Blog :: 09-2012

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

By Ray Mikus

Here are the numbers for August:

 

Active New in Aug Under Contract Closed in Aug Closed last 12   months
Barre City 76 10 3 7 66
Barre Town 78 15 12 9 65
Montpelier 52 11 6 10 66
U32 79 12 7 5 61
Northfield 56 5 3 4 25
Totals 341 53 31 35 283

 

And comparing to last year:

New 8/12 New 8/11 Closed 8/12 Closed 8/11 Closed   8/11-8-12 Closed 8/10-8/11
Barre City 10 16 7 2 66 51
Barre Town 15 11 9 5 65 58
Montpelier 11 11 10 5 66 63
U32 12 9 5 7 61 65
Northfield 5 2 4 1 25 19
Totals 53 49 35 20 283 256

Discussion:  Even if it's been awhile since your last math class, and even if you've never had an economics class, this is going to make sense: Compared to last year, there were fewer new listings, and more sales in the Central Vermont market. That adds up to a reduction in inventory and a very clear sign that the market is shifting toward normalization. And, perhaps even toward a sellers' market. There, I said it.

On the rolling twelve month cycle, four of the five distinct markets saw an uptick in the number of sale. U32 was the only market that experienced a slight dip.

Looking at August's sales, it's interesting to note that the average sale price in Montpelier was very close to the average sale price in Barre Town. And, taking away the $742,500 sale in Northfield (a bit of an outlier), Barre Town and Montpelier were the markets with the highest sale prices.

VA and RD Loans: These loans can be very attractive to lots of buyers. VA (Veterans' Administration) loans are available only to those who have served in the military. RD (Rural Development) loans are available to everyone, and allow for up to 100% financing backed by the USDA.  Check with your favorite lender, or contact Heney Realtors with questions.

But there's a big catch. Both of these loan programs require the property to meet certain standards. The loan products tend to work better on newer homes and those in better condition. Things like cracked or peeling paint, ungrounded electrical outlets, and lack of handrails can prevent a property from qualifying.

Which means that if you're using RD or VA, you need to be very careful about the details of the houses you're looking at. If you're a seller, and an offer comes in with a buyer using one of these loans, know that there may be some additional repairs or improvements needed to bring transaction to closing. Who has to pay for them? That's all negotiable.

Lease-Purchase Options: I get a lot of questions about these (also known as "rent to own"). They can work in some circumstances, but they need to be structured correctly. They also depend on unique circumstances for both the buyer and seller. The seller needs to be comfortable as a landlord. Also, the seller must not need the money from the sale to move on to the next house (because the money won't be there until the sale, sometime in the future).

The buyer needs to be very confident that a purchase will be in the foreseeable future (6-12 months, generally, but it's all negotiable). Buyer must have a substantial non-refundable deposit for the "option". 5-10% of the purchase price wouldn't be uncommon. And the buyer must be able to remedy the reason they can't buy right now. For example, if it's a question of credit needing to be improved, the buyer better be reasonably sure that credit can be improved in the lease-purchase timeframe.

Oh, and for the love of all that's holy, get an attorney to draw up the documents.

Quote of the month:  "It had all that great original character, and then no one screwed it up." That was Jane after previewing a meticulously cared for 1920s Montpelier craftsman house. I think she meant that there was nothing to undo.

Getting Smarter: Did you know that you can become even more of a real estate expert than you already are? Like Heney Realtors on Facebook, and learn about hot new listings, get interesting "market slices", and win karma points with our contests. I realize that karma can only be apportioned by the forces of the cosmos, but I can pretend, right?

Looking for Something New? Heney Realtors is actively looking for Realtors, licensed assistants (or those willing to become licensed), and administrative assistants. Business is good now, and looking to expand in the near future.  Honestly, we need more good people to allow us to serve the growing number of buyers and sellers we're seeing. Experiences are helpful, but not necessary. We can train the right people. Call or email for more information.

