David Allaire, CBR, Realtor

Time to get off the fence

2011-03-15T12:15:00.000-07:00

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...

2011-01-06T07:25:00.000-08:00

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!

2011-01-04T09:26:00.001-08:00

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

Fresh off the presses!

2010-12-09T05:34:00.000-08:00

JAMES H. DOUGLAS

GOVERNOR

State of Vermont

OFFICE OF THE GOVERNOR

For Immediate Release:

December 7, 2010

Contact:

David M. Coriell, Office of the Governor

(802) 828-3333

Nancy Erikson, Vermont Department of Health

(802) 863-7281

Vermont Named Healthiest State in America, Again

Top spot in the 2010 America’s Health Rankings goes to the Green Mountain State

Montpelier, Vt. – For the fourth year in a row Vermont has been named the healthiest state in America, Governor Jim Douglas announced today. The 21^st annual America’s Health Rankings, which was released at a press conference at the Hall of States in Washington, D.C. this afternoon, showed the Green Mountain State in a familiar position leading the nation when it comes to health.

“Over the last eight years we have worked hard to improve the health and wellbeing of Vermonters,” said Governor Douglas. “Policies like the Vermont Blueprint for Health, Choices for Care and Global Commitment to Health, and our groundbreaking 2006 health care reforms have contributed significantly to our success. But most importantly, it is the people of Vermont, who have taken responsibility for their health, that deserve credit for this distinction.”

According to a release from the United Health Foundation, “Vermont has had a steady climb in the Rankings for the last twelve years from a ranking of 17^th in the 1997 and 1998 Editions.”

This year, the state ranked among the top 10 healthiest states in 14 of 22 public health measures relating to behaviors, community and environment, policies and clinical care. In particular, Vermont was noted for a number of strengths: high rates of graduation from high school; ready access to prenatal care; wide health insurance coverage; few children living in poverty; adequate availability of primary care physicians and public health spending. Since 1990, prevalence of smoking, and deaths from cardiovascular disease have decreased significantly.

“This is a moment to take pride in our collective work to help Vermonters lead healthier lives in healthier communities, said Health Commissioner Wendy Davis, MD. “But we can’t let up on our efforts in the face of new and continuing challenges: rising rates of obesity, a drop in the numbers of children getting fully immunized against vaccine-preventable diseases, binge drinking among adults and youth alike – and the consequences of health disparities experienced by many Vermonters.”

This year, the Health Department published The Health Disparities of Vermonters 2010, a comprehensive report that documents causes and consequences of differences in health status among Vermonters, especially the young, less educated and lower income people. The full report is available at Health Department offices, or at the Health Department’s website: http://healthvermont.gov/research/healthdisparities.aspx

About America’s Health Rankings

America’s Health Rankings™ is the longest running report of its kind. For 21 years, the Rankings has provided an analysis of national health on a state-by-state basis by evaluating a historical and comprehensive set of health, environmental and socio-economic data to determine national health benchmarks and state rankings. For more information visit http://www.americashealthrankings.org

Budgeting

2010-12-03T11:25:00.000-08:00

I ran across this handy little infograpic and thought it was worth sharing. The little things really add up! Some of these are really great ideas. You could also consider refinancing your mortgage or buying at the rock bottom prices that we currently are being treated to instead of renting. If it doesn't display correctly just click on the graphic.

Personal Finances from Quicken

Finally!

2010-11-03T08:35:00.000-07:00

Elections are over. The people have spoken. We are moving in the right direction now. For sure this time. We hope. Soon.
Well here in Vermont we have a Democratic Govenor for the first time in a while. Hopefully that will get us moving in the right direction on jobs, which should help our housing and Real Estate situation. Over all we are not in bad shape, but only when compared to most other parts of the country. Homes in the upper price ranges (over $500k or so) are moving occasionally, but slower than we would like. The lower price ranges seem to be doing pretty well considering. There are quite a few businesses that will begin hiring as soon as the signs of life come back to the economy as a whole. There is pent up demand I believe. If you would like more information or are a numbers person who would like to see the data, please do give me a call. I am always happy to chat about what is going on in the Vermont Real Estate world!

