vermont real estate

South Central Vermont Real Estate Sales Statistics – July 2009

A second quarter report of existing-home sales showed healthy gains from the first quarter, and price declines have increased affordability, according to the latest survey by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the sales gain appears to be sustainable.  “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” he said.

What is happening in our local South Central Vermont real estate market? Let’s take a look at statistics for the past six months for Rutland County, Windham County and Windsor County.

South Central Vermont Real Estate Sales Statistics

July 2009
Homes For Sale:  3289  (+12.6 percent)
Homes Sold:  134 (+143.6 percent) 
Pending Sales:  126 (+85.3)
Average Sales Price:  $214,000 (+30 percent)
Average Sq Ft Price:  $126.2 (+24 percent)
Median Price:  $180,000 (+35 percent)
Days On Market:  167 (-18 percent)

February 2009
Homes For Sale:  2922
Homes Sold:  55
Pending Sales:  68
Average Sales Price:  $165,000
Average Sq Ft Price:  $101.6
Median Price:  $135,000
Days On Market:  142

july graph

With South Central Vermont real estate sales following the national upward trend, now is the time to buy.  As you can see, an increase sales is followed by an increase in prices. Buy now for the best possible deal on South Central Vermont real estate.

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Has Vermont Real Estate Hit Bottom?

Many Vermont real estate buyers want to wait until the market reaches bottom to buy, insuring they are getting the best possible price. This is a natural thing to do…but how do you know when the market has reached bottom?

Usually it is by looking back and saying “Oh, I wish I had Bought back then!” We may be reaching the bottom of the current real estate market and beginning to see the return of appreciation. Do Not Miss your opportunity.

Here is an “Interesting” excerpt from CNBC. I suggest you take it as a “For What It’s Worth”. There are certainly some good and some “Over the Top” comments in this clip: http://www.CNBC.com/id/29757411.

Personally, I don’t subscribe to “Over the Top” commentary. I just think it makes sense to realize we are likely at or very near the bottom of the housing market and it IS a great time to buy a home! Rates are extremely low, Sellers are ready to sell and there is a large inventory of homes in all price ranges. The “Magic Three”… Think about it… Take advantage of it… Give us a call!

Learn more about Vermont real estate by visiting ISellVermontRealEstate.com.

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Just Listed in Ludlow Vermont

70-main-street-010

Wonderful renovated Office building on Main Street Ludlow.  Was Doctors office, now just waiting for your ideas.  First floor has reception area, plus 4 offices, upstairs 1 cute and comfy office.  This property was updated 7 years ago and has many uses – plenty of off street parking – walk outside and see Okemo Mountain.  This was once a single family home and is zoned res/comm.  Don’t miss this opportunity!  Just think about it – work and play at Okemo!

Top 10 Events Impacting Ludlow Real Estate In 2008

Top 10 Events Impacting Ludlow Real Estate In 2008

As part of the annual Swanepoel TRENDS Report that is published every year during the first week of February, the research team wraps their four month study of the real estate industry by announcing the top 10 Newsmakers, Events and Trendsetters for the year.

The second list to be released is the top 10 events that during 2008 had the largest impact and influence on the real estate brokerage industry. Events are defined as those occurrences that transpired during the previous calendar year (2008) that made headlines and captured the attention of the real estate industry.  The selection of these events was based upon their potential future impact on the industry rather than only their 2008 impact.

The Top 10 Events impacting Ludlow Real Estate for 2008 are:

1.     The Bailout: September 17th

Most notably the one single event of the year was the announcement of the “Silver Bullet” designed to save the country from the subprime collapse itself and the failure/buyout of major Wall Street firms and national banks.  Depending upon how effectively the Emergency Economic Stabilization Act’s $700 billion is going to be allocated and managed it may prove to be the beginning of the turning point in the current economic recession.

2.     The Presidential Election

In one of the most competitive, contentious, divisive and yet historic political campaigns the country responded with the largest voter turnout in history to elect an African American, Barak Obama as president.  The “I have a dream” has taken a huge step toward fulfillment.  However, the new administration will have little time to reflect on victory as it faces serious economic challenges and a trillion dollar plus debt that will take years to resolve.

