As the demand for housing continues to increase during the pandemic, realtors are now dealing with low inventory.
Geri Reilly, owner of Geri Reilly Real Estate, started selling real estate over 40 years ago. She said she’s never seen houses sell this fast.
“As soon as you list a property, it goes within a week,” she said. “It could go within a weekend, anywhere from two days to a week.”
Now people are bidding at higher numbers than ever before. “Around here we usually see somebody maybe over bidding $5,000 or maybe up to $25,000, but now we are seeing $50,000,” Reilly said.
As the demand continues to increase, inventory can’t keep up. Many of the buyers are from out of state, and they are paying with cash.
“I am not saying that the Vermonters don’t have the cash because they do,” Reilly said. “It’s just how they have to manipulate their funds and figure out what is the best avenue for them to purchase a house.”
Reilly believes people want to come to the state because of its population and many recreational areas.
“There are a lot of walking areas where there are not a lot of people on the paths, there’s a lot of hiking areas, there is skiing,” Reilly said.
Kieran Donnelly is a realtor for Coldwell Banker Hickok & Boardman Realty. Donnelly said for people who pay in cash it’s a more streamlined process.
“I have some folks that are looking to ask some family members to maybe borrow some cash, so they can make a cash offer, then get a mortgage,” Donnelly said.
Donnelly is experiencing the same increase in sales.
“There are more people out there looking, as compared to how much inventory there is,” Donnelly said.