The Vermont real estate market is in full “spring gear” after a mild winter and early warm temperatures. The maple sugaring season has started, and like the sap running, the buyers are now out in full force. When you look at the latest all time low mortgage rates, you see that now is a great time to find a home that is still affordable as a 0.5% reduction in rate gives you about 10% more buying power- and that is fantastic for our Northern Vermont market. The time to buy is truly now!
Home and condominium inventory are still tight, especially under $350,000 in the greater Burlington area, which has created solid appreciation returns for our area. There are many great new construction options available in both suburban and country properties. As of March 1st we saw only 188 single family homes available in Chittenden County compared to 247 at the same time last year. This year the number of homes that went under deposit in January and February was 179 while in 2019 there were 164 homes pended, evidence that the market is strong and vibrant.
Here at The Nancy Jenkins Team we have been busy listing homes, placing homes under deposit, and closing homes. If you are thinking of buying or selling a home this year, now is the time to take advantage of the lowest mortgage rates we have ever seen. Call us today to discuss your real estate needs, goals and plans, we can guide you in implementing them and seeing you through the process.
Our annual Nancy Jenkins Movie Day at Essex Cinema was a great success and we want to thank our sponsors Barb McHenry at Fairway Mortgage and attorney Brian Stark at Stark Law PLLC. We collected 230 lbs. of food for Feeding Chittenden food shelf and donations to Burlington Boys & Girls Club. Thank you to all our clients and friends who attended the shows and donated to these worthy causes.
The 23rd annual Nancy Jenkins Scholarship for two deserving high school students in underway! For details and deadlines, visit www.nancyjenkins.com/scholarship. Apply now!
Enjoy the lovely and longer spring days with the sun climbing higher in the sky, melting snow, and finally the end of Daylight savings time!
Nancy and the Nancy Jenkins Team
This Month’s Coupon:
“Kristen was awesome. She helped us navigate bidding for the townhouse with other potential buyers ( on a Saturday night!) and navigated an embezzlement charge within the townhouse association. There were clear dates and steps on what we needed to do to make sure we got our first house. She was very responsive to emails and texts (including her team) so we were never left in the dark. We also got a free moving truck! Most likely we will move to a single-family home in the years to come and we will be reaching out to her when we do!”
Jordan Roy – December 12, 2019
Special Thanks to Friends Who Sent Us Their Friends!
Ernie & Molly Lowder, Renee Lafountain, Lori York, Andrew Christiansen, Jake & Taylor Mendell
Naturally, the COVID-19 pandemic seems to be impacting almost all portions of our day-to-day life at the moment. And, we don’t want to add to that noise. So, here’s what you need to know about real estate in our area:
- We are still seeing extremely strong interest in new listings. Inventory is very low, so if you’re considering a sale, it’s still an active market. Remember that you always control if, when, and how your home will be shown. Our team is prepared for virtual listing appointments. Know that we have options to fit your needs!
- We’ve been invested in 3D virtual tours for years and offer this service at no additional cost to sellers. This ensures your home is shown in the best possible light and allows buyers to tour it from the comfort of their own computer.
- If you are a buyer, it’s still a great time to purchase in our area too. Mortgage rates are near historic lows, meaning you can afford far more house with a much smaller monthly payment.
In short, tangible assets like real estate have not been affected the same way as the stock market, where businesses large and small are losing substantial profits due to closures. In fact, homes are seeing more use now than ever before, due to social distancing guidelines and quarantines! As such, we expect very little longterm impact on home values as of this email.
Naturally, we value the health of our community. As such, we are instructing both buyers and sellers on best practices for viewing properties in person during these challenging times—including leaving cabinet doors open and lights on, and refraining from touching surfaces.
©2020 Nancy Jenkins Real Estate