3.     In Memory Of: Countrywide, IndyMac, WAMU, Wachovia And Others

Barely one year ago in 2007 these companies were not only household names but were considered financial giants.  In one short year they have become a factoid of history.  Some filed for bankruptcy while others were acquired by the likes of Bank of America, the federal government, J.P. Morgan Chase and Wells Fargo.  2008 reminded us that nothing lasts forever and everything is replaceable.  

4.     Facing Foreclosure Frenzy

As a direct fallout of the subprime collapse, the foreclosure rate in the U.S. hit staggering levels in 2008.  At the opening of the third quarter foreclosures were up 25% over the previous October with a reported one in every 452 of the country’s homes in foreclosure.  RealtyTrac reported last October that there was a sharp decline in foreclosure filings but it still estimated that by the end of 2008 there would be more than one million REOs on the books.

5.   Home Prices Spiral Downward

The recession devastated many real estate markets across the country with the worst-performing towns and cities in places like central California, Miami and Las Vegas posting declines of 40% in 2008. The stranglehold on financing continued to drive home prices in many other places back to 2000 – 2002 levels, with predictions of continued declines in 2009 as unemployment reaches record highs and the financial meltdown spills over to other industries.

6.     NAR – DOJ Settlement

Finally the long and protracted 2½ year legal battle between NAR and the Department of Justice (DOJ) was put to rest as Judge Kennelly issued his final judgment in November.  In the end, NAR’s longstanding Internet Data Exchange (IDX) policy was validated as NAR was deemed to have not admitted any liability or wrongdoing and no payments were made in conjunction with the settlement.  In addition, NAR has been cleared to reinstate an updated version of its Virtual Office Website (VOW) and the MLS has been preserved and strengthened in the process.  Now it’s back to business.

7.     Brokers Go Bust

Changing names, merging, consolidating, filing bankruptcy and closing branches was on the order of the day throughout 2008 as literally thousands of real estate brokerages companies went out of business during 2008. This included many independents as well as franchises from just about every major brand including Century 21, EXIT and RE/MAX. Also filling for bankruptcy is national franchise Help-U-Sell and Web 2.0 newcomers such as Igglo. 2009 may see even more brokers closing up shop than 2008.

8.     Keeping It ShortFounded in 2006, Twitter moved into the mainstream this year as the next evolution in the social networking and micro-blogging environment.  By using short text-based posts (affectionately named “tweets”), staying in touch has been given a whole new meaning.  

 

9.     ActiveRain Explodes Past 100,000 Members

As we discussed in last year’s report (Trend #1 – Two Worlds; One Industry) ActiveRain has moved to the head of the social networking line in the real estate industry.  With as many as 35,000 users logged on at the same time, no one else has even come close to reaching that many Realtors® at one time.  It goes without saying that ActiveRain has proven that social networking has made a home in real estate.

10.   NAR Celebrates 100 Years

In May 1908, 120 men gathered in Chicago with the goal to “unite the real estate men of America.” Today the National Association of REALTORS® (NAR) is America’s largest trade association representing more than 1.2 million members. For 100 years, NAR and its members have established homeownership as a cornerstone of the American Dream and advocated private property rights as one of the fundamental principles that unite us as Americans. 2008 marked NAR’s centennial birthday.

How many of these events impacted you or were/are you aware of?

Learn more about Ludlow real estate by visiting ISellVermontRealEstate.com.

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Ludlow VT Home Buying Mistakes; How To Avoid Them.

No matter what the condition of the housing market, purchasing a Ludlow VT home is a major commitment and a vital financial decision. A home is much more than a financial investment; it is an investment in a new lifestyle and a new way of looking at property. Those who are unprepared to make the leap from renting to home ownership can make some costly mistakes, and learning to avoid those blunders is vital.

