Mortgage Rates To Remain Low

According to a recent article, the Federal Reserve  has expressed their plan to keep interest rates low through 2014. What that will mean to people buying homes in the Burlington, Vermont area is that homes will continue to be more affordable. Over the lifetime of a loan, with a 4% interest rate, compared  to one that is at 6%, can be a difference of $50,000 over the life of the loan. Additionally, monthly payments at these lower rates can save people hundreds of dollars each month in payments.  With that said, it is a great time to buy a home when you can reduce your cash out lay so dramatically.  Get started on your Vermont Real Estate home search.

South Burlington, Vermont – Brian French, Shawn Kelley, and Jim Ross/Linda Murphy and Lori Dykema,  sales associates with CENTURY 21 Advantage, were named the office’s Top Producers in 2011.

Brian	Jim & Linda	Shawn	Kelly	Lori

 
Their commitment to quality service exemplifies the tradition of CENTURY 21 Advantage to provide the absolute best Real Estate service in Chittenden County and the Greater Burlington area. Their dedication and
exceptional marketing skills makes them some of the best in the business. Congratulations team!

Meet these Top Producers and start your Vermont Real Rstate MLS Search today!

Mortgage Rates Remain Low in Vermont

According to the Freddie Mac Primary Mortgage Market Survey, average fixed mortgage rates have held steady in recent weeks. For five weeks in a row, average rates on 30-year fixed-rate mortgages haven’t increased over the 4 percent mark. At the same time last year, the average rate on 30-year FRMs averaged 4.46. While the 15-year FRMs held steady at an average of 3.3 percent from the week before, rates are down an average of 0.51 percent from the same time last year. Adjustable-rate mortgages, meanwhile, have also fallen to record lows.

Good News for Home Buyers

The loss of percentage points is good news for home buyers. Due to these low mortgage rates, home affordability has never been higher. And it seems as if home buyers and homeowners looking to refinance are taking advantage of this opportunity. Data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey shows that for the week starting November 28, mortgage applications were up 12.8 percent from the previous week.

An Increase in Consumer Confidence

The Conference Board Consumer Confidence Index improved from October to November―jumping from 40.9 to 56.0 percent in the span of a month. A decrease in mortgage rates and an increase in consumer confidence may help explain the recent report from the National Association of Realtors, which shows a sharp increase in pending home sales, from 84.5 percent in September to 93.3 percent in October.

Higher FHA Loan Limits

Buyers looking for a home in one of the country’s high-priced housing markets just caught a break. The recent passing of a bill reinstated the former limit of $729,750 for Federal Housing Administration-backed mortgages in high-priced areas, effectively canceling the October imposition of a $625,500 ceiling. Unfortunately, Fannie Mae and Freddie Mac backed loans won’t see an increase in line with the FHA.

The rise in mortgage applications and pending home sales means many people are taking advantage of these record-low mortgage rates. If mortgage rates remain at record lows, more Americans should regain their confidence in the real estate market.

Read on for information on affordability and to estimate monthly mortgage payments. Sign up for our monthly e-newsletter!

South Burlington, Vermont – Brian French, Shawn Kelley, and Jim Ross/Linda Murphy sales associates with CENTURY 21 Advantage were named the office’s Top Producers for the month of December.
 
CENTURY 21 Advantage would like congratulate Brian, Shawn, Jim/Linda for their hard work and dedication to helping the home buyers and sellers of the Greater Burlington and Chittenden County area.  Brian, Shawn, and Jim/Linda’s competitive intelligence, professionalism and dedication have made them a valued and trusted real estate resource for the Chittenden County community and a major contributor to the overall success of our office as a whole.

Brian	Shawn	Jim & Linda

 Read testimonials or browse their listing for Brian French, Shawn Kelly, and Jim & Linda.

Vermont Real Estate November 2011 Market Statistics Released

According to the Northwestern Board of Realtors, there are some interesting market statistics which imply that the market is slowly starting to turn around. Currently the inventory level is down to levels not seen since 2007.  If that is the case, that may start stabilizing the prices in our area. With price stabilization comes confidence, and with confidence comes a healthier market.  We are encouraged to see that year-to-date closed sales are up compared to last year at this time.

Vermont real estate Inventory levels dropping.

The information is derived from data contained in the Northern New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.  New listings increased 10.2 percent in the three counties, while inventory declined 13.8 percent and has returned to 2007 levels. Pending sales and closed sales were also down in the month-to-month comparison, but continue to be up year over year to date, 2.8 and 3.4 percent respectively.

 “Inventory declines were significant and could hint at a changing market in early 2012,” said Kathleen Sweeten, executive vice president of the Northwestern Vermont Board of REALTORS®. Interest rates hovering at historical lows and a declining inventory are indicators of a healthy market to come, barring any unanticipated shocks.

 Chittenden County Real Estate Prices down 6.9%

While home prices are the most popular barometer of the real estate market, many factors play into the month-to-month data. These include purchase demand, market times, absorption rates, and the mix of homes in the market at any given time.

• The median home price in Chittenden County was $242,000 in November, down 6.9 percent over last year.
• In Franklin County, the median home price was down 10.8 percent to $182,900.
•  Grand Isle County showed the largest increase in median sales price of $254,000, jumping 31.1 percent over last year at this time.

 The Northwestern Vermont Board of REALTORS® (NVBR) is the “Voice for Real Estate,” in northwestern Vermont representing over 600 members involved in all aspects of the residential and commercial real estate industries.

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 Source: North Western Vermont Board of Realtors