Category: Buyers

The Real House Hunters of Chittenden County

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Essex Jct - Juniper Ridge RdWe would love to write the script for a show, “The Real House Hunters of Chittenden County.” This reality show could follow a group of buyers in their search for the perfect house. Alas, no one has called us (yet) to work on a pilot, so we’ll just regale you with a few house hunting tips to save you some drama.

Episode I – Heartbreak on Hilltop Drive

Joey Jones thought he was approved for a $450,000.00 loan … after we found the perfect house on Hilltop Drive he found out that he was only qualified for a $250,000.00 loan. It was heartbreaking to see Joey burst into tears.

Real LifeTip: Make sure you are pre-approved with a mortgage lender. This sounds so basic but if you don’t take this step it will lead to unnecessary stress once you start the house hunting process. We have met with buyers who are certain that they are qualified for a certain mortgage amount and start the house hunting process with an unrealistic price point.

Episode II – Snooze and Lose on Sleepy Hollow Way

Tiffany Thomas thought she had time to think about putting in an offer on her “almost” perfect dream house on Sleepy Hollow Way. She dismissed her alarm by mistake when she should have set it to snooze. Once she emerged from her long winter’s nap she called her Realtor to put in an offer. Alas, the house just went under contract with another buyer, apparently an early riser. Tiffany spends the next week in bed mourning the loss.

Real Life Tip: Don’t hesitate to put in an offer if you think you found the “almost” perfect house. While the market may seem slow-moving and sleepy to you, there are other buyers who are searching for a similar property.

Episode III – Too much to Fix on First Street

Martin McFly thought that the photos of house on First Street fit most of his “wish list.” Once inside the house, though, he couldn’t believe how much worse the house looked in “real life.” The paint, the appliances, and the flooring all needed to be addressed to suit his particular aesthetic. Six months later he still cannot find a location or floor plan that fits his needs. He can’t move forward with his search and spends his days pricing out appliances and flooring just in case he ever finds a comparable property to First Street that may need some updating.

Real Life Tip: No house will ever fit your wish list 100%. It is good to know the cost of any updates or changes that you may want to make to a property before you dismiss it as a “fixer-upper” or needing too much “work.” We have seen some beautiful transformations on many different budgets.

If you’re frustrated in your own house hunt, get in touch to see how we can help you find your Home Sweet Vermont!

Is My Vermont House at Risk of Flooding?

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Vermont FloodingIn the wake of the historic flooding that resulted in Vermont being declared a Federal Disaster Area many homeowners and buyers have been asking, “Is my house at risk of flooding?” There is no definitive answer to this question, however we have some resources available to help assess risk levels. Remember, though, water takes its own “path” and what may “not” be in a flood zone or high risk area right now could turn into one very quickly depending on the circumstances.

Houses may or may not require flood insurance. If you are financing your property with a mortgage lender then they have resources for you. Some lenders will require a flood insurance binder as a requirement of the loan. If you are purchasing with cash then flood insurance is not required as a condition of the sale, however, you should assess your risk and talk to your insurance agent.

The State of Vermont provides information on designated flood hazards and river corridors — http://dec.vermont.gov and https://floodready.vermont.gov/assessment/vt_floodready_atlas.

FEMA also provides resources: https://msc.fema.gov/portal/home to do more research on your area.

Bottom line, if you are looking at a house and the street name is River Rd., Winooski St. (named after the Winooski River), Canal St., Streamside Dr., etc. then you should check out the resources above. Or, reach out directly and we will share our local knowledge regarding the historical data regarding natural disaster risk in your area.

If you want any further information or a detailed evaluation on any property in Vermont contact us to get started!

Taylor Swift Nailed It: Cruel Summer for Buyers and Sellers

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Essex Junction VTIt’s turning into a cruel summer for many buyers and sellers. Sellers and buyers are increasingly afraid that their house sale or purchase may be their next mistake.

Recently, our local Vermont real estate market has experienced some situations with pricing and buyer response that we are finding unusual. Most of my colleagues are referring to the current state of the market as “weird,” and we, also, are finding it a bit quirky. What does that mean?

In analyzing market pricing and buyer response we have concluded that shifting seller and buyer psychology has impacted some properties in certain price points and locations. Here are our 3 observations:

Bidding wars generated by multiple offers and rising interest rates are causing buyers to pause in their search. Due to our continued low inventory of available homes buyers are getting frustrated with the competition. In some cases we are seeing buyers bid $60,000.00 or higher than list price in the race to secure a residence and still “not” winning the bidding war. As a result, buyer behavior is shifting from impulsive and excitable to cautious and reserved.

Sellers are conflicted when choosing a pricing strategy. Should they price it at the suggested market analysis value? Should they price it where they want to “sell it?” Will they receive multiple offers? This conflict results in additional seller angst, “Will we have to reduce the price if we don’t receive an offer quickly?”

Buyers and sellers continue to be awed by the sale prices of properties. Some are selling “at” their listing price, others are way “over” the listing price, and in a few cases some “under” the listing price.

