Despite what you may be hearing on the national news, the Real Estate market is not all doom and gloom...ESPECIALLY if you are a homeowner in the greater-Burlington area! When listening to (or reading) news on the national Real Estate market, it is important to keep in mind that Real Estate is entirely local. Case in point: this article featured in last week's Wall Street Journal, "Home Prices Decline in Nearly Half of Metropolitan Areas". While at first, one might jump to the conclusion that this article is relaying unfavorable news, if you are a homeowner in the Burlington area, it is quite the opposite!
Basically, the article is stating that in the third quarter of this year, the median home price fell for nearly half of all the metropolitan areas that were observed -in 76 of the 155 areas, to be exact (I think the headline did a good job summing this point up). However, do you see the glass as half empty of half full?! The article goes on to point out that the median home price rose in 77 of the 155 areas observed, AND home prices remained the same in the remaining 2 metropolitan areas. SO, really, home prices have increased, or remained steady, in OVER half of the metropolitan areas that were observed. Why doesn't the article's headline relay this (much more optimistic) finding?!
EVEN MORE ENCOURAGING: Burlington was named as the top metropolitan area for increases in the median home price- up 18% in comparison to last year! WHERE IS THE DOOM AND GLOOM IN THAT?!?! Homeowners in Elmira, NY and Dallas, TX are probably grinning as well, as they both had experienced considerable increases!
Bottom Line(s): When it comes to news about the national housing market- take everything into consideration from a LOCAL standpoint!...AND if you are looking to purchase a home in the Burlington area, give me a call today!
Make sure to read the article from the Wall Street Journal! If you are wondering what makes Burlington such a desirable place to live, check out this video that my company, Coldwell Banker Hickok & Boardman Realty, had made for potential homebuyers considering relocating to the area! Enjoy!
-Jamie Wright, REALTOR
Jamie@BurlingtonVermontHomes.com
(802)846-9530
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