Tag: real estate market trends

Taylor Swift Nailed It: Cruel Summer for Buyers and Sellers

Leave a comment

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 Things That Happen in the Real Estate Market After Labor Day

Leave a comment
four colourful houses

Photo by Jeffrey Czum on Pexels.com

Labor Day Weekend heralds the end of summer fun and vacations for most people. It’s back to school, back to business, and goodbye to the hazy, lazy, crazy days of summer. What does this mean for our local real estate market? There are 3 things that happen as the weather cools in our region:

Buyers jump back into the market, making looking for a home a priority. With the kids back in school, parents are able to look during the day without having to juggle swim lessons and camp pick-ups. While some families may want to wait until the end of the school year to make a move, many families are ready to transition during this season. Buyers who have been on “hold” due to vacations and trips to the beach are now committed to looking full-time.

Sellers concentrate on repairs, painting, and landscaping. Taking advantage of cooler temperatures and after-work daylight hours, sellers begin to focus on sprucing up their landscaping and the exterior of their homes.

Homes are priced realistically. Sellers who have their houses on the market in the fall are “ready to go” before the snow flies. Buyers, too, want to be settled in time for the December holidays.

For all of these reasons the “Fall market” continues to be one of our favorite times to help buyers and sellers. Many real estate agents tell you that “anytime” is a good time to buy or sell, but, is it? When it’s time for you to jump into the market be sure to contact us for an overview of the current market conditions.

Hurricane Season in Vermont?

Leave a comment
582679main_Irene-GOES-LARGE-20110828

P: Mashable

This year, as Texas and Florida recover from Harvey and Irma, respectively, we are reminded how the weather effects the real estate industry. Yes, occasionally there is a rogue hurricane that whips through Vermont and causes flooding havoc like Hurricane Irene in 2011. But, for the most part, Vermont’s weather tends to be best known for cool autumn evenings and long, cold winters.

If you’ve lived in New England you know the saying, “If you don’t like the weather wait a minute and it will change.” Now, more than ever this seems to be the case. On the heels of a few weeks of cool, fall weather early in September many of us removed our window air conditioner units. Now, since the air conditioners are safely tucked away until next season, we are experiencing high humidity and summer-like temperatures that reach 80+ degrees during the day. It’s tough to think about mums and pumpkins when your annuals are still blazing with color.

What does this mean for Vermont real estate? It means that our local market is sensitive to changes in the weather. When it’s hot and humid few people find it appealing to look at houses. When it’s raining and snowing buyers like to look on-line rather than “in person.”

Roberts FallBut, does the real estate market slow down in the fall? How about winter? Years ago, real estate was more of a “seasonal” business, and, in some parts of the country it still is. Real estate market statistics are useless unless you see a “seasonally adjusted” number along with the monthly charts.

On the Weaver Team we have experienced the ups and downs of the years and the seasons, though none of our “trends” seem to hold from one year to the next. On one year we can have a record breaking December and the next year, not so much. A “January thaw” can jump start the next year’s sales. Due to the unpredictable nature of the weather and the market, it seems like real estate is turning into a year-round business, no longer dependent on the infamous “spring market.”

Many of our sellers decide to keep their houses listed and on the market through the holidays and winter months as the competition tends to drop off. We have sold houses right after major Nor’easter storms. You never know when a family will make a decision to make their home here, Home Sweet Vermont.