JILL FRAGA

Advice from Jill Fraga, Broker/Realtor at The Real Estate Company of Vermont, Bristol

Housing inventory continues to be a problem nationwide, which has propped up demand. How is Addison County doing in terms of inventory?

Addison County’s housing inventory remains very low with only about 25 properties actively available throughout the county as of Feb. 24. That said, the current housing market is in a state of transition as prices have stabilized, and buyer competition has eased a bit.

We continue to find that appropriately priced, move-in ready properties are still experiencing competition from buyers and are therefore often only on the market for a shorter number of days.  On the other hand, properties that have been priced substantially higher than their competition, or need some TLC tend to be on the market for longer, and may even see price reductions, ultimately leading to more time on market with less buyer competition. 

As we approach the spring season, it is expected that more properties will come on the market as it is common for home sellers to wait for warmer weather to list. Spring in Vermont is often more favorable for buyers to be planning their next step, and of course, for both buyers and sellers to actually move. However, there are many prospective sellers that would like to move on from their current property, but the fear of not finding their next house has made them hesitant.  

Ultimately, it is hard to know how much of what we are currently seeing is due to seasonal ebbs and flows of the market, interest rates, or buyers simply being priced out of the market. 

The best way for both buyers and sellers to achieve their real estate goals is by planning ahead. Real estate agent’s expertise of the market can help consumers hone in on the most important pre-sale/pre-purchase activities, as well as helping them to work through potential pitfalls. This can make a transaction more successful for everyone involved. 

Remember that not all agents are created equal!  Be sure to enlist the services of a local, full-time agent that knows your marketplace.