Think With Your Head Not Your Heart
One of the most common mistakes made by first time home buyers is allowing emotion to rule the day. Although buying a home can be an emotional process, there are some things home buyers can do to prevent emotional ties from getting in the way of sound financial discipline. 

While it is all too easy to picture your family relaxing in the backyard of a new home, take a step back and look at the home with the eyes of an investor. Pretend for a moment that you are not going to live in the house but are buying it as a pure investment. Is it still just as attractive, or has it lost some of its appeal? Emotional attachment is fine, but it should not overrule your good judgment.

Consider All the Costs of Home Ownership  
Buying more house than they can afford is a classic blunder for many first time homeowners. One of the chief culprits behind this error is factoring in only the cost of the mortgage versus the cost of continuing to rent. While it is certainly appealing to go from collecting rent receipts to building up home equity, keep in mind that the costs of owning a home do not end with the monthly mortgage check.

Don’t Try to Time the Market
Market timing doesn’t work in the stock market, and it doesn’t work in the home market either. Although it can be tempting to try to wait for the market to hit rock bottom, you may be left out in the cold when the market starts to turn around. Many professionals, including home builders, lenders and real estate investors, have a great deal of difficulty timing the market, even with all their specialized knowledge and experience.

While some Ludlow VT home buyers will be lucky enough to sell their existing homes at the top of the market and buy their next one when the market craters, most of us will not be so lucky. There are bargains to be found in every real estate market; the key is to arm yourself with as much information as possible and shop smart. 

Learn more about the Ludlow VT housing market by visiting ISellVermontRealEstate.com or giving us a call 800-659-1819 #103. 

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New Listing in Ludlow Vermont

ZONED RESIDENTIAL AND COMMERCIAL –

Front of Building

Front of Building

Wonderful renovated Office building on Main Street Ludlow.  Was Doctors office, now just waiting for your ideas.  First floor has reception area, plus 4 offices, upstairs 1 cute and comfy office.  This property was updated 7 years ago and has many uses – plenty of off street parking – walk outside and see Okemo Mountain.  This was once a single family home and is zoned res/comm.  Don’t miss this opportunity!  Just think about it – work and play at Okemo!

 

 

 

Calling all Farmers and Horse Owners – New Listing

1800’s authentic Vermont Farmhouse on 227 acres, in Topsham Vermont, just waiting to be restored (but can be lived in now)! There are mostly new windows and some new wiring – 5 bedrooms, plus extra rooms. There is a 165ft barn, with electric and water and 8 bays, hay storage for about 5000 bales. Some of the land fronts the Waits River, has about 100 acres of hay land, pastures, a pond, apple orchard, trees and views! Close to Snow mobile trails. Included is a newer (2000) 3 bedroom, 2 bath doublewide to live in, while enjoying the beauty, the wildlife and watching the farmhouse come back to life. This land is perfect for organic farming!
Go to: http://isellvermontrealestate.com/ for more info or e-mail Irene at: [email protected]

Vermont Real Estate Bursts Into Spring

The National Association Of Realtors predictions that the housing market will remain on a high plateau (see previous post) is holding true for Central/Southern Vermont.

The March real estate sales report is in and though March 2006 is not quite what March 2005 was, the market remains strong.

The number of New Listings for March 2006 is down by 17% from the March 2005 numbers. The Sold Listings in March 2006, however, are up 67% over the same time period in 2005. The Average Sales Price is also up by 5%.

What does this mean for Vermont buyers and sellers?

For buyers, it means there is less inventory or less homes to choose from. There is stiff competition among buyers for the good properties. This is a market that you want to have an experienced Realtor representing you who knows the nuances of a competitive market.

For sellers, it means you need the advice and counsel of a Realtor who is knowledgeable and the has experience needed help you price your home neither too high or nor too low.

I have earned my CRS (Certified Residential Specialist) designation. This is the highest designation in the real estate industry. The CRS is held by only 2% of all real estate agents nation-wide. This designation is held by the best!

So choose the best to represent you in your next real estate transaction. Give me a call, 802-226-8022. Don’t settle for anything less!