On another note- we are moving into the holidays and that means toys...lots of toys. Always we seem to hear about some recalls of dangerous toys that pose a choking or other hazard. Would you like to be sure you hear about these recalls as soon as they happen? Yes? Good news..the CPSC (Consumer Product Safety Commission) has a number of types of auto notification lists that you can sign up for. Next time there is a recall for any item of the type you are interested in they will send you an email. Doesn't get any easier than that. You can also install an app if you have an android phone. The place to go to sign up is here.

As always, please do call if you have questions or I can assist!

Warm Regards,

David

2010-02-11T08:02:00.000-08:00

Looking for a foreclosure?
Vermont should not be your top pick! According to Realtytrac, Vermont has one of the very lowest foreclosure rates in the nation.

As I explain to clients and customers who are looking to buy a home, you cannot take the national news that we see about the Real Estate market and apply it to Vermont. Real Estate markets are very local.

For instance: Vermont has a foreclosure filing rate of 1 in 20,762, compared to our next door neighbor New Hampshire whose rate is 1 in 523, and New York's rate of 1 in 1737. Big difference! Be glad you don't have a home in Nevada...that states rate is 1 in 92!

Check out the number of foreclosures by County:

You can get the details on any State by clicking here.

As always, please do not hesitate to call if you have questions or need clarification on anything to do with Vermont Real Estate. I service an area extending about 30 Miles in any direction from Burlington, Vermont. South Burlington, Essex, Essex Junction, Colchester, Milton, Shelburne, Charlotte, Williston, Jericho, Underhill, and a few others. I can definitely find you a great agent for areas that I do not service. Our firm is part of the largest relocation network in the world! Please do not hestiate to call! 802-846-7862.

Sincerely,
David Allaire, CBR, Realtor
www.MyVermontAgent.com

Tax incentive to buy a home

2010-01-29T06:02:00.000-08:00

I just came from a continuing education course dealing with more effectively helping buyers find a great home. Tons of great ideas and helpful tips on making the experience of buying a home fun, low stress, and fruitful! I would be happy to chat with you about how I can help you do this!

One of the topics we covered was the tax incentives that are now being offered. Apparently there are still many folks who do not even know about it!

For those of you who have questions let me hit on a couple of key points:
1 ) The definition of First Time Buyer for purposes of the incentive is that you not have owned a PRIMARY residence for the past 3 years. If you have a vacation home that has not been claimed as your primary residence then you would still qualify.
2)It is a tax CREDIT not a DEDUCTION. This is important to note because they are so different. A tax deduction lets you not pay taxes on a certain expense, while a tax credit actually deducts a certain amount from the amount of taxes you pay. In the case of the first time credit you would receive $8000.00 off your tax bill. If you owe less than $8000.00 then you can get a REBATE for the difference between what you owe and the $8000.00! For move up buyers this number is $6500. In order to qualify for a move up credit you need to have had a primary residence for 5 consecutive years out of the past 8. If you are not married and you or your partner has not owned a primary residence then you will still likely qualify for the full amount!

More information is available here or please feel free to call me directly at 802-846-7862 (direct line) or 802-355-1800 (cell). I am always happy to chat and answer any questions you may have! You can also email me at David@MyVermontAgent.com

I specialize in the areas surrounding Burlington, Vermont- Essex, Essex Junction, Williston, South Burlington, Shelburne, Charlotte, Jericho, Milton, and the like. Typically if the town is within 45 minutes of Burlington I can help you. If you are moving out of the area I have access to the largest Relocation Network and can help you find a great agent in the area you are moving to...just call me.

Sincerely,
David

The tax incentives go away after April of this year, and I would wager that they will never, ever come around again, so if you are thinking of making a move call me soon! :)

Wondering about whether Vermont is a good place to raise your kids?

2009-09-16T05:45:00.000-07:00

Wonder no more...we have been selected as the top place, out of 100 cities, to raise Children. Having been born and raised here, I can understand why...low crime, great schools, lots of outdoor activities, festivals, places to visit that are super kid friendly, and on and on. Check out the article...

http://www.childrenshealthmag.com/parents/The-best-and-worst-places-to-raise-a-family2.php
Burlington, Vermont - September 16, 2009
Children's Health Magazine has rated Burlington as the best city in the country to raise a family.
The magazine ranked 100 U.S. cities based on six categories: employment, health, housing, safety, education and family life. The data came from government and non-profit agencies.
So what made Burlington stand out? The magazine said the city's education system, which has a graduation rate much higher than the national average, and the lack of fast food chains played a big role. Burlington had the fewest fast food chains of any city in the rankings. Detroit came in last.
Burlington was also selected by Business Week Magazine this year as the best city in Vermont to raise children.
WCAX News

Here is the link to the Business Week article too-http://images.businessweek.com/ss/08/11/1110_best_places_for_kids/46.htm

Foreclosures!

