What Is A Sellers Market?
A real estate seller's market is a time when there are more people looking to buy property than those selling their homes. This causes prices of houses and apartments in the area to increase dramatically, which has led many Vermont residents feeling like they'll never be able to afford an upgrade or move-down home.
Are we in a seller's market in Vermont right now?
YES! As of the time of writing this post (June 2021) we are in a very strong seller's market. So, if you are looking to buy a Vermont condo or home, what would be your first question? What can I do about this new development of buyers outbidding each other and driving up prices on homes that seem like bargains but may not actually be if all things were equal?
Here are a 3 pro tips on how to give yourself the best chance to find a great property during this seller's market.
- Target off market listings using mailers and facebook ads. You would be surprised at just how many people will respond to properly written and targeted marketing.
- Write a letter to the seller with every offer you submit. In a state like Vermont many homeowners really do care about who is buying their property. Writing a letter to the seller to include with any offers you make can MAKE A HUGE difference... even against all cash buyers. We can help you put this together. Just give us a call.
- Focus on the right terms as much as price. In a seller's market the seller also has the same problem as you. They usually need time to find a place to go. So how can your term's help them solve this problem? Some ideas include things like letting the seller rent back for a few months after you close or adjusting the closing timeframe to make the seller's move easier. This can be just as important as the actual price to the right owner. So, make sure you do your research, ask the right questions and structure your offer to give you the best odds of getting that home in this tough market.
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