy, what a roller coaster the economic news is lately. Lots of talk of recession, credit crisis, fuel prices going higher than ever, and a stock market that goes up and down like an elevator in a busy office building. During times like this, it is hard to get a clear picture of what is really happening, and even more difficult to have the courage to do anything. A natural tendency is to duck for cover, retreat, don’t make any moves because you may be making a mistake, and hope all will be better next year.

I can relate, as my son and I have been shopping condos in Boston, and have certainly been wondering, and worrying that maybe we did not know when was the right time to buy.  Should we buy now, or wait just a little while longer? What will we do if the prices drop after we buy? These questions and fears are understandable, but I knew that even if the market was not at ”its bottom”, we should be taking advantage of a market full of anxious Sellers, and attractive interest rates.

With the help of a knowledgeable local Agent, we were educated about the market, found the neighborhood we wanted, looked at pricing trends over the last 2 years, locked in a very favorable interest rate, and have a property under contract scheduled to close in May. In the end, we knew that there was no “exact right time”, but believe in the sound investment principals of real estate, and knew the interest rates will not get any better than they are right now. We compared what would be our occupancy costs if we waited a little while longer, prices dropped, but interest rates went up ½ of a percent. What the numbers showed us is you live with the cost of the higher interest rate for 15, 20 or even 30 years, and that you are much better off buying now, locking in a great rate and enjoy those savings for years to come. The other lesson that was reinforced is one I have been writing about in every issue for the last 12 months. Real Estate is local. Some neighborhoods in Boston are experiencing a much larger turndown than others, and we needed local help to determine which neighborhoods were the right ones. You don’t go to a national news station to get a local weather forecast. You should not believe that a national real estate forecast is accurate in the market you are in either. Real Estate is local.

Town	# of Homes Sold 1st Quarter of 2008	# of Homes Sold 1st Quarter of 2007	% Change	Average Sale Price 08	Average Sale Price 07	%  Change	Average Days on the market in 2008	Average Days on the market in 2007	% change
Vermont
Peacham	1	1	0.0%	$525,000.00	$142,450.00	268.6%	236	73	69%
Danville	2	2	0.0%	$109,525.00	$118,530.00	-7.6%	170	76	55%
St. Johnsbury	6	6	0.0%	$152,250.00	$118,500.00	28.5%	99	114	-15%
Lyndon	6	2	200.0%	$128,708.00	$141,725.00	-9.2%	126	216	-71%
Burke	5	2	150.0%	$485,000.00	$147,000.00	229.9%	144	216	-50%
Waterford	2	0	N/A	$257,450.00	N/A	N/A	86	0	N/A
New Hampshire
Littleton	6	8	-25.0%	$294,833.00	$204,333.00	44.3%	195	188	4%
Bethlehem	8	9	-11.1%	$164,687.00	$171,488.00	-4.0%	239	122	49%
Franconia, Sugar Hill, Easton	7	5	40.0%	$263,985.00	$302,080.00	-12.6%	147	185	-26%
Lisbon, Lyman, Landaff	5	6	-16.7%	$147,300.00	$140,250.00	5.0%	121	64	47%
Carroll, Bretton Woods	1	0	N/A	$235,000.00	N/A	N/A	44	0	N/A
Totals	49	41	19.5%	$251,248.91	$135,123.27	85.9%	146	114	22%

Let’s take a look at the first three quarters in the greater Littleton and St J markets. Overall, we see a great start to 2008, with unit sales up 19.5%! You don’t hear that in the national news. That s a great start for our area, and one that we see continuing to increase as the sun gets a little warmer, and the record snows begin to melt. But wait, what’s going on in Peacham, Burke, and Littleton? Are prices really going up that much?   The statistics are accurate, but your local Agent can fill you in on the details. In Peacham, we are looking at 1 sale for $525,000 against one last year of $142,450,  and in Burke the numbers reflect two brand new Bear Path condos that sold around the 1 million dollar mark.  In Littleton, there was the March closing of the highest residential sale ever in at $695,000. Does that mean your property went up 85% as the overall number shows? Probably not. However, it also means that your property, or the one you are considering buying probably did not go down like the properties in Tampa, Fl, or Las Vegas, NV. It also means there are Buyers that can and will buy in this market. The sky is not falling, and in fact, things are looking pretty good for the local forecast. 

 

If you want an up to the minute forecast on your property, or on one you are considering buying, please let us know. We would be delighted to help. www.peabodysmith.com