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Vermont Real Estate Report - June 2012

by Nancy Jenkins, CRB, CRS

Our market is hot! Deposits are up in many price pockets, in a number of towns. Bidding wars are occurring for homes that are well-priced and in good condition. Builders are busy again and new homes are popping up all over our market area.

The recovery is just beginning in the outer areas and in some of the higher ranges, but even slower-to-move price ranges and towns have seen better activity this spring.

Cities like Las Vegas and parts of Florida that were hit hard by foreclosures are now experiencing housing shortages. As the recovery starts in the major markets, Vermont will not be far behind as a secondary market. 

Here at the Nancy Jenkins Team, our deposits and closed properties are up with 111 properties year to date. We are seeing our clients and customers closing mortgages with historically low interest rates. Based on the national news, I am expecting them to rise slowly over the new few years.

I urge you to consider this year as your year for a move or for purchasing an investment property, if that is in your plans. Do not miss this opportunity to have so many of the pieces of the puzzle in place–low prices, low rates, and lots of choice.

Welcome to Emma Baird, our new Marketing Coordinator. Originally from Rhode Island, Emma brings to this role over four years of experience in customer service. We are also excited to welcome back Bill Lawlor. Bill was an integral agent on our team from 2001 to 2008. He looks forward to helping you achieve your real estate goals.

***This month, we featured two local Vermont businesses. Red Wagon Plants gave away a $50 Gift Certificate to their garden store, based in Hinesburg, Vermont. The Lake Monsters, our hometown minor league baseball team, offered a "Buy One Get One Free" coupon for baseball lovers. 
 

Client Testimonial

Nancy Jenkins and her wonderful team made selling our house a stress free process, even in today’s market. We listed in December, and sold by March!! She was spot-on with pricing, and was able to get great results. Feedback, returning calls, advice, was all within a phone call away. Her recommendations for moving, banking, and more helped us to proceed to our future goal! Thank you to Nancy and her whole office :)

          -Marie & Bob Baron • June 12, 2012

 

Special Thanks To Friends Who Sent Us Their Friends

Ed & Donna Johnston, Jeanie Compter, Suzanne Brown, Paul & Valerie Guilmette

 

Become a Nancy Jenkins Team Fan on facebook!

by Nancy Jenkins, CRB, CRS

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For all you facebook users, we've created a Nancy Jenkins Team Fan page. We'd love for you to stop by and sign up as a fan.

Click here for our fan page.

The Nancy Jenkins Team is Now On Twitter!

by Nancy Jenkins, CRB, CRS

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The Nancy Jenkins Team is now on Twitter, are you? If so click to become a follower and be the first to hear about new and exciting updates in Vermont Real Estate news.

http://twitter.com/nancyjenkinsvt

$8000 Tax Credit for Vermont Homebuyers

by Nancy Jenkins, CRB, CRS

Yesterday President Obama signed into law the Stimulus Package which gives buyers who have not owned a home in three years an $8000 tax credit for homes closed before December 1, 2009. There are income limits for both single and dual income buyers, read the article below. Now is a great time to buy a home with interest rates near all time lows. 

-Nancy Jenkins

Stimulus Plan First-Time Homebuyer Tax Credit

The Stimulus Plan was signed into law by President Obama today. It contains a new tax credit for first-time homebuyers. Essentially, first-time homebuyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000. The program is similar to the $7,500 tax credit which applied to home purchases made in 2008 after April 9. A comparison of the two credit programs is outlined below.

While the Stimulus Plan was still being debated, the Senate version originally included a $15,000 tax credit for all homebuyers. To lower the cost of the Stimulus Plan, the final version of the Plan contained this smaller tax credit, and this tax credit is applicable only to first-time homebuyers.

To qualify as a first-time home buyer as defined in the programs, the purchaser (and the purchaser's spouse) may not have owned a home in the three years prior to the purchase date of the home. Single family homes qualify for the program. The home must be the primary residence.

Both tax credits are subject to the same adjusted gross income limitations (full credit for AGI less than $75,000 single/$150,000 joint, phased out for AGI up to $95,000 single/ $170,000 joint).

