The News Project Real Estate Market Update

On April 8, 2021, I was a guest on The News Project: In Studio along with two other southern Vermont real estate professionals to provide a look into the real estate market. Here are some of the biggest takeaways from this half-hour episode. Be sure to check out the entire video for even more information.

Bennington County Real Estate: It’s Wild

My focus is Pownal through Sunderland and, as I mentioned at the start of the interview, I have potential buyers looking in three states who have lost out on 30 houses. The process is a roller-coaster. One of the best pieces of advice I can give is not to fall too in love with a home until it’s yours.

The biggest trend, the thing everyone has on their wish list, is more room. The pandemic has made city dwellers realize they want more space. Even now, this far into things, people are still leary about being too close. They’ve also had time away from doing things like going to crowded spaces (theaters, restaurants) and have developed or renewed a love of the outdoors. Pownal, Shaftsbury and Arlington, specifically, have this elbow room at less of a cost than Manchester and the Mountains, and with little to no inventory the competition is fierce.

You’d Be Surprised What People Want

Remember the tiny house trend? It’s probably not going anywhere, but owners of large homes looking to sell shouldn’t be dismayed. We’re doing so much more at home now: work, school, hobbies and so a five-bedroom home is likely to be repurposed. It may be a master, kids and guest room plus an office and hobby room. 

This need for compartmentalized living also means that there has been interest in homes that have less of an open concept! That’s right. The darling of yesterday has been found to have some limits. With two adults working, school, pets and toddlers everyone wants a space with a door, especially during those Zoom calls!

Ranch homes are still popular but don’t fear if you have a multi-story house. Ideally, areas that are imperative to living (kitchen, master, laundry) should be on the first floor. This aids those with mobility issues and allows people to stay in their homes longer.

More Advice From a Pro

jennifer-hoffman-realtor-tips

Here in the south shire we typically have buyers who finance, and certain types of loans require different updates. Work with your listing agent to do a walk-through early on and schedule work to make your home as attractive to potential buyers as possible. 

It may not occur to everyone, but in a market like this, contractors are also very busy! It’s hard to get a plumber or electrician in quickly except in the case of an emergency so this should be one of the first things on your to-do list!

Think of these things as an investment. It may put your listing date back a bit, but it shows potential buyers you’re serious and have taken care of your home. Less haggling is always a good thing and you’ll get that money back!

In This Market, Does it Make Sense to Skip the Realtor?

A hot sellers’ market means getting the price you want, right? Slow down! Studies show, as my colleague Julie Citron pointed out, that you will generally fare better with a Realtor than if you list as “For Sale By Owner.”

Why? A few reasons. First: people often forget that if the home is sold with financing it has to appraise. A Realtor like me can provide a comprehensive market analysis to pinpont the best price to list at and accurately predict the appraisal value. This has a residual effect: less time on the market and not a ton of updates dropping the price, which can be a red flag to potential buyers.

Ready to List? Let’s Talk!

There’s so much that goes into putting your house on the market, especially when the market is as wild as the current one. With spring around the corner, if you’re thinking about selling, now’s the time to talk. I’d love to help you sell your home!

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