Category: Sellers

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!

Should I Put Up Wallpaper or Paint?

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CorduroyPine1To be perfectly honest, we do not see many houses with wallpaper. In the 1970s wallpaper donned many kitchens, bedrooms, and living rooms. In the 1990s wallpaper borders were popular in living rooms, bathrooms, and kitchens. Today, however, with the influence of HGTV and other media, neutral pallets dominate the general decorating “vibe.”

From this month’s HGTV magazine that featured a plethora of “paint” choices to our visit to our local interior design studio, Corduroy + Pine, we are leaning toward the return of wallpaper and bold, bright colors to refresh spaces.

Yes, you are thinking, “What happens when I go to sell my house?” Unfortunately many decorating decisions are based on what the “future buyer” will want when they tour your house. In fact, trends change often and it is hard to predict what will be “in or out” as far as decorating when it’s time for you to sell. That is why, most of the time, people choose to live in a neutral environment. Why not add some color or “pop” to your living space?

Most people who crave color or adding some personal style to their houses start small when transitioning away from neutrals. According to Elizabeth Dececco, lead stylist at Corduroy + Pine Interiors, “I have many requests for wallpaper for the first floor half bath.” This is a good place to dip your toe into the wallpaper trend. If you are thinking about wallpaper for a foyer, rear entry, or bedroom, it is best to consult an interior designer to avoid missteps.

If you are thinking about adding color, wallpaper, or texture to your house give us a call and we will point you in the right direction. Remember, it’s also best to consult a professional when it comes to selling your house as we will set you up for success if you are thinking about redecorating or refreshing your space.

3 Exterior Tips to Impress Buyers

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Vincenza FrontMaybe you “shouldn’t judge a book by it’s cover,” but, in the real estate arena Buyers do judge houses from their exteriors. Serious buyers will spend several minutes looking at the outside of your house before they even step inside. Many of us focus on the interior of the house when getting prepared to sell. This makes sense, of course, since buyers focus on interior photos when deciding whether to consider or eliminate a property.  Once they make the trip to the house, however, it’s the outside that makes the first impression. Here are our top tips for elevating your exterior to impress buyers:

1.     Exterior Lighting – This is one of the most overlooked “staging” items in a house. While many of us spend time updating the lighting fixtures inside, few of us understand the importance of updating exterior lighting. If the exterior lighting, walkway lampposts, front door wall sconces, and/or garage lighting is dated then it’s time to replace them.  Make sure you keep with the “theme” of your interior. For example, if your interior is modern then you don’t want to pick Colonial style brass fixtures.

2.     Front Steps and Walkway – You may have become accustomed to the greenish tint on your concrete steps or the degradation of grout lines on your brick steps, but buyers notice these items immediately. Power washing, re-grouting, and a general freshening will go a long way in letting buyers know that you care about the maintenance of your property. Likewise, picking weeds from brick walkways, sweeping the path, and trimming back shrubbery will give your property a manicured look. It’s no fun to bushwhack your way to a front door and climb up steps that are neglected. Remember, the agent is leading the way and has to spend a minute or so unlocking the house so buyers have time to scrutinize the exterior while they wait to go inside.

3.     Front Door, Storm Door/Screen Door – This seems obvious but many of us access our house from the garage so we never bother to go through the front door. If your storm door or screen door needs repair then repair or replace it. If your front door paint is faded then it’s time to repaint. Most importantly, the hardware on your front door can “date” your house. Upgrade and update your front door handle and lockset. There’s nothing worse than buyers watching their Realtor struggle with an outdated lockset to open the door to the house.

Once a buyer makes a commitment to set up an appointment and visit the property then the exterior becomes one of the most scrutinized parts of the house tour. If you want a professional design opinion on any of these tips, contact us to see how to get your property in tip top shape for the Spring market.

What is the Best Home Estimate Tool?

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pexels-get-lost-mike-8504300Before we delve into this month’s blog, “What is the Best Home Estimate Tool?” we want to give a disclaimer – on the Weaver Team we are real estate geeks. We spend hours studying the real estate market. Just ask us a simple question and we’ll go on and on about absorption rate, days on market, list to sale price ratios, and more. So, if you ask us, “What is the Best Home Estimate Tool?” we do have a short answer, “The Weaver Team!”

Now, of course, that is a little cheesy, even for a real estate agent, so let’s discuss online home estimate tools. Most real estate agents have their favorite program for running a comparative market analysis for sellers and use that exclusively. We, on the other hand, use many resources to gather data for our final pricing suggestions.

First, we peruse the public website tools such as Zillow. Then, we use our proprietary programs such as Realtor Property Resource and our Multiple Listing System (MLS) to dig deeper into the estimate and try to find the best comparable properties.

Finally, we reconcile all of this data and come up with a realistic range of value after we visit your property. We absolutely must see your house. While the data and trends provide statistics, the computer has never been in your house. Yes, that’s right, the online tools that generate your home value do not take into account location, condition, amenities, and upgrades.

Pricing a house is an art and a science. The science is the deep dive into the data and the “art” is our years of experience and knowledge that will give you the most realistic and profitable scenario for your property.

Curious about your home estimate? Complete our form for your FREE Home Valuation and Carolyn will be in touch!

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! 

How to Get ‘Top Dollar’ in Any Housing Market

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mike-gattorna-YqbvabE8AHc-unsplashAre you afraid that you missed out on selling your house for the “highest price ever?” Well, fear not. We have been helping sellers get top dollar long before the meteoric rise in sale prices over the last few years. Our “Prep for Success” program provides a roadmap to maximizing your house’s value.

Here are our 3 top tips to get top dollar:

Take down your pictures and photos and paint your walls. This will make your rooms look large and fresh. 

Turn your dining area or room “back” into an eating area. Let’s face it, most people have turned their dining rooms into toy rooms, offices and yoga rooms. Buyers get thrown “off” when they start looking for a dining room and instead end up in a room of exercise bikes, toys and yoga mats. Move those items to the basement if possible. 

Start packing! You’re moving, right? Instead of rearranging your closets, bookshelves, desk areas, etc. grab a moving box and start packing. Stack the boxes neatly in the corner of the garage or the basement. 

For all of our seller tips and more information on our “Prep for Success” program, give us a shout! 

We Love Your House! 3 of Our Marketing Secrets for Sellers

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Colchester Sitting AreaWhat do you love about your home?  Our marketing program goes above and beyond your average real estate listing. We take the time to research your location, amenities and unique features to attract qualified buyers. We love what you love!

Here are 3 ways we excel at getting you “out there” for maximum advertising impact:

The Great Outdoors – In Vermont it’s all about the outdoors and enjoying nature. Whether it’s mountain view, trail access or even a quaint waterfront sitting area, we highlight all of the features of your home. We feature all of your outdoor space and amenities. Are you near a bike path, VAST trail, walking and hiking trails? Are you lucky enough to have a mountain view or a water view? Do you have a patio, deck, covered porch, hot tub? Does your property have raspberries, blueberries or wildflowers?

Local “Hot Spots” – We love everything about your location. Are you close to a ski area? Do you have restaurants and pizza places nearby? Where is the summer farmer’s market? Does the town band play at the gazebo? We dig into the local culture to spotlight food, music and recreation. And, everyone want to know, “Where is the closest Starbucks?”

Unique Features – Because we see so many houses we get very excited about unique features. A fully fenced yard, an outdoor shower, a porch swing or even a special rock where you sit and watch the stars are a few of the features that we love. We find features that may be part of your everyday routine and bring them to the buyer through our marketing platforms.

Follow us on Instagram and Facebook or search our website to check out our latest homes for sale.

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.