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      Montpelier real estate market

      How's the Market? July 2016 Market Report

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      Real Estate Market Report for Montpelier, Barre, Northfield, U32

      Green Light Real Estate

       
       

      On the Market

      Sold Last 12 Months

      Currently Under Deposit

      Barre City

      70

      77

      15

      Barre Town

      49

      99

      18

      Montpelier

      35

      82

      25

      U32

      68

      62

      18

      Northfield

      24

      44

      5

      Totals

      246

      364

      81

      IMG_2013.JPG

      This is good staging. People smile when they walk into a house like this.



      IMG_0905.JPG

      This is bad staging. It just is.

      This Central Vermont market is giving all signs of a strong sellers’ market. With an inventory ranging from 3.6 months in Montpelier to 10.9 months in Barre City we see that homes in some markets tend to move faster than in others.

       

      Takeaway:

      Buyers--be ready to move fast and make strong offers.

      Sellers--Price right, and solve any problems beforehand. Everyone will be happy.



       

      Quick Facts--Washington County

      Average Days on Market 142 Days

      Average List Price: $224,737

      Average Sale Price: $215,033





       

      Welcome to the Team!

      Lindsay 2016 resized 1.jpg

      Lindsay Ericson has joined Green Light Real Estate as a Buyer Specialist.

       

      Lindsay has years of experience in financial services and management in Florida and Vermont, and is already getting great reviews from her buyer clients.

       

      “Thanks for working hard for us. I’ve bought two houses in the past, sold one, and I haven’t had a Realtor work this hard before.   I appreciate it.”

       

      We do too! Lindsay joins Brian Steinmetz, Marina Carleton, and Ray Mikus, along with Administrative Assistant Maria Lamberti.

      Well, Vermont had to be in at least one category with Montana and Wyoming…(Source: National Association of Realtors)

       

      Congratulations to all our buyers who took advantage of our May and June promotion. Several savvy buyers got $500 from Green Light Real Estate to pay for some of their closing costs.

       

      And, a shout out to Wanda at Academy Mortgage, for matching our promotion with an additional $500 for buyers working with Academy.

      The Crystal Ball: We get a lot of calls from people who don’t want to sell their homes.

       

      Yet. It’s really smart to think ahead. If you're thinking that next year is the year, talk with a Realtor, make a plan, get some numbers and put yourself in a great position to sell for the best price NEXT year.

       

      We can help with inspection items, appraisal issues, improvements, and staging. Give yourself all the advantages!

      Call, text, email, or just stop into our office to find out how much your house is worth.

       

      Or to have a FREE consultation and make a strategy for finding, and BUYING your new home.

       

      Get a plan. Get a house. Pretty simple.

      Green Light Real Estate is locally owned. We don’t have headquarters in Texas, New Jersey, or Connecticut. Um, actually, we don’t have headquarters. But you can stop into our office on State Street.

       

      Our core values include being creative, intelligent, fun, and energetic. We’re open minded and love trying new ideas.

      New to the Market! 5 Pinewood Road in Montpelier VT

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      The truth is that there just aren't very many houses like this in the Montpelier real estate market. 5 Pinewood Road has four big 5 Pinewood Montpelier front exteriorbedrooms (three are VERY big, and the fourth is simply a normal sized bedroom). Two are upstairs, and two are on the first floor.

      5 Pinewood also offers two full bathrooms, one on each floor. The first floor bathroom has been renovated to include new tile flooring, a new vanity, and a new toilet.


      What really makes this Montpelier property stand out is that is was nearly completely renovated after its original construction. The renovation opened the kitchen, expanded the living room, added the entire second floor, and changed the location of the stairway. Just little things like that! Email Green Light Real Estate for more information.


      The first floor of 5 Pinewood has a large living room with hardwood floors, and new, bright windows.


      5 Pinewood Road Montpelier Updated KitchenIt's easy to love the renovated, open kitchen as well. New Corian countertops and updated appliances make the kitchen as beautiful to look at as it is easy to work in. The kitchen renovated opened it to the dining area, with a raised counter top that is perfect for prep work, storage, or, with the addition of bar stools, a separate eating area.


      The basement at 5 Pinewood in Montpelier is nearly entirely finished. One humongous family 5 Pinewood Road Montpelier Finished Basementroom that walks out onto the private back yard. This lower level gives so much flexibility! Office, studio, or exercise area? Movie room or play room? Perhaps you'd like to operate a day care?


      And there is loads of storage! Roughly one-third of the basement is unfinished, and perfect for storage. There's also a small two story barn (with power) and extensive protected exterior storage under the sunroom.


