The sizzling summer house-hunting season is off to a busy start! Before embarking on your search for a Vermont home, it’s crucial to be mindful of common mistakes that can impede your search and potentially result in regretful decisions. Familiarize yourself with these pitfalls to better prepare yourself this summer. 

1. Not getting pre-approved 

No matter the season, talking to a lender and getting prequalified for a mortgage before you start looking at Vermont real estate is essential. This will give you a better idea of how much you may be able to borrow, which will help you determine how much you can spend on a home. Tell your lender once you find a home you want to make an offer on.

2. Neglecting to establish priorities

Before beginning your search, clearly define your priorities and non-negotiables. Consider factors such as location, amenities, size, and budget. Knowing what you want will help you stay focused and avoid wasting time on properties that don't align with your needs.

3. Getting caught up in the summer frenzy 

The fast-paced nature of the summer housing market can lead to rushed decisions. It's important to remain level-headed and not let the competitive atmosphere sway you into impulsive choices. Take the time to thoroughly assess each property and consult with your real estate professional before making an offer.

4. Forgetting about future considerations

While you are in a summer state of mind, it's essential to consider the property's suitability beyond the summer months. Think about its year-round functionality, potential for rental income, and how it aligns with your long-term plans.

5. Not working with a local real estate agent

Attempting to navigate the summer housing market alone can be overwhelming and potentially detrimental. Consider hiring a Vermont REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you.  They will provide invaluable guidance, help you navigate the process, and negotiate on your behalf.

By avoiding these common mistakes, you'll be better equipped to make informed decisions, find a home that meets your needs, and ensure a successful summer house-hunting experience. Ready to start your search for your Vermont home? Schedule a buyer consultation with a Vermont real estate professional today or start getting to know the real estate market in your desired area with our MLS Search tool.

Nestled on the tranquil West Shore, this covert Colonial dwelling offers picturesque vistas of Lake Champlain and the Adirondack Mountains. Situated on 15 private acres, it boasts a serene setting with 216 feet of shared deeded lake frontage. 

Watch to see the interior and subscribe to our YouTube Channel to see more Hidden Vermont Homes! 

The sizzling summer house-hunting season is off to a busy start! Before embarking on your search for a Vermont home, it’s crucial to be mindful of common mistakes that can impede your search and potentially result in regretful decisions. Familiarize yourself with these pitfalls to better prepare yourself this summer. 

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month over- month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings decreased 25.3 percent for single-family homes and 36.0 percent for townhouse-condo properties. Pending Sales decreased 22.5 percent for single-family homes and 26.3 percent for townhouse-condo properties. Inventory decreased 3.3 percent for single-family homes and 2.3 percent for townhouse-condo properties.

The Median Sales Price was up 1.5 percent to $441,050 for single-family homes and 10.0 percent to $385,000 for townhouse-condo properties. Days on Market increased 55.6 percent for single-family homes and 26.1 percent for townhouse condo properties. Months Supply of Inventory increased 20.0 percent for single family homes and 14.3 percent for townhouse-condo properties.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.

Considering a move and wondering what your options are this spring? We're here to help. Contact us today.

May's featured Hidden Home is a beautiful contemporary home nestled in the cedars on 7.75 acres. It offers complete privacy and endless opportunities to enjoy the outdoors in this fantastic park-like setting. This home is equipped with three bedrooms and four bathrooms and it is located in Grand Isle, Vermont.

Watch to see the interior and subscribe to our YouTube Channel to see more Hidden Vermont Homes!