To Buy Or Not To Buy?
In a slowing real estate market, buyers often ask is it better to buy now with low interest rates or is it better to wait and see if prices will drop. If I had a crystal ball and could tell you this, I would probably be retired on a tropical island somewhere, but I can give you a couple of insights.
Interest rates have been hovering around 6.5 percent for over a year and there are no indications that this will change any time soon. The minor fluctuations in rates we have been seeing don’t really effect your payment much.
Say you have a loan for $100,000. At 6.5 percent the payment on a 30-year fixed rate loan is $650. If the interest rate drops by 0.5 percent it only brings your monthly payment down $5.00. You would have to see a dramatic drop (or increase) in rates for it too effect your pocket book.
Will housing prices drop? The National Association of Realtors is predicting a rising market throughout 2007. Also, it is almost March and spring is the busiest time of year in real estate. Historically, prices increase in the spring which means gambling on a drop in prices may not be a great gamble.
Confused? Give me a call at 800-659-1819 #103. I am glad to discuss this with you further. Or visit my website. Here you can view all Ludlow, VT homes for sale.
Number Of Vacant Homes Surges
MarketWatch.com has reported the number of vacant homes increased dramatically at the end of 2006 compared to the end of 2005, up 34 percent. This is an indication that housing starts need to slow even more than they ahe already.
Most of these vacant homes are new construction, but the number of vacant resale homes is up also. If a home is for sale due to a job transfer, many owners will leave it vacant if it hasn’t sold, rather than have the family separated for an extended period of time.
Vacant homes don’t show as well as occupied homes do. It is harder for the buyer to visualize howfurniture will fit in a room if that room is empty. Furniture in the room allows easier spacial relationships.
If you are moving becasue of a job transfer and would like to talk about how to get your home sold in the shortest period of time and not leave it vacant, give me a call, 802-226-8022. Or visit my website to learn more about Ludlow Vt real estate.
Consumer Confidence Skyrockets
Consumer Confidence Index skyrocketed in December, increasing from 105.3 in November to 109.0 in December which could be an indication that the national housing slump may have ended. Full story…
Tags: consumer confidence, ludlow real estate, irene gaffigan
Home Renovations Less Profitable In 2006
A few years ago when the real estate market was booming and inventory was low, many homeowners decided to renovate their current home rather than sell and buy something larger that better suited their needs.
The National Association of Realtors has reported that the cost of renovations climbed in 2006, while the resale value of those renovations declined. Last year, for example, adding a master bedroom suite to a house cost an average of $75,959 nationwide and boosted the home’s resale value by $64,419 – that’s 84.8 percent of the cost recouped. The same job this year cost a lot more – $94,331 – and returned just $68,458, or 72.6 percent.
With the current leveling off of the real estate market, it may be time to rethink a remodel project vs buying a new home. Home sales have slowed causing inventory to increase and making it easier for buyers to negotiate contingency contracts. It used to be, a seller wouldn’t think twice if you needed to sell a house prior to purchasing. But these days, sellers are thinking long and hard about working with a buyer who is also selling a home.
If you are considering a remodel vs buying, give me a call. I am glad to discuss your options with you so you can make the best decision for you and your family. Also, visit my website to view all Ludlow real estate listings.
Tags: ludlow vt real estate, irene gaffigan, home renovations costs,cost vs value
Should You Try to Sell Your Home During the Holiday Season?
A common misconception is that trying to sell a home during the holidays is a bad idea. If you are serious about selling, it can be an excellent time to list. During the holidays buyers are more serious. They have a different motivation like using vacation time to search for property. They’re doing that because they have to buy, rather than want to buy. Remember Thanksgiving and Christmas is one day a piece not two months.
10 reasons why you should list your home during the holidays
1. Most November and December buyers are particularly serious and very likely facing some sort of deadline.
2. January is the biggest transfer month of the year and job transferee’s use the holidays to house hunt.
3. Many people want to buy before the end of the year for financial and tax reasons. Investors usually want to close escrow by year-end for tax purposes.
4. Most sellers wait until spring or summer to list their home. This means that during the winter months your property will have far less competition versus any other time of the year.
5. Homes show well when decorated for the holidays creating a sense of family and people are much more emotionally drawn to the house, emotion sells.
6. Many people take vacation around the holidays allowing more time to look for a home.
7. Remodeling, decorating, appliance installation and other services are more available and at less of a premium.
8. There is plenty of mortgage money available for buyers.
9. Lenders aren’t as busy and can process loans faster.
10. Showings will be fewer and less intrusive, but more likely to be fruitful with motivated, qualified buyers.
Visit my website if you are thinking of selling your home.
