Happy Spring!

Vermont’s “April showers” were a little light this spring which has made the mud season drivers happy and perhaps some farmers who might want to plant early!

The spring market for real estate seems to be heating up earlier than last year translating to a strong showing for homes that are currently under deposit and ongoing buyer activity that appears to be stronger than last spring with multiple offer activity that I haven’t seen in a while.

This 2013 Spring Market Real Estate Report for Chittenden County Vermont is based on Chittenden County single family and condominium data from the Northern New England Real Estate Network (NNEREN).  If you would like more specific information for your area or town, or your home’s value, please feel free to give me a call.

ACTIVE LISTINGS/INVENTORY

There are approximately 482 active Chittenden County single family homes on the market at this time, which is down 15% from last year’s active inventory for the same time period.  Pending sales are strong at this time which accounts for part of the lack of inventory.  Otherwise, the lower inventory coming into the spring market could equate to a slight rise in home values.

INTEREST RATES

2013 1st Quarter Interest Rates

The 2013 interest rates shown above reflect a no point 30 year fixed rate program. As can be seen, fixed rates began the year around 3.5%, rose slightly to approx 3.625%, and have hovered around that number for the last few months.

Continued attractive interest rates combined with the most reasonable home pricing we’ve seen in years creates a winning combination for those looking to enter the housing market as first time home buyers or those looking to take advantage of the low rates and upgrade their current home.

MEDIAN SALES PRICE

The Median sales price of single family homes so far this year is $271,000, which is up 6% as compared to 2012, which showed a median sales price of $255,000. The median sales price of condominiums so far this year is $186,500, which is down approx. 3% over last year at this time.

You never know where the bottom of the market was until after it passed, but there are signs of prices going up in number of areas within the housing sector which may indicate we are beginning to regain some of the appreciation that was lost since 2008.

If 2013 is your year for a move, I would appreciate the opportunity to put my 27 years of experience to work for you!  Feel free to give me a call for a no obligation market analysis.

Enjoy the summer and stay posted for your next market update!

Best,

WINTER GREETINGS!

I hope all is well for you as we await the second round of winter after the January thaw that always seems to tease us with warm temps that we know won’t stay!

The following 2012-Year End Winter Real Estate Market Report for Chittenden County Vermont is based on Chittenden County single family and condominium data from the Northern New England Real Estate Network (NNEREN).  If you would like more specific information for your area or town, please feel free to give me a call.

ACTIVE LISTINGS/INVENTORY

There were approximately 469 active Chittenden County single family homes on the market at the end of 2012 which was down approximately 15% from the number of homes that were on the market at the end of 2011. The number of active condominiums on the market at the end of 2012 was 190 units, which was down approximately 22% from the number of units that were available at the end of 2011.

TOTAL UNITS SOLD

Home sales during 2012 were overall up 20% as compared to the 2011 market.  This is movement in the right direction, especially given the fact that 2011 numbers had very little increase over 2010 sales.

2012 INTEREST RATES

The 2012 interest rates shown above reflect a no-point 30-year fixed rate program. As can be seen, fixed rates began the year around 4.25% and came down steadily ending the year at approximately 3.625%.  Although rates were low during 2011, the 2012 interest rates continued to trickle down ending the year below 4%, which triggered yet another refinance round.

MEDIAN SALES PRICE

The Median sales price of single family homes at the end of 2012 was approximately $273,000, which was up 1% from the median sales price of single family homes at the end of 2011. The median sales price of condominiums rose by approximately 2% from $192,500 in 2011, to $196,500 at the end of 2012. These increases aren’t dramatic, but are at least going in the right direction!  Median sales prices remained within 1 % of last year’s prices for single family homes and 2% over last year’s numbers for condominiums.

With historically low interest rates and attractive prices, 2013 might bring a window of opportunity for some buyers and sellers. While some sellers are hoping for the value of their home to rise back to 2005 prices before they sell, it is important to remember that selling in a down market allows them to purchase their dream home at an attractive price which offsets what they were “hoping” to get for their home.  Feel free to give me a call for a no obligation market analysis.

Stay tuned for you next 2013 market update which will brief you on how the new year’s real estate market is shaping up!

Best,
Dave Chenette, Broker/Realtor

Fall Greetings!

The best part of the Vermont Fall season is behind us, but not without first leaving us with the awesome memory of beautiful fall colors as we await the first snows of winter!  Few of us expected the break from shoveling we received last year although it was nice while it lasted!

