The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS^®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

New Listings decreased 4.6 percent for single-family homes and 5.4 percent for townhouse-condo properties. Pending Sales decreased 17.3 percent for single family homes but increased 3.6 percent for townhouse-condo properties.

Inventory decreased 42.7 percent for single-family homes and 54.5 percent for townhouse-condo properties.

The Median Sales Price was up 12.5 percent to $365,500 for single-family homes and 24.0 percent to $310,000 for townhouse-condo properties. Days on Market decreased 35.7 percent for single-family homes and 66.7 percent for townhouse-condo properties. Months Supply of Inventory decreased 41.7 percent for single-family homes and 57.1 percent for townhouse-condo properties.

Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS^®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind.

The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

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

While we don’t have a crystal ball to see the future of the real estate market, we can assess the current conditions and bring an objective eye to the table. In the past year, our REALTORS^® guided over 130 families through this fast-paced market. They have the area expertise, market knowledge and negotiating skills to guide you home. Here are some of the top questions we’re hearing from clients:

1. Will the housing market shift in 2022?

While there are a number of factors that play into the real estate market, we predict that 2022 will see continued trends of light inventory and high buyer demand. Interest rates are on the rise but remain historically low still making today an opportune time to buy a home.

 

2. Is it true home sellers are getting offers over asking?

The key to selling a home is pricing it at fair market value, from the start, to attract the most potential buyers resulting in showings and offers. This market is competitive with some homes seeing multiple offer situations that ultimately drive up the sales price.

 

3. Shouldn’t I list my home in the Spring?

If you’re considering putting your home on the market don’t wait! While home prices remain high they could decline as interest rates increase and more inventory comes on the market.

 

4. What if I sell my home and can’t find a new home to buy or rent?

We understand the stress of putting your home on the market. The sale can be contingent on certain terms so that your next move can happen. Our REALTORS^® have the experience and negotiating skills to help you reach the closing table and find your next home. 

 

5. So it’s a good time to sell, but what about buying?

Interest rates are rising but remain at all time lows. They are expected to increase throughout the year and with the rise, the amount buyers would be able to afford will go down. Our real estate advocates will help you put your best offer forward and stand out among the competition.

 

6. What is my home worth today?

Your home has never been worth more. Median home prices in Northwest Vermont have risen 16% from 2020*. Dreaming of retirement or your next investment? Now is this time to get the most value out of your home. 

*NVRA Market Report December 2021

Wondering if now is the right time to list your home? You may be surprised. Don't wait to list until the spring, get a free market analysis to find out today!

Considering selling your Vermont property? There are a number of factors to consider when contemplating whether now is the right time. The questions listed below will help you through this process and whether you’re ready for a home that’s larger or in a more desirable location. 

1. Have you built substantial equity in your current home?

Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. But if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation changed?

If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.

3. Have you outgrown your neighborhood?

The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or live in a better school district.  

4. Are there reasons why you can’t remodel or add on?

Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option. 

5. Are you comfortable moving in the current housing market?

If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. Ask your real estate professional what they see happening locally. 

6. Are interest rates attractive?

Low rates help you buy “more” house, and also make it easier to find a buyer for your current place.

7. Is the effort and cost of maintaining your current home becoming difficult to manage?

A REALTOR® can help you decide whether a smaller house, condo, or rental would be appropriate.

 

If you answered yes to most of these questions, you may be ready to move and our experienced Vermont REALTORS® are ready to guide you through the process of selling your Vermont residence. Wondering what your Vermont home is worth in your current market? Get a market analysis to find out today! Our experienced Vermont Realtors are ready to guide you. 

 

We don’t have a crystal ball to see the future of the real estate market, but we can assess the current conditions and bring an objective eye to the table. In the past year, our REALTORS^® guided over 130 families through this fast-paced market. They have the area expertise, market knowledge and negotiating skills to guide you home. Here are some of the top questions we’re hearing from clients:

1. Will the real estate market shift in 2022?

While there are a number of factors that play into the real estate market, we predict that 2022 will see continued trends of light inventory and high buyer demand. Interest rates are on the rise but remain historically low still making today an opportune time to buy a home.

2. Is it true home sellers are getting offers over asking?

The key to selling a home is pricing it at fair market value, from the start, to attract the most potential buyers resulting in showings and offers. This market is competitive with some homes seeing multiple offer situations that ultimately drive up the sales price.

3. So it’s a good time to sell, but what about buying?

Interest rates are rising but remain at all time lows. They are expected to increase throughout the year and with the rise, the amount buyers would be able to afford will go down. Our real estate advocates will help you put your best offer forward and stand out among the competition.

4. What is my home worth today?

Your home has never been worth more. Median home prices in Northwest Vermont have risen 16% from 2020*. Dreaming of retirement or your next investment? Now is this time to get the most value out of your home. 

*NVRA Market Report December 2021

Wondering if now is the right time to list your home? You may be surprised. Don't wait to list until the spring, get a free market analysis to find out today!

 As the cold weather sets in, you should take several steps to prepare your home correctly. Doing routine home maintenance can help you avoid costly repairs as well as prepare and budget for updates that might be needed. Save yourself the headache in the spring, and take the steps below to winterize your home.

1. Seal cracks around windows and doors.

This will help prevent drafts and keep the heat shut inside.

2. Clean your gutters.

Cleaning your gutters every fall has numerous benefits. This task prevents water damage and rot, a place for pests to nest, plus it helps the overall lifespan of your roof and foundation. 

3. Inspect your roof.

Make sure to examine your roof. Look for any damage such as missing shingles or cracks and get them repaired before the snow falls. If you ignore these issues, the harsh winter months could exacerbate what was once minor damage. 

4. Trim trees and bushes.

Cut back any overgrown bushes or large unsteady branches that could break off near the roof or home. 

5. Test smoke and carbon monoxide detectors. 

To make sure these detectors are working properly, take the time to check the function and replace the batteries if need be.

6. Have your chimney or fireplace serviced.

Before the cool weather arrives, it is best to have your chimney and fireplace cleaned before running. Not only is this good fire safety practice, it will clear out any critters that may have found their way in.

7. Remove window screens and screen doors.

This will help the longevity of your screens. Also, consider installing storm windows and doors. 

8. Winterize summer power equipment.

Store away the lawn mower and bring out your snowblower. While you are doing this, test out your winter equipment to make sure there are no issues before the first snowfall. 

9. Cover or store away outdoor furniture.

You most likely will not be using your hammock so, to protect your outdoor furniture from the winter elements we recommend covering them or storing them away. 

10. Shut off faucets and drain hoses or sprinklers.

If there is any access water in the faucet or hose it will freeze and possibly burst causing more damage. Ensure that the water is shut off and put away any hoses to prevent this.

For more home maintenance tips or advice on what to do before you list this fall, get in touch with a Coldwell Banker Islands Realty Agent.