“How is the real estate market really doing, anyway?”
I hear this question at least once a day. People think that with all the foreclosures and doom-and-gloom reports on the housing market, now is a bad time to move real estate. With all the sour economic news in our faces everyday – on television, on the web, in newspapers, on the radio – are there any bright spots? YES! The housing market is alive and well, thank you… sales are occurring, and property is available for the ready and able buyer.
In our small rural Vermont towns, such as Jericho and Underhill, properties under $320,000 are selling at a steady rate. If a home is in good showing condition – clean and in good repair – it is an especially hot commodity. Interest rates are very low, and buyers are aware that now is the time to buy. Sellers need to be aware that it is still a buyer’s market, so they need to list their homes at an attractive price.
I recently received deposits from two home buyers in the Jericho and Underhill area. The photos below show the two houses that are under contract. One is for $318,000 and the other, a post-and-beam home, is for $399,000. Houses in this price range are selling, so if you have one to sell, there’s a buyer out there who wants to buy!
The downside is we have at least two-and-a-half years of high-end inventory, from $365,000 to $790,000. If you own a house in this price range, you will need to set a very appealing price, or you will sit on it for a long time, and eventually you will get an offer much less than you hoped for.
Talk seriously with your realtor about what your house is worth in today’s market, be proactive, and prepare your house – fix problems, paint areas that need it, stage it for the first impression!