The following market update is based on Chittenden County single family and condominium data from the Northern New England Real Estate Network (NNEREN).  If you would like more specific information for your area or town, please feel free to give me a call.

ACTIVE LISTINGS/INVENTORY

There are currently approximately 795 active single family and condominiums on the market in Chittenden County which is down 15% over last year at this time. When broken down separately, active single families are down 12% and the condo inventory is down 22%.  2012 overall inventory is down 15% as compared to last year at this point. In a weak economy you would think that there would be more homes on the market, but this is another factor that points to the stability of our overall housing market in Chittenden County.

TOTAL UNITS SOLD

The 2012 closed sales market thus far for single family and condominiums has shown marked improvement over the 2011 market.  Year to date overall sales numbers are up approximately 14% over last year’s numbers.  When viewed separately, condominium sales are up 22% !  It is important to mention that 2011 sales were up over 2010 sales, so increased 2012 sales represent two years of improvement.

2012 INTEREST RATES

Zero Point 30-Year Fixed Rate Program….

The 2012 interest rates shown above reflect a no point 30 year fixed rate program. As can be seen, fixed rates have come down slightly throughout the year beginning the year at 4.25% and decreasing to 3.5% by the end of October.

MEDIAN SALES PRICE

The median sales price of single family homes year to date was approximately $275,000, up approximately 1% as compared to the same period of 2011, which showed a median sales price of $272,000.  The median sales price of condominiums was $195,000, which was also up 1% over last year’s numbers.  Median sales prices overall are up 1% over last year and while this gain isn’t marked, it is a sign that our prices are remaining stable as compared to many parts of the country.

With historically low interest rates and attractive prices, it may be the time to consider taking advantage of market conditions! Feel free to give me a call for a no obligation market analysis. I’m in my 27th year as a Realtor and I’d love to put my experience to work for you!

Stay tuned for your year end update after the holidays!

Best, 

Dave Chenette Broker/Realtor

Summer Greetings!  

I hope you’re enjoying the great summer we’re having with lots of sun and blue skies! After a snowless winter we didn’t know what to expect but I guess we aren’t paying for it yet!

The following market update is based on Chittenden County single family and condominium data from the Northern New England Real Estate Network (NNEREN).  If you would like more specific information for your area or town, please feel free to give me a call.

ACTIVE LISTINGS/INVENTORY

The 2012 market thus far has been very active – the most active we’ve seen in a number of years!  There are approximately 641 active Chittenden County single family homes on the market at this time which is down approximately 8% from the number of homes that were on the market last year at this time.  Our current condo inventory of 260 units reflects a 9% decrease over last year’s condo inventory at this time. Having a lower active listing inventory is an indicator that shows the stability of the Chittenden County market and it should help to keep prices stable also.

TOTAL UNITS SOLD 

Approximately 734 single family and condominium style homes sold during the first half of 2012 in Chittenden County through the Northern New England Real Estate Network, which was up 20% over the same period during 2011!  When broken down separately, 2012 single family sales for the first half of 2012 totaled approximately 472 units which was up 19% over the same period last year.  2012 Chittenden County condominium sales were up 23% over 2011 numbers with 262 units sold!

Zero Point 30-Year Fixed Rate Program….

The 2012 interest rates shown above reflect a no-point, 30-year fixed rate program. As can be seen, fixed rates began the year around 4.125% and came down slightly through the first half of the year to 3.75%.

MEDIAN SALES PRICE

The median sales price of single family homes in Chittenden County is down slightly, hovering around $265,000, while the median sales price of condominiums is up slightly to approximately $193,500.   These numbers reflect a continued stabilization of both single family and condominium prices. There are still some soft pockets in both single family and condo markets with no marked appreciation at this time.

With historically low interest rates and attractive prices, it may be the year to consider taking advantage of market conditions!  Feel free to give me a contact me for a no obligation market analysis.

Hoping you get all your summer projects done and are still able to enjoy the sun!

Best, 

Dave Chenette Broker/Realtor

HAPPY 2012!!

I hope you’re enjoying the snow that many have been waiting for, while on the other hand, some were just as happy not to be shoveling! 

The following market update is based on Chittenden County, VT single family and condominium sales data from the Northern New England Real Estate Network (NEREN).  If you would like more specific information for your area or town, please feel free to give me a call.