August's Home Sales

Town Address Original Price Final Price Closing Price Days on Mkt
Barre City 190 Fairview $99,900 $99,900 $96,900 10
Barre City 29 Warren $119,000 $119,000 $120,000 11
Barre City 4 Daniel Drive $225,000 $199,000 $187,900 123
Barre City 43 Circle $109,000 $105,000 $94,000 236
Barre City 122 Batchelder #7 $127,800 $127,800 $122,000 338
Barre City 11 Westwood Pkwy $140,000 $135,000 $125,000 356
Barre City 34 Fecteau #25 $195,000 $175,000 $173,500 539
Barre City Average $145,100 $137,243 $131,329 230
Barre Town 13 Lisa Drive $375,000 $375,000 $365,000 6
Barre Town 22 Orchard Terrace $140,000 $140,000 $140,500 34
Barre Town 5 West Skylark $169,900 $159,900 $145,900 36
Barre Town 104 Sugarwoods $297,000 $297,000 $285,000 38
Barre Town 80 Cassie $153,000 $153,000 $153,000 67
Barre Town 58 LePage $189,000 $179,000 $150,000 225
Barre Town 20 Countryside $300,000 $265,000 $250,000 318
Barre Town 479 Cutler Corner $399,000 $344,900 $315,000 500
Barre Town 24 Granview $175,000 $149,000 $148,410 838
Barre Town Average $244,211 $229,200 $216,979 229
Calais 104 Justa Rd $246,000 $199,000 $196,000 31
Calais 6067 Route 14 $189,000 $175,000 $165,000 774
East Montpelier 405 Haggett $209,000 $209,000 $199,500 100
Middlesex 24 Bolduc $177,000 $177,000 $177,500 57
Worcester 104 Worcester Village Rd $259,500 $248,500 $248,500 136
U32 Average $216,100 $201,700 $197,300 220
Montpelier 3 Pleasant $248,000 $248,000 $245,200 3
Montpelier 273 Berlin $184,000 $184,000 $178,000 12
Montpelier 23 Roberts $180,000 $180,000 $177,000 33
Montpelier 20 Deerfield Dr $254,900 $254,900 $235,000 82
Montpelier 3 Taplin $155,000 $102,000 $94,500 117
Montpelier 26 Woodrow $384,000 $385,000 $370,000 174
Montpelier 212 Cityside #53 $208,900 $208,900 $188,000 235
Montpelier 95 East State $228,000 $224,900 $210,000 274
Montpelier 179 North St $278,000 $278,000 $238,500 358
Montpelier 10 Hubbard Park Dr $320,000 $305,000 $305,000 446
Montpelier Average $244,080 $237,070 $224,120 173
Northfield 5 Riverside $40,000 $40,000 $35,600 39
Northfield 1443 Hallstrom $112,500 $112,500 $106,100 141
Northfield 745 Freeman $975,000 $825,000 $742,500 1164
Roxbury 1025 Thurston Hill $203,000 $189,000 $168,000 67
Northfield Average $332,625 $291,625 $263,050 353

Richly Appointed Home for Sale in Marshfield VT

From the front yard

Richly Appointed Home For Sale in Marshfield, Vermont 

Some houses have such a commanding presence that everyone knows them. Those are the houses that aren't described by their addresses or even cross streets, but rather by the houses themselves. The house with the big white columns. The house with the fantastic barn. Those sorts of descriptions.

This perfectly appointed Marshfield home (just past the Plainfield border) is one of those houses. It has impressive curb appeal both from a distance and from close up. From a distance, the first and second floor porches steal the show. Imagine walking out from the upstairs hallway in the morning, and looking out across several mountaintops.

The first floor porch/patio has carefully laid flooring, and is heated with a highly efficient radiant hot water system underneath. No more cold toes for evening cocktail parties or morning coffee.

Open Layout

Built with quality materials that whisper "luxury" throughout, including hardwood floors,  cherry cabinets and stainless steel appliances.  Exceptional features include a very large kitchen island, a spacious master bedroom and bathroom with soaking tub.

Learn more about this Marshfield/Plainfield home.

Currently set up as three bedrooms, with a large "play room". The play room could easily be used as a fourth bedroom or as a second family room, home office, studio, or exercise room.

11+ well-maintained acres situated for tremendous gardening or orchards.

This is one of those special properties that is as high quality as it appears. Call or email for information on this stately home for sale in Marshfield.

Get more information on this top tier property.

Details:

  • 2544 Square feet
  • Radiant flooring and baseboard hot water heating (multi-zone)
  • Three bedrooms
  • Two and a half bathrooms
  • Open kitchen/dining/living room layout
  • Formal dining room
  • Second floor porch
  • Heated patio on first floor
  • 11.68 acres
  • Birch and tile floors
  • Cherry cabinets
  • Stainless steel appliances
  • Attached two-car garage
  • Walk-in closets

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