Tag: vermont real estate

Why You Should Never “Enter Your Address and Find Your Home Value”

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home search-polina-zimmermanWhy do some houses sell for less than their Zillow estimate? Do you think your house will sell for more than the online estimates? In our area, many of you, whether selling or buying, are a bit vexed when they search online. This may lead you to “Enter Your Address and Find Your Home Value,” which just triggers many, many phone calls from real estate agents.

Here’s how it works:

1. You enter you address and email, sometimes phone number is optional.

2. Your personal information is then sent to dozens of local real estate agents.

3. You will receive multiple calls, text messages, and emails.

Your private information, including your street address, and your intent to sell is telegraphed to random real estate agents who will do anything, including drive to your house, for your business.

Why risk your privacy just to obtain a value on your house? We know that pricing a house is both an art and a science. The online estimates on Zillow, Redfin, Realtor.com, etc. are based on complex algorithms that mainly assess on square footage and do not “sort” for types of properties such as condominiums or single family homes, for example.

What should you do if you can’t trust the internet? Stay calm and contact us! Consult with Carolyn and she will prepare a personalized home value estimate based on similar recently sold properties, similar under contract properties, and similar properties for sale. If you prefer to start online, you can fill out OUR form for your free home valuation – this information is ONLY sent to Carolyn, no other agents.

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!

Pops of Pink: Painting Outside of Your Comfort Zone

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pink living roomHave you ever heard of a color consultant? Betsey Dempsey, Color Concepts Vermont, helps clients pick out colors for their spaces. Her role is different than an Interior Designer. One way to bring new life to your house is to change the paint colors in your rooms. Paint color trends change every few years, so if you want your house to look fresh and updated a color consultation may help transform your space.

She specializes in helping people choose paint colors. “I try to get them to think beyond their comfort zone,” she says. After all, that is why they are hiring her to show them more options other than the usual “safe” colors.

Eggshell or Matte? The type of paint matters, matte finish is washable and can be blended more easily than eggshell for touch-ups. The sheen of eggshell fades over time and it is harder to touch-up.

What is trending now for paint colors? For the past few years gray tones have dominated the color palette of interiors. According to Betsey, “the cold gray tones are now being modified with more warmth, think taupe.” She is also seeing more contrast with painted trim and complimentary wall colors. “Trim does not need to be white, we are seeing dark charcoal or medium gray trim and door colors that pair nicely with off-white walls.” It’s important to use warm and cool colors together to balance room tones.

What about pink? Surprisingly, pink is one of Betsey’s favorite colors and it is becoming very popular. She likes Benjamin Moore’s “Opal” color with soft warm pink tones in any room, even ceilings which can bring out the warmth of a room.

If you are looking for recommendations for painting your space or a color consultant, check out Betsey Dempsey’s website – colorconceptsvt.com.

Photo by: Simone Haag in Collaboration with Nathan + Jac; Photo by Eve Wilson

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 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!

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!