This time of year, we field one question from our buyer clients far more than any other: “When is the market going to open up?”
Home shoppers and Realtors both note that this time of year the market feels stagnant and what inventory is available is often very stale. Why? Because the holidays are busy for everyone, and nobody wants to battle frostbite as they empty their U-Haul into their new home. It shouldn’t come as a surprise that new home listings slow down over the winter months. But what may be surprising is the degree to which the seasons affect market activity, and the predictability of this trend.
We decided to take a look at market activity on a month-to-month basis. Specifically, we examined how many single family homes and condos were listed in Chittenden County each month, going back to 2012. When plotted in a chart, the trend is quite telling.
As you can see, the number of new listings hitting the market tends to bottom out in December, when less than 100 homes are listed each year. New listings hit their peak around May, where we see between 250 and 350 homes listed each year. In fact, the late spring and early summer are so busy that between the four month span from April to July each year, we see roughly 50% of the annual home inventory get listed for sale. The spike in available homes is drastic, and follows closely with the warmer weather. The fall off (around August, give or take) is just slightly less severe. The selling season in Vermont is short, competitive, and chaotic.
So knowing this, what can you do to help yourself succeed?
Be patient. If history is an accurate indicator, we are on the cusp of the market warming up in a big way.
Be ready. Have you met with a lender to obtain a pre-approval letter? Do you have a good idea of your budget, and have you tailored your search and expectations to match it?
Watch the market. Have you been receiving market updates and looking at homes every day? Have you chatted with us to go over what you’re looking for so that we can let you know the moment we see it?
Move quickly. When a nice home gets listed, there will be competition. You need to be ready to go see it and be prepared to make an offer on short notice.
Author:Thomas Senning Phone: 802-917-4340 Dated: March 30th 2018 Views: 5,298 About Thomas: Since his entry into real estate in 2014, Thomas has operated under the guiding premise that if he p...
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In 2009, Jessica Bridge and Dan Cypress decided to form the Element team at RE/MAX North Professionals, the brokerage where both started their real estate careers in 2006. Simply put: they were ready to express their own vision. That vision included acting ethically in all situations, providing honest, educational advice to their clients, and forming a team with strengths that played to the needs of their clientele.
Over time, Element has added administrative staff and three salespeople: an expansion geared toward maximum face time with clients and providing the best service possible. The group has grown to be one of the top-producing real estate teams in New England. In fact, they were the top producing RE/MAX team in Vermont from 2013-2015. They also became one of the most recognizable real estate entities in Chittenden County: an accomplishment that they attribute solely to putting their clients before all else.
In March 2016, Element Real Estate left RE/MAX North Professionals and opened their own real estate brokerage, located at 139 Bank Street. Their team, comprised of Jessica Bridge, Dan Cypress, Thomas Senning, Allyson Nadeau and Ruslan Ibragimov, takes a collaborative approach to real estate. Educating their clients and straight-forward, data driven methods have been at the core of their practice since 2006. They look forward to continued success in their downtown location.
We always want to be fully transparent with our clients, so here’s t
"We had been tossing around the idea of selling our home for a few months, and then we found the perfect new home for our family before we had even listed our house. We knew if anyone could make our long shot dream of selling our house in time to buy the one we had fallen in love with come true, it was Element Real Estate. From tips about what repairs to focus on before listing to staying in touch round the clock with important updates, bringing in a professional photographer to make our house look it's best, to keeping every document and involved party up to date at all times, Element Real Estate has shepherded us from hopeful long shot to making our relocation dreams come true. We 100% believe we would have missed out if it wasn't for the Element team's hard work and their dedication to getting us the best price for our home as quickly as possible"