2009-06-02T07:50:00.001-07:00

...we don't have them here. At least very many. This report from RealtyTrac shows our foreclosure rate to be the absolute lowest in the nation. Good news for our market! Here in Vermont we are showing 1 foreclosure for every 155,717 households. Compare that with, for instance, Nevada...1 for every 67 households! "But Nevada is so far away" you say...well lets look close to home: New York has 1 in 1420. New Hampshire has 1 in 573. Mass. has 1 in 518. and Maine has 1 in 2808. Yikes.

Click here and then mouse over the different states to see what is going on in each.

The downside is that folks coming from some of the harder hit states are not seeing the crazy deals that they have in the market they are coming from. Although on some level they are disappointed, the vast majority see that in the long run this is indeed very good news for them!We're the Blue Chip of Real Estate.

Please don't hesitate to call if you have any questions about this or anything to do with Real Estate in the Greater Burlingon area.

Warm Regards, David

Vermonters practice what we preach!

2009-04-21T12:47:00.000-07:00

Here is an article that gives us yet another reason to be proud...We are now recognized as "The Greenest State." Sounds like other places talk about it, but Vermonters are more likely to follow through in practice.

Burlington Free Press:
Burlington is used to sitting at the top of lists touting the country’s healthiest and most livable cities. Now Vermont can join it’s largest city as a list-topper.
• Related story: Earth Day events in Vermont
In a recent poll conducted by Pitney Bowes Business Insight and Earthsense, an applied marketing company, Vermont was ranked the “greenest” state in the country in terms of citizens most likely to exhibit green behavior. This result most likely comes as no surprise to Vermonters, who pride themselves on their environmentally friendliness. But, hey, it’s nice to be recognized — and just in time for Earth Day.

The Eco-Insights poll was designed in 2007 to understand the mindset of the green consumer, said chief research officer and co-founder of Earthsense, Amy Hebard. The main goal of the poll was to determine whether green consumer behavior matched their attitudes. It’s one thing to believe that climate change is a legitimate problem caused by carbon emissions; it’s quite another to buy non-toxic cleaning products, dry clothes on a clothesline and compost faithfully.Hebard said her group wanted to know whether consumer behavior followed attitudinal statements about green living. They polled 30,000 people in 2008 and asked them a battery of questions to gauge whether they felt global warning was a human-caused problem, whether they felt guilty for not doing more for the environment and whether they cared where their food came from, among other indicators.

The results of the online survey found Vermonters were far more likely than people in other states to live their beliefs. Not only do Vermonters believe in the value of living green, but they also invest the time and money to make that possible, Hebard said.Hebard said Vermonters were more likely to boycott companies that had a negative environmental reputation and more likely to “buycott,” or support companies that had a positive environmental reputation. The survey found that Vermont was more of an “activist state” than others, meaning that people actively pursue a green lifestyle.

Joining Vermont at the top of the green poll were Alaska, New Mexico, Oregon and Massachusetts. States like Texas, Florida, Oklahoma and South Carolina received the lowest marks.People in the leading states were more likely to turn off the lights when they left a room, buy products made of recycled materials, recycle regularly, turn down the thermostat and limit their use of water in the home. The poll also found, not surprisingly, that much of the green behavior was linked to politics. One of the best indicators of green behavior is political affiliation, Hebard said.

Much of the rest of the country has a ways to go before they catch up to Vermont in terms of basic green practices like recycling, but Hebard said she thinks as consumer companies move in that direction, so too will the public.“The rest of the country can get there. They just need access and education,” Hebard said.
Contact Lauren Ober at 660-1868 or lober@bfp.burlingtonfreepress.com

As goes Florida so goes Vermont?

2009-03-31T13:31:00.000-07:00

My brother-in-law, a Realtor just outside Orlando in Florida, mentioned in a conversation just a little while ago that the market is now booming with regards to buyers. Sales for single family homes are up 68% (yes, sixty eight). Multiple offers on homes are not unusual at all, good for sellers and perhaps tough to swallow for buyers. Wow, what a change from just a few months ago!

