Every year the Vermont Association of REALTORS (VAR) holds a Legislative Day for all of their members. REALTORS from around the state gather in Montpelier to visit with our representatives in the House & Senate. This year our Legislative Day was held on Wednesday, February 4th. Many REALTORS gathered in the Senate Chambers to hear the VAR Public Affairs Committee chairman testify to before the Senate Committee on Economic Development, Housing and General Affairs. There was also testimony taken from the Executive Directors of the Vermont Bankers Association and the Vermont Homebuilders Association.
It is interesting to note some recent statistics from the National Association of REALTORS (NAR). The median home price in Vermont was down less and 2% from the previous year, but the volume of sales was down by 20%. This tells me that the value of Vermont real estate remains strong, but that there is a major slowdown in sales due to low consumer confidence.
What I see in my business here in Randolph is a lack of the first time homebuyers. It is my opinion that these buyers a crucial to any market. The next tier, the "move up" buyers will not make a purchase unless they can sell their existing homes. Without the first time buyers coming to the table, it slows sales across the board. I was sure to relay this message to my two State Representatives in the House, Patsy French and Larry Townsend. The VAR and it's members were sure to encourage our State leaders to all that is possible to stimulate the market by adding some sort of incentive to first time buyers.
There is great news for the consumer at this point in time: inventory is high, many sellers are motivated, there is capital to lend at many local, community or national banks and interest rates remain low. I am encouraging first time buyers to strongly consider getting into the marketplace as soon as possible to avoid a spring rush.
If you have any questions about real estate in the greater Randolph area, please call me.
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