With inventory on the rise and fewer of the bidding wars seen during the height of the pandemic, Vermont realtors say potential homeowners should consider buying now, especially in Chittenden County.
Rich Gardner of Remax North Professionals in Colchester says the median sale price of a single-family home is currently $500,000, up 17 percent over the past year.
“Over the last 60 days we have seen 212 sales of single family homes in Chittenden County,” said Gardner.
Despite higher interest rates, Gardner urges potential buyers not to wait.
“On a $400,000 mortgage a year ago you would be looking at around $1,600 payment,” he said.
Now, with interest rates currently at around 5.7%, the same mortgage would be about $2,300 a month, he said.
Geri Reilly, a South Burlington realtor, says many buyers are taking their time.
“I think because we are all moving around a little more, we can go out and about and enjoy picnics or restaurants, housing needs are not on the forefront but the back front,” said Reilly.
In the high-end market outside Chittenden County, the Vermont Association of Realtors is seeing things slow down.
“So luxury areas, resort areas, those are starting to see a little bit of a reduction in the amount of buyers that we would’ve had,” said Michael Hickey, President of the Vermont Association of Realtors.
But, he added, first-time buyers are still struggling to find a home.
“What is sad about it is people are coming from out of state with the ability to use cash and they are keeping that first time buyer out of the market,” he said. “It’s a sad thing that we are living though right now, hoping that this levels itself out.”