Main Sections

Lake And Mountain Property Owners Assess Current Real Estate Market

photo provided (L to R) Nancy Larrow and Nancy Ryan owners of Associates In Lake And Mountain Properties.

Tuesday November 28, 2006

By Mike Cameron

    At Lake and Mountain Properties Nancy Ryan Owner/Broker CBR and Nancy Larrow Owner/Realtor CBR have been able to build on a friendship and combine their individual real estate skills into a business with  35 years of experience behind it.

    In a recent discussion about market forces driving Addison County  real estate, both women remain optimistic even while pessimists in the industry are saying that the “real estate bubble has burst.”

    “Supply and demand,” a confident Nancy Ryan says with her always up-beat demeanor.  After 20 years in the business Ryan has weathered some stormy seas and enjoyed  many sunny days as well.  

    Nancy Larrow adds, “We know the market runs in cycles.  Right now lending institutions are looking for a larger down payment in some cases and both buyers and sellers have to watch interest rates  closely,” she explained.

    Both women see some opportunities for first time home buyers through the current programs being offered by the Vermont Home Finance Agency (V.H.F.A.).  “They are always looking for new ways to get first time buyers into a home and help guarantee the loan through the  lending institution by assuming some of the risk.  They have an excellent track record,” she explained further.

    One area that has become more of a challenge for buyers and sellers is in the area of pre-owned manufactured homes including a larger down payment and higher interest.

    Both women agree that finding adequate financing often  depends on how the deal is put together.  Finding the right price is the key to bringing the buyer, seller and the lending institution together.

    The “If Factor” in the equation  depends on a number of variables not the least of which is inflation.  “If incomes cannot keep pace with the the prices of properties, the market will adjust downward. Other factors like local property taxes play a significant role in the equation. This brings us back to supply and demand  once again,” Ryan explains.

    Both women are realists and feel strongly about the process of building  personal relationships with their customers.  “There are risks that occur and there are rewards.  We try to build solid  personal relationships and continue to learn the market” Larrow adds.

    The two women fully understand that rents, local customs, bankers, title companies and other factors will determine the outcome of business on a day to day basis.

    Ryan and Larrow, like many real estate professionals, are both further encouraged by the recent increase in construction here in Addison County.  especially over the past two years.  Commercial development has seen better numbers and the future potential looks better than it has in some time.

    “One area of residential construction that has become a popular choice especially with ‘Baby Boomers,’  is the Condominium option.  Condo’s allow people freedom and flexibility especially in their retirement years,” Larrow explains.  

    Both women explain that Vermont itself is a major selling point in their business.  Quality of life issues and the natural unspoiled beauty that the state and Addison County in particular offers to prospective property buyers cannot be overlooked.  “We  get a steady stream of hits on our website from interested people who live both in and out of state asking questions about what it’s like to live here in the county,” Larrow mentions.

    The women are also constantly looking at new ways to educate current and prospective customers about prevailing market conditions.  

    Helping a customer to understand the process of building equity into their current home and explaining how that equity can be invested into a larger home as  family needs change is important.  Helping older home owners who might be considering the sale of their home and a move to a smaller, easier to manage dwelling is also a task that needs to be managed with skill and experience.

    At Lake and Mountain Properties the key phrase is “Customer Service.”  “ We have to understand their needs from their point of view and  we have to follow up.  Our customer referrals have become a large part of our business.  Satisfied customers help us sell more properties,” Ryan believes.  

    The company has enjoyed stable and steady growth.  As to the future? Nancy Larrow says, “Well that will depend on how many new friends we can make in the week and months ahead.  This business is about bringing people together.”              

Printer Friendly

Top

Advertisements

Search our Archives