Copy of Copy of December 2020 News Letter by admin77863
Copy of December 2020 News Letter by admin77863
Image Credit: http://getwallpapers.com/wallpaper/full/8/8/4/602595.jpg
Fall Into a Sellers' Market
The leaves have turned, the air has cooled and the days are getting shorter. These are the sure signs of autumn, and the change of seasons is about the only sense of normalcy we've experienced this year!
Despite the uncertainty that exists in many of aspects of our daily lives, one thing is for certain; It is an excellent time to be a seller in the Vermont Real Estate Market. Inventory Levels continue to drop precipitously from already low levels. Recent Statistics released by the Northwestern Vermont Board of Realtors show that as of August 2020 year over year inventory of single family homes and condominiums are down a whopping 48.8% and 49.7% respectively. That represents an almost halving of inventory compared to last year when one of the industries challenges was lack of inventory.
Perhaps just as tellingly, The Months of Supply of inventory is just 2.3 for Single Family Homes (down 52.1% from the same time in 2019) and just 1.1 month for condominiums and townhomes (down 52.2%). When one considers that a balanced supply is 6 months we can see that demand is far outpacing supply.
Interest rates continue to remain appetizingly low. Recent conversations with prominent local lenders indicate a 30 year fixed is hovering right around 3.0% while I've heard quotes of 15 year fixed mortgages being as low as 2.25%!
All of the above show that this is a fantastic time to be a seller. Conventional wisdom has long caused people to believe the last quarter of the year as being a poor time to sell. Like with much of life this year, that thinking is upside down. We know that now is terrific time to sell, but no one knows what the year, months or days ahead will bring. If you'd like to take advantage of a Free Market Analysis and Seller Consultation, please CONTACT ME TODAY!
Current Active Listings:
Recently Sold Listings:
Tips for moving from a house to a condo
Figure 1 Alt.tag: A living room in a condo.
Moving from a house to a condo is certainly a major change. However, a great number of those who have gone through this experience say that adjusting to the new circumstances did not take long. While it is true that by making this step you lose the space and privacy you got accustomed to, you will be surprised by the wealth of amenities condos offer and by all the beauty of living in an attractive and convenient location. So, read the information on the subject we have prepared, choose the right team of professionals to help you with this endeavor, and finally start your search for the perfect condo that meets all your needs and requirements.
When is the right time for the move?
If you have a busy lifestyle that involves spending a lot of time at the office or on frequent travels, you are rarely at home. You certainly use less and less space in your house during these hours when you are not on the go. Proper maintenance is difficult to achieve as you lack the time and the energy. These are all evident signs that you need to somehow simplify your living. Understandably, moving from a house to a condo emerges as a reasonable decision.
The pros and cons of moving from a house to a condo
Undeniably, living in a condo comes with its specific set of advantages and disadvantages. Being acquainted with them will help you decide whether a condo is the right choice for you.
The pros of living in a condo
Firstly, living in a condo equals less maintenance and fewer chores. Instead of spending time on tedious activities like mowing your lawn, cleaning, taking care of the driveway and yard, you can enrich your life by doing something you like and enjoy. Furthermore, you will save money as well, because house maintenance often comes with a hefty price tag.
Living in a condo also entitles you to various amenities depending on the community you choose. From pools, gyms, tennis courts to community rooms, you will have a wide range of options to relax and improve the quality of your free time.
Living in a desirable and convenient area will become possible and it will be considerably different from living in the suburbs where most of the houses are located.
Finally, condo residents cherish a strong sense of community, take great pride in it, and very often find some close friends among their neighbors. If you live in a typical neighborhood with large family houses, you understand the difference.
The cons of living in a condo
One of the greatest cons of living in a condo is less space at your disposal. If you have gotten accustomed to impressive square footage, getting used to the new living space might seem like mission impossible. The truth is that the size of the condo you decide to buy depends on the money you are willing to invest. If you can afford it, buying a condo with two or three bedrooms in an attractive location is easily manageable. Adjusting to the new living space will thus be far from a serious challenge.
Buying a condo can be more expensive than buying a house as the price for the square foot can be higher. However, if you prioritize and budget accordingly, the price will not be much of a problem. Remember that by buying a condo, you also buy convenience and an attractive location.
The Home Owners Association fees can sometimes be overwhelming, but if you pay for the amenities you will surely use and appreciate, they will be worth every dollar you invest.
Finally, living in a condo is noisier than living in single-family neighborhoods as you share walls and floors with your neighbors. However, if you do research properly and find out everything about the condo communities you might enter, chances are you will choose reasonably and be able to avoid this problem. So, give your best not to make one of the most common mistakes when buying a condo - making a hasty decision.
Moving from a house to a condo
How to downsize and declutter effectively?
Downsizing can be tough, but a proper and timely constructed plan can solve all the potential problems. Firstly, it is very important to make a detailed list of all the items that are essential to you, those you cannot live without. These possessions will be relocated to your new home. Start with the planning at least a month prior to the moving date because you will need time to decide what to do with the items you don’t need anymore.
