Mortgage rates continue to be close to historically low levels and demand is also high. So, is it a buyer's or a seller's market?
PJ McHenry, who’s been Branch Manager at PrimeLending in Williston, VT for 3 decades, says it’s both. The housing market is the place to be this year.
“I'm really upbeat for 2014,” says McHenry. “You have a combination of stable prices and low rates. So it really should be great for sellers and for buyers."
Home mortgage rates still hover between 4.5—5%, which is just a few points higher than the record low of near 3% last year. McHenry predicts they'll go up as the market gets healthier in 2014.
“There's no question that rates have ticked up. And I think that's why we saw things slow down just a little bit towards the tail end of 2013. If we saw rates rise to 5.5-6%, that would probably max out,” explained McHenry.
If you're looking to sell, plan ahead. According to the Northern New England Real Estate Network, the average Vermont home stays on the market for 227 days.
McHenry's average loan size for a home in Chittenden County is $200,000 - $230,000.
“The last couple years, I think, the weak economy has driven some house prices down. Fortunately, last year, I think the prices have stabilized,” said PrimeLending’s McHenry.
So if you've been waiting for a time to dive into homeownership, McHenry says, it's now. There are low rates and not enough houses.
“I'm optimistic that there's a little something for everybody,” McHenry said.
The same seems to be true in New York. It's transitioning from an overwhelmingly buyers market to one that can benefit both sides.