      New paint, new architectural shingle roof, new Buderus boiler, new paved and extended driveway, and more. Too many updates and improvements to list here, but we're happy to send over a list to you!


      Pinewood is a dead end street on both ends. Terrace to Crestview, and then that ends at Pinewood. You'll be close enough to town for a walk or a bike ride, and very convenient to Montpelier High School.


      Move right in, and get the neighborhood you want, the size that you want, and the condition that you've been looking for!

      Great Ideas to Grow Wealth in Real Estate

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      Great Ideas to Grow Wealth in Real Estate

      Do you rent? Want a better financial picture? Looking to build equity? Read on.


      Fix or Build Your Credit.

      If you've got some credit issues, a great way to fix these issues quickly is to take a percentage or fixed dollar amount out of every paycheck to address them. Put $10 a week against your Visa bill, or 5% of your monthly income towards your student loans. Getting into a habit like that will have a terrific impact on your credit score.


      Save Some Loot.

      Once your score is where you need it to be, start putting that money into a bank account, or use your now-paid off credit card for buying expenses. Something else to consider is the Bank of Mom and Dad - if you're a little short on cash, ask your parents or in-laws to fill in the gaps, if at all possible.


      Apply for a Government-Backed Loan.

      The USDA, FHA and VA all offer low-to-no down payment loans.  Contact Wanda French at Academy Mortgage, or Kim Magoon Somaini at HomeBridge Financial Services for more details - you'll be glad you did.


      Get Pre-Approved.

      A letter of pre-approval means you can act quickly when you find the right house. It's like another arrow in your quiver that you can use against rival bidders - imagine you find the right house and someone else makes an offer that get accepted while you're talking to Wanda or Kim! It happens, and it's no fun. That's your house!


      Hire a Realtor!

      Okay, we're biased. Of course we'd love it if you chose to work with us, but even if you go elsewhere, remember to have a Realtor represent you - as a buyer it will literally cost you $0. We get paid only after a home sells, and it comes out of the seller's end, not yours.


      Consider a Duplex/ Multi-Family.

      The beauty of this is you can rent out one half and live in the other - someone else pays your mortgage! Or, you make double payments every month and get it paid off quickly. Imagine what you could do with that kind of financial freedom!


      Don't Be Afraid of a Fixer-Upper.

      FHA offers a rehab loan called a 203k, which can help with cosmetic repairs, appliance replacement, mold, a new roof - whatever you may need! And the beauty is the expense of the repairs gets rolled into your monthly payment (which your tenant pays for)!


      It Doesn't Have to be Perfect.

      Yes, we've all got big ideas for the castle we'll live in when we win the lottery, but chances are excellent you'll have to compromise on something you want. Make a list of two or three things you can't live without - a second bathroom, for example - and look within that criteria.


      Get an Inspection!

      For your own sake, NEVER buy a house that hasn't been inspected! This will happen after you make an offer, and based on the inspection report, you'll be able to either re-negotiate or back out of the contract all together.


      Build Equity.

      It's always a little heartbreaking when a beautiful home falls into disrepair. Now that you're in your home, it's wise to think of it as a plant - water it and give it sunshine and it will grow and bear fruit. Stick it in a dark closet and it will wither. In other words, stay up-to-date on repairs, and put a little sweat into it - refurbish the kitchen with your tax return, for example.


      Stay There.

      As with all investments, the longer you have it, the more profitable it becomes. Things happen, of course, and one never knows what the future might hold. This is why a duplex is a wise investment, because maybe a divorce is looming - both of you move out and rent your former side and split the monthly profits! This will avoid a nasty property battle and give you both a little alimony.


      Buy Again.

      Because of your wise investments and real estate prowess (and with the help of your tenants), you've been able to stay on top of your mortgage payments and save up some money. Invest it! Look around for another multi-family unit, or a small single-family home you could rent out to a nice family or couple. Buy low and rent high! A $125,000 home with a 30-year mortgage equals a monthly payment of around $1,000. Rent it for $1,500 or more and watch your bank account swell!


      Hire a Property Manager.

      Property managers are worth their weight in gold. They'll do repairs, collect rents, and deal with tenant issues all for a cut of the rent they collect. They'll definitely save you from headaches.


      Ready to Retire?

      You've been a savvy real estate investor all your life and want to retire - time to sell! Put everything you've got up on the market all at the same time and head to paradise! Hire a Realtor to market, negotiate, and set showing appointments and you can leave town before you even sell! Use the tenant's' rent to buy daiquiris on the beach while you wait for the big checks to come rolling in. After all, you're smart - you've built equity and taken good care of your properties - they'll sell fast!

