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