Every home buyer begins their search with a set of parameters that is unique to them. Some people need a move-in-ready home, while others are willing and ready to tackle a complete gut-and
The State Of The Real Estate Market
Dated: January 10 2018
People ask me, “How’s the market?”
I answer, “Well, it depends.”
2017 was an excellent year for real estate, especially here in Northwest Vermont. In short, as they say in the State of the Union Address, “The state of real estate is good.” We have had record-low interest rates for some time. In addition, lenders have money to lend and are offering many different financing options, including some no-money down possibilities. At this point in time, lenders want to place mortgages!
There has been a consistent supply of homes to buy. That said, there are segments of the market that have been so hot in 2017 that there does not appear to be houses to buy. People say, “There is nothing for sale in Chittenden County!” But there is! The truth is: there were a record number of sales last year, but properties priced under $400,000 in Burlington, Winooski, South Burlington, Williston and Essex have been in such demand that they have gone on and off the market so quickly: from a few days to a few weeks, that it looks like there is nothing for sale. Houses priced over $400,000 and houses a little farther away from the Burlington “hub” have been tracking much more like past years, with time on the market averaging 60 to 90 days. And there are houses for sale in all those towns, too.
Millennials are entering the market after a few years on hiatus. It seems that recent graduates who started their careers during a recession with high unemployment and school debt are beginning to feel more financially comfortable. Many are getting married (thus adding a second income) and are realizing that, unlike rent, every mortgage payment they make is an investment in their own future. With first home buyers out shopping, many people who have been in their homes for a while, perhaps with expanding families themselves, realize that it’s a good time to upgrade to their next home. Thus, increased market activity!
People are working and the economy in Northwest Vermont is growing. Local unemployment is at record lows. Having job security and feeling confident that mortgage payments will be manageable is a huge factor in the decision to invest in real estate.
Spring is always the time when people start listing their properties for sale. They think: “If I list in spring, I’ll close sometime in the summer then we (and the new buyers) can be settled in our new homes before school starts next year.” And spring is just around the corner, so watch for new listings! It’s going to be another active year in real estate.
Peter Goldsmith is a licensed Realtor® with Element Real Estate in Burlington, where he specializes in providing superior service to buyers in all stages of their real estate experience. He began his real estate career in Jericho in 1975 as a principal first in Jericho Realty and later CENTURY 21 Goldsmith and Martin. For questions or comments, or to suggest topics for future newsletters, contact Peter at firstname.lastname@example.org.
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