       

      2015 Real Estate--Year in Review Montpelier, Barre, Northfield, Waterbury Vermont

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      2015 Real Estate Year in Review

      Montpelier, Barre, U32, Waterbury, Northfield


      Number of Sales

      Looking at the table below, it’s pretty darn easy to see the clear overall increase in number of sales. Every town in the survey had increases from 2014 to 2015. Some towns (Barre City) had smaller increases, and other towns (holy cow--Waterbury!!) had big increases.



       

      2015

      2014

      2013

      Barre City

      76

      71

      56

      Barre Town

      99

      81

      68

      Montpelier

      64

      49

      49

      U32

      48

      37

      46

      Northfield

      46

      33

      34

      Waterbury

      63

      34

      37

      Total

      396

      305

      290




      Selling? Looking for advice on getting your house ready for sale? Call, text or email. All our advice is FREE!

      Average Sale Price

      The average sale prices have been more of a mixed bag, with the majority of towns posting small decreases. Barre City is on a two year slide, but that’s not going to last long. The number of sales will bolster those prices soon enough!



      Taken as an average across the market, prices are remarkably stable. Weighted average sale prices inched up from $203,000 to $205,000. Nothing terribly exciting, although we would generally like to see a little more appreciation.



      This Year and Next Year

      We’re proud of how many buyers and sellers trusted us to do the job this year.  In 2015, Green Light Real Estate had 72 sales, and sold just over $14 million in real estate. That’s a lot of property, and with everyone here already hitting the ground running early in 2016, we expect both of those numbers to increase substantially this year.



       

      Days on the Market

      One metric that’s informative is the Days on the Market (DOM). In four of the six market towns in this report, the days on the market went down. That means that houses sold faster in 2015 than in previous years.




      Unfortunately, the stories we’ve heard about houses in other parts of the country selling in one or two days just don’t happen here very often. Over the past three years in Central Vermont, it’s taken, on average, almost four months for a house to sell.


      Buying? Ask us about a FREE comprehensive market overview. We’ll help with the inventory, the process, the numbers, the whole thing!

      Sales by Month

      This is one of the most interesting stories. Over the past three years, there appears to be a pretty clear trend. Sales start increasing rapidly in April and May, then they dip a bit, and then spike again in August. The highest numbers of sales have been in August.



      That’s interesting to us here at Green Light Real Estate, especially in thinking about what that means. Those April sales are from contracts that were signed in February. And those February buyers were looking in January and February. So, many of those “spring buyers” that we hear about are actually winter buyers!


      If you have questions, or if there’s anything that we can help with, call, email, or text.


      Check us out on Facebook, visit our website, read customer reviews on Zillow and Trulia, or stop by our office on State Street in Montpelier. And, if you’re thinking of buying or selling, keep us in mind!


      Ray Mikus, Broker/Owner

      Brian Steinmetz, Realtor

      Marina Carleton, Realtor

      Maria Lamberti, Administrative Assistant

       

      APRIL UPDATE--SO, HOW'S THE MARKET

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      Snapshot: Come on, are there really 115 houses for sale in Barre City? And with 82 sales over the past 12 months (which is a lot of sales), that’s 15 months worth of inventory. If you’re a buyer, you know you can get a great house at a good price. If you’re a seller, you know that you got that great house at a good price when you bought it. And people are buying. Of the eleven houses under deposit, Green Light Real Estate has three of them. Not a bad market share…

      Totals

      Active New March 2015 Under Contract Closed March 2015 Closed Last 12 Months
      Barre City 115 16 11 3 82
      Barre Town 62 15 13 9 97
      Montpelier 54 12 8 8 75
      U32 48 7 10 1 70
      Northfield 60 5 8 5 45
      339 55 50 26 369

      Sale Price: Well, nothing super exciting, except a nice, steady, 3.5% increase in average sale price across the market here in Central Vermont. That’s fine with us. We’ll seek our excitement elsewhere.

      March 13-March 14March 14- March 15% ChangeBarre CityBarre TownMontpelierU32NorthfieldAverage

      $125,135 $120,802 -3.46%
      $191,596 $182,029 -4.99%
      $218,956 $233,125 6.47%
      $222,454 $248,273 11.61%
      $157,569 $169,811 7.77%
      $182,528 $188,915 3.50%

      Tech Edge Conference:

      The National Association of Realtors (NAR) hosted this conference at the end of March in Burlington. It was a day of national speakers, thought leaders, and local and national experts in both real estate and technology. Every member of Green Light Real Estate attended, and we came away with great ideas, exciting apps, and even more energy.

