Editor’s note: The following Real Estate Advice was provided by Amy Ryan of IPJ in Middlebury. The statistics are derived from data from New England Real Estate Network (NEREN), which is Vermont’s primary Multiple Listing Service.
Is there a disconnect in today’s market? The answer lies somewhere between the seller’s motivation, the buyer’s desperation to find a house in a tight market and both parties’ willingness to negotiate. The available inventory in the entire state of Vermont (as of Feb. 7) for all classes (single family, multi-family, land, commercial, etc.) is 2,038. As a comparison, that inventory number in February 2017 was 12,902. That number dropped to 9,346 in February 2019 and by February 2021 it was listed as 2,655.
In any industry, when demand outweighs supply you have an imbalance in the market — that is precisely what’s been happening in Vermont.
In most cases, when properties come on the market and are priced appropriately, there are multiple showings over several days, multiple offers with a wide variety of conditions (or none at all!) and the seller is making a decision on which offer to negotiate with or accept within 7-10 days of the property hitting the market.
There are strategies to employ, whether you’re a buyer or a seller, to get the most out of this market.
As a seller, you’re likely looking to maximize the value of your property.
As a buyer, your goal might simply be getting the contract. The nuances are vast and having the help of a professional is certainly recommended.
We’ve noticed a shift in the market recently and there seem to be a few more houses coming on the market at a slightly faster pace, but most of them are selling quickly, too.
If you’re in the market be sure you’re getting the information you need as it becomes available — this is the only way to be competitive in today’s market!
