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! 

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.

Get the inside scoop from our local real estate experts, who have answered the most pressing questions about buying and selling in Northwest Vermont. From insider tips to expert advice, this Q&A will help keep you informed so that you can make the best decisions for your next move.

What’s the current state of the local real estate market?

The Vermont real estate market remains strong. We are still seeing historically low inventory levels in Northwest Vermont and strong demand from prospective buyers. As the warmer weather comes, we expect inventory to increase giving homebuyers more options. 

 

What will happen to home values in 2023? 

Home values in Northwest Vermont are holding steady. Nationally, there has been a slight dip in home values but our market remains strong due to high buyer demand and low inventory levels. If you are thinking of selling your home you can still cash in on this robust market. 

 

What challenges are facing homebuyers right now?
Homebuyers who are entering the market for the first time and/or moving into a highly desirable area, like the Burlington area, are experiencing a competitive market. Homebuyers searching in the $300k - $500k price range can still win in today's market with the right partners. It is imperative to be represented by an experienced real estate agent who can help you strategize and submit a competitive offer.

 

What do you think will happen with interest rates?
Mortgage rates have been fluctuating between 5% - 7%. As a buyer, it is important to know how changing interest rates can affect your purchasing power. A 0.5% change can have a big impact on your monthly payment, and we (and your lender) can help you navigate this. Lenders have a variety of programs to help buyers combat higher rates like adjustable rate mortgages and/or refinancing in a couple of years. Our agents can recommend local lenders who understand our market and will work with you to find the best option for your situation and goals.

 

Are home sellers seeing a lot of showing activity and multiple offers?
Properties priced competitively and in desirable locations are seeing a lot of showing activity and sometimes multiple offers. Recently, Coldwell Banker Islands Realty listed a property in Chittenden County in the mid $300k’s that had over 70 showings and was under contract within 5 days. Your home will stand out with strategic pricing and a stellar marketing plan.

 

What are your predictions for the spring/summer season? Is now a good time to move?

Overall, we predict that the upcoming spring selling season will be busy and remain competitive. Generally, more inventory will come on the market as we enter the spring and summer seasons, giving more options for buyers and sellers. Homebuyers will continue to enter the market and loan officers have programs to help find a solution that works for each situation. All of these factors make it a good time for buyers and sellers to make a move and start working with a knowledgeable real estate professional.

If you're considering a move this year, let's work together and make a plan to meet your goals. Get started and connect with a local real estate expert today.

April’s Hidden Home is an adorable lakefront cottage located in North Hero, Vermont. This abode is set on a beautiful gradual beach down a very private road. It features an updated bright interior as well as stunning views of Lake Champlain, the Green Mountains, and the Adirondacks.

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