2017 was an excellent year for real estate, especially here in Northwest Vermont. In short, as they say in the State of the Union Address, “The state of real estate is good.” We have had record-low interest rates for some time. In addition, lenders have money to lend and are offering many different financing options, including some no-money down possibilities. At this point in time, lenders want to place mortgages!
There has been a consistent supply of homes to buy. That said, there are segments of the market that have been so hot in 2017 that there does not appear to be houses to buy. People say, “There is nothing for sale in Chittenden County!” But there is! The truth is: there were a record number of sales last year, but properties priced under $400,000 in Burlington, Winooski, South Burlington, Williston and Essex have been in such demand that they have gone on and off the market so quickly: from a few days to a few weeks, that it looks like there is nothing for sale. Houses priced over $400,000 and houses a little farther away from the Burlington “hub” have been tracking much more like past years, with time on the market averaging 60 to 90 days. And there are houses for sale in all those towns, too.
Millennials are entering the market after a few years on hiatus. It seems that recent graduates who started their careers during a recession with high unemployment and school debt are beginning to feel more financially comfortable. Many are getting married (thus adding a second income) and are realizing that, unlike rent, every mortgage payment they make is an investment in their own future. With first home buyers out shopping, many people who have been in their homes for a while, perhaps with expanding families themselves, realize that it’s a good time to upgrade to their next home. Thus, increased market activity!
People are working and the economy in Northwest Vermont is growing. Local unemployment is at record lows. Having job security and feeling confident that mortgage payments will be manageable is a huge factor in the decision to invest in real estate.
Spring is always the time when people start listing their properties for sale. They think: “If I list in spring, I’ll close sometime in the summer then we (and the new buyers) can be settled in our new homes before school starts next year.” And spring is just around the corner, so watch for new listings! It’s going to be another active year in real estate.
Peter Goldsmith is a licensed Realtor® with Element Real Estate in Burlington, where he specializes in providing superior service to buyers in all stages of their real estate experience. He began his real estate career in Jericho in 1975 as a principal first in Jericho Realty and later CENTURY 21 Goldsmith and Martin. For questions or comments, or to suggest topics for future newsletters, contact Peter at firstname.lastname@example.org.
Author:Ruslan Ibragimov Phone: 802-578-1169 Dated: January 10th 2018 Views: 117 About Ruslan: ...
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In 2009, Jessica Bridge and Dan Cypress decided to form the Element team at RE/MAX North Professionals, the brokerage where both started their real estate careers in 2006. Simply put: they were ready to express their own vision. That vision included acting ethically in all situations, providing honest, educational advice to their clients, and forming a team with strengths that played to the needs of their clientele.
Over time, Element has added administrative staff and three salespeople: an expansion geared toward maximum face time with clients and providing the best service possible. The group has grown to be one of the top-producing real estate teams in New England. In fact, they were the top producing RE/MAX team in Vermont from 2013-2015. They also became one of the most recognizable real estate entities in Chittenden County: an accomplishment that they attribute solely to putting their clients before all else.
In March 2016, Element Real Estate left RE/MAX North Professionals and opened their own real estate brokerage, located at 139 Bank Street. Their team, comprised of Jessica Bridge, Dan Cypress, Thomas Senning, Allyson Nadeau and Ruslan Ibragimov, takes a collaborative approach to real estate. Educating their clients and straight-forward, data driven methods have been at the core of their practice since 2006. They look forward to continued success in their downtown location.
We always want to be fully transparent with our clients, so here’s t
"We had been tossing around the idea of selling our home for a few months, and then we found the perfect new home for our family before we had even listed our house. We knew if anyone could make our long shot dream of selling our house in time to buy the one we had fallen in love with come true, it was Element Real Estate. From tips about what repairs to focus on before listing to staying in touch round the clock with important updates, bringing in a professional photographer to make our house look it's best, to keeping every document and involved party up to date at all times, Element Real Estate has shepherded us from hopeful long shot to making our relocation dreams come true. We 100% believe we would have missed out if it wasn't for the Element team's hard work and their dedication to getting us the best price for our home as quickly as possible"