The Stowe market has been a little slower than the National real estate market to react but is quickly gaining momentum. Since the beginning of 2011 we have seen a marked increase (250% over the same period in 2010) in the number of sales and pending sales of homes and condos.
Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios, according to the Wall Street Journal, January 10, 2011.
The comeback, NAR economist Lawrence Yun said, has been helped by gains in the stock market and an improving economy, which have made wealthier Americans more upbeat about the future. "It also implies that prices in some markets have come down so much that people are fighting for those properties," said Mr. Yun, noting that demand is strongest in areas close to stable labor markets.
Value, condition and location continue to be high on the buyers’ list of preferences. Updated kitchens and bathrooms also help sell homes. Today’s buyers, with a plethora of homes to choose from, will quickly dismiss a house that needs obvious care and attention even if the price is attractive. It goes back to value. Buyers know it when they see it. We remain optimistic that sales in 2011 will be much improved over last year especially in Vermont, where lifestyle is paramount.
