The Vermont Real Estate Market is leading the way

According to a recent report released by the Northwestern Vermont Board of Realtors, pending sales were up 36.6 percent this past March compared to a year ago. The National Association of Realtors  just issued an article claiming that nationally pending home sales were up 4.1 percent for March compared to last year which is the best it has been in two years. 

In our area, prices still remain mostly stable with a small decrease of 1.4 percent compared to the same time last year. Additionally, here in our area the inventory level is down 5.9 percent from last year. All in all, the real estate market is really starting to heat up in Vermont. Begin your Vermont Real Estate Search here or contact us to set up a private showing.

According to a recent article home sales in the Northeast had slipped compared to the last time last year. In our local Burlington, Vermont area, the local marketplace seems to be heating up quite nicely due to the incredibly mild winter and warmer temperatures that we have recently experienced.

View the newest homes for sale this week.

With the interest rates down and the economy slowly heading in the right direction we have seen an increased interest in new construction for homebuyers. Unlike years ago, when it was difficult to find new affordable new construction opportunities, there are a number of them today. If you are starting out, or are looking to downsize as you become empty nesters, browse some of our inventory for new construction homes for sale in Vermont . One might make its way from on your list of things to see,  to your list of things to own!

Georgia VT Condo New Construction – Model Now Open!

Property Shown is a new construction located at 196B Ledgewood Lane in Georgia VT. Incredibly affordable new townhouse development nestled in the woods of Georgia, Vermont!  For listing details and documents, click here.

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.

 

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!