The 2011 market was encouragingly stable as compared to many parts of the Country!  We still enjoy one of the lowest foreclosure rates in the nation, although prices are certainly not on the rise.  Generally speaking, single family home prices in Chittenden County have remained stable, while condominium prices have softened a bit.

MEDIAN SALES PRICE

The Median sales price of single family homes at the end of 2011 was approximately $279,000, which was the same median sales price of single family homes at the end of 2010. The median sales price of condominiums fell by approximately 4% from $200,000 in 2010, to $192,500 at the end of 2011.  These numbers reflect a general stabilization of single family home prices, while in general, condominium prices have softened slightly.

• The 2011 interest rates shown above reflect a no point, 30-year fixed rate program. As can be seen, fixed rates began the year around 5% and came down steadily throughout the year ending 2011 around 4.25%.

• Interest rates have actually fallen since the end of the year to an all time low of  below 4% for a 30-year fixed rate & under 3.5% for a 15-year fixed rate!

ACTIVE LISTINGS/INVENTORY

There were approximately 550 active Chittenden County single family homes on the market at the end of 2011 which was up approximately 14% from the number of homes that were on the market at the end of 2010.  The number of active condominiums on the market at the end of 2011 was approximately 245 which was up approximately 9% from the number of units that were available at the end of 2010.

With historically low interest rates and attractive prices, it may be the year to consider taking advantage of market conditions! Feel free to give me a call for a no obligation market analysis.

Enjoy the beauty of our Vermont winters – cold as they are, there are plenty of redeeming snow scenes that make up for having to scrape the windshield!

Bye for now!

Dave Chenette, Broker Realtor

FALL GREETINGS!

I know we hate to hear that fall is upon us after such a memorable spring and summer but mother nature waits for no one as the crisp evenings become more common!

The 2011 Chittenden County real estate market has held its own and remained stable despite the national trends we have seen all around us!  The total number of single family and condominium units sold year-to-date has almost exactly matched last year’s numbers from the same period.  The number of closed units was down this year through June as compared to last year, but during the last 2 months closings have rallied, bringing our current numbers up to last year’s levels.  Given the fact pending sales are up as compared to last year’s numbers at this time, it is expected we may end 2011 with more sales than 2010 – stay tuned for your year end update!

Median sales prices and the number of active listings has also remained the same as last year for the same year-to-date period.  This is a good thing considering the economy hasn’t improved this year.

The 2011 interest rates shown below reflect a no point 30-year fixed rate program. As can be seen, fixed rates have remained stable and attractive throughout the year. The fact rates have come down to 4.5 % at the end of the summer has sparked a renewed round of refinances!

2011 interest rates shown above reflect a no point 30 year fixed rate program.

MEDIAN SALES PRICE

• The median sales price of single family homes year-to-date was approximately $273,000, up approximately 1% as compared to the same period of 2010, which showed a median sales price of $270,000.

• The median sales price of condominiums has remained at approximately $192,000, almost exactly the same as last year.

ACTIVE LISTINGS/INVENTORY

• There are currently approximately 1000 active single family and condominiums on the market in Chittenden County. This figure is within 1% of the number of listings that were available at the same time last year and during 2009.

• Overall, the fact our active listings have not increased is an encouraging fact given the economic conditions.  Many areas of the country are experiencing a high foreclosure rate which causes the number of active listings to increase, which is not the case in our area.

One thing is clear, rates have been terrific and prices have been lower than they’ve been for years.  If you’re thinking of a move, although you may not get what you had hoped for price-wise for your home, you will certainly be paying less for the one you’ll be buying while taking advantage of historically low interest rates!

This market update is based on Chittenden County data from the Northern New England Real Estate Network.  If you would like more specific information for your area or town, please feel free to give me a call.

Please keep me in mind if you know of anyone interested in buying or selling, your referrals are very much appreciated during these trying times!

Best regards,

Dave Chenette
Chenette Real Estate

SUMMER TO-DO LIST

1. LANDSCAPING- Landscaping can improve your homes outward appearance and definitely create a first impression for potential buyers. Many local garden centers often have sales on perennials later in the season. It’s also best to hold off until later in the season for most other lawn care practices, including fertilizing, seeding, thatch control, and applying weed killers. The period from late August through early September is ideal for many of these practices.

