Vermont Real Estate
In years there has not been a better time to buy a home than right now. Interest rates are at the lowest the have been in years, and the government is offering more incentives than ever before to help Americans achieve the goal of home ownership. If you rent or own in Vermont or are thinking of a home there then it is really time for you to get out there and find that dream home.
It is not just rates that are a reason to buy now. The incentives available for purchasing homes have never been greater. If you are buying your first home you can get a tax credit of up to $8000.00 from the government. The Vermont Housing Finance Agency also has loan programs in conjunction with participating lenders that will offer you and additional $625.00 in the form of a partial property tax exemption. They will also offer low interest rates to qualified buyers.
Whether you are buying or selling a home in Vermont, it is good to know that it is a state that has gone mainly untouched by the current economic housing crisis. In fact, Firserv Lending Services named Burlington, Vermont number four out of six “safe havens” from the recession. In general, the state of Vermont has not seen much economic slow down at all.
Vermont as a whole has a very small town way about it so there is a much more personal touch to everything. Applying for a mortgage has more of a family than business feel to it. Getting in over and above what you can afford tends to happen less in this atmosphere. The chances of foreclosure are much smaller when you had someone get you a loan that as a professional, they knew you could afford.
The average sale price of a home in Vermont is around the $250,000.00 range with a difference county to county ranging from $210,000.00 to well in the millions with changes in values up 1% from last year on average. With the largest employer being IBM and a predominance of employers that are Education, Healthcare and Technology related there is not a shortage of good paying jobs.
The fact that the rates are as low as they every have been does not hurt matters either. Taking the median sale price of $250,000.00 with a 10% down payment you could get a 30 year fixed mortgage anywhere from $1150.00 to 1250.00 per month depending on the lender you choose. You could find a 15 year fixed rate mortgage for between just under $1700.00 per month to about $1750.00 and a 5/1 adjustable rate mortgage for $1050.00 to $1200.00. For that you will own a home in Vermont, one of the most picturesque states in the United States and be building equity for yourself instead of paying more than that to help someone else earn the equity.
Should you find yourself selling a home in Vermont it is also a great time to do so. All of the benefits available to buyers right now make it much easier to get people out and looking at new homes and the rates should have them ready to do more than look, they will want to buy. Knowing what a secure an investment is in Vermont even throughout this national economic crisis should be enough of an added bonus to interest people in finding a home to purchase in beautiful Vermont.
Rates are on the rise again and the incentives that are being offered to first time buyers will also not be here forever. This is the chance you have been waiting for. Where better to buy than in a state that can be so shielded from the harsh economic environment and also be such a beautiful place to be? Lock in these low interest rates and find that home you have always wanted in Vermont. Whether buying or selling a home it would seem that you can never go wrong in Vermont. As a buyer you can have the small town life with the added bonus of unbelievably beauty no matter the season. If you are selling, you can rest assured that the security of Vermont real estate in particular and the rates and incentives available will bring in the buyers. Don’t miss out on this opportunity.