Sleeping Burlington Vt Market Stirred by Stimulus

Here is a bit of good news for buyers and sellers alike. The Stimulus Package was just signed into law last week and seems to be having an immediate effect here in the Burlington VT area. This impression is not based on any sound scientific study or empirical data, so take it for what it is worth. It is based on a "boots on the ground" observation I made over this past weekend. Here is the story.
I am helping a family relocate here from out of state and they had a schedule that required us to be out seeing all we could see yesterday, Sunday. I had attempted to make an appointment at one particular property, along with several others, and we were asked if we could come by during the Open House from 1-2pm rather than disturb the occupants in the morning of the same day. With a little bit of re-schedule we were easily able to accommodate the request and agreed amongst ourselves to see it at 1:30pm.
I arrived a little early and thought I would pop in and get a quick preview as I had only seen the home on the Internet. As I approached the house I observed cars lining the street and one in the driveway that was not the Realtor's car who was holding the Open House. Car count was four at 1:30pm. I parked on the street and went in too take a look. As I was entering , two parties left. I dropped my shoes at the door and began to look around. In the next 15 minutes four more parties showed up and then the family I am working with. Counting my clients, there were eight showings of this one home in the first hour of the Open House.
This home was built in the late 1960's but has been well maintained with new paint and carpet and other improvements. It is not a foreclosure nor is it owned by a relocation company or being offered in a short sale. All of these issues might be the cause of a high traffic count but this was not the case in this situation. This house has been on the market since last August so it was also not new to the market. The REALTOR holding the Open House was overwhelmed since she had been holding Open Houses since the beginning of the year in similar homes and always brought other work to do as she as she sat there with no viewings.
Maybe this is an isolated case or the Denny's at the foot of the street was offering free Grand Slam Breakfasts for all attendees. What ever the case, the renewed interest in buying real estate by those viewing this house felt invigorated and fresh. So if you are selling your current home , take heart as there appears to be the beginning of a Spring real estate market taking shape.
If you are a buyer and you have been sitting on the sidelines waiting for all the stars to line up, this could be it. The pricing has adjusted, sellers are motivated and want to get on with their lives. The interest rates are hovering just below 6% and I have heard of some 5% quotes to buyers from some lenders, depending on credit scores. The inventory in and around Burlington that is affordable priced is low and once these looking buyers act, it will not last long. The good news is if the sellers who have been sitting on the sidelines, sense that they may get a fair price on their home this Spring , you will see more inventory enter the market and replace the homes that are purchased.
What this market needs is some active and motivated buyers who are well positioned to get off the fence and get this market moving again.