Decluttering does not necessarily mean throwing away all those possessions you do not use. There is a wide range of options for what to do with these items. Since buying a condo and then moving is a great expense, you can even earn a few dollars by selling some items that are in good condition. Organize a garage sale or try selling them online or on Craigslist. You have nothing to lose and everything to gain.
Also, donating some of the items is a viable solution as well. You can give some of the items to your family and friends or take some to a donation center.
Proper packing is the core of every moving process. It will take most of your preparation time and it requires an organized and efficient strategy that guarantees the safety of your possessions.
While packing some of your items is not so demanding, packing heavy and bulky furniture, fragile items, or electronic devices, for example, is a genuine challenge. Think about hiring professionals for the job as this will be a much cheaper option than dealing with the consequences of damaged items.
Professional assistance is always an intelligent choice
Having experienced professionals by your side is always a good decision when moving to another city in Vermont or even just a few blocks away. They have the knowledge, skills, and equipment necessary to handle your relocation in no time without endangering the safety of your belongings. Opting for professional assistance guarantees the least stressful move one can experience.
A few more points to pay attention to
One of the most important things that make moving from a house to a condo considerably different from other moving processes is that, depending on the floor on which the condo is located, some extra assistance might be necessary. If there are a lot of stairs and no elevator, or you have some furniture items that require special handling, you will have to spend a few dollars more on this task. Remember that some buildings have large elevators for moving purposes only, so get informed about this and book the elevator in advance to avoid any inconveniences.
About the Author:
Jackie Williams is a freelance writer, working with a number of reputable moving companies. She enjoys writing on the topics of relocation, home improvement, and DIY projects. In her spare time, Jackie loves leafing through interior design magazines and searching for inspiration.
SUMMER IS IN FULL SWING
It has been a busy couple of months for The Condoguy Team! We have several New Listings in the works, as well as many properties Under Contract!
Thinking of Buying or Selling a home? Let us know!
See a property you are interested in? We conduct virtual and in person tours now!
From our team to yours we wish you the best during these unusual times!
The Condo Guy Team
Image credit: orangevt.org
Bright Indicators in Supply/Demand Remains Strong/"The Vermont Bump"
As the leaves and flowers begin to cautiously appear with spring's true arrival so do signs of activity in The Vermont Real Estate Market. New Listings available in Greater Burlington came to a screeching halt following the global pandemic caused by COVID-19 and the Stay Home order that ensued. This dwindling supply came on the heels of several years of low levels of inventory. Happily for home buyers, more homes have started to appear allowing for a for some availability. Competition for new listings continues to be quite fierce as mortgage rates remain at historical lows and pent-up demand is finally able to be released. National markets are showing similar trends. According to Forbes "Realtor.com recorded a decrease of 29% [in new listings year over year] for the week ending May 9th".
While mortgage rates remain strong there's been indications of banks tightening up requirements in the form of higher credit scores and greater cash reserves from potential borrowers. The long-term impacts of drastic unemployment figures remain uncertain. It's currently a strong sellers market in our localized area, but it's impossible to say if and how long to continue. If you're considering selling now may be the time.
Entirely anecdotal, but my team and I have seen a massive influx of potential out of state buyers inquiring about Vermont real estate. In conversations it appears that most of these folks are from denser urban areas and are seeking more open space with great quality of life. Many people can now work from anywhere and Vermont presents an appealing option for those currently in Greater New York City and Boston markets with relatively affordable prices and close proximity by plane for visits back to employer headquarters.
Each day is bringing new surprises. One constant is the tireless sacrifice and professionalism shown by our essential workers and first responders. Thank you for keeping us fed, safe, and healthy. I wish all of you health, happiness and solidarity during these trying times.Together, we'll make it through.
The Condo Guy Team
Real Estate in a Pandemic
Recent months have shown us that lives can be endangered and upended in a very short amount of time. The COVID-19 pandemic which appeared to many of us as a far off news story, soon entered our lives in a very real and personal way.
Our priority at The Condo Guy Team right now is to be responsible citizens and Stay Home as directed by Governor Phil Scott. We're checking in on our current and past clients to see if they're well and have everything they need during this challenging time. The health of our community and our front line health care workers is paramount right now. I'm inspired everyday by the sacrifices I see people make and the professionalism exhibited by our local institutions.
While our thoughts are on doing the right thing, many people are still curious about the state of the Vermont Real Estate Market and the Vermont Condo Market. Real Estate Professionals have been deemed non-essential and therefore, we're all working from home. However, we are still staying in touch with clients, conducting virtual showings through video or remote conferencing and some buyers are willing to enter into Purchase & Sale Contracts without setting foot into a home. We're anticipating Governor Scott's Stay Home order will be extended past April 15th, but we're currently scheduling appointments later into the spring and summer.
