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Fall Into a Sellers' Market
The leaves have turned, the air has cooled and the days are getting shorter. These are the sure signs of autumn, and the change of seasons is about the only sense of normalcy we've experienced this year!
Despite the uncertainty that exists in many of aspects of our daily lives, one thing is for certain; It is an excellent time to be a seller in the Vermont Real Estate Market. Inventory Levels continue to drop precipitously from already low levels. Recent Statistics released by the Northwestern Vermont Board of Realtors show that as of August 2020 year over year inventory of single family homes and condominiums are down a whopping 48.8% and 49.7% respectively. That represents an almost halving of inventory compared to last year when one of the industries challenges was lack of inventory.
Perhaps just as tellingly, The Months of Supply of inventory is just 2.3 for Single Family Homes (down 52.1% from the same time in 2019) and just 1.1 month for condominiums and townhomes (down 52.2%). When one considers that a balanced supply is 6 months we can see that demand is far outpacing supply.
Interest rates continue to remain appetizingly low. Recent conversations with prominent local lenders indicate a 30 year fixed is hovering right around 3.0% while I've heard quotes of 15 year fixed mortgages being as low as 2.25%!
All of the above show that this is a fantastic time to be a seller. Conventional wisdom has long caused people to believe the last quarter of the year as being a poor time to sell. Like with much of life this year, that thinking is upside down. We know that now is terrific time to sell, but no one knows what the year, months or days ahead will bring. If you'd like to take advantage of a Free Market Analysis and Seller Consultation, please CONTACT ME TODAY!
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