It seems that the question on everybody’s mind is, “How's the market?” It doesn’t matter what’s going on in our world, Realtors still get the same ask. Pre-pandemic, the answer seemed to be the same: “The market is slow, prices are decreasing, it’s a great time to buy.”
It’s been said recently that the pandemic is over. Will people go back to the way their lives were before Covid with everyone headed back to the city and the urban areas? Or will the call of the country and open clean spaces remain the trend?
Right now, it seems that some markets are beginning to shift with prices decreasing and sales getting soft. What some people don’t understand is that this is not happening in Vermont…yet! Vermont is one of the few states in the country that enjoys plenty of water, no major climate disasters, and there are no grizzly bears or wildfires here. These are all things that contribute to a happy and healthy place to live, which is keeping the demand for home sales high.
We have been blessed with a little more inventory than a year ago. Certain price points are still competitive and still selling with offers from multiple buyers. Cash remains king.
With the increase in mortgage rates, some buyers have pulled back or changed their price point. Many people are searching in a lower price range than originally budgeted 6 to 8 months ago. This is keeping the pressure on for properties in Vermont.
Sales prices seem to be maintaining the “Covid Pandemic High” and sellers are not inclined to negotiate off their asking prices knowing that someone else will come along and offer full price. It remains a challenge to get a “deal” in Vermont right now. With more inventory available in all price ranges, we are finding a strong continued interest in Vermont home sales.