The amount for either credit is the lesser of 10% of the home purchase price or $7,500 or $8,000, as applicable.

While a purchaser still owns the home, the $7,500 credit must be repaid in equal payments over a period of 15 years, starting with the 2010 tax filing. The $8,000 credit will not need to be repaid. Again, the $7,500 credit needs to be repaid, while the $8,000 credit does not!

Upon sale of the home, any portion of the $7,500 credit not yet repaid is due in full. A portion of the $8,000 credit is due upon sale of the home, if the home is owned for more than three years. If the home is sold within the first three years, the full amount of the credit is due upon sale.

The $7,500 credit was not available to any purchaser utilizing state/local revenue bond money to help finance the home purchase. There is no such restriction on the $8,000 credit.

Under both the $7,500 and the $8,000 programs, the credit will be claimed on the purchaser's income taxes. Any amount in excess of taxes owed will be refunded to the purchaser.

Additional information about the tax credit can be found on the websites of the National Association of Realtors (

 

www.realtor.org) and the National Association of Home Builders (www.nahb.org).

[Updated] Vermont Foreclosures down 50% in January!

by Nancy Jenkins, CRB, CRS
Vermont Foreclosures down 50% in January!

That is actually not the headline on CNNmoney.com which is "January Foreclosures up 57%" so what is the real story and how does it affect Burlington VT and the local real estate market? Sure, the housing numbers for the US are down from the peak, however we are not experiencing the wave of foreclosures found in states like California, and Florida where the market was according to reports "overvalued".
 
In January 2007 there was a grand total of two foreclosure filings in the entire state, according to the article. This year the number of foreclosure filings plummeted 50% to a grand total of one foreclosure filing in Vermont. Our market is healthy, with an ample supply of well priced homes ready to buy, and interest rates that make homes today more affordable than any time in the past four years. We are not experiencing the national trend because Vermont is a conservative state, and we had the lowest exposure to the loans which are causing buyers to default in other areas.
 
Can you time the bottom of the market? Historically that has not been proven to be possible, either in the real estate market  or the stock market. Both have ups and downs and over time they have both proven to be great investments for the savvy investor. My team and I are here to answer your questions about the Vermont Real Estate Market. Now is a great time to invest in Vermont Real Estate.  
 
-Nancy Jenkins

January foreclosures up 57%

Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.

By Les Christie, CNNMoney.com staff writer
Vt. foreclosures jump 23 percent

February 17, 2008
 
 

Vermont recorded 1,209 foreclosures in 2007, a jump of nearly 23 percent from the previous year when 937 foreclosures were recorded, according to state and local data.

Chittenden County, the state's most populous county, had 179 foreclosures last year, the highest in the state followed by Rutland County with 163, according to the Department of Banking, Insurance, Securities and Health Care Administration.

Foreclosure data includes both residential and commercial property. (more)

Burlingtonfreepress.com, Vermont’s Grand List

by Nancy Jenkins, CRB, CRS
The Vermont grand list has been released and a report has been published by the Burlington Free Press.  Some interesting notes: the number of million-dollar properties has more than doubled from two years ago.  And, the total Vermont property value is over $65 billion which includes 338,275 parcels. To read more and to view the report, click here.
-Nancy

CNNMoney.com, Mortgage rates see big drop

by Nancy Jenkins, CRB, CRS
Good news for mortgage rates…..CNNMoney.com is reporting long term rates have hit their lowest level since the beginning of the year. This brings the current 30 year fixed rate down to a 6.18% national average.
 
If you been on the fence about making a Vermont Real Estate purchase, this could be your opportunity. If so, give me a call, 802-846-4888.
 
-Nancy


Mortgage rates see big drop
Long term rates hit lowest level since first of the year; 30 year fixed hits 6.18%.

November 22 2006: 1:55 PM EST

NEWYORK (CNNMoney.com) -- Mortgage rates continued their downward slide reaching their lowest point since the first of the year on slower growth in the market, according to a survey released Wednesday.

The 30-year fixed-rate mortgage averaged 6.18 percent for the week ending Nov. 22, down from 6.24 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year averaged 6.28 percent. The 30-year peaked for the year in July, at 6.80 percent. (read more)

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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