Cavendish Real Estate For Sale
Cabin in the Woods
231 Lindberg Dr, Cavendish, VT
Small but in move-in condition…and room to expand, as this secluded one bedroom cabin sits on 2 wooded acres and is surrounded by 197 acres and which is part of the Vermont Land Trust.
There is a full basement with a partially finished room. A laundry room on main level big enough for small office. Also included are two out buildings…barn 48×22 with full loft storage and a 33×31 storage building.
Only 15 minutes to Okemo Mountain and close to the Black River.
Cavendish is located in the Okemo Valley and is made up of two villages, Cavendish and Proctorsville. Cavendish was created by New Hampshire Governor Benning Wentworth when he granted the land of Cavendish to sixty-six proprietors in 1761.
Cavendish population is approximately 1,500 and is a mix of residential and vacation home owners. It is the perfect spot for your “cabin in the woods.” Contact Irene Gaffigan, 802-226-8022, for more information on this home. Or visit my website to view this home and all Vermont listings.
Tags: cavendish real estate, united country farm town realty
Build Your Vacation Home At Lake Pauline
Ski, snowshoe and ice skate in the winter. Canoe, fish and swim in the summer. This is one of the last lots with water rights to Lake Pauline. Located in the town of Ludlow, VT and only 5 minutes from Okemo Mountian, it is the perfect place for winter or summer recreation. And don’t forget the gorgeous fall color! Build one for you and rent the other to pay the mortgage!
State permit and septic design is approved for a duplex with 3 bedrooms each, plus a hot-tub.
Just under an acre of wooded seclusion. A place to enjoy nature at it’s best and the opportunity to own Vermont real estate! For more information visit, ISellVermontRealEstate.com.
Tags: vermont real estate, Ludlow real estate,okemo mountain
500 Real Estate Blogs To Watch
I’m going to take this opportunity to pat myself on the back! There are hundreds of thousands of real estate blogs out there in cyberspace…some good, some bad and some just plain ugly. This Blog one has been chosen for Pittsburgh Home Daily’s 500 Real Estate Blogs To Watch.
It is an honor and a privilege to be on such a list!
And don’t forget, visit my website and contact me when buying or selling a home in Okemo Vermont and the surrounding areas. On my website you can view all Vermont real estate listings, get the current market value of your home and more!
What Is Earnest Money?
In medieval days, a father would send an entire herd of cattle as a not-too-subtle hint that his daughter be married into a certain family. Nowadays, when you’ve decided a particular home is “the one” for you, you can, thankfully, leave the cattle at home. You are asked, however, to deposit a small percentage of the sales price of the home you want to purchase–it’s called “earnest money.
“Your earnest money is a good faith deposit that accompanies your offer. It is usually a personal check, but a short-term promissory note is sometimes acceptable. A sizeable earnest money deposit indicates financial strength and assures the seller of your commitment to purchase the property.
Once your offer is accepted, your earnest money check is cashed and deposited with the title company, attorney or with the listing broker. Your funds are held in a separate trust account reserved only for earnest money deposits. In most cases, everything proceeds smoothly to the closing day when the total amount of your earnest money is credited to you as a portion of your down payment.
Your earnest money is totally refundable if the offer is not accepted or if some condition in the contract is not satisfied. For example, your earnest money is refundable if financing is not approved with the terms specified in the contract.
If you’re thinking of buying a home in Vermont, give me a call or visit my website., were you can view all real estate listings, get the current market value of your home and more. It would be a pleasure to assist you in finding “the one” that you’d like to call “home.” My knowledge of today’s real estate market will aid you in making wise decisions in every step of your transaction.
Tags: earnest money, vermont real estate, vermont market values
Vermont Log Home For Sale
Log Home On 43 Acres For Sale In Halifax, VT
This rustic post and beam home has it all!
You’ll enjoy the privacy of your own secluded 43 acres. You’ll bask in the sunlight while enjoying coffee on the south-facing front porch. You’ll be able to unwind while listening to sounds of the babbling brook and gentle waterfall. You’ll be comforted by the warmth of exposed wooden posts and beams and hardwood flooring.
Located in the town of Halifax in southern Vermont, this home is perfectly situated for winter skiing, fall leaf peeping and year-round activites.
Get more details on this home and view a virtual tour on my website, www.ISellVermontRealEstate.com. Here you can also view all real estate listings and get the current market value of your home.
Tags: log home for sale, log home in Halifax, VT, post and beam home in Vermont, [tagname], Vermont real estate, Vermont real estate listings