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Vermont Real Estate News: Time to Jump Into the Market

Posted by nelrealty

Aug 3, 2013 2:51:30 PM

To buy, or not. That is something many people have struggled with over the past 5 years.  Will home prices decrease further? Will interest rates stay low or continue to rise? Can I time it just right to get the best value for my money? Well, if you are out there looking now, then I would say that you have timed it well.

But now your worry may be, will my offer be better than the competition’s offer? News flash: homes are getting looks from buyers…many buyers.  And we are seeing multiple offers on properties in varying price ranges. Wait a minute. Is this a flash back to 2006? 2006 is often referred to as the end of the hot market but if we compare today’s market to that of 2006, it becomes clear that now is an ideal time to jump into the housing market.

Looking at Vermont real estate trends, specifically in Chittenden, Lamoille and Washington County, we see that the average number of homes sold in quarter 2 (about 900) and the average sell price (about $280,000) is about the same this year as it was in 2006. The difference is, homes aren’t selling quite as quickly in this market even though interest rates are lower now than they were then. In 2006, interest rates in Vermont were at 6.75% and with that rate a $300,000 loan for 30 years would cost about $1945 a month in principle and interest. Now, if you were to get the same loan with today’s interest rate of 4.75% it would cost $1565, about $400 less. It is also important to note that people are employing much more creative financing these days. In Vermont in 2006, the home selling market was fueled almost entirely by conventional loans. Now, in 2013, there are many more low-income loans, cash sales, and with many veteran’s returning from war, there is a large increase in veteran’s association financing for home sales. There are certainly more financing options available to you than just the conventional loan.

If you look at the numbers, it is a buyer eye-opener. Supply is low; demand is high. The Vermont real estate market, as well has national trends, show that inventory has been decreasing in the last six months and while Interest rates have risen 1 point in last year and 2 points in last 5 years inventory is having a more significant impact on the market. National Association of Realtors Chief Economist Lawrence Yun said last month that compared to interest rates “the bigger concern remains too few homes available for sale, especially among homes in the lower price range” (http://speakingof realestate.blogs.realtor.org). So, while there has been talk about rising interest rates, they still remain historically low and owning is often more economical choice than renting. In fact, the mortgage you will pay on that $250,000 home is comparable to what you would pay to rent a modest 2-bedroom house.

Let’s not forget the other advantages of owning your home.  Every month you pay your mortgage you are putting money into your own pocket. You have a tax deduction as well as a payment toward equity.  And don’t forget appreciation. All market indications show that home prices have leveled, with the average sell price remaining about the same in the Vermont real estate market over the past seven years, leaving us to expect housing prices to see modest appreciation in the next few years and beyond. That should prompt you to start your home search.

As wonderful as all of this sounds, it still is only attainable for those who feel a sense of job security, have taken care of their credit, and have managed to save money for their required down payment and closing costs.

Go out into the home buying arena prepared. Talk to your lender to see what you can afford. Go out there with your eyes wide open. You may be surprised. And as always, feel free to contact us at New England Landmark Realty with any questions you may have.

Feature Image courtesy of: http://www.hopperdesignllc.com

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Topics: National Real estate trends, VT Real estate trends

Summer Storm

Posted by nelrealty

Jul 15, 2013 12:47:06 PM

Local photographer Andrew Gimino captured the beauty of a VT summer storm through his camera lens. This is quite an artistic feat because by this time in the summer I know we were all pretty tired of the rain. Locally, we have seen oppressive heat, record high precipitation levels, and frequent thunderstorms in the month of June and the first half of July. While this doesn't seem to follow past trends for summer weather in Vermont, we are all wondering if it will shift to become the new norm in our area.

While the effects if climate change may seem subtle, it is important to protect our homes from the damage it may cause in the future. John Banta, author of the "Extreme Weather Hits Home" said, "Our homes are one of the most expensive investments we will ever make. They are also our refuge from the elements, and we must protect them so they can protect us." In the past, protecting the home in Vermont has often meant preparing for the cold weather and harsh conditions of winter, but with changing climate it may also mean increased protection from flooding, strong winds, and severe storms. Regular maintenance is a good preventative tool, as the weather patterns may have shifted since the time your house was built or even in recent years. Some suggestions include, refastening exterior light fixtures, trimming trees and shrubs, reinforcing or shielding windows, maintaining roofing, as well as revisiting home insurance policies. While we are fortunate in Vermont to be protected from many natural disasters such as hurricanes, tornadoes, and forest fires, it is still important to protect our home according to the changing climate.

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The Value of Home Ownership in Shifting Economic Times

Posted by nelrealty

Jul 15, 2013 12:33:35 PM

The Value of Home Ownership in Shifting Economic Times

Feature image: www.sdseacoastblog.com

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Topics: National Real estate trends, VT Real estate trends

Shelburne Museum Names New Art & Education Center » Vermont Life Magazine

Posted by nelrealty

Jul 11, 2013 10:09:06 PM

Vermont Life Magazine Shelburne Museum Names New Art & Education Center » Vermont Life Magazine.

