Housing market shows no sign of slowing down
With a few more options for buyers to look at and without seeing bidding wars seen during the height of the pandemic, realtors say it is still better to buy now than to wait for things to get better. In Chittenden County, the housing market remains hot.
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 not to wait. “On a 400,000 dollar mortgage a year ago you would be looking at around 1,600 dollar payment for that same house now with interest rates currently posted somewhere around 5.7 that same mortgage payment is around 2300 so there is a difference now for affordability.”
At Geri Reilly Real Estate in South Burlington, Reilly says she sees buyers are taking their time in purchasing a home. “I think because we are all moving around a little more, you know we are not focused on our home, we can go out and about and enjoy picnics or restaurants and just be able to get out and about that now they are looking as their housing needs as not on the forefront but the back front,” said Reilly.
Outside of 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.
The average Vermont and first time buyers are still struggling. “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 home buyer Vermonter out of the market, it’s a sad thing that we are living though right now, hoping that this levels itself out.”
If you decide the Green Mountain State is where you want to buy your first home, the Vermont Housing Finance Agency can help.