LUDLOW, Vt. – On Tuesday, Jan. 11, the Ludlow Rotary Club heard from Lisa Kelley, President of the Crown Point Board of Realtors, who spoke regarding the current real estate market in the area and it’s future.
Kelley stated that home prices were at a peak in June. This is a sellers’ market, which makes it hard to buy in the area, and there is little inventory of homes for sale. On average, houses are only on the market for six days, Kelley said, which makes it difficult for local residents to break into this market when looking for a house. Kelley also predicted that mortgage rates would only increase over the next couple of years.
Buyers with resources purchase land as an alternative only to find that builders are currently booking into 2023. Kelley stated that buyers who work remotely need high speed fiber optics, which is causing a lot of demand in Mount Holly since the internet there is so fast.
In terms of the local economy, Kelley noted that second homeowners don’t visit local shops on a daily basis, which puts local business at a disadvantage and also makes the community less affordable.
Kelley cautioned the Ludlow Rotary to expect more foreclosures. She said that some properties have been foreclosed for more than two years because of the backlog in the business. Besides this, Kelley said, rentals are also expensive in Ludlow.
Lisa Kelley has been a realtor from Mount Holly for 16 years and is the former owner of the Belmont General Store. It was her father-in-law, Larry Kelley, himself a long time Ludlow Rotarian, who initially urged her to get her realtor’s license. Lisa Kelley is a state director of the CPBR in addition to being president. She is also active in the Mount Holly community.
Anyone interested in learning more about Rotary is invited to contact Kevin Barnes, Membership Chairman, at 802-228-8877 to receive an invitation to a meeting.