This time of year, we field one question from our buyer clients far more than any other: “When is the market going to open up?”
Home shoppers and Realtors both note that this time of year the market feels stagnant and what inventory is available is often very stale. Why? Because the holidays are busy for everyone, and nobody wants to battle frostbite as they empty their U-Haul into their new home. It shouldn’t come as a surprise that new home listings slow down over the winter months. But what may be surprising is the degree to which the seasons affect market activity, and the predictability of this trend.
We decided to take a look at market activity on a month-to-month basis. Specifically, we examined how many single family homes and condos were listed in Chittenden County each month, going back to 2012. When plotted in a chart, the trend is quite telling.
As you can see, the number of new listings hitting the market tends to bottom out in December, when less than 100 homes are listed each year. New listings hit their peak around May, where we see between 250 and 350 homes listed each year. In fact, the late spring and early summer are so busy that between the four month span from April to July each year, we see roughly 50% of the annual home inventory get listed for sale. The spike in available homes is drastic, and follows closely with the warmer weather. The fall off (around August, give or take) is just slightly less severe. The selling season in Vermont is short, competitive, and chaotic.
So knowing this, what can you do to help yourself succeed?
Be patient. If history is an accurate indicator, we are on the cusp of the market warming up in a big way.
Be ready. Have you met with a lender to obtain a pre-approval letter? Do you have a good idea of your budget, and have you tailored your search and expectations to match it?
Watch the market. Have you been receiving market updates and looking at homes every day? Have you chatted with us to go over what you’re looking for so that we can let you know the moment we see it?
Move quickly. When a nice home gets listed, there will be competition. You need to be ready to go see it and be prepared to make an offer on short notice.
Author:Thomas Senning Phone: 802-917-4340 Dated: March 30th 2018 Views: 5,237 About Thomas: Since his entry into real estate in 2014, Thomas has operated under the guiding premise that if he p...
View our latest blog posts in your RSS reader. Click here to access.
Dan is analytical in nature, as his MBA would suggest, but nine years ago he transitioned out of the world of accounting and financial management and into real estate. His deliberate and rational approach has helped him assist hundreds of buyers and sellers, ensuring that their transactions not only happened, but happened smoothly. He offers sound advice, and above all else looks out for the best interest of his clients. “Selling doesn’t feel good,” Dan says. “My job is to educate my clients. I share my market knowledge and help them to make smart decisions on their own. If I’m honest and I do my job right, I don’t have to ‘sell’ anything.”
As a co-founder of Element Real Estate, Dan has recently taken great pleasure in growing the business, both by adding new members to the team and by increasing the company’s exposure. At the center of everything he does is a dedication to understanding people’s needs and better equipping himself – and his team – to meet them. He takes pride in his work, the people around him, and the community in which he lives.