If you are in a good spot financially now would be a good time to start thinking about moving into the market. I hear many folks who are "waiting for the bottom." The issue here is that, as is the case with stocks, no one knows the bottom until the market has changed. At this point it's too late...sellers mentality changes very quickly and the need to "deal" can go away very quickly.

Here is an article I found that pertains to the change that is going on...enjoy! Give a call if you have questions, or I can assist in any way

-David

Real Estate Outlook: Sales Rising?
by Kenneth R. Harney
Pushed by a powerful combination of historically-low fixed mortgage rates, an $8,000 tax credit, and affordable prices, sales of existing homes jumped 5 percent in February compared with the same month last year.

The biggest gains came in the Northeast, where sales were up by nearly 16 percent, according to the National Association of Realtors. Home sales in the South came in 6 percent higher for the month; they were up by nearly 3 percent in the Western states and one percent in the Midwest.
Nationally, sales of condos rose faster than detached single family dwellings – 11.4 percent versus 4.4 percent.
Underlying the improving sales picture were continuing declines in median sales prices. Dr. Lawrence Yun, chief economist for the National Association of Realtors, noted that the downward trend in median prices – off 15 percent for the year – is being driven by high rates of distressed sales in California, Florida, Nevada and parts of the Midwest.
Though sales nationwide rose by just five percent last month, in some areas hard-hit by the boom and bust cycle, the increases in sales were far more impressive.
For example, in south Florida, sales were almost off the charts – up 68 percent for detached houses and up 71 percent for condos.
Charles Richardson, vice president for Coldwell-Banker in Dade County, told the Miami Herald that "this is the sharpest (spike in sales) we’ve seen year-over-year. It’s going to accelerate our recovery. Buyers are starting to think that prices are where they should be and that the market is near a bottom." That may be a little optimistic, but any signs of a bottom in Florida – one of the worst hit states in the U.S. – is potentially important news elsewhere.
Meanwhile, mortgage rates continue on their sharp downward track, hitting six-decade lows last week. Fixed rate thirty year loans plunged to an average 4.6 percent from 4.9 percent with one point, while 15-year rates sunk below four and a half percent according to the Mortgage Bankers Association.
For potentially hundreds of thousands of consumers waiting for the cyclical low point in the financing cycle, it looks like we’re either there or pretty close, whether for buying a house or refinancing your current loan.

52 Year low!!!

2009-03-26T11:24:00.001-07:00

Mortgage rates at 52-year low

The average 30-year fixed mortgage rate dips to 5.19%, according to a report from Bankrate.com, the lowest rate since 1956.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: March 26, 2009: 2:13 PM ET

NEW YORK (CNNMoney.com) -- Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.
The average 30-year fixed mortgage rate fell to 5.19% this week, down from 5.29% in the week prior, according to Bankrate.com's weekly national survey.

The previous low was 5.28%, hit this January and in June 2003; the last time rates dipped lower than 5.19% was in 1956, according to Bankrate.com.
To put the plunge in mortgage rates into perspective, 30-year fixed home mortgage rates averaged 6.77% in late October. At that time, a $200,000 home loan would have meant a monthly payment of $1,299.86. Now, with the mortgage rates down at 5.19%, the monthly payment for the same loan would be $1,096.99. That works out to a savings of more than $200 per month.

Meanwhile, the average 15-year fixed mortgage rate fell to 4.80% from 4.86% in the the prior week. The 15-year fixed mortgage rate carried an average of 0.49 points.
The government announced last week that it would be buying more than $1 trillion in debt in order to increase liquidity and improve credit conditions. With the key lending rate already at a range of 0% to 0.25%, the Federal Open Market Committee - the policymaking committee of the Fed that sets interest rates - turned to less traditional means to encourage lending.
The Federal Reserve said that it would buy an additional $750 billion in mortgage-backed securities and $300 billion of long-term Treasurys. The so called "quantitative easing" policy essentially increases the money supply and is designed to push interest rates down, making borrowing cheaper.

Not much further to drop: Analysts say that while mortgage rates could edge a smidgen lower, they won't make any more dramatic plunges.
"At this point, what we are going to see is mortgage rates fluctuate at these levels," said Brian Bethune, chief financial analyst at IHS Global Insight. "I don't see them dropping significantly from where they are now."

