I don't think anyone would disagree that 2004, 2005 and 2006 were hot sellers markets. Prices were at all time highs, and properties were selling like crazy. Multiple offers and sales over-asking-price were not uncommon. Well NOW, Vermont's sales market is undeniably a HOT buyers market in 2009. Prices have come down and buyers are out in droves. Well-priced listings are selling in record time, and multiple offers over asking price are not uncommon again.
Buyers have everything to their advantage. First low interest rates even below 5% at times. Secondly, low prices - housing prices have come down an average of about 15% in Northwest and central Vermont. Next, banks are willing to deal on foreclosure properties and short sales, and there are plenty. AND lastly, the new tax credit offers up to $8,000 to first-time home-buyers. This all takes home-buying to a whole new level! It is the perfect buying climate. Some may argue THE BEST TIME EVER to buy a house. Of course that is assuming that a few general conditions exist. You have to have a job, a little money in the bank, and a good credit score. Just like the good old days of 2002 and before.
If you meet the conditions above, you should be looking to buy. If you are a first time home buyer, (you or your spouse have not owned a home in the past three years,) you have no choice but to buy. The government will give you $8,000 to buy a home. There is talk that you may be able to use the credit towards your down payment!! Now that is hot!!
Here is a link to Vermont's latest foreclosures. Call or email me for more info on any of these listing or to learn more about the new tax credit.
Current Vermont Foreclosures. http://www.vreinmls.com/ver/maildoc/a004uV6375.html