Based on low mortgage interest rates and the fact we entered this crisis with very limited inventory, we're anticipating that there will be pent-up demand when the real estate market opens up a little bit. I'm still providing free video home valuations and seller consultations so that people are ready to go when the time is right. Preparing now will set us up for success in the future.
No one can predict what the future will bring, but there are many market indicators that housing will be one of the beacons leading us through any economic downturn. Please view the attached slide presentation with info from industry experts. If you'd like to discuss current and future market conditions, I'd love to set-up a Facetime, Zoom call, Microsoft Team meeting, Google Hangout or just a good old fashioned phone call.
Remember to stay safe, stay healthy and stay home. We'll meet again soon!
Mortgage Rates Drop to 3 Year Lows. Inventory Remains Low. March is in Like a Lion!
Recent global events have helped push already competitive mortgage rate to even lower levels. Mortgage rates which are generally influenced by long-term bond rates started to edge downward in advance of the Federal Reserve’s announcement on Tuesday to lower the Federal Funds Rate. Global markets have recently responded to news regarding the spread of Corona Virus and the uncertainty led to the Fed’s surprise rate cut.
Low mortgage rates typically yield more active buyers with higher spending power. Additional buyers in the pool may apply greater pressure to the already low existing stock of housing. This could lead to continued growth in sale prices and lowered inventory. If you’re a seller this could lead to higher prices and better terms https://www.condoguy.com/home-worth/. If you’re considering buying, this means that you could be pre-approved for a higher purchase price than just one week ago https://www.condoguy.com/contact-us/. If you’re a homeowner and not considering moving, you may want to look at refinancing based on these historic low rates.
At the Condo Guy Team, we love talking real estate! If you’re considering selling, buying or refinancing we’d be happy to discuss over coffee and provide a free home valuation, seller or buyer consultation, or put you in touch with fantastic local lenders. Please contact us at anytime.
Low Interest Rates + Low Inventory = A Super Strong Seller’s Market!
As we settle into 2020, recent real estate trends have continued. Very low interest rates have kept buyers in the hunt. As of December, inventory of Townhouses and Condos for Sale was down a whopping 27%!!! At the end of 2019 there was a 1.9 month supply of homes for sale, far below the 6 month supply threshold which is considered a balanced market (NVBR December 2019 Chittenden County Statistics). http://www.nvbr.com/wp-content/uploads/2013/market-statistics/dec-2019/Chittenden-County.pdf.
With a limited construction pipeline of new homes and low interest rates predicted by many for the foreseeable future, it appears likely that we’ll remain in a market of constricted supply. In short; A very strong Seller’s Market! This is particularly advantageous for the owners of existing Chittenden County, VT Homes.
If you’re curious about how current market conditions have impacted the value of your home, I’m offering a Free Market Valuation to homeowners to kick off 2020! Contact me today if you’d like to schedule an appointment! Click on the link above or email me at www.condoguy.com
If You List it They Will Come*: 5 Reasons Why Now is a Great Time to Sell Your Home
(*With the Correct Pricing, Presentation and Marketing)
Spring is upon us and the real estate market is starting to heat up, yet again! Although we typically expect to see increased activity in home sales this time of year, a number of factors have come into play that make Right Now a terrific time to Sell Your Home.
- Low Mortgage Rates: Late last month mortgages hit a 14 month low hovering around 4.06%. On March 28th fortune.com reported that “Mortgage rates fell more in the past week than they have in any one week period in more than a decade” (http://fortune.com/2019/03/28/mortgage-rates-tumble/). Lower mortgage rates mean more purchasing power for homebuyers and that brings more people into the market. It’s important to note that mortgage rates constantly fluctuate, but we’ve been experiencing historic lows for some time which has helped keep demand high.
- Lack of Inventory: The inventory of existing homes for sale remains very low. Most new construction is focused on price points above $350,000 which means that very little inventory is being added to the red hot $150,000-$350,000 which means buyers are competing for a limited stock of existing homes.
- Buyers are Out in Force: A recent open house I held in Burlington at a home that had been advertised for less than 24 hours resulted in 45 attendees! This set a new bar for my team. I’m going to need to bring more snacks next time! This is just one example and every home is different, but activity like this can be a useful barometer for market conditions.
- Multiple Offers: The above open house resulted in a total of 6 offers! I know of another home in my neighborhood that just went on the market and received 14 offers! Again, these results can’t be translated to every sale, but serve as examples of market activity.
- It’s Spring Time!: I’ve been watching the ice in Burlington Bay slowly melt and have observed a few flowers braving things above the ground. The spring selling season is perennially a busier time of year for the Real Estate market. People are contemplating moves between school years and it’s easier to understand a home and property when they aren’t buried in snow and ice. More light in the evenings makes it easier to show homes and it’s just easier to get around.
The above reasons provide a snapshot of current favorable conditions for home sellers. If you’re curious what your home might sell for in today’s market contact me anytime for a free home valuation and seller consultation. I’d welcome the opportunity to provide you with useful market information and pricing suggestions with no obligations. Hope to see you out and about this spring!
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