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October is beautiful with foliage that is popping with amazing colors under clear sunny skies. The pumpkin patches and apple picking seasons are in full swing, and we are enjoying all the wonderful fall harvest produce. We all know that the fall season is the perfect time for tourists to visit our amazing state and we are thankful that the hotels and inns are open to welcome them. It is also an opportunity for us to take a tour and celebrate our very special state and pretend to be tourists for a few days. One of my favorite drives is out through Underhill on Pleasant Valley Road and Route 108 through the Notch Road or heading south through Hinesburg on Route 116 to Route 17 in Bristol and Lincoln Gap.
The real estate markets across the nation are experiencing similar conditions to ours. Inventory has decreased over the last few years nationally, but new construction starts has picked up. Many of the major markets and resort markets have been experiencing high appreciation and incredible sales volume. There are some regions seeing a slowdown in their markets with the number of multiple offers and appreciation tracking at a slower rate.
In our market from the lower price points up into the luxury market we continue to see multiple offers and very competitive bidding. The national Real Estate indexes are reporting a slowdown in pending sales this year of existing homes, but an increase in deposits on new construction. Here in Vermont, we have experienced a solid rise in prices that was long overdue as our market had been seeing low appreciation over the last decade. It is time for us to experience the appreciation and higher prices that have come to Burlington and our region, the Northwestern Vermont Market. In 2015 Chittenden County had its first great year of sales with 1284 single-family homes closed and that year brought us out of the Great Recession. The number of homes closed did not surpass the volume of 2015 until 2019. 2021 has 983 homes already closed in Chittenden County through September and we are on track to exceed 2020 sales.
The late fall through early winter market is historically a slower time of the year for real estate sales. However, this year we did not have a slow spring or summer and have rolled right into fall with brisk sales and showings. We see that there are serious buyers that have a true need for a home, land for a new home to be built, or a desire to pick up investment properties for tax benefits. Single-family homes, condominiums, or multi-family homes are all attractive investment vehicles. If you are thinking of selling an investment property, let us help you go over your options including 1031 exchange possibilities.
Here at the Nancy Jenkins Team, we have closed or pended over 182 properties through the end of September and are looking forward to a strong finish to 2021.
If this is your time for a move call us today.
This Month’s Coupon:
Williston – $439,900
This country home on French Hill in Williston is vacant and move in ready. Fully renovated interior with granite countertops & plank floor in the kitchen with island opening into the dining/gathering area. 2 sided brick fireplace in both kitchen and living room. Dining/gathering area & living room feature bay windows and beams. Owner’s suite on 1st floor with walk in closet, new full bath. Additional 1st floor bedroom and full bath. Laundry room off kitchen with plank floors, opens into 1 car garage. Main entrance with foyer, side entrance with mudroom and great shelving.2 bedrooms, full bath and large bonus room complete the upstairs. New carpet in living room and bedrooms. New windows, doors, insulation, standing seam roof, hot air furnace, hot water tank, plumbing, daylight drain and electric.
Kristin made us feel like we were important and always listened to and found answers for any questions we had. She is kind and humorous,
two qualities that help immensely when going through the stress of finding and purchasing a new house. My daughter and I used the Nancy Jenkins moving truck on our closing day which was the final thumbs up for this company. They wanted to make every aspect of finding, buying and moving into a new home easier. I’d 100% recommend using Kristin and the team at Nancy Jenkins for any Burlington area real estate needs.”
Special Thanks to Friends Who Sent Us Their Friends!
Eli Lesser Goldsmith, Zach Nigro, Roberto Pierre, Elena Kelley & Robyn Lemnah
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