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Welcome to Spring!

by Nancy Jenkins, CRB, CRS

The long winter has given way to warmer days, buds on the trees and I know that we are all ready to go out and enjoy Vermont in one of its most beautiful seasons. The real estate market started off cool in Northeast Vermont but was in great stride for March as 111 single family homes went under deposit up from 105 in March 2016. Sales of condominiums were also up for 2017 with 58 pending this year compared to 48 last year.

It is always hard to listen to the national home sales news and bring it back to our “neck of the woods”. The National Association of Realtors (NAR) announced that nationally pending home sales were up by 5.5% for February. Seattle led the nation with an increase in pending sales over 13 percent! The Pending Home Sales Index for the Northeast rose 3.4 percent. Vermont was actually down slightly by 10 deposits for single family homes in February, but we did not have the early spring that a lot of the nation has enjoyed.
Our March looks more like their February with increases of 5.7% for deposits and 15% for homes sold as compared to 2016.

Lawrence Yun, NAR chief economist, says February’s convincing bump in pending sales is proof that demand is rising with spring on the doorstep. “Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” he said. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

I also took a look at our available homes which remains low with only 346 single family homes and 126 condominiums available as of April 1. It is always interesting to look at the historical data to give us some perspective. In 2001 there were 217 SFH and 43 Condos and that fell to 186 homes in 2005, which turned out to be the top of our market. By 2006 we were up to 365 and climbed to 608 in 2010. In the years following April 1st has seen the total number of listings in the mid-500 range with the exception of 2013 which had 472.

This shortage of homes and condominiums is an indicator that our market is heating up and with 30 year fixed rate mortgage interest rates in the low 4% range, demand will remain strong. Homes are coming on the market in increasing numbers and here at Nancy Jenkins Real Estate we placed 19 properties on the market in March and are adding new properties each week. Check out www.nancyjenkins.com to catch the newest listings as they arrive for you to view.

This is not the lowest inventory we have seen but it is a tight market especially below $400,000. The majority of buyers are looking in that range and it has the fewest homes and properties available. This is the best time to put your home on the market and I urge buyers to take advantage of the low rates and be in the market to secure the new home or property that best fits their needs. There are many options for a buyer to consider in the new construction arena and the smell of new wood and the ability to add your personal touches make building a wonderful alternative.

Call us today to let us help you market your property and to find the new one that fits your needs today.

Nancy and The Jenkins Team                                                                ©2017 Nancy Jenkins Real Estate

THIS MONTH'S GIVEAWAY AND COUPON!

This Month's Giveaway to Lake Champlain Shoreline Cruises!

Stoweflake Spa

This month we are giving away a complementary scenic cruise aboard Lake Champlain Shoreline Cruises, Spirit of Ethan Allen to anyone who registers (one per person).

1 College Street
Burlington, VT 05401

soea.com

For your chance to win CLICK HERE!

This Month's Coupon to Renaissance & Endeavour Schools and Archie's Grill!!


(click for a larger version to print)

CLIENT TESTIMONIAL and THANK YOU'S

"My buyer representative, Lori Mallette, is first class. I never would have found my home without her. Her persistence finding properties to view and her understanding of what I wanted in a home made all the difference. Her patience with me as an edgy first time home buyer was incredible. As frustration mounted and I wanted give up, she encouraged me to stick with the plan in a difficult housing market with thin inventory. If you want top shelf professionalism and someone looking out for your best interest, work with Lori Mallette."

- Scott Hinman – February 7, 2017

Friends Who Sent Us Their Friends

Priscilla Dube, Geoff Adams, Renee Lafountain, Danielle Harris, Erin McKechnie & Holly Wooster

Great Loan Programs!

by Nancy Jenkins, CRB, CRS

Are you sick of your family and friends telling you to buy a home? You don't think you can afford it or you don't think there is a home out there for you? There are properties out there where your monthly loan payment is less than what you are paying for rent! You won't have to worry about your upstairs neighbor playing their music too loud or their dog barking in the middle of the night. You'll sleep soundly in the quiet of your own home knowing you're not only saving money, but you're putting it towards something you own!

Here at Nancy Jenkins Real Estate we have the following properties and more, where you could put your monthly rent check towards a home of your own! Remember, your rental prices can fluctuate after your lease term, lock in a great mortgage payment today!

   

164 Pearl Street, St. Albans - 5 Little County Road, St. Albans - 12 Huntington St., St. Albans

Fairway Independent Mortgage has some amazing programs right now for home buyers! Check out some of the great programs below. 

The MOVE program offers home buyers VHFA's lowest interest rate. Benefits of the MOVE program are:

  • ​​Low interest rates 
  • Low down payment options
  • Lower monthly mortgage insurance payments
  • Savings of up to $825 on the Vermont Property Transfer Tax

The Advantage program ensure more Vermonters than ever before are eligible for VHFA mortgage loans. Benefits include:

  • No first-time homebuyer requirement
  • Low down payment options
  • Lower monthly mortgage insurance payments
  • Savings up to $825 on the Vermont property Transfer Tax

The ASSIST program can help Vermonters buying their first home overcome the hurdle of having sufficient cash for closing costs associated with a first mortgage. The mount of an ASSIST loan cannot exceed the amount of your actual closing costs and required down payment related to the first mortgage. Benefits include:

  • 0% interest rate with no monthly payments
  • Up to $5,000 for down payment and closing costs
  • Funds are provided in the form of a second mortgage
  • To qualify, you must be purchasing your first property

*Information on loan programs provided by Fairway Independent Mortgage. For full details please contact Fairway. 

Call us today at 846-4888 and we can help find you the perfect home while pairing with Fairway to help find you the perfect loan! We are here to help make your dream of owning a home come a reality!

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Nancy Jenkins
Nancy Jenkins Real Estate
140 Kennedy Drive, Suite 102
South Burlington VT 05403
802-846-4888
Fax: 802-846-4899