Buying real estate is about timing and we see this as a really good time to buy.
It’s November in Burlington, Vermont and my team and I are still busy helping people buy real estate. How is that possible when “The Season” should have wrapped up by now? Here’s my theory about why buying real estate in Burlington, Vermont is a good idea, right now!
1) The economy IS improving. The economy is continuing a slow but steady climb back from the economic collapse in 2008. With an average of over 150,000 jobs every month for the last several months this gives us reason to be hopeful. In Vermont, our unemployment rate continues to stay low and as a state we have received recognition for our healthcare, education and innovation.
National media tells us that the housing market is continuing an upward trend both in new home construction and in home sales. Real estate prices are on the rise in Vermont with almost a 10% increase in the average price per house since this time last year.
Given this understanding of the national economic trends, the positive trends for the state of Vermont and rise in Vermont housing costs, we believe this is a very good time to buy real estate in Vermont!
2) Timing is everything in real estate. Technically, the real estate high season may be over but we still have many desirable properties for sale in Vermont. Many sellers are open to developing creative contracts.
For example, you saw a house you love but something wasn’t quite right like paint colors, carpet etc. The late fall and winter months are good times to work with sellers to create mutually beneficial contracts for buying real estate. The seller wants the house to sell so that they can move on to their next step so it’s worth it to consider buying during the late fall and winter months.
3) The cost of money. Mortgage rates continue to be at all-time lows (as of this posting the average rate was 3.5% for a 30 year fixed mortgage!) You can take advantage of this opportunity when buying real estate and finance it at amazing rates.
Is this your first house or investment property and you’re wondering whether this is a good time to buy or a good investment?
Based on the appreciation of real estate investments over time, real estate is still a solid investment. Here’s a link to an article on real estate investments for homeowners: “Why Home Buying is a Good Idea” and another article about why this is a good time to invest in real estate: “How to Safely Make Money in Real Estate Investing”
We are excited about the opportunities available to buyers and sellers in the real estate market in Vermont. We see the growth in the economy, the great PR about Vermont, the seasonal advantages and the price of money as the ideal combination for an extension of the real estate buying season in Vermont.
For more information about how my team and I work together to help in buying real estate in Vermont, take a look at our Sarah Harrington Real Estate Buyer’s Page.