Is the COVID Response Reshaping Vermont Real Estate?
We are seeing a trend that is positively affecting the Vermont real estate market, but more importantly Vermont in general. Individuals and families alike are looking to Vermont as a safe environment and a return to a simpler and more sustainable lifestyle. In Lamoille and Washington counties alone, sales have doubled this year over last for properties with significant acreage providing space for gardens and animals!
The need to work from home during the pandemic appears to have reframed this concept as a potential way forward in our ‘new normal.’ Those in urban areas who are now potentially working from home for the foreseeable future, or educating their families in the same way, are excited about the opportunity to expand their living environment.
As a result, the number one question asked during a showing is “How fast is the internet?” Those who own property in Vermont as a ‘second home’ are also embracing the lifestyle of working from home in Vermont–where they used to spend weekends, they can now spend weeks or even months here, especially with their children being educated remotely.
All that to say, the current activity in Vermont’s real estate market is unprecedented. Properties that are in good condition and priced appropriately can be ‘under contract’ within hours, with multiple offers–in these situations, the Sellers are definitely in charge. Low inventory is exacerbating the situation, as buyers compete heartily for new listings.
Multiple Offer Situations
Multiple offer situations can be stressful for buyers. Here are some steps that can help a buyer to compete strongly in a multiple-offer situation, and hopefully be the winning bidder:
- Most importantly, be ready to move quickly. Know the market well enough to readily identify that the property is right for you and submit your offer quickly. Although Sellers may receive multiple offers, they often remember the one that arrived first, especially if it is strong and clean.
- Cash is king. Explore different types of financing that may enable you to present your offer as a ‘cash buyer.’
- If you are financing conventionally, get pre-approved, not pre-qualified.
- Write a ‘clean’ offer with fewer contingencies. But beware… structure and infrastructure inspections are important as they can reveal costly issues that may need repair.
- Offer a strong deposit. It shows the Seller you are serious
- Make a strong offer. Full price or slightly above shows the Seller you want this property, and it can be helpful to write a brief note explaining why you love their property!
Boosting Vermont’s Population
All of these factors are combining to rejuvenate Vermont’s population. A recent article by the VTDigger exposed that an influx of people moving to Vermont could offset the population decline that Vermont has seen in recent decades. A greater instance of young families moving to the state could also lower the median age of Vermont’s population, which has been one of the oldest in the country. Younger workers moving to the state may increase the workforce within the state and give Vermont a helpful boost.
The Bateman Group Vermont Real Estate Listings