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.

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!