Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS^®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

New Listings decreased 12.7 percent for single-family homes and 12.5 percent for townhouse-condo properties. Pending Sales decreased 7.7 percent for single-family homes and 21.9 percent for townhouse-condo properties. Inventory decreased 38.2 percent for single-family homes and 33.3 percent for townhouse-condo properties. The Median Sales Price was up 20.7 percent to $420,000 for single-family homes and 21.0 percent to $337,500 for townhouse-condo properties. Days on Market decreased 26.3 percent for single-family homes but increased 14.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 38.5 percent for single-family homes and 25.0 percent for townhouse-condo properties.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

Wondering what your home is worth in your current market? Get a free market analysis today! 

New construction opportunity coming to North Hero. Located on the site of the Historic North Hero House Inn and Restaurant on Lake Champlain's City Bay in the center of North Hero Village. The project consists of nine new construction luxury residential condominiums designed in a manner consistent with the architecture and character of this picturesque village. The Steamship Pier Condominium Residences will offer commanding views of Lake Champlain and the Green Mountains and offer shared use of a sandy beach, the 150 ft Pier and private Marina with Boat slips available on-site. Various finish options are available including appliances, flooring, paint, cabinets and countertops. Construction to be completed by Hayward Design Build.

Available Units:

Homestead Unit #3

Southwind Unit #2

Southwind Unit #3

For more information about the Steamship Pier Condominiums please contact us. 

 

The days are getting longer and the weather is starting to warm up. Which means it's time to come out of hibernation and assess the toll the winter weather had on your home. Here are a few home maintenance tips to consider each spring season:

1. Visit the Attic and Basement

Take a trip down to your basement and up to your attic and do a visual inspection for mold or moisture build-up. Keep an eye out  for any evidence of critters that may have made themselves at home over the winter. If you spot any issues that require further inspection, consider hiring a professional to assess the damage and the best plan of attack.

2. Inspect your Roof & Siding

Take a look at the roof to see if there are any missing or damaged shingles. Also, check the flashing on your chimney and skylights. Inspect your siding and look for any cracks, warping, rot and pest invasion. There could be underlying problems that could lead to damage inside your home so it's best to get a professional opinion if you’re unsure. 

3. Service your furnace and AC Unit

Ask a professional to clean and service your outside air conditioning system. On top of that, it's important to check the furnace and have it maintenanced. This is critical especially after a long winter of heating your home to make sure it is in tip top shape the next time you need it.  

4. Spruce up Landscaping

Give your landscaping some TLC. Dig out or cut back any species that might be overflowing onto your walkway or driveway, and/or blocking any windows. Take this time to also give your garden a facelift and start planning those planting projects!

5. Examine Driveways and Walkways

Look for cracks, potholes, or divots in your driveway and walkways and get them repaired. Smaller cracks are usually easier and less costly to repair, so take care of these once they are visible. If you have a dirt driveway, make sure to fill in any potholes and regrade with a fresh layer of gravel each spring.

Looking for more home maintenance tips for Spring? Read the rest of the checklist here.

Does your Home Need Some Sprucing Up?

Get a second opinion before starting your next home improvement project. Our real estate experts can help you. Learn more about this free service here.

April's hidden home closed this past summer. Enjoy an inside look at this unique barn conversion home covertly located in the quiet town of Isle La Motte that we had the pleasure of representing.This lakefront barn conversion is located in a peaceful setting on 3.8 acres with direct gradual lake frontage on Lake Champlain. The home has been updated throughout with a rustic eclectic style featuring an open floor plan, exposed beams, sliding barn doors, and a sleek modern kitchen with stainless steel appliances and custom wine bar.

Subscribe to our YouTube Channel to see the Hidden Home of the month!

 

(This home is NOT for sale)

The days are getting longer and the weather is starting to warm up. Which means it is time to come out of hibernation and assess the toll the winter weather had on your home. Performing annual home maintenance can help you plan for repairs before the summer season arrives.  Here are a few home maintenance tips to consider each spring season.

1. Check the Screen Doors and Windows 

Examine the seals and trim around your doors and windows to see if they need to be resealed, repaired, or replaced before the rainy season arrives. If moisture gets in, it could cause damage to the wood trim. Also, take this time to check your window screens for damage. 

2. Visit the Attic and Basement

Take a trip down to your basement and up to your attic and do a visual inspection for mold or moisture build-up. Also keep an eye out  for any evidence of critters that may have made themselves at home over the winter. If you spot any issues that require further inspection, consider hiring a professional to assess the damage and the best plan of attack.

3. Consider Painting or Replacing Wood 

Exposed wood can rot so be sure to repair and replace any damaged wood whether it be your deck, railings or window sills. If you notice any cracked or peeling paint, scrape it off and apply a fresh coat to protect the wood from the spring elements.

4. Inspect your Roof and Siding 

The weather can take a toll on the exterior of your home. Take a look at the roof to see if there are any missing or damaged shingles that need to be replaced. Also, check the flashing on your chimney and skylights. Inspect your siding and look for any cracks, warping, rot and pest invasion. There could be underlying problems so get a professional opinion if you’re unsure. If the exterior of your home is in need of repair it could lead to damage inside your home. If you notice any of these items be sure to call a professional for further inspection.

5. Clean your Gutters and Downspouts

Clean out leaves and any debris from your gutters so they drain properly and work efficiently. This task prevents water damage and rot, a place for pests to nest, and it helps the overall lifespan of your roof and foundation. Additionally, make sure the downspouts are angled away from the foundation. 

6. Examine Driveways and Walkways

Look for cracks, potholes, or divots in your driveway and walkways and get them repaired. Smaller cracks are usually easier and less costly to repair, so take care of these once they are visible. If you have a dirt driveway, make sure to  fill in any potholes and regrade with a fresh layer of gravel each spring.

7. Add Soil 

If you have any low areas next to your foundation or in your yard, add some soil to level out these areas. This will help prevent foundation damage, minimize insects, and reduce flooding caused by spring rains. 

8. Service your Furnace and AC Unit 

Ask a professional to clean and service your outside air conditioning system. This will help with performance during the warm months. It could also help reduce your electric bill since the unit will be operating more efficiently. On top of that, it is important to check the furnace and have it maintenanced. This is critical  especially after a long winter of heating your home to make sure it is in tip top shape the next time you need it. 

9. Pressure Wash Your House

Once the cold weather has lifted, power washing your home can be a great way to keep up with exterior maintenance. Cleaning your roof, gutters, decks, as well as siding will help to avoid  mold or mildew sitting and causing costly damage in the long run. 

10. Spruce Up Landscaping 

Give your landscaping some TLC. Dig out or cut back any species that might be overflowing onto your walkway or driveway, and/or blocking any windows. Take this time to also give your garden a facelift and start planning those planting projects!

Partaking routine home maintenance you can avoid costly repairs as well as help you prepare and budget for updates that might be needed. For more home maintenance tips or advice on what to do before you list this spring, get in touch with a Coldwell Banker Islands Realty Agent.