Ludlow VT Real Estate Update
With the first month of 2008 complete, experts have begun to speculate on how the real estate market will fare for the rest of the year. A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®.Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates. “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.
If you are ready to take advantage of the current Ludlow VT real estate market, please begin by calling me at 802-353-1983 or visit ISellVermontRealEstate.com. You may also begin searching the MLS here.
2008 Ludlow VT Real Estate Predictions
Happy New Year, Ludlow! I hope that everybody enjoyed a very happy holiday season and that 2008 is off to a great start for you and your family.The National Association of Realtors
has published its predictions for the 2008 housing market, and the data looks positive so far. Most noteworthy is the trend toward improving existing home sales.
Lawrence Yun, senior NAR economist, said “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”
Existing home sales are expected to rise to $5.7 million in 2008 – making it the fifth highest year on record. Existing home prices, which declined 1.9% to a median of $217,600 in 2007, are expected to go back up about .3% in 2008. As Yun noted late in 2007 “even with a modest decline in the national aggregate price this year, it’s important to keep in mind that nearly two-thirds of the metro areas in the US are showing price increases … the apparent disparity results from fewer sales in high-cost areas, so a change in the mix is dragging down the national median home price.”
To find out the latest trends in Ludlow VT real estate, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. To begin searching for Okemo Mountain VT homes, please use my complimentary MLS search.
Ludlow VT Real Estate Update
Attention, home sellers! Even in an uncertain real estate market, there may be good news for you – depending on where you live. The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas. The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.
Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local. “Some metro areas are hot, while others are experiencing localized problems,” he said.
Moving into 2008, we will keep a close eye on the Okemo Mountain area market trends to see how prices affect sales volume. Since the market changes month to month and neighborhood to area, please contact me at 802-353-1983 or visit ISellVermontRealEstate.com to get the latest information on Ludlow VT real estate. To receive a complimentary home value analysis, please click here.
~Best wishes for a safe and happy holiday season!~
Pending Home Sales Index Declines
The National Association of Realtors reports the Pending Home Sales Index, which is based on contracts signed in February is at 109.3, down 8.5 percent from February 2006. David Lereah, the chief economist for NAR, attributese this decline to unusually bad weather in February and the problems in the subprime market. Read the full story…
For updates on Ludlow real estate market, visit my website or give me a call at 800-659-1819 #103.
Housing Starts Plunge But Rise In Northeast
The Commerce Department reports housing starts plunged 14.3% in January to the lowest point in ten years. This unexpected decrease off-set the gains of the previous two months.
Regionally, housing starts in January decreased by 28.5% in the West, 15.2% in the Midwest, and 11.8% in the South. Starts rose 8.9% in the Northeast.
Interested in Ludlow Vermont real estate? Contact me, 800-659-1819 #103 or visit my website to view homes for sale.
Tips For A Quick Sale This Winter
Selling a home in winter can have its pluses and minuses. On the plus side, there is less competition. On the minus side, days are shorter, the weather doesn’t always cooperate and flowers aren’t in bloom.
BankRate.com has some excellent tips to help speed up a winter sale:
1. Keep walkways and driveways clear of snow and ice. You may not have to mow the lawn or trim the shrubs, but in the winter, consider this duty your “yard work.”
2. Present a warm and cozy home. Make sure the temperature is comfortable and not too cool for visitors coming in from the outside. Turn on gas fireplaces if you have them.
3. Show during “high-daylight” hours and make your home as light as possible. Clean blinds and curtains and keep them open during daytime showings. Put the highest wattage bulbs in amps and fixtures, and turn the lights on when you show. And wash your windows — even a little bit of grime gives the impression that the home isn’t well cared for.
4. Set the mood with a little soft background music and some pleasant smells. Light a few candles that give off a nice scent, such as vanilla. Just don’t overdo it — you don’t want people to think you’re trying to mask a bad smell.
5. Ask prospective buyers to remove their shoes or slip on paper booties over them. Doing so shows buyers that you are proud of your home and take meticulous care of it.
6. Emphasize the features of your home that make it a good place to live in the winter. If your roads are regularly plowed and de-iced, be sure to make it known.
For more information about selling Ludlow, VT real estate and Okemo Mountain real estate, visit my website. You’ll be glad you did!
Interest Rates Decline For Fifth Consecutive Week
FreddieMac.com reports long term interest rates declined this week for the fifth consecutive week. The average rate on a 30-year fixed rate mortgage is 6.14 percent for the week ending Nov. 30. Down from 6.18 percent last week.
Rates like this make buying a new home for Christmas a great idea. Visit ISellVermontRealEstate to view all Ludlow and Okemo Mountain homes for sale.