The predictive aspects of pricing in relation to buyer and seller behavior continue to be challenging. There is no playbook for our current real estate market.

For sellers, one of the most important aspects of selling your home is to find the “sweet spot” for pricing your house. We encourage our clients to think about a range of value while considering the potential for the highest price for their property. As far as predicting buyer behavior, we are happy to share our latest insights with you.

Whether you are thinking about selling or buying, it is always best to have a professional in your corner to guide you through this ever-changing market. Contact us today to see how we can help you achieve your real estate goals!

3 Reasons to Hire a Buyer’s Agent

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buyer agentDid you know that when you contact random real estate agents they are “not” working for you? While  they may be friendly and accommodating, they do not have your best interest in mind. Until you sign a contract with a real estate brokerage firm you are an unrepresented buyer. While there is no requirement that you engage a professional to represent you in the purchase of a property you may get weary of not having “one” real estate agent as your fiduciary, someone to put your interests first. Here are three reasons to hire a Buyer’s Agent:

1.     You need a Navigator. A Buyer’s Agent will help you navigate the online sites to organize your search for housing that meets your needs. If you’ve been using websites to look for houses then you know that properties “pop up” that look interesting and then they disappear. What happened? Which sites should you use? Which are the most reliable?

2.     You need an Insider. A Buyer’s Agent will be able to set up a showing quickly and get you any additional information that you request. Trying to get hold of real estate agents is frustrating. If you don’t have a Buyer’s Agent you will need to contact several different agents and wait for them to call you back to set up a showing. Many buyers have requested private tours on websites and have never received any response.

3.     You need a Negotiator. A Buyer’s Agent will negotiate on your behalf. Your Buyer’s Agent is on “your side.” If you are unfamiliar with the current trends in submitting offers, contingencies, and other details you will have no one to guide you through the process.

If you are serious about buying then you should hire a Buyer’s Agent to move you forward in the process. Many of our clients wish they were working with us earlier in the process after they discover the benefits of hiring us to facilitate their purchase.

If you are frustrated searching for homes on your own, get in touch with us for more information on becoming a Buyer Client.

Who Buys and Sells in Vermont in the Winter?

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annie-spratt-MMh57gXsTug-unsplashWe do sell houses year-round in Northwest Vermont. Who are these buyers and sellers? Why can’t they wait until the “spring market” when the grass is green and the ice has melted from driveways?

You will most likely encounter two types of winter sellers:

One motivation to sell is to get a “jump” on the market and put their houses on the Multiple Listing System (MLS) and the public websites when there is less competition. Sometimes in February your house may be one of only a handful on the market in a certain price range. This means that you will capture buyers who are focused on your particular location and price point.

Another type of seller has already bought another property and are ready to sell. Their house may be vacant and they are motivated to sell quickly rather than continuing to heat the house and pay for driveway plowing. Savvy winter buyers don’t mind trudging through the snow and ice to find a motivated seller or “jump” on a property themselves that meets their location and pricing criteria. Most winter buyers don’t need to “wait to see what comes up next,” they are ready to go when they find the “almost perfect house.”

The combination of motivated sellers and buyers means that we do sell and show houses in January, February, and March. Some of my favorite clients have bought and sold during the cold, snowy weather and have enjoyed the less frenetic pace of the spring market. If you’re thinking about selling this winter we’re ready to help – all you gotta do is call (or email)!

What Does a ‘Shifting’ Real Estate Market Mean for Buyers and Sellers?

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DJI_0736 SMALLWe all hear the news – inflation, fuel, food prices, and mortgage interest rates are rising or higher than before. All of these factors weigh on some buyers who are thinking about purchasing a property.

Here are 3 signs of a “shift” from a predominantly seller’s market to a softening of buyer response:

  1. Price Sensitivity Due to Inflation and Mortgage Interest Rates

Right now mortgage interest rates are hovering around 6%, an increase of approximately 3% since the beginning of the year. What that means is that buyers who still want to buy or need to buy are facing higher monthly payments which translates into modifying their purchase price. 

  1. Less Enthusiasm for Repairs and Remodeling 

Buyers are less inclined to embark on remodeling projects due to the rising cost of goods and shortage of contractors. “Move-in” ready houses will again start to be more desirable.

  1. Seller Must Prepare for Maximizing Value 

It is more important than ever for sellers to be prepared for the buyer response to the current real estate market. From cleaning carpets to replacing wood rot on your house we can let you know which “fixes” will net you the highest purchase price. 

These are just some of the trends that we see today in our encounters with sellers and buyers. For more specific information for your home search or home sale, get in touch to see how we can help! 

Rising Rates & Our Local Market

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How do interest rates impact our local Vermont real estate market? Good question considering that rates have jumped from 3% to 6% over the last few months!

