In this episode of the "Real Estate Minute" as featured on Fox 44, Brad explores some of the important things to keep in mind when you are buying a home in Vermont for the first time. Tips on how to narrow down your search, obtaining financing with little or no money down, and much more! The homebuying process does not need to be complicated or intimidating. Let Brad and his team help you with the knowledge YOU need to make this important investment! http://www.youtube.com/watch?v=pnhFo4W7GYo With Spring in the air, plenty of great homes on the market in Burlington, South Burlington, Essex, Williston, and the surrounding areas, and record low interest rates, it's a great time to buy! Contact Brad today to explore your options; 802-879-4477. Brad@Dousevicz.com
Blog :: 03-2011
We get this question quite a bit. Especially from Vermont 1st Time Homebuyers, or buyers moving to Vermont from another State. Today, we'll take some time to dive into what you should expect to pay at closing when buying a home in Vermont. In Vermont, the buyer of real estate pays the "Vermont Property Transfer Tax." (This differs from State to State, so there is the possibility you may sell a home in one state, pay your tax, and then pay a tax when you buy in Vermont!) If the buyer is going to have the residence as their primary residence, the tax is calculated as follows:
- .5% of the first $100,000, then 1.25% for that portion of the sales price over $100,000.
- a transfer directly to a creditor to secure a debt.
- tansfers to a corporation
- transfer without payment to a spouse, child, or grandparent
- Vermont did not experience the "Boom" those other areas experienced, and we hence have not experienced the "Valley" either. Vermont's home values, even in the growing of the housing boom, staying fairly level. Vermont has laws that prevent speculative buying, and our building community to did not over-build the available inventory to sell. This has helped maintain home values in Vermont and the more localized areas of Burlington, South Burlington, Williston, Essex, Charlotte, Colchester, and Shelburne.
- The current national unemployment level is hovering at around 9%. The unemployment level in Vermont, and more precisely Chittenden County, is nearly 1/2 that amount. The bottom line is that jobs in Vermont have not been nearly as affected as they have in other parts of the country. Employers like UVM, IBM, and Fletcher Allen Health Care have a long employment record in and around Burlinton. There's no reason to believe they'll go anywhere in the time-being, either. If jobs are the key to the economic recovery, and an improved housing market- we're already where we need to be.
- Mortgage rates remaining remarkably low. In fact, you can STILL qualify for a low rate of 4.9% for a 30 year fixed rate. This low rate, coupled with the relatively flat but somewhat lower prices than what we have seen in recent years means that homes in Vermont are more affordable than ever. See the link here to a recent Vermont affordable housing study: http://www.burlingtonfreepress.com/article/20110315/NEWS01/103150303/Study-Vermont-housing-more-affordable
- Steps for the 1st Time Homebuyer
- Buying New Construction
- Prepping your home for a quick and profitable sale
- Buying Green Construction
- Tipsfor Buying a Condo in Vermont
- Is it a good time to buy a home in Vermont?
- Much More!