Arts & Leisure Real Estate Advice
Real estate advice: Chris Von Trapp
The Addison County real estate market experienced a strong surge in 2022, with rising purchase prices, multiple offers, shorter market times and cash offers. The outlook for 2023 looks similar due to multiple factors, including the growth of Vermont’s population driven by the pandemic, climate and work-from-home migrators. The population growth has spotlighted the lack of housing Vermont has struggled with for decades. These are among several factors that have led to a sellers’ market, which will likely continue for the foreseeable future. Whether buying or selling, there are several “Dos and Don’ts” to keep in mind for success in 2023.
Get your financial house in order before entering the market, either by having a current pre-approval letter from a trusted local lender or a cash account with sufficient funds to cover the total cost of the target purchase.
Avoid a “pre-approval” letter from an unknown internet-based mortgage lender just because they offered the best rate.
There is a reason more than 90% of buyers use a Realtor — especially in a tight market. Interview and engage with a locally knowledgeable real estate agent with a proven track record, good reviews and is a full-time practitioner. Their guidance will make a difference in your success.
It’s also crucial for buyers to not rely solely on national aggregator websites, like Zillow, and call the listing agent directly on a property. The listing agent is representing the seller’s best interest. Instead, get active and engaged in the market, watching for your agent’s incoming auto-notifications, while continuing to search those large national sites. When you see the property of your dreams, text or call your agent immediately so they know your interest and can make an appointment for you to see the property as soon as possible.
It’s essential to take the time to properly prepare your home for sale by making necessary repairs and catching up on differed maintenance. Don’t assume that you can stop taking care of your property just because it’s a seller’s market. Buyers may be willing to make an offer over asking, but not when they have a list of deferred maintenance to deal with.
Price you home at or a little below the current market value to create interest and excitement with buyers. However, don’t price your home by taking the current market value and adding 10-20% or more to the asking price in an attempt to predict what the buyers would be willing to pay.
Plan to interview and hire a local, successful Realtor with a track record of selling homes like yours, who understands the market and how to attract the most likely buyer for your home. The fee you pay should include a marketing strategy that will expose your home to the greatest pool of qualified buyers and provide current advice and day-to-day management of not only the marketing of their home but the entire contract process once an offer has been accepted.
By following these “Dos and Don’ts” buyers and sellers can be successful in the Addison County real estate market in 2023.
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