The real estate market is in full “spring gear” after a mild winter and early warm temperatures the maple sugaring season starts and buyers are out in full force. When you look at the continued low interest rates, combined with moderately priced homes you see that home affordability is still fantastic for Northern Vermont.

We are often asked how our real estate market is compared to the peak of the market in 2007. In 2007 the mortgage rates were at 6.5% and the average sale price for a home in Chittenden County was $328,861. Today the mortgage rates are at 3.625% and the average sale price was $336,088 at the end of 2015 which is a 2% increase. Due to the recent decline in rates a mortgage of $200,000 would cost $912 per month- almost 28% less than the $1264 payment in 2007!

Home and condominium inventory is getting tighter, especially in the lower price ranges, and in the greater Burlington area, which means prices are starting to rise in these pockets. There are many new construction options available call us if you are thinking of buying a new home this year.

We have been busy closing homes and putting new listings under deposit with over 56 properties closed or under deposit through the first week of March- up 12% over last year and our busiest spring since 2007.

If this is your year for a move, now is the time to act as interest rates are expected to rise this year and that could affect how much home you can afford. Call us today to discuss your real estate needs, goals and plans. We can guide you in implementing them and seeing you through to your move.

Enjoy spring, melting snow, longer days and higher sun and the end of Daylight savings! 

©2016 Nancy Jenkins Real Estate