What are some of the best ways to improve the value of my home?
Whether selling your home or not, addressing deferred maintenance and safety items, such as routine cleaning/inspections of heating and plumbing, is always important to keep on the list. Sellers in the current market may be fortunate regarding not having to make significant updates to their homes before putting them on the market. With less inventory to choose from, buyers need to be realistic that they can’t expect state-of-the-art appliances or the most up to date décor. But even in this “Hot Market” nothing beats a decluttered...
Are we in a real estate bubble? How do you know and what should we do?
Unlike the real estate bubble of the early 2000s, driven by speculative buyers and investors, today’s market is fueled by actual (not speculative) demand, low inventory, and mortgage interest rates hovering around 3%. Even in the bubble years, Vermont was insulated from the steep highs and lows the rest of the country experienced due to Act 250 and permit regulations. While Addison County ended 2020 with an average sale price up 8% — this market is unlike others we have experienced. The construction of new homes across...
How do you anticipate the market to change once pandemic restrictions are lifted?
Well let me get out my crystal ball! To answer your question about how I think the real estate market will change once COVID restrictions are lifted:
I believe this will continue to take time and will make transacting real estate much easier and smoother with far fewer delays caused by all of the other professionals involved in a transaction, town clerks, zoning administrators, attorneys, appraisers, banks and lending institutions, etc. I believe with the new knowledge of being able to work from home, floor...
I’m looking to buy a home but everything is snatched up so quickly! What should I do?
As my wife would say, “You snooze you lose!”
This is a very tough market for buyers and my heart goes out to you. Housing inventory is extremely low thanks in large part to rock-bottom mortgage rates, meaning there are many more people qualified to buy a house, and many more people now able to buy “more” house than they might have been able to just a few years ago. Plus, we’ve had three to four years in a row of robust activity, further reducing the number of houses available.
My advice to you: first,...
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...
Are you seeing more out-of-state or in-state buyers in Addison County these days?
I have seen more out-of-state buyers in the past year than I have ever seen in any other year, and I have been selling real estate over 40 years. I think every out-of-state buyer wants to be sure the property has good access to a strong internet service, but so do most in-state buyers.
The other trend is that most buyers want an extra room that can be used as an office/computer room. That has been a trend over several years, but it is even more important to buyers now. There are a good number of people...