Here are 3 insights about our local market based on our many years of experience in “all” market conditions:

1.     Buyers will adjust to the current mortgage rate. The most important factor for buyers is their “monthly payment” and their comfort level with that amount. We often hear, “I don’t want to be ‘house poor’” meaning that they want to be able to pay their mortgage and have discretionary funds. This may mean that they readjust their “purchase price” down to suit their household budget.

2.     Sellers may have fewer qualified buyers depending on their list price. We have seen more “cash buyers” over the last few years however we predict the new buyer pool will seek mortgage loans. This means that there will be fewer cash buyers in the market. Some properties will be impacted more than others.

3.     In any market there will always be people who need to sell and people who need to buy. Our local real estate market is driven by life circumstances rather than speculation. This means that our market will remain more stable than other parts of the country.

 Making the decision to buy or sell is always stressful and wrought with questions. If you want more information about the current market and how it applies to your situation reach out to see how we can help you!

5 Upgrades That Buyers Love

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HGTV Smart Home 2022 in Wilmington, NC

HGTV Smart Home 2022 in Wilmington, NC

If you follow our blogs you know that Carolyn works with buyers and sellers in the Northwestern Vermont market. Buyers are “wowed” by certain features that may surprise you.

Here are our top 5 upgrades that buyers love:

  1. Trex or other types of composite decking – Previously this type of decking was a luxury item but now, due to the rising costs of pressure treated lumber, many houses are opting for composite decking. No more staining!
  2. Gas fireplace inserts – Nothing beats the smell of wood burning in a fireplace on a crisp Vermont evening, but the wood, ash, and family allergies sometimes puts a damper on this scene. Today’s updated inserts and realistic flames impress most buyers. No more chopping wood!
  3. Freshly sealed driveways – Vermont driveways take a beating. Snow, salt, sun, and the inevitable fading and cracking. A freshly sealed driveway upgrades your curb appeal instantly.
  4. Smart thermostats – Buyers love this energy efficient feature that you can control from anywhere with your phone, and helps reduce heating and cooling costs.
  5. Solar panels – Buyers get excited when they see solar panels for an alternative energy source. More people are driving electric vehicles in Vermont and they want to add charging stations to the system.

If you’ve been thinking about selling and want more information on any of these “wow” factor features, reach out! We will help you with everything – from the beginning to closing the deal.

Let It Snow! How Weather Effects the Real Estate Market

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Snowy SpringWe are obsessed with the weather. When The Weaver Team works from home one of our favorites is The Weather Channel.  People often ask me, “Does it slow down in the winter?” Well, yes, in normal times. Then, they ask, “When is the best time for my property to go on the market?”

Today, April 19, 2022 we have scheduled a full day of showings for our newest listing. I asked Alexa if it was going to snow last night and she said, “there is no snow in the forecast.” Right now, 4” of snow and increasing rapidly. Our lilac tree split under the weight of the heavy, wet spring snow.

Still, we persevere.  The buyers and Realtors will show up to see the property. But, there will be snow, wet shoes, and wet coats to shed upon arrival. The boundary lines are hard to decipher amid a sea of white.

So, when is the best time? We like May 1st to minimize the chance of snow for photos, showings and other reasons. Who can resist a front porch with a fresh spring wreath and pots of colorful flowers? Ah, but that is still an aspiration here today. We would love to continue this blog but Carolyn needs to find her boots and winter coat for today’s showings.

Stay warm and dry out there, Spring will be here in a few weeks, we are certain!

If you want more information on the seasonality of real estate, reach out – we are always available to help with all of your Vermont real estate needs.

What Does ‘Broom Clean’ Mean for Real Estate Buyers and Sellers?

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pexels-cottonbro-4108715One person’s “clean” is another person’s “yuck.” In the realm of real estate there is an ambiguous phrase embedded deep in the purchase contract and it reads something like, “property to be broom clean and free of all occupants and belongings.” What about vacuuming the carpets?

Let’s decipher the legalese for the average buyer and seller. What does “broom clean” really mean? First of all, who has a broom? We vacuum, we Swiffer, we mop, right? I think we have a broom in the garage. Witches have brooms, early colonists used brooms to sweep around the hearth, but in the 21st century we have Dysons, Sharks, and fancy cleaning tools.

So, does “broom clean” mean I need to vacuum and Swiffer the floors? Sure, if that is your idea of clean. Others may go one step further and mop or steam mop the floor. One of my favorite clients introduced me to a steam mop when she was getting her townhouse ready for sale. Wow! Steam mop versus broom, no contest.

Because the purpose of a broom is to sweep the floor many sellers just focus on this when moving out of the house. Other “hot spots” that need cleaning include showers, glass shower doors, tubs, sinks, etc. But what area is overlooked the most? If you guessed the “inside of cabinets and drawers” then contact us right away for a prize.

When you sell or buy with The Weaver Team you don’t have to worry about these pesky cleaning issues. Did you forget to clean the kitchen drawers, no worries! The Weaver Team will head to your house with our hand-held vacuum for last-minute cleaning. We still don’t know how we would use a broom …