Mortgage rates move in relation to the yield on the 10-year government bond. While there is not a direct correlation, they do move in the same direction. Bethune said that there are two factors that will prevent Treasury yields, and by extension mortgage rates, from dropping much further.
"One is the huge Treasury borrowing requirements," he said. As the government looks to fund its massive stimulus spending programs, it has had to issue a record amount of debt. The increased supply keeps a lid on the price of bonds and stabilizes yields.
"In addition, as we get closer to perceptions of a trough in the economy, the yields will tend to see upward pressure," said Bethune. Uncle Sam's debt is considered one of the safest places for investors to keep their cash. During times of market uncertainty, demand surges, the prices increase, and yields fall. But as market sentiment begins to believe the economy could be headed for recovery, demand for Treasurys will lessen, lifting yields.
Surge in refinance: The dramatic drop in mortgage rates has motivated home owners to refinance in great numbers, but the drop in mortgage rates has not spurred as large an increase in new home purchases, said Mike Larson, real estate analyst at Weiss Research.
"We are still not seeing a huge impact on home buying," he said. "All else being equal, it will help the market," said Larson. "But it is not the huge impact you are seeing on the refinance side."
Bankrate.com compiles national averages every Wednesday by surveying the top 10 banks and thrifts in the top 10 housing markets.
First Published: March 26, 2009: 12:25 PM ET
Find mortgage rates in your area

Find this article at: http://money.cnn.com/2009/03/26/real_estate/mortgage_rates/index.htm

Maple Syrup time

2009-03-26T06:33:00.000-07:00

So the days are getting warmer, and the forecast for the weekend is in the high 50's...what to do? For all of you out there with kids (or not) searching for something fun and free to do this weekend...Our state's Maple Syrup Open House is a great option. Most of our beloved sugar houses open their doors to the public and welcome us in to see how that Maple sap becomes Maple Syrup, candy, sugar on snow (my favorite), and a whole host of other yummy treats. Of course you can stock up on the sweet stuff that you will need for pancakes, sundaes, etc. Check out some of the Sugar Houses that are included HERE. Speaking of open houses...the Real Estate open house season is upon us. A great place to find out where they are is www.vermontopenhouses.com. Get out there and enjoy Vermont! As always, just call if you have any questions!

Sincerely,
David

Rates are great!

2009-03-24T06:33:00.000-07:00

For those of you who have not refinanced in a while, you may want to consider it... Mortgage interest rates are in the 4.875 % range- historically low for anyone who hasn't heard or been following. I have many friends, family, and clients who are saving hundreds and hundreds of dollars a month now that they refinanced. I have a great working relationship with several excellent local lenders and would be happy to refer you to one or more...just call and ask me!

If you are thinking of buying, but are on the fence, I would be happy to run the numbers for you. One thing to make sure to remember when deciding whether to continue to rent is that when you have a mortgage, all of the interest is deductible at tax time. In the early years of the loan period much of the payment is in fact interest, making the savings quite large. Again, happy to explain in more detail if you would like.

Here is a little blurb from a website called HousingPredictor.com:

Vermont
There isn't any place else in the country like Vermont. It's a scenic wonderland covered in green vast forests and white snow in winter months. During the summer it's an outdoor paradise. Its housing market is the most sluggish in the nation that provides little appreciation or deflation. The Vermont housing market is the type investors frown upon and residents love.
In Burlington, slightly more than 100 homes sold in the last year. In neighboring South Burlington and Rutland more homes sold, but not at anything like a frenzied pace. The big national lenders never made a market to sell mortgages in Vermont, which may be this state's saving grace. There were hardly any subprime mortgages or new creative loans to obtain. As a result, there isn't a foreclosure epidemic in Vermont at all. They've dodged the national real estate crisis all together.

Happy Spring!

-David

Another Vermont Real Estate update

2009-03-10T14:20:00.000-07:00

Today a colleague sent me this article (below) which is really another ray of sun in terms of the outlook for our area, and the nation. Earlier today I was at a talk given by Mark Allen of Allen and Brooks- whose highly anticipated Real Estate outlook was released yesterday. Overall the message was that we still have a way to go to reach our coveted "balanced market". It is still a buyers market, but that will slowly change. Please do call if you have any questions!
Warm Regards,
David / Lang McLaughry Spera Real Estate
802-846-7862 direct

Real Estate Outlook: Bottom in Sight?
by Kenneth R. Harney

Signs of a cyclical turnaround for housing are on the upswing. Sales are up sharply in many of the hardest-hit markets, and prices are firming in many others.

