Thursday, January 03, 2008

2008 Ludlow VT Real Estate Predictions


Happy New Year, Ludlow! I hope that everybody enjoyed a very happy holiday season and that 2008 is off to a great start for you and your family.

The
National Association of Realtors has published its predictions for the 2008 housing market, and the data looks positive so far. Most noteworthy is the trend toward improving existing home sales.

Lawrence Yun, senior NAR economist, said “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”

Existing home sales are expected to rise to $5.7 million in 2008 – making it the fifth highest year on record. Existing home prices, which declined 1.9% to a median of $217,600 in 2007, are expected to go back up about .3% in 2008. As Yun noted late in 2007 “even with a modest decline in the national aggregate price this year, it’s important to keep in mind that nearly two-thirds of the metro areas in the US are showing price increases … the apparent disparity results from fewer sales in high-cost areas, so a change in the mix is dragging down the national median home price.”

To find out the latest trends in Ludlow VT real estate, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. To begin searching for Okemo Mountain VT homes, please use my
complimentary MLS search.

2 comments:

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Anonymous said...

Is it just me, or are there some sellers and brokers that have not been paying attention to the last year economically, and more importantly, this last month.

Home values across our great country, and our entire economy, have been in free fall. One would think that in most SECOND home destinations, home values would be down and it would be an opportune time buy, if one had the means to do so.

However, in Ludlow Vermont, sellers are raising prices on houses that have been on the market over a year. Yes, the houses sit on the market forever and then the sellers raise prices, even now. Brokers and sellers think it is still 2004.

Can someone explain this to me. Many people in my hometown have lost jobs and can barely pay their mortgage on their primary residence. Yet, in Ludlow, Vermont (OKEMO) they seem to be standing pat on price.

Thanks

Eventual Ski Home Owner