This building will be a "new and important cultural and educational resource for Vermont." It features gallery space, an auditorium, educational classroom, and meets the criteria as a LEED certified building, using local materials and energy efficient technologies. We hope that this building can be used as an engaging resource for local residents. The Shelburne Museum is a very valued local space that brings many people to the area and contributes greatly to the local community. This is one of the many attractions that might make you consider making Shelburne your home.


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Topics: Vermont culture/events

Arianna Huffington's Secret to Success: Sleep

Posted by nelrealty

Jul 10, 2013 11:23:16 PM

[ted id=1044]

"Shut your eyes and discover the great ideas that lie inside us. Shut your engines and discover the power of sleep." According to Huffington, this is what's best for our personal health and well-being as well as what's best for the condition of the world. As a small business we are always looking for ways to improve the health of our employees and the community and if sleep is one simple step in the right direction then we will embrace Huffington's secret to success. Through doing so we hope to foster new and innovative ideas, engage with the local community and grow.


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Topics: Business

Hen of the Wood Burlington

Posted by nelrealty

Jul 10, 2013 10:59:56 PM

[youtube=http://www.youtube.com/watch?v=ORcPW76WfKI&w=560&h=315]

Hen of the Wood has been in Waterbury for almost eight years now and in that time co-owners Eric Warnstedt and William McNeil have helped to foster a great sense of community and local flavor within a carefully crafted dining experience. This is an experience soon to be had in Burlington as well. Hen of the Wood will be opening at Hotel Vermont with the same intuitive vision for pursuing local partnerships, operating like a family, supporting the local community and economy, and creating simple, yet innovative and inspiring cuisine. You can help make this all possible by becoming a seatholder at both Hen of the Wood locations. By making a $500 donation to this expansion project you will receive a 15% discount for the life of both businesses and give a gift in return to a community business that has helped grow the Waterbury economy.

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Topics: Vermont culture/events

Community

Posted by nelrealty

Jul 3, 2013 4:19:10 PM

Join the party!

The Waterbury Arts Fest is street fair that takes place on a closed section of downtown Waterbury historic district. Filled with artists, musicians, dancers and more, it’s a great way to walk around and mingle with the community, do a little shopping, a little dancing, a little eating and have a ton of fun! The weekend includes a wide variety of Vermont artist exhibitors, artist demonstrations, kids’ activities, live music, food and much, much more.

Block Party on Stowe Street: Friday, July 12th: 6pm-10pm

Arts Fest: Saturday, July 13th: 10am-4pm, Stowe St., Waterbury, VT

(http://waterburyartsfest.com).

And we are so very happy to be a community sponsor for this event!

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Topics: Vermont culture/events

Hotel Vermont Vision

Posted by nelrealty

Jun 28, 2013 12:08:55 PM

[vimeo http://www.vimeo.com/69096731 w=400&h=300]

Burlington's new Hotel Vermont embraces the local surroundings and creates a place for visitors to feel at home. Their vision:

Vermonters are known for being independent, together. And like Vermont, Hotel Vermont is full of compatible contradictions. Located in downtown Burlington near the shores of Lake Champlain, we’re rustic and modern, local and global, natural and sophisticated, hand wrought and high tech. We give you space to yourself and room to gather. And we’re here to help you explore like a local, relax like it’s your job, and soak in every detail. From food fresh from the farm to your plate, to the glorious sunsets across the lake and ideas for exploring off the grid, we hope you’ll discover and enjoy our beautiful state as much as we do.

(http://www.hotelvt.com)


Feature image courtesy of: www.vtbrewfest.com
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Topics: Business, Travel

Vermont Has A Strong Job Market as Report Shows Strengthening Economy

Posted by nelrealty

Jun 28, 2013 12:00:03 PM

There is clearly a link between home buying and the job market so as we see the Vermont job market strengthen, we will hopefully also see an increase in the housing market. The connection between the two markets can also reflect a change in home prices in Vermont - as personal incomes increase there will likely be a rise in home prices. The strong job market in Vermont may also attract new home-buyers moving to the area from other states and countries in search of a better lifestyle for themselves and their families.

Feature image courtesy of: jobs.lovetoknow.com

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Topics: Vermont culture/events, VT Real estate trends

Benefits Of Owning A Green Home You May Not Have Considered

Posted by nelrealty

Jun 28, 2013 11:59:02 AM

As a local real estate company in Vermont, we value the monetary concerns of our clients alongside the need to transform  the homeowners status quo to reflect a more environmentally conscious lifestyle. Therefore we would like to offer some incentives that might motivate you to either buy a green home or transform your current dwelling into a more environmentally friendly structure. This article outlines environmental, financial, and personal health benefits to owning a green home. Feel free to contact one of our agents about green homes that are on the market today or visit http://www.vermontgreenhomealliance.org/ for more information and resources.

Feature image courtesy of: www.dongardner.com

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Topics: Energy