{"id":436,"date":"2015-10-19T16:48:47","date_gmt":"2015-10-19T20:48:47","guid":{"rendered":"http:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=436"},"modified":"2018-07-24T10:22:44","modified_gmt":"2018-07-24T14:22:44","slug":"northwest-vermont-healthy-demand","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2015\/10\/northwest-vermont-healthy-demand\/","title":{"rendered":"Northwest Vermont is continuing to witness healthy real estate demand"},"content":{"rendered":"

\"\"As the fall months arrive, Northwest\u00a0Vermont\u2019s property market is continuing to\u00a0witness healthy real estate demand.<\/strong><\/p>\n

With the local economy continuing to grow and interest rates\u00a0remaining at historically low levels, buyers are returning to the\u00a0market, including an influx of first-time homebuyers. That has\u00a0lifted residential home prices between 2% to 3% so far in 2015,\u00a0which is representative of the type of healthy sales gains that\u00a0were typical before the recession.<\/p>\n

The region\u2019s employment outlook remains healthy, thanks to\u00a0hiring by local businesses such as Dealer.com and the University\u00a0of Vermont. In August, the unemployment rate in Vermont\u00a0stood at 3.6%, one of the lowest in the country. Economists at\u00a0the Vermont Economic Outlook conference have forecast that\u00a01,500 new jobs will be created in the state this year.<\/p>\n

Those trends are bringing first-time homebuyers back into\u00a0our market, especially as younger professionals seek to gain\u00a0a foothold in the property market. The millennial generation,\u00a0which now stands as the largest generational group in\u00a0America, is expected to become the country\u2019s biggest home\u00a0buying demographic within the next five years, according to\u00a0real-estate data service Zillow.<\/p>\n

In the Northwest Vermont market, our agents are already\u00a0seeing younger first-time homebuyers enter the market. A\u00a0survey earlier this year of Coldwell Banker Hickok & Boardman\u00a0Realty clients found that 37% had just purchased their first\u00a0home, which is approaching typical levels of 40% of the market.\u00a0On a national basis, the percentage of first-time homebuyers\u00a0stood at 33% last year.<\/p>\n

Economists now consider it less likely that the Federal\u00a0Reserve will start raising interest rates this year, following a\u00a0disappointing national jobs report in October. If the Fed opts\u00a0out of boosting rates, it\u2019s likely that mortgage rates will remain\u00a0near historic lows for several more months.<\/p>\n

Despite the solid outlook for our region, the property market\u00a0is facing a few problematic issues, including affordability\u00a0and rising property taxes. Residential property in the region\u00a0remains expensive compared with wages, and increases in\u00a0taxes have added to buyers\u2019 concerns.<\/p>\n

Despite those headwinds, Coldwell Banker Hickok & Boardman\u00a0Realty is forecasting continued incremental growth in housing\u00a0prices and steady demand for the remainder of 2015 and into\u00a02016. For the first nine months of this year, the median sale\u00a0price for residential property increased 2.9%, while the number\u00a0of unit sales jumped 13.7%. That marks an improvement over\u00a02014, when unit sales and pricing was little changed.<\/p>\n

As always, it remains that both sellers and buyers need to\u00a0reflect on their personal situation. It is increasingly important\u00a0that you utilize the local knowledge within this report and the\u00a0advice of your agent \u2013 to make an informed decision about\u00a0your next move.<\/p>\n

\n

Coldwell Banker Hickok & Boardman Realty\u00a0is forecasting continued incremental growth\u00a0in housing prices and steady demand for the\u00a0remainder of 2015 and into 2016.<\/strong><\/p>\n

The resurgent Northwest Vermont real estate market continued to demonstrate healthy pricing and\u00a0demand during the third quarter, after a strong spring and early summer. Sales jumped 13.7% during the\u00a0first nine months of 2015, with each of the region\u2019s four counties recording more residential transactions\u00a0than a year earlier. Across the four counties tracked in this report, the median sale price rose 2.9%.<\/p>\n

\"\"<\/p>\n

<\/h3>\n","protected":false},"excerpt":{"rendered":"

As the fall months arrive, Northwest\u00a0Vermont\u2019s property market is continuing to\u00a0witness healthy real estate demand. With the local economy continuing to grow and interest rates\u00a0remaining at historically low levels, buyers are returning to the\u00a0market, including an influx of first-time homebuyers. That has\u00a0lifted residential home prices between 2% to 3% so far in 2015,\u00a0which is representative … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/436"}],"collection":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/comments?post=436"}],"version-history":[{"count":12,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/436\/revisions"}],"predecessor-version":[{"id":1519,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/436\/revisions\/1519"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}