Time to get off the fence

Here is an article that came out today in the online Burlington Free Press. It says what most of us in the industry are recognizing...that interest rates are starting to move upward, while prices remain super good. All of the experts that I have spoken with agree that rates ARE going to go up more, as the economy improves. Obviously this affects the out of pocket that a buyer will have every month. Bottom line is that if you are thinking of buying a home in Vermont you should get moving now. Buyers markets change to sellers markets very quickly!

Study: Vermont housing more affordable

By Free Press Staff • Tuesday, March 15, 2011

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A new report says the cost of buying a house in Vermont has dropped.

The Vermont Economy Newletter's annual report says the share of median family income needed to make payments on a mortgage for a median priced home fell to 14.8 percent in 2010. Art Woolf, author of the study, said Monday that that's the lowest percentage of income needed to service a mortgage since 2002.

He says the main reason is the decline in mortgage rates.

Woolf says Vermont housing has only been more affordable in four years during 24 years of studying the topic.

But he says housing costs and mortgage rates are likely to go up in 2011.



I specialize in assisting buyers and sellers of residential Real Estate in Chittenden, Franklin, Lamoille, and Grand Isle counties in Vermont. Towns would include Essex, Essex Junction, Charlotte, Shelburne, Burlington, South Burlington, Jericho, Underhill, Williston, Richmond, Grand Isle, South Hero, Cambridge, Fairfax, Milton, Georgia, Colchester, Vergennes, and many others. Please do not hesitate to call if you have any questions regarding Real Estate in any of these towns. I am happy to assist you in any way I can! Regards, David

another reminder...

We all know that it's important to have fire and smoke detectors in our homes, and to change out the batteries at least once a year (whether they are doing that annoying chirping or not)! Unfortunately this is not always the case for CO detectors. I am always amazed at how many times I, as a Realtor, need provide new home buyers with CO detectors since they are required to be in a home at the time of sale. Often the Sellers of the home have never had a CO detector in their home. It is a very scary thing...odorless, tasteless, and invisible. There will not be a funny smell or smoke to warn you that bad things are about to happen. A few years back we here in the Greater Burlington area got a very public wake up call when several UVM students were poisoned by a malfunctioning furnace in their dorm. One of them died. Here is the story.

Recently a South Burlington family had a close call. Here is that story.

I hope that you all heed the warning and run out and get a CO detector! Now. Go.

Warm Regards,
David

Tax Credit Extension!

Do you know someone in the military who has been deployed and was unable to use the first time or step-up homebuyers tax credit? I bet they would appreciate if you let them know that if they have been away for 90 days or more they likely qualify for a one year extension to the credit! This gives them until April 30 of 2011 to put a home under contract, and until June 30 2011 to close. $8000.00 from the government! Please do not hesitate to call me with any questions you may have. You can also direct them to www.homebuyertaxcredit.com to do the quick test to see if they qualify. Happy New Year! -David

Question 9.2. One-Year Extension for “Official Extended Duty”

Qualifying members of the military or government employees who will be on “Official Extended Duty” for at least 90 days between December 31, 2008 and May 1, 2010 receive an extra year to get into contract.

As a member of the military or qualified government employee, do you expect to be able to claim the “Official Extended Duty” extension and get into contract by April 30, 2011?

Yes, I will be on Official Extended Duty during that time, and will be able to get into contract by April 30, 2011