Peggy Smith

I can’t turn on VPR, the local or national news or open a paper without hearing about the down turn in the real estate market. I also have seen the slow down in my own business. Symptoms like a greater number of deals falling apart, homes are talking longer to sell and buyers demanding more from sellers in order to close.

But, through it all, it seems the real estate market in Stowe VT is holding strong. Prices have been holding steady and buyers are still coming to the table to … buy. Just this month The Stowe Reporter had 2 articles on the topic. Check them out in the below links. If you have any questions, post me a comment or shoot me an email. I’ll be happy to give you my insight on the Stowe Real Estate market.

Stowe Reported Real Estate Articles

Prices steady, but selling property takes longer, 10/16/08
By Lisa McCormack

Stowe real estate market bucks national downtrend, 10/21/08
By Lisa McCormack

The whole nation is now focused on the financial crisis that seems to worsen by the day. I have been getting a lot of questions regarding the availability of credit, loans and mortgages. This memo from Coldwell Banker Mortgage was recently sent to me and I think ithas some valuable information for buyers looking for a mortgage to buy Stowe VT real estate or really real estate anywhere.

Please see the following document Coldwell Banker Mortgage Memo. If you have any questions, give me a call and I’ll be happy to answer what I can.

The phone rings at least once a week with a customer who’s first words, after introducing themselves, are ” I want a deal.” My first thought, which I do not say, is; ” Then go to Florida or Las Vegas.” Vermont has been fortunate to be insulated from the housing “bust” as reported in the Burlington Free Press dated March 1, 2008 by Mark Sutkosky:

“Vermont is insulated from much of the housing crunch drama afflicting other parts of the nation, Allen said. Unlike some areas, especially places like Florida and California, Vermont does not have much of an oversupply of houses and condominiums for sale, Allen said. A large oversupply tends to drive prices down sharply.Also, speculators built a lot of housing in some corners of the nation, anticipating huge profits that failed to materialize, Allen said. Vermont experienced little speculative building, he noted.For those who can afford it, Allen said 2008 might be a decent time to buy. “Prices are high relative to historic standards, but there may be pockets of opportunity because the market is slow. They might find sellers more willing to make some concessions,” Allen said. Torpy of the Champlain Housing Trust said programs to encourage affordable housing should remain intact and fully funded.

But even with the high price of houses and condominiums, people with moderate incomes who are have done their research and are sure their finances are stable can buy a home, Torpy said. “If you go in the market and are an informed and wise consumer, you can find a good value,” Torpy said.

Most resort areas in Vermont have experienced a slowing of sales but the prices and the equity that people have in their houses remains stable. Properties over a million have been less affected because this buyer usually pays cash , or finances less than 50%. The slowest real estate sales areas are between $500,000 and $1,000,000. I beleive this is because that buyer would have used the equity from their primary home for a downpayment on their vacation home. Now they are reluctant to do so.

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We are excited to announce that as of August 2, 2007 Carlson Real Estate is affiliated with Coldwell Banker.

We are still an independently owned office with all of the advantages that Coldwell Banker has to offer. It is the leading nation real estate franchise and is recognized as “the name” in real estate. There are many advantages for our clients and customers. In this day of technology it is difficult for the small agency to compete. It is important for us to offer to our clients the latest in technology and to get national and international exposure for our listings. The referral system is a global network which is available through Coldwellbanker.com.

One of the main features that is important to us is the Previews program. Previews offers marketing for the luxury properties and reaches a global audience. Coldwell Banker participated in over 50% of all luxury sales in the United States. As a certified Preview agent I am able to have access to the top luxury buyers and am able to get more exposure for my clients.

Other programs that are offered through Coldwell Banker are the Home Protection plan. This is an insurance policy that a Seller can take out on their home to cover appliances, and systems that may break in the period of the year that the house on the market. This policy can be passed on to the Buyer. Another feature of this plan is that the payment for it is not due until the closing on the house. This protection costs approximately $500.

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