2. DECKS – Decks have become an extremely popular, low-cost way to add living space to a home. Decks make it convenient to enjoy sitting outside day or night. They open up the home and facilitate entertaining and outdoor dining. Yet, decks are also subject to the damaging effects of weather. As such, deck maintenance is critical to prevent discoloration caused by dirt, moss, algae, and other plants. Summer is the perfect time to have your deck cleaned, power-washed, or resealed.

3. ROOF – This is the perfect time to have your roof professionally inspected and/or repaired/replaced. Winter, especially in Vermont, is very hard on your roof. You want to ensure that your roof is able to handle the snowfall that Vermont winters produce. Curling shingles are a telltale sign that your roof may need to be replaced.

4. GUTTERS and DOWN SPOUTS – Make sure that your gutters and down spouts are free from debris. Use long barbecue tongs to reach in and remove any debris that may have gotten stuck in your downspout. Re-attach any that have become loose, again in preparation for the heavy snow that winter brings.

5. BASEMENT – This year in Vermont many homes were affected by statewide flooding. Even if you weren’t, many Vermonters get moisture in their basements after the spring runoff. The summer is an ideal time to get estimates on waterproofing and to ensure that your sump pump is operating properly. Other maintenance items may include: running a dehumidifier, applying waterproofing paint, or even sealing the concrete floor. It is important to run a dehumidifier in a musty (smelly) basement while your home is being shown as to not turn off any potential buyers.

6. FURNACE – Many licensed HVAC companies offer discounts for servicing your furnace in the summer months. The busiest time of year for them is in early fall so beat the rush while you can! This is also a good time to change your filters.

7. AIR CONDITIONING – While it’s true, many Vermonters don’t have central air conditioning, it is important if you do to ensure that any debris, shrubs, or weeds are not growing around the unit. It is a good idea to replace or clean your filter and especially more frequently during the season if you have pets. The same is true for window air conditioning units. Simply remove the front cover and vacuum or replace the filter.

8. EXTERIOR JOINTS – Caulk exterior joints around all windows and doors. Caulking helps keep the house weather-tight and reduces energy bills. It can also help keep insects and vermin out of the house. As well as prevent the water to penetrate through small cracks.

9. HOT WATER HEATER – Water heater maintenance is easy to overlook because the tank just sits there and has no moving parts to worry about. To keep your water heater operating correctly, and to extend its life by years, you need to carry out regular maintenance to minimize rust and calcium carbonate. Therefore, it is advised to drain and clean your tank once yearly. Another item to check when carrying out annual maintenance is the pressure relief valve. This is a valve on the side of the tank near the top. It should be connected to a pipe that directs the water down and away from the tank so that scalding water does not spray a person if the valve releases due to excessive pressure. There are lots of websites out there that explain how to do this, and if in doubt, call a professional.

10. POOL – Pools are a popular destination during the summer months. Take this time to be sure that tiles and grout are in good repair, or that linings are free from holes in the case of above ground pools. Check your pool’s chemistry often. That means twice a week during the summer. And don’t forget to clean the pool skimmers often to make sure you get the best circulation, a must for any healthy pool. Many clients ask me if installing the pool will increase the home’s value; the short answer is no. There is a very large portion of the population that is afraid of water, doesn’t enjoy swimming, has small children, or that just doesn’t want to take on pool maintenance. Therefore, if you’re going to install a pool, do so for your own personal pleasure and not for resale value.

If you are not comfortable with performing any of these maintenance items listed above, there are many professionals out there that would be more than happy to help you! As always, use common sense and follow all safety guidelines.

In the extreme heat of summer sometimes the real estate market tends to slow down a bit; but if you are a Buyer in this market, it is a great time to find a bargain. Other Buyers are not out looking because they are away on vacation or involved with family activities and this means less competition for you! If you’re trying to Sell during the summer months, is important to make sure that your home shows well and is cool. Put out fresh flowers, run fans/air-conditioners, or open windows! If you have any questions or if you need names and numbers of maintenance professionals I would be happy to assist you!

Please feel free to contact me for all your real estate needs, and stay cool!

Bye for now!

Dave Chenette, Broker/Realtor

WHY GET A HOME INSPECTION?

Caveat Emptor: Under the doctrine of caveat emptor, the buyer could not recover from the seller for defects on the property that rendered the property unfit for ordinary purposes. The only exception was if the seller actively concealed latent defects or otherwise made material misrepresentations amounting to fraud (source: Wikipedia).

