Manchester Vermont Real Estate Blog

After reading last week’s recap one of my readers e-mailed me asking for some happy news. He was right. It is easy to get bogged down in the negative news coming out of the real estate market and for that I apologize to my audience.

There is some exciting news out there. Interest rates are unbelievably low! At least two of our local banks are currently offering zero point 30 year fixed mortgages at 4.5%. Taking a hypothetical home purchase for $250,000 with a 20% down payment, financing $200,000, your monthly payments for principal and interest would be $1,014.00. Figuring in approximately $350 per month for taxes and insurance would give you a total monthly payment of approximately $1,364.00.

Imagine instead of paying someone else’s mortgage each month in the form of rent, you could be paying your own mortgage, building up equity in a home that you own. Not to mention the mortgage interest deduction you can take on your Federal income tax return.

The combination of low interest rates, plentiful inventory, and price reductions makes this a fantastic time to buy a home. So scrape together a down payment, get your credit score in order, find a parent, relative, friend or benefactor to co-sign the loan for you if necessary, and start shopping for the home of your dreams.

On to the weekly recap.

New Listings – 14 new properties came on the market last week ranging in price from $195,500 to $2,995,000.

Price Reductions – 16 properties were reduced in price with an average price reduction of 11.3%.

Under Contract – 4 properties went under contract last week, 1 under $250,000, 1 between $250,000 - $500,000, and 2 over $1 million.

Sold – 6 properties closed last week: one sold for $69,000 which was 100% of asking price, one sold for $260,000 which was 96% of asking price, one sold for $320,000 which was 91% of asking price, one sold for $362,500 which was 84% of asking price, one sold for $500,000 which was 85% of asking price and one sold for $1,400,000 which was 72% of asking price.