Real Estate Dilemmas
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- Created on Friday, 17 April 2015 15:48
- Written by Tom Weineck
AROUND THE NEK - The real estate markets across the United States are picking up. However, the Northeast Kingdom is not showing the same signs. According to Maurice Chaloux of Parkway Realty, Caledonia County is currently seeing an increase in foreclosures after the housing collapse in 2008.
“There are way more foreclosures on the market now then there ever used to be,” said Chaloux, “In my 43-years in the real estate business, this is some of the worst times I have seen as an agent.”
Over the past 5 years, Caledonia County has seen a decrease in the average median cost of a house by 2.5%, while the United States has seen an increase of 2.3%, according to Chaloux.
Although Chaloux thinks this is the worst time, David Lussier of Lussier Real Estate Agency believes its just apart of the regular cycle.
“We have ups and downs in the real estate market,” said Lussier, “ I have been apart of 3 ups and 3 downs in the market.”
Even with the ups and downs in the market, the market is definitely not in the best shape for realtors.
“The market has not recovered yet, but it has happened in other parts of the country,” said Chaloux.
Lussier thinks the rebound is happening, but it is not happening quickly. Lussier said, “To say there is a rebound? No, I would say it is just slow growth.”
The lack of jobs is one of the main contributions to the slow growth for realtors in the area. With the declining home sales, investors say this is the perfect time to purchase a home.
“Farm, outbuildings, and 237 acres, this is another example of what the market has done and why the real estate is such a good value right now,” said Chaloux.