Planning to sell your home, or purchase a new home, area real estate agents want to make sure you are prepared.
Realtors from Colchester, VT & Plattsburgh, NY agree, it’s a seller’s market.
“Houses aren’t staying on the market for too long,” said Rich Gardner, a Colchester native, and Realtor with The Gardner Group at RE/MAX North Professionals.
Good news for those people looking to sell their current home.
According to Northwestern Vermont Board of Realtors, year to date, homes are selling at 96% of their original listed price.
Gardner says, if you are looking to sell your home, but are waiting for plants to come into bloom– don’t!
“We have in Chittenden County homes priced below $400,000– We are looking at 1.69 months supply of inventory,” said Gardner.
What that means, if no new inventory were to come to the market after today, inventory below $400,000 would be depleted in less than two months time.
All this boils down to, it’s a great time to cash in on your investment.
Between spring of 2018/2019 median home sale price increased by 9.3% in Chittenden Co. while neighboring Clinton Co. saw an increase of 9.5%.
“We are seeing this because there are so many buyers out there– that we are in a bidding war on a lot of homes,” said Gaelan Trombley, a Realtor with Kavanaugh Realty in Plattsburgh.
Gaelan Tromblay was raised in the North Country and born into the real estate industry. He says there is still a good time to buy, but, it will be competitive.
“They’re not waiting as long to make offers, they are more aggressive on the offers,” said Tromblay. “Buyers know they can’t let a house sit for a couple of days to think about it. We need an offer tonight if you want to buy this property.”
Before you start your home search, both men agree, you need to know how much a lender will pre-approve you for.
“The financing piece is the most important,” said Kelly Deforge, a mortgage loan originator with Union Bank. Her main goal, to make sure you are able to afford your new home. “I want to make sure you can make that purchase, be comfortable, and happy,” she said. Additionally, “and not super house poor.”
In the world of interest rates, they are still low, a positive for those looking to buy. It’s her job to get you the lowest rate possible.
For example, take a $250,000 mortgage, “if you have a 5% interest rate, but were able to lower the rate to 4.375%, the difference is about a hundred dollars a month.”
Deforge has 10 things to remember before buying a house this spring”
- DO NOT- Make a large undocumented bank deposit.
- DO NOT- Change your status with your employer.
- DO NOT- Open or close any credit accounts.
- DO NOT- Co-sign a loan for anyone else.
- DO NOT- Change your job status, from full-time to part-time.
- DO NOT- Spend your down payment or closing cost.
- DO NOT- Apply for new loans or credit.
- DO NOT- Stop paying your bills on time.
- DO NOT- Get married or divorced.
- DO NOT- Quit your job.
Gardner & Tromblay agree, before you dive into the real estate market, sit down with a local realtor to get an inside look at the specific area you are looking to buy or sell.