"I will provide the best service possible for every client I represent... I will always remember that to have a winning relationship with my clients, we must always have a mutual goal. I will never lose sight that my integrity, loyalty, understanding, accountability and creativity are what make me stand out from the real estate masses."
Nancy Jenkins, CRB, CRS
PRUDENTIAL REALTY MART
120 Kimball Ave., Suite 110
South Burlington, VT 05403 |
|
The difference between ordinary and extraordinary--is that something extra.
The Fall has arrived after a cooler than normal and wet summer and Vermont’s beautiful foliage season is here. Take the time to travel our back roads and view the fabulous mountains alive with brilliant colors. One of our favorite trips is from Burlington take Route 116 South to Bristol through Lincoln Gap, and then back through Warren. Stop and check out the waterfalls and scenic vistas along the way, then pick up a pumpkin at Adams Farm Market in Williston, along with one of their tasty pies.
Our Real Estate Market has followed the national trend of increasing inventory and a softening of prices for both single family homes and condominiums. Chittenden County has currently over 788
active homes and condos compared to 458 at the end of September 2005, and 339 at the end of September 2004. The average sales price for single family homes is up less than 1% from 2005 while condominium average prices have increased 7.6 percent. The Vermont Economy Newsletter reports in the September issue that housing prices in Vermont will slow considerably into next year, although an outright decline in prices is unlikely.
| Current 30 year fixed mortgage rates are at 6.375% which is a decrease from 6.875% at the end of June and mortgage rates have returned to last falls levels according to Mark Benton, Loan Officer at Summit Financial Center. With the Federal Reserve taking a neutral stance at the last two meetings, the Fed Funds rate has remained at 5.25% after increasing 17 times from June of 2004 to May of 2005. The intended effect of raising interest rates was to cool off the overheated national housing market, and it looks like the Fed has succeeded in steering the market to a “soft landing”. Many buyers opted for an adjustable rate mortgage three years ago when rates were almost half of a fixed rate, and those loans are going to be reset in the next year. The effect this rate change is going to have on our local market remains to be seen. |
 |
What does all this mean to the average seller or buyer today in Vermont’s real estate market? It is apparent that the appreciation rates sellers have enjoyed since 2001 have slowed to a trickle, and some homes have sold for less than expected, as the old adage goes- “trees don’t grow to the sky”. Many buyers have sat out the market in the past year watching to see if the media reports of an impending bubble bursting were true, and that looks not be the case here. While some parts of the country have seen prices double in a two year period, Vermont has been a more steady average 10 percent average appreciation over the past three years. With a combination of more homes to look at, historically low interest rates, and stabilizing prices — now is a good time to buy, sell, or invest.
Fall has always been a good season for buying or selling real estate, and this could be the best in years. If this is your time for a move, call us today, and start packing!
Sincerely,
Nancy & The Jenkins Team
CLIENT TESTIMONIAL
The Jenkins Team is awesome! With their aggressive marketing, my home was sold right away! Nancy referred
us to another awesome team of realtors to complete our move to North Carolina. We couldn’t have been in
better hands. Between the two great teams, our move went smoothly and was uneventful and stress free!
Thank you all for everything!!
-PAUL & LISA LEON • 8-8-06
|
|
TOLL FREE: 888-567-4049