Real estate advice: Low inventory
Why is there such low inventory? How long will this last?
Prices are so high right now. Is it a good time to sell my home?
The low inventory is a combination of several factors. Some sellers are reluctant to list their homes for sale for fear that they won’t be able to find a suitable replacement home here, or in another location. Additionally, we’re seeing an uptick in interest from out-of-state buyers who are anxious to establish roots in Vermont in either a purchased or rented home. Lastly, some of the properties that have languished on the market have since sold. It’s standard economics: supply and demand!
This will likely last until the market swings to a more neutral place or the “buyer pool” of out-of-state buyers dries up a little bit. If some folks that made a reactionary decision to move here, work remotely, isolate in a safer place decide that Vermont is not what they thought it would be, that could also introduce more housing inventory.
Prices have climbed during the COVID crisis and they’re likely going to continue to do so as long as the inventory is at record lows. As of Feb. 18, there are only 64 residential listings in all of Addison County. For some perspective, at this time last year there were 147 listings and in February 2019 there were 213. If you are contemplating selling your house you should consult with a local agent and get some solid advice based on their experience in your local market area. It could prove to be an excellent choice for you to sell your home right now, but please be sure to make that an informed decision. Ask lots of questions, make sure you understand the risks, expectations and timelines. A reputable firm will help set you on a path that is right for you.
— Amey Ryan, IPJ