      A lot can change in a few weeks. We went from cold and covered in snow to snow and covered with mud. There are a couple of fun videos of mud season driving on our YouTube channel and our Facebook page, if you’re into that sort of thing.

      We’re excited to introduce two new Green Light Real Estate agents--Brian and Marina

      Brian Steinmetz has joined Green Light Real Estate as an agent, and we are psyched! His background in video and photography are major assets to our clients, plus he tells good jokes. Brian and his wife, Nikki, live in Montpelier with their two year-old daughter, Zara.

      And, honestly, if you’re looking for a motivated real estate agent, it’s tough to beat the one with a two year-old daughter.

      Marina Carleton has joined Green Light Real Estate as an agent, and it’s about time. Marina has a world of diverse experiences. What makes her a great real estate agent are the same things that made her great at everything else--she listens, asks questions, is reflective, and cares.

      And you know how sometimes you want someone on your side who just kind of “gets it”? Where it’s direct, and there’s no BS? That’s Marina.


       

      Trending in Montpelier/Barre Real Estate

      Homes are starting to sell FAST. As in, lasting only a couple days on the market in some 

      cases. This isn’t happening all of the time, but there is a growing population of buyers who are making quick decisions, trying to beat other buyers to get the house they want. TIP:  Get pre-approved, and then get looking at houses. Don’t wait two weeks to set up the second showing.

      Escrow times are starting to get a little slower. Yeah, so there’s the rush and excitement of the offer and the negotiation. And then things slow down. Inspectors and appraisers are getting booked 7-10 days out. Make sure you have a realistic time frame for getting the inspection done, and for scheduling the actual closing. Hmmm...this seems like something that a good Realtor would be able to help with…

      Sellers are making their houses even easier to buy than ever. They’re getting estimates on bigger projects (and sharing the estimates with buyers). They’re going through appraisal guidelines to make sure there that all the small repairs are done, and buyers will be able to get their loan. Yes, interesting side note--the house has to meet value, but for most loans, it also has to meet a number of safety / repair / finish standards.

      March Sales--You Know You're Curious!

      TownAddressOriginal ListFinal ListFinal to OriginalSelling PriceSale to Final ListDOM

      Barre City 26 Berlin Street 129,900 $89,900 69% 74,000 82% 459
      Barre City 36 Berlin Street 107,560 $20,000 19% 20,000 100% 499
      Barre City 20 Garfield Ave 114,500 $89,900 79% 76,000 85% 272
      Barre Town 26 Meadowcrest Lane 165,000 $149,000 90% 134,400 90% 117
      Barre Town 38 Middle Road 175,000 $175,000 100% 167,144 96% 113
      Barre Town 91 Waterman Street 189,900 $189,900 100% 176,000 93% 28
      Barre Town 349 East Montpelier Road 193,000 $193,000 100% 187,000 97% 148
      Barre Town 64 Miller Road Extension 225,000 $225,000 100% 215,000 96% 18
      Barre Town 303 Camp Street 275,000 $250,000 91% 238,000 95% 111
      Barre Town Lot #2 Cummings Road 289,900 $289,900 100% 381,573 132% 172
      Barre Town 311 Beckley Hill Road 335,000 $319,000 95% 300,000 94% 151
      Barre Town 40 Phelps Road 330,000 $319,900 97% 300,000 94% 217
      Montpelier 77 Hill Street 174,000 $165,000 95% 155,000 94% 126
      Montpelier 9 Pearl Street 185,000 $174,700 94% 160,000 92% 106
      Montpelier 179 River Street 225,000 $225,000 100% 208,000 92% 187
      Montpelier 64 Terrace Street 269,000 $269,000 100% 270,000 100% 7
      Montpelier 2 North Park Drive 352,000 $297,000 84% 295,500 99% 631
      Montpelier 2 Summer Street 471,500 $359,000 76% 340,000 95% 668
      Montpelier 56 Independence Green 155,000 $155,000 100% 152,500 98% 14
      Montpelier 330 Cityside Drive #74 320,000 $320,000 100% 280,000 88% 39
      Berlin 99 Hideaway Drive #16 239,800 $230,000 96% 220,000 96% 879
      Northfield 1257 Route 12 89,900 $27,000 30% 21,000 78% 895
      Northfield 390 Dickinson Drive 149,900 $85,500 57% 79,200 93% 958
      Northfield 1677 Hallstrom Road *Entry Only 284,000 $284,000 100% 284,000 100% 123
      Northfield 334 Vine Street 242,000 $242,000 100% 236,600 98% 358
      Northfield 3839 Steele Hill Road 61,500 $55,000 89% 52,000 95% 49