The national headlines are reporting that the real estate market is falling and the mortgage world is in chaos. Unlike rest of the nation, the Vermont real estate market
remains healthy.

The real estate market turned—or as the pundits say, “The bell rang”— in June of 2005 throughout most of the country. We have been experiencing a supply-and-demand issue with the current inventory of homes and condominiums at a 5-year high. In Chittenden County, there are 644 active single-family homes and 304 active condominiums on the market.

The good news is that properties are selling! This year, the number of deposits is up more than 11% for single-family homes and 14% for condominiums in Chittenden County. Buyers are choosing homes that are realistically priced and in good condition. We have seen some softening of prices, especially in condominiums, but it is not as widespread as the media suggests. Thankfully, in Vermont, we do not have huge sub-prime mortgage exposure. The Vermont population has always been conservative in their choice of home mortgages, and we have historically low foreclosure rates compared to national averages. For over 25 years, I have said that our market does not go up as fast or as high as other parts of the country and consequently our prices do not fall as hard or as low as elsewhere. Here at the Nancy Jenkins Team, with over 165 properties closed and pending through August, we are looking forward to another great year. The number of buyers is up, and I expect 2007 to close with more homes sold than 2006.

The winner of last months giveaway is Maureen Joyce.

Enjoy the fall foliage and the exciting real estate market. This is a great time to pick up an investment property, buy a home, or build a new home.

We are always ready to help you with all your real estate needs. Call us today!

Sincerely,


Nancy & The Jenkins Team