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Commonwealth's Blog

By Commonwealth | Home Buyer in Ludlow, KY

Ludlow Vermont, OKEMO - crazy valuation of homes

Is it just me, or are there some sellers and brokers that have not been paying attention to the last year economically, and more importantly, this last month.

Home values across our great country, and our entire economy, have been in free fall.  One would think that in most SECOND home destinations, home values would be down and it would be an opportune time buy, if one had the means to do so.

 However, in Ludlow Vermont, sellers are raising prices on houses that have been on the market over a year. Yes, the houses sit on the market forever and then the sellers raise prices, even now.  Brokers and sellers think it is still 2004.

Can someone explain this to me.  Many people in my hometown have lost jobs and can barely pay their mortgage on their primary residence. Yet, in Ludlow, Vermont (OKEMO) they seem to be standing pat on price.

Thanks

Eventual Ski Home Owner

Comments

By Brian Jewett,  Sun Mar 15 2009, 11:26
You may be seeing sellers reacting to an increase in low ball offers thinking the markets here will be down 50% like some cities. Outsiders often don't realize that prices here don't inflate like those in dense urban areas. However, the number of homes on the market keeps going up and some sellers must be getting hungry. When you see something that suits you, make what you feel is a reasonable offer regardless of the sellers fantasies. If your offer is reasonable, you should find someone willing to see reality with the opportunity of an actual sale at hand.
By Jollyrancher,  Sun Mar 29 2009, 12:58
I disagree with your statement of home prices having not inflated in Vermont. According to the VHFA, home prices have doubled over the last 10 years. And to become affordable to the average Vermont worker, they would need to drop by 50%. However, Vermont is an anomaly where tough zoning laws ensure the inventory of new homes always stays low, which helps keep prices up.....even when they are dropping everywhere else.
By Voices Member,  Sun Mar 29 2009, 13:07
Prices are still to high everywhere. That is why prices are dropping more and sales are slow.

Wait 2 or 3 more years and you can get 30% off the price.

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