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Waterbury, Vermont Real Estate Update, Market News and Legislative Update - June

Sorry, too busy to Blog!

Our great winter came to a quick end, and it seemed to me (and many others) that we skipped over spring and went right to summer. But the weather has returned to somewhat normal and I've made the transition from skiing to biking. There are some great new trails up in Stowe, and this week I was able to piggy-back a visit to Kingdom Trails onto a work meeting up in Newport. Closer to home, the Waterbury Reservoir opened for the season Memorial Day weekend and I'm looking forward to my first paddle!

And speaking of my office, we have had an extremely busy spring - 18 transaction sides closed in May alone. It seems that sellers are now willing to price their homes closer to market value, while buyers are aware that the era of low mortgage rates may be coming to a close. We are in great need of listings in the $200,000 - $300,000 price range. First time homebuyers are also realizing that the cost of owning could be even less than the cost of renting! 

Three items to note regarding this year's legislative session:

The new Lake Champlain cleanup program is being funded by a tax on property transfers. The rate for transfers over $100k is increasing from 1.25% to 1.4%. This will start in August.


There is a new tax credit for qualifying first-time homeowners to allow them to finance downpayments and closing costs. The program is being overseen by the Vermont Housing Finance Agency.


Finally, while there were measures taken to begin to address the rising cost of education, agreement on a comprehensive property tax reform package was not possible in this session. It's very likely that discussion will begin again next year.

 

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