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Vermont Housing Market Update – September 2008

11-03-08
Nick Riina

With an election in our near future and extreme press about the entire economy, especially Real Estate, I think it is essential that everyone is kept up to date with what is going on our local economy. Vermont Real Estate has not seen the highs nor have we seen the lows that other sections of the US have experienced.
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In my opinion, what separates us from many other areas of the country are our Vermonters. We tend to live within our means and are typically down to earth people who will not make a dollar to spend two. This is reflected in Vermont ranking as one of lowest foreclosure rate states in the country.


Although many developers in the past would complain about ACT 250, we can all be grateful for it right now. Act 250, the state's development-control law, has "protected us" by making it more difficult to build massive housing developments. Unlike many other states we do not have entire developments either sitting vacant or with foreclosure signs.

After examining our Multiple Listing Service numbers from the past several years (see below for the actual numbers), there are some important facts to take away from these figures:
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  1. We are up 12.5% since 2004.
  2. Although “Days on the Market” has increased from 43 to 83 days, things are still selling at a good rate.
  3. Our average, sales price is only down 5% this year compared to last year. While other sections of the US are down over 20%.
  4. Real Estate is LOCAL, not National.

Year

Number Sold

Avg. Days on Market

Average Sale Price

2004

1,131

43

$277,039

2005

968

48

$327,538

2006

999

60

$330,018

2007

1,014

73

$332,928

2008*

638*

83*

$316,027*


*These numbers are from January 1st, 2008 through September 30, 2008 and do not reflect a full years worth of data.

** All information is taken from MLS and not guaranteed.

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Best and Worst States for Jobs

11-03-08
Nick Riina

Location is everything, according to the real estate adage. Many people learn the wisdom of these words after they move into their first apartment on a tight budget and have a view of a landfill and the smells that come from it.

The same holds true for job hunting. Your chances of finding the right job – or any job, really – depend on where you live. The unemployment rate is the ratio of job seekers to the working population. Therefore, a low percentage means few people are having any difficulty finding work.

If you’re looking for a job, you want to be in a state that has an unemployment rate lower than the national average, which is 5 percent according to the most recent data from the Bureau of Labor Statistics (BLS).

Vermont currently ranks as the 15th best State for Jobs, and only 1 percent behind the number one state South Dakota.

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7 Cheap and Easy Steps to a Better Open House

11-03-08
Nick Riina

1. Detail and de-clutter. The first step in preparing for an open house is to ensure that your entire property is clean and de-cluttered. The goal of an open house is to enable prospective buyers to envision themselves living there, and clutter and disorder prevent them from doing so. So sellers should detail their entire house room by room. Also, make sure that outdoor spaces are in tiptop condition. Pay particular attention to the walkway leading up to their front door because that's where the people are going to come in for your open house. As in other endeavors, first impressions are tremendously important to real estate.

You could always hire professionals — cleaners and landscapers — to take care of these chores. But with a little sweat, some cleaning supplies and gas for the lawn mower, homeowners can get their properties open-house ready at minimal cost.

2. Fire up the oven. While making sure that your home is free of offensive smells such as odors from pets and cigarettes, homeowners should consider injecting some more welcoming aromas into the air. Smells like cinnamon and chocolate give you a feeling of home ... so, I wouldn't hesitate to throw some sweet rolls or brownies in the oven. What we're trying to do is psychologically have people believe they are at home and want to buy the house.

3. Lighten up. It's important that your home is well-lit for open-house day. People love light, airy houses. In addition, a slip and fall on a poorly lit basement step will make prospective buyers wonder if the home is safe. Before your open house, make sure that all of your light bulbs are working.

4. Lock it up. Unfortunately, there has been an increase in open-house-related thefts over the past couple of years, with thieves posing as potential buyers and then making off with homeowners' belongings, The most commonly stolen items, are prescription drugs and small pieces of jewelry. To prevent theft, homeowners should store their valuables and prescription drugs in a safe place during the open house.

5. Get rid of the pets. Although you might be a dog lover, the potential buyers coming to see your home may not be. That doesn't mean they won't be interested in purchasing the house, only that you should remove your pets — and pet-related items such as crates and water bowls — from the property during the open house. In addition to turning off certain buyers, pets can be a distraction.

6. Make yourself disappear. Homeowners should be away from the property during the open house. Potential buyers can feel like they are imposing if the owners remain in the property, which makes it much more difficult for them to envision themselves living there.

7. Sell the neighborhood. While potential buyers will certainly want to see what your house is like, they will have other questions as well. Sellers should gather pertinent information about the neighborhood, school system and utility bills and pass it along to their agent.

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