Grand Isle 2020 Market Update

This past year was unprecedented in many ways, at the start of the pandemic it was hard to say what the impact would be on the housing market. However, despite the many challenges, 2020 turned out to be one of the hottest markets we have ever seen with homes selling faster than ever. 

One of the factors that led to this ‘pop’ in the market was that the coronavirus had homebuyers reassessing their criteria for a home. Folks spent more time at home which led to clients searching for more square footage, home offices, as well as larger outdoor space. Due to many working remotely, new areas of the state were considered. This along with the inability to travel, resulted in an increase in the second home market or second homeowners became full time residents. 

The Lake Champlain area was an ideal place for many in-state and out-of-state buyers and people selling their home took advantage of the sellers market. These factors combined with the record low mortgage rates made buyers eager to find their dream home. However, the lack of inventory made for a very competitive market. 

Ultimately, both buyers and sellers overcame, making 2020 one for the books. In Grand Isle County, 181 homes were sold. That is an increase of 19.1% from 2019 with more luxury and lakefront homes selling than usual. 14 homes sold for over $1 million in Grand Isle County--more homes than the last 4 years combined!

In Grand Isle County new listings were down 5.2% to 219 compared to 231 in 2019. Due to low inventory, competition among buyers was high and many listings were seeing multiple offers and selling above asking price. As a result, the days on market till sale has decreased 14.6% and the median sales price has increased 13.2%. As we kick off the new year, the real estate market is holding strong and buyers are still actively searching in our area. Inventory is at an all time low with just 32* homes for sale in Grand Isle County giving sellers the upper hand. Home prices are on the rise and buyers are in high demand, if you're thinking of selling now is the time!

*As of February 1, 2021

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Hidden Home:

Nestled among the cedars, maples, and pines this adorable abode offers privacy and seclusion. This lakefront retreat is sited on an amazing 2.3 acre peninsula with 670 ft of direct shoreline down a ½ mile private drive! Enjoy this exclusive look inside this covert home located in Isle La Motte. (Note: This home is NOT for sale) 

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See the latest Northwestern Vermont real estate market report presented by NVBR below.

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for December 2020. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.

New Listings decreased 4.3 percent for single-family homes but increased 31.0 percent for townhouse-condo properties. Pending Sales increased 13.6 percent for single-family homes and 31.3 percent for townhouse-condo properties. Inventory decreased 54.7 percent for single-family homes and 57.0 percent for townhouse-condo properties.

The Median Sales Price was up 14.8 percent to $350,000 for single-family homes and 1.1 percent to $242,500 for townhouse-condo properties. Days on Market decreased 41.8 percent for single-family homes and 21.7 percent for townhouse-condo properties. Months Supply of Inventory decreased 56.3 percent for single-family homes and 57.1 percent for townhouse-condo properties.

With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.

Image Source: Coldwell Banker Islands Realty

There are small changes that you can make inside your home to make it more appealing to potential buyers. While it may seem like a minor detail, investing your time to take care of the nitty gritty aspects such as, decluttering and rearranging pays off. Here are a five quick ways to revamp the interior of your home:

1. Ambient Lighting

Depending on the mood you are aiming for, think about the types of light bulbs you may be using. Try swapping your current lightbulbs out for warm, incandescent light bulbs for a homey feel. If you are trying to attain a bright and clean atmosphere in your home LED light bulbs will provide ample cool light.

Image Source: Coldwell Banker Islands Realty

2.  Give your windows and curtains some attention

Consider replacing heavy curtains with a sheer curtain alternative. If new curtains aren’t in your budget, just be sure to open them to allow more natural light. While doing this, take a moment to observe your window panes. Have a great view? Make sure to wash your windows to enhance visibility and brighten up your interior space.

Image Source: Coldwell Banker Islands Realty

3. Declutter and depersonalize 

Minimalism is key when preparing a home for a showing, start by removing any objects that might distract a home buyer. This includes clearing off your countertops, reorganizing any busy shelves, and removing personal photos. By depersonalizing the home, it allows potential buyers to visualize the space with their own belongings.

Image Source: Coldwell Banker Islands Realty

4. Staging your home

While staging doesn’t have to be extravagant there are many small tricks that can help the sale of your home. Try adding fresh flowers to the entryway, setting the dining room table, or rearranging the living room furniture to open up the space. Don’t exhaust yourself trying to make every room perfect, prioritize the most important areas and features of your home. 

Image Source: Coldwell Banker Islands Realty

5. Capitalize on the senses.

Create an atmosphere through visuals and aromas that might resonate with a potential buyer. Begin by neutralizing any odor with a deep clean, then consider burning a candle or baking fresh cookies before a showing. 

Image Source: Coldwell Banker Islands Realty

We hope you found these tips helpful! Consult your Realtor on additional techniques to help make sure your home is showcased in the best light possible. 

First impressions are everything and the exterior of a home can set the tone for a potential buyer. If you’re thinking of putting your home on the market, spend some time boosting your homes curb appeal. Making these small changes can have a big impact in the eyes of home buyers. 

1. Maintain your landscaping

Make sure to regularly prune any shrubs against and around your home. As they become overgrown they can block your windows and can take away from its street appearance. Additionally, this will put your windows on display and allow more natural light to shine through. Another tip is to keep an eye on the landscaping leading up to the house. Dig out or cut back any species that might be overflowing onto your walkway. 

2.  Hide Unnecessary Clutter

An easy way to spruce up your front yard is to remove items that are not necessarily meant to be on display. Relocate your gadgets and equipment such as any tools, lawnmowers, or toys that may be laying around in plain sight.

3. Clean your Gutters

While cleaning your gutters may be a dreaded chore, it is necessary. Not only is it important to clean them for the exterior, but also for general maintenance.

4. Freshen up your Front Door

 Throw a fresh coat of paint on your front door to drastically improve the appeal of your home from a distance. Maintenance is often required with painted doors, so whether you are touching up an existing color or you are introducing a vibrant new hue both will achieve a sought after exterior appearance. 

5. Add Finishing Touches

These can be as simple as hanging a seasonal wreath on your front door or maybe it's just throwing a couple of planters onto the front porch or the steps. Other ideas are to buy new house numbers, or add solar lights to your walkway. 

Now you have five easy and affordable ways to spruce up the exterior of your home to get it ready to sell! If you would like a professional opinion of ways to improve your home please contact us for a personal home consultation with no cost or obligation.

January's hidden home was an exclusive in-house listing that sold this past December. Built in 2008 and renovated in 2014, this 3 bedroom and 2 and half bath home is sited on a bluff with acreage and 240 ft of easily accessible lakeshore. You will be sure to enjoy this unreleased virtual home tour of this adorable Champlain Islands Lakefront Cape!

(This home is not for sale) 

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