VT Housing Market Update – Summer 2010
It’s summer in Vermont and no one needs to be told that today’s real estate market is turbulent. It seems like every time you turn on the news or read the paper someone is doling out more ‘expert’ advice on the current state of the real estate market. One-minute things are on the rebound and the next, it’s time to jump ship. What are you supposed to believe? This kind of contradictory reporting is exactly the kind of thing that puts the real estate market into a deep freeze. Nobody wants to buy a new home if the price is going to freefall the next month and no one wants to put their home on the market when prices are at their lowest.
Vermont’s Market?
Vermont is an interesting place to practice Real Estate. We are sheltered from a lot of the trends being experienced elsewhere in the country but at the same time there isn’t a whole lot of market data or market predictions being reported in Vermont. The result is a relatively strong market with forecasting and market analysis that isn’t necessarily relevant to Vermont. Fortunately there are a lot of really knowledgeable Realtors in the area that know the ups and downs of the local market better than the press.
Helping you decide whether to buy or sell in the near future.
In April of 2009 there were 101 residential units sold. Compare that with April of this year, which saw 91 units sold, and a 10% drop doesn’t sound that bad considering all the negative talk. Prices have declined a bit, but it has only helped to spur sales. Looking at the current inventory, it appears that now is the time to start thinking about that condo purchase. There are over 300 Condos on the market right now in Chittenden County and with mortgage rates at historic lows and affordability at an all time high now might be the time! Perhaps you have a child attending UVM for 4 years. Why not build equity and give you children a clean, safe place to live at the same time?
