2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS^® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings decreased 26.7 percent for single-family homes and 29.4 percent for townhouse-condo properties. Pending Sales decreased 13.4 percent for single-family homes and 40.5 percent for townhouse-condo properties. Inventory decreased 5.4 percent for single-family homes and 22.2 percent for townhouse-condo properties.

The Median Sales Price was down 3.4 percent to $386,250 for single-family homes but increased 12.9 percent to $355,550 for townhouse-condo properties. Days on Market decreased 23.7 percent for single-family homes and 45.7 percent for townhouse-condo properties. Months Supply of Inventory increased 20.0 percent for single-family homes but increased 16.7 percent for townhouse-condo properties.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.

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

Looking to sell a property in Northwest Vermont? Consider tapping into the expertise of local real estate agents who are familiar with the market conditions, neighborhood trends, and pricing strategies that can help you get the most value for your home. With our top-tier services, you can benefit from our years of experience, negotiation skills, and access to exclusive resources that can make your transaction smoother and more successful. Some of our services include:

- Individual Property Site - HDR Photography - Professional Video Tour - Drone Photos & Video - Social Media Marketing - Web Syndication - In-house Graphic Design - Direct Mail Marketing

- Closing Coordination - Transaction Support - Email Marketing - Staging Consultation - Buyer Screening - Open House - Global Luxury Listing - Luxury Print Materials

Every situation is unique and deserves representation that will look out for your best interest, showcase your home in the best possible light and maximize exposure. Coldwell Banker Islands Realty is here to help you sell your property with confidence. To learn more about how our services can benefit you, please call us at (802) 372-5777 or connect with an agent directly.

 

 

 

Regular home maintenance is essential for keeping your home in good condition and preventing costly repairs. March is an ideal time to tackle critical maintenance tasks as the Vermont winter weather recurs and warmer weather is just around the corner. By taking care of crucial maintenance tasks early, you can ensure that your Vermont home is in top shape and ready to face the elements in the coming seasons. 

1. Check your gutters and downspouts

Make sure they are clear of debris and properly attached to your home. Check for any damage or leaks that may have occurred over the winter.

2. Inspect your roof

Look for any signs of damage or wear, such as missing or damaged shingles, cracks in the chimney, or leaks in the attic. Arrange for repairs if necessary.

3. Test your sump pump 

If you have a basement, test your sump pump to ensure it is working properly. You don't want to find out it's not working during the spring thaw.

4. Check the siding for damage

The weather can take a toll on the exterior of your home. 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. 

5. Check your smoke and carbon monoxide detectors

Test your smoke and carbon monoxide detectors and replace any batteries if needed.

6. Clean and inspect your dryer vent

 Lint build-up in your dryer vent can be a fire hazard. Clean out your dryer vent and inspect it for any damage.

7. Check your foundation

 Inspect your foundation for any cracks or damage that may have occurred over the winter.

8. Scan your windows and doors

Check your windows and doors for any drafts or leaks. Replace any damaged weatherstripping or caulking.

9. Clean and maintain your outdoor equipment

If you have outdoor equipment like lawnmowers or trimmers, clean them up and perform any necessary maintenance before the grass starts growing again.

10. Examine your pipes for damage

As the weather starts to warm up, frozen pipes may start to thaw and potentially cause leaks. Check all pipes for any visible signs of damage, such as cracks or bulges. If you find any damage, arrange for repairs immediately to prevent water damage to your home.

Being proactive and completing these critical home tasks can save time, money, and stress in the long run. Also, it is essential to do home maintenance when preparing to sell because a well-maintained home can attract more buyers and increase the value of your property. Completing necessary repairs and maintenance before listing allows you to avoid surprises during the home inspection and negotiate from a position of strength. Furthermore, it gives buyers confidence that they are making a sound investment into a move-in-ready property. For more home maintenance tips or advice on what to do before you list this spring, contact a Coldwell Banker Islands Realty Agent.

This month's featured hidden home is located down a tree-lined driveway in South Hero, Vermont. Here you will find this completely private retreat nestled in the woods.  The unique "treehouse" designed home is set on 10.1 acres and includes walking trails all just steps from the west shore views.

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

Regular home maintenance is essential for keeping your home in good condition and preventing costly repairs. March is an ideal time to tackle critical maintenance tasks as the Vermont winter weather recurs and warmer weather is just around the corner. By taking care of crucial maintenance tasks early, you can ensure that your Vermont home is in top shape and ready to face the elements in the coming seasons. 

Read the full march home maintenance guide here. 

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