Buying a home can be a person’s largest financial investment in their lifetime. It makes sense to protect your investment with a home inspection!  Buying a home is subject to caveat emptor… let the buyer beware. It is true in the state of Vermont, that typically the home buyer pays for the home inspection, and it’s money well spent!While home inspections are very important in the process of identifying big-ticket repairs, it also serves as a planning guide so that you can learn about future repairs and maintenance items. Not to mention, important things like knowing where the electric panel is located, the main water shutoff valve, the fuel tank, etc.  A home inspector’s main job is to do a general inspection that will, among other things, include: the foundation, wiring, plumbing, heating/cooling system, appliance inspection, siding, windows, doors, roof, exterior grading and landscaping.  Some inspectors, for an additional fee, will test the following areas: water potability/quality, radon in the air (usually in the basement area or lower levels of the home), radon in the water, and lead-based paint.  If the home is not on municipal sewer, you may want to have the septic tank and septic leach field inspected by a septic company.  Also if the home has a well and is not on municipal water, you may also want to consult with a well company in regards to well capacity and flow rates if the well is not clearly tagged.  It is helpful to look at the home inspector much like a general practitioner in medicine - if there are more specific/specialized  problems, you may want to call in a specialist like an electrician, contractor, roofer, plumber, etc. to come out for further investigation.

Generally speaking, the home inspection is the first thing that happens after you agree on a price with the seller. It is usually done within 10 days in order to get this aspect of the home buying process out of the way in the beginning of the transaction before you start spending money on appraisals and legal work.  In the state of Vermont most home inspections are up to the buyer’s satisfaction or the buyer is not obligated to purchase the house.  If the home inspector does find significant issues, it’s up to the seller and the buyer to negotiate any concessions or repairs based on problems found.  Of course, all of this is negotiable and is often determined by what the original Purchase and Sale Agreement stated.  Sellers are not normally obligated to correct any defects.  If within the terms of  the inspection clause, the buyer is free to not buy or accept the property as is.

It is important to select a good, qualified house inspector to inspect your future home. Although your Uncle Charlie is a good carpenter, he may not always be as thorough as a trained home inspector would be.  There are many ways to choose a qualified home inspector, one of which is to speak with friends and family members who have bought homes previously to see if they had a good experience with a housing inspector. Your real estate agent may be able to supply several names of local reputable inspectors. Lastly, there are a few home inspecting associations that you could check with and they may have names of local home inspectors to choose from:  NAHI-National Association of Home Inspector Inc., NACHI-International Association of Certified Home Inspectors, ASHI-American Society of Home Inspectors, HIF-Housing Inspection Foundation.  These associations would also be a good resource if you’re looking to become a home inspector and would like more information.

Whether you are a Buyer or a Seller and would like more information about the home inspection process, please feel free to give me a call anytime and I would be happy to answer your questions!  Or you can post your comments or questions below…

Bye for now!  Dave Chenette, Realtor

HAPPY SPRING MARKET!

TOTAL UNITS SOLD

Approximately 328 single family and condominium style homes have sold so far this year in Chittenden County VT through the Northern New England Real Estate Network (NNEREN), which was down 11% from the same period during 2010.  When broken down separately, 2011 single family sales so far this year are down approximately 12% compared to 2010, and 2011 condominium sales are down approximately 9%.

2011 FIRST QUARTER INTEREST RATES

The 2011 interest rates shown above reflect a no point 30 year fixed rate program. As can be seen, fixed rates began 2011 around 4.75%, rose slightly to approximately 5%, and have come down again as of the beginning of May 2011.

MEDIAN SALE PRICE

The median sales price of single-family homes so far this year is $277,500, which is up 6% as compared to 2010, which showed a median sales price of $262,000. The median sales price of condominium so far this year is $180,500, which is almost exactly the same median sales price for last year at this time.

ACTIVE LISTINGS/INVENTORY

These are approximately 579 active Chittenden County Vermont single-family homes on the market at this time, which is within 1% of last year’s active inventory for the same period.  The fact there is not an excessive number of homes on the market is a positive sign reflecting the general stability of our local market given the state of the rest of the Country.  Begin searching for homes now by checking out the  quick search buttons on my website or even set yourself up for Automatic Emails of listings that meet your search criteria!

If you are thinking of buying or selling a home in 2011, please feel free to Contact Me. For sellers, I offer a no obligation Market Analysis and helpful tips on my website regarding Preparing Your Home For Sale and The Most Common Defects Home Inspectors Look For.

Bye for now! ~Dave Chenette, Realtor