Archive for the 'Vermont Market Conditions' Category

The Importance of MID.

There’s no question we’re dealing with difficult issues when it comes to the future of our nation’s economy, but in the process, we must not lose sight of the values that helped make our country strong in the first place. Major changes to home ownership tax benefits like the mortgage interest deduction could adversely affect the wealth of middle-and lower income families and make it harder for them to achieve their dreams of homeownership. Two-thirds of all families who take the MID earn less than $100,000. Reducing or eliminating this crucial benefit would mean a tax increase for American home owners, who already pay 80 to 90 percent of U.S. federal income tax.

Taxing Issues.

Ask home owners in your community if they have ever taken the mortgage interest tax deduction, and what difference it made for them, if any, at tax time. For more information, fact and myths about the mortgage interest deduction visit http://economistsoutlook.blogs.realtor.org/category/mortgage-interest-deduction/. We welcome you to share your concerns with us on this topic at info@c21-advantage.com.

Accor ding to a recent article in the National Publication Rismedia, existing home sales in March were up 3.7 % nationwide. With that said, according to our Local Multiple Listing Service, home closings for the State of Vermont in the first quarter were down 28.31 % from the first quarter of last year. But the good news is that  the average days on market dropped a bit to 129 days. For  our Company comparing last years first quarter to this year we are ahead by 29.41%. Thus we are outperforming the state’s real estate average by 100%. We are excited about the opportunities provided to us and our wonderful referral network that we have from our customers and clients.  In this economy, hard work will determine who makes it and who doesn’t.  Contact us  if you would like to benefit from our 30 years of experience.

Real estate inventory is down in Vermont. According to recent statistics from the Northern New England Real Estate Network, residential listings for the state of Vermont in 2010 for January were at 19,627. In January of this year the number had declined to 16,383. That is a decrease of 16.5%. This could mean a number of things, but one thing in my mind is that if you are thinking of selling your home, there may be less competition this year than there was last year. If you had a home in the 250k to 300k range in 2010 there were 2648 homes on the market in January. This year for the same price range and month there are only 2193 active listings in that range. Again, less inventory can help you sell your home if you are in the market to do so.

According to the latest statistics from the Northern New Enlgand Real Estate Network, the five-year residential median average price history for VT condos for sale have seen a decrease in value just like homes. Taking a look at the numbers from 2007, the average list price for a condo for sale was $217,788 and the average sales price was $211,002. Fast forward the results to 2010, and we see that the average List price for a condo was $195,214 and the average sales price was $185,373. This represents a 12% decrease in sales price over that period of time. In the scheme of things, this loss is substantially less than what we are seeing across the country. Interested in finding out the value of your property, click here.

Vermont Real Estate Prices downward trend in the last 3 years in Vermont – According to the latest information pulled from the Northern New England Real Estate Network, there has been a decline in median prices of homes in the State of Vermont since 2007.

In 2007, the average list price of a home was $310,991 and the average sales price was $297,270 in the state at that time. In 2008, those averages declined to $289,322 list price to an average sales price of $273, 948. If we fast forward to this past year, we are showing an average list price for the state of $267,717 to an average sales price of $252,156.

All in all, our prices have been affected by the recession and Vermonters have felt the pain of the economy on the sales of their homes like many across the country; although not as bad as some of the other states. The good news is that the local Vermont real estate economy seems to be doing better than most of the other parts of the state and we are encouraged about the future. If you would like to know the value of your home, please let us know. Begin your Vermont MLS home search now.