And now, even some of the country's previously most-bearish economists and media outlets are seeing the light.

Last week, Dr. Mark Zandi, chief economist for Moody's Economy.com, surprised analysts by announcing that "the bottom of the housing downturn is in sight for the nation."

Just days later the Wall Street Journal -- which had been among the most pessimistic of major U.S. dailies -- ran a prominent article with this headline: "For some, it's finally time to dive into the housing market."

The article focused on purchasers in Phoenix, Seattle and Connecticut who recently found that lower prices and affordable mortgage rates made ownership possible for them. They got what appear to be great deals.

The Journal quoted one Phoenix buyer who had just picked up a bargain-priced first home as saying, "six months ago, I didn't think I would ever own a home. Now I do. It's so perfect."

It's obviously good news that doom and gloom economists like Zandi and the Wall Street Journal are picking up on what's happening in local real estate markets. More important for the larger market, though, is that they are in the position to spread the word to consumers that it's now not simply a "good time to buy," it's also a safe time to buy.

Mortgage rates continue to hover near historic lows. According to the Mortgage Bankers Association, thirty year fixed rates last week averaged 5.2 percent, down from 5.3 percent the week before. Fifteen year rates average a flat five percent.

But don't mistake the message here: The economy as a whole still is facing huge problems -- unemployment at 7.6 percent, banks taking billions from the government, a stock market that's still pumping out losses, household consumption down.

None of that is positive for real estate.

But here's what may be developing: Just as housing's troubles preceded the rest of the economy on the way down, there are increasing indications that housing could be out ahead on the national economic recovery.

Why? Because pent-up demand is strong, affordable financing is there for buyers with decent credit and a downpayment, and improved federal tax credit incentives make the equation even better.

Once more consumers grasp the fact that the worst is over for real estate, we just might see some very encouraging numbers in the months ahead.

Our Spring Market is looking good

2009-03-04T12:08:00.000-08:00

Spring is coming quick in Vermont Real Estate...the phone is starting to ring much more often with first time homebuyers looking to take advantage of the $8000.00 tax credit. It is a great time to jump into the market! The year over year numbers show that Chittenden County is down about 7% in terms of average sales price. Most towns show a very moderate drop in average prices and a few- such as Burlington, Winooski, Charlotte, and Richmond actually show a bit of a rise. Overall a pretty good situation when compared to the rest of the country. Luckily our forclosures are the lowest in the country, which has really helped us avoid the crash that comes when your neighbors are selling at 50% of market value! As always, please do not hesitate to call if you have questions or would like more information on anything related to Real Estate. -David

Yet another reason Burlington rocks!

2009-02-20T12:35:00.000-08:00

I stumbled upon this video that makes the case that Burlington is the fittest city in the country. Not hard to imagine actually! With our 4 distinct seasons there is no time to get bored with any one activity....just when you start to lose interest, the thermomether changes and forces you to pick a new sport or activity to keep you busy. I just love it. Right now I have not had enough skiing and snowshoeing with my girls (wife and two young daughters), but it looks like more snow is in the forecast :) Speaking of forecasts...I think the forecast for first time buyers in this market is amazing...Just the other day the stimulus package that was passed included an $8000.00 (Eight Thousand!) dollar TAX CREDIT for anyone that has not owned a home in 3 years or more. The key here is that it is a tax CREDIT, NOT a deduction. There is a huge difference. The credit means that you get to subtract $8000.00 from what you owe Uncle Sam when you file your federal taxes! If you don't owe $8000.00 then you would get a check in the mail for the difference. Wow, the government is giving you $8000.00 ! The credit goes down for single folks with incomes above $75,0000 or couples with incomes in excess of $150,000. I would be happy to answer any questions I can, or send you in the right direction if I do not know the answer- just call. Rates are still way low and there are many great homes to choose from.

Warm Regards,
David

(please consult your tax attorney or accountant before making any big decisions, I am neither, and certainly would not want anyone to make a bad move)

more on this:
http://www.msnbc.msn.com/id/27752501/
http://organizedwisdom.com/Healthiest_City_Burlington_Vermont

Spring!?

