The Vermont real estate market is starting to see a shift from a buyers’ market to a sellers’ market in many communities. This past year home sales increased 34.1 percent over the previous year, and the median price grew 3.8 percent. My business, Pleasant Valley Real Estate, is located in Underhill, Vermont, and these numbers are consistent with the communities where I do most of my business – Underhill, Jericho, Richmond, Cambridge, and Jeffersonville.
Recently WCAX featured a news report on how the Vermont real estate market is shaping up for 2013, and they offered some advice on how to revamp your home to attract buyers. I found the report encouraging and accurate. Here is a summary of the report.
Trends in the Vermont Real Estate Market
New homes and remodeling are increasing – According to town clerk records, building permits are on the rise. Builders are filing for more new building permits as well as remodeling permits.
Homes and condos are best sellers – Most people are looking to buy single-family housing, including homes and condos. A few are investing in multiple-family units, some are investing in commercial property, and land is moving slowly.
Prices remain steady – The price point of houses has remained consisted over the last few years, however, recent months have shown a very slight rise in average mean of home sales.
Interest rates remain low – Because interest rates remain at an all-time low, people are able to afford bigger, more expensive houses, which could explain why the median price grew 3.8 percent in the last year.
Buyers want turnkey homes – Most sales are of homes that don’t need any work. The sellers have already done any needed renovations. Buyers expect to move in and not have to do anything.
Price determines everything – The condition of a home can be great, and the location can be great, but if it’s not priced to sell, it won’t.
Top 5 features that sell a house:
- Stainless appliances
- Granite counters
- Tile or hardwood flooring, no vinyl
This report by WCAX reaffirms what I already know: 2012 was a strong year for the Vermont real estate market, and the best sales year I have had in my real estate career. This is good news for everyone because it’s a good indication that the economy is improving.
When you’re ready to sell your house or buy a house, contact me, I’ll help you determine the best price for your home or show you what’s available in Pleasant Valley Real Estate’s specialized territory of Underhill, Jericho, Richmond, Cambridge, and Jeffersonville, Vermont.