Archive Page 2

Burlington real estate prices still steady?

According to a report on MSN Money in May, Burlington and South Burlington real estate prices have increased by 51.11 percent over the last five years, and went up .97 percent in the first quarter of 2008 and .56 percent over the prior year. This is in contrast to a report by MSN Money last November that stated that the housing slump caused the area’s percentage loss in gross metropolitan product of – 0.7 percent with an overall impact of a loss of $63.4 million in the area.

Bankrate.com ranks Vermont 47th in closing costs

According to the latest report published by Bankrate.com, Vermont now ranks 47th in closing costs in the US, dropping from 30th in the 2007 survey. The US average is $3,118 on a $200,000 loan, assuming good credit and 20 percent down. New York is the highest at an average cost of $4,015.

Vermont Loan amount: $200,000
Item Burlington, Vt.
Origination fees
Points ($) $903.67
Application fee $330.00
Commitment fee $565.00
Document preparation $285.00
Funding fee $0.00
Origination or lender fees $1,031.67
Processing $419.00
Tax service $60.57
Underwriting $300.00
Wire transfer $0.00
Title and closing
Appraisal $290.00
Attorney, closing or
settlement fee
$378.75
Credit report $16.20
Flood certification $11.98
Pest, other inspection $50.00
Postage/courier $28.19
Survey $237.50
Title insurance $609.33
Title work: title search, plat drawing, name search, endorsements $207.50
Total origination $1,537.00
Total title and closing $1,335.00
Total origination plus title $2,872.00

See a chart of all the states here, and read the complete report here.

Vermont farm land value continues to increase

The Providence Business News web site reports that farm real estate values in Vermont and other New England states continues to increase, according to the US Department of Agriculture.

“The highest farm real estate values remained in the Northeast region, where development pressure continued to push the average value to $5,080 per acre.” The study also states that prices averaged $3,900 per acre in New Hampshire, $2,850 in Vermont and $2,100 in Maine, the USDA found.

Read the full article.

Essex real estate values rise

The number of homes sold in Essex [Vermont] continues to fall, but the selling prices are higher than ever.

The median cost of a home with less than six acres in Essex rose to $263,000 through June — a $3,000 increase since last year and a $75,000 increase since 2003, according to the Vermont Department of Taxes.

Read the full article.

Foreclosures up 121 percent nationally; Vermont one of the lowest

According to an article in the Houston Business Journal on July 25, “…foreclosure filings were up nearly 121 percent in the second quarter nationwide compared with the previous year’s second quarter, and increased nearly 14 percent from the first quarter of 2008, according to RealtyTrac’s Q2 2008 U.S. Foreclosure Market Report.”

According to the same report, Vermont joins North Dakota and West Virginia as the states with the lowest foreclosure rates.

Read the full article.

Vermont buyers and sellers more savvy, thanks to the ’net

An article in this month’s Business People Vermont talks to three Vermont real estate experts who discuss the current and past Vermont real estate market. What has changed most dramatically? The buyers and sellers, who now have infinite resources at hand via the internet.

“‘The Internet is the biggest trend, says [Kathleen] Sweeten, and her organization’s educational programs are aimed at helping members get up to speed. Eighty percent of homebuyers begin their searches on the Internet, she says…”

“‘Today’s market is very different from where it was 10 years ago,” says Sweeten, “when clients came to brokers for the information because they couldn’t get it anywhere else. Now, clients come to brokers as educated, savvy, aggressive buyers or sellers, and they know a lot more than they did 10 years ago.'”

Read the full article.





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