2009-01-29T11:56:00.000-08:00

Well, it's 28 degrees out right now, and that seems balmy compared to the past couple of weeks! Even though the calendar says Jan 29th, it is indeed marching towards spring in the world of Real Estate. We generally are working 30-60 days into the future- typical timing for a closing on a new property. In the past week I personally have seen a rise in activity with regards to families thinking about buying and selling. This view is backed by what my colleagues have been experiencing as well. This is a good sign that there will be increased demand for homes in our area. Local inventory levels are declining as well- a good thing in our quest for a "balanced" market. For those considering a move when the weather turns a bit nicer this is a good time to get those ducks in order- buyers should start investigating financing and getting a general idea of what homes are available in what price ranges. Sellers should start a list of projects or improvement that they want to complete prior to putting a home on the market. A professional Real Estate agent is a good resource for deciding what should be done, and in what order. Some things can wait, and some should not be done at all!
After the snowstorm yesterday I am looking forward to a great day on the slopes with my family this weekend...finally it's supposed to be above zero outside! As always, call if I can assist or if you have questions! 802-846-7862

Stay warm,
David

Days on Market and list to sell %

2009-01-22T06:40:00.000-08:00

We have been hearing for quite some time about how Vermont is doing quite a bit better than the rest of the country as a whole, with regards to Real Estate values holding. This is a graph based on MLS data that does indeed seem to show we are not so bad off. The days on market has definitely gone up considerably over the past couple of years, but our list price to sell price has done well! This should be encouraging news to folks who are in a postion of wanting or needing to sell, even in the downturn we are experiencing! If you have questions or would like other data please don't hesitate to call me...802-846-7862

Too cold!

2009-01-16T06:53:00.000-08:00

So it's really, really cold outside and the kids are getting fidgety...what to do now? I have been relying on a great site, local to vermont, which has the most comprehensive list of family friendly things to do that I have found. The website is www.findandgoseek.net. You really should check it out! Remember too that Montreal is a great place to check out. The Biodome is nice and warm, like visiting the rainforest 2 hours down the road :) You can stay over for very little money, like $50- which for me is a great bargain and the kids love it. Check out www.hotwire.com to see some great rates. I then go to www.priceline.com and try to get a room cheaper than those posted on Hotwire. If you've got a year pass to the Echo center you will benefit from a reduced rate at tons of other museums, etc., including the Biodome.

Speaking of reduced rates...interest rates are ridiculously low, making refinancing or purchasing a new home a great idea. According to money.cnn.com "The 30-year fixed-rate mortgage has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971."

Call if you would like the names of some trusted local lenders with great rates and service. -David

Vermont as a Real Estate "safe haven"!

2009-01-15T09:42:00.000-08:00

A recently published article notes that Vermont's foreclosure rate is significantly lower than most other states, due largely to the fact that our permitting process for new construction is a bit tougher than other locations. It's frustrating when the times are good, but apparently is saving us now! The article is here, and is worth the quick read. Interest rates are super low and supply is great. I am surprised that more first time homebuyers are not flocking to get the best prices on homes in quite some time. Likewise, if you are selling in the same market you may end up selling at a lower price than you could have a year or two ago, but you are buying lower as well. If you are taking a 5% hit on the sale of your $200,000 home and saving 5% on your purchase of a $300,000 home you are making out quite well it seems.

-Stay warm,
David

Smoke and CO detectors

2008-12-30T13:15:00.000-08:00

I came across this information regarding smoke and CO detectors and thought it would be a great time to mention it, since many folks change the batteries on their detectors on New Years Day. The newest addition to the regulations is that as of January 1st of 2009, ONLY Photoelectric smoke detectors (rather than the inonization type) are allowed in new homes, or when they are transferred or sold.

Also, if you don't already have Fire & CO detectors you really, really should pick up one or more. They are quite inexpensive and definitely save lives.

It is also recommended that the detectors be replaced every 10 years.

The publication is here. It goes into a bit more detail and is easy to read and understand. Please do not hesitate to call me direct if you have questions...802-846-7862.

Wishing you all a safe and Happy New Year!

-David Allaire, Realtor, CBR

Lang McLaughry Spera