The best time to buy a house is relative and depends on the market. Early spring is when we typically see the most new listings in about every major market. During this time, buyers are optimistic because of the increased inventory of homes for sale.
However, this is also when the competition is the most fierce, resulting in higher prices and fast turnover. As the season comes to a close, home buyers are often concerned about missing out on the prime time to buy. Many become desperate and will end up paying more for a home than they originally intended. A local agent knows the market and understands the various details regarding the best time to purchase a home.
Ideally, if you’re not in a big hurry, your patience could pay off in the long run. The time of the year with the most available homes on the market is April, May, or June. Not to mention, as the end of summer nears, sellers become increasingly motivated. This is because the foot traffic starts to decrease, and families with children are shifting their priority to the school year preparations.
Best Time of Year to Buy in Vermont
The housing market slows down in all climates at one time of the year or another. Vermont is no exception, however, the best time to purchase a home in the Green Mountain state is actually winter. Granted, the conditions are not ideal to move during this time, however, the closing and possession dates can be negotiated to meet the needs of the buyer and seller.
The reasons winter is the best time to buy are logical. For instance, sellers are more motivated, particularly when they don’t want to be there, and continue to pay high heating costs and deal with the snow. During this time, there is less competition, since most buyers are waiting until the spring for nicer weather. Less competition means lower prices, and other concessions the seller is willing to give up to entice the right buyer.
Since there will be fewer transactions going through the system, appraisers, lenders, and inspectors tend to have more time on their hands. Therefore the time it takes to complete these preliminaries is reduced, leading to a faster closing.
The Best Places to Buy a Home in Vermont
We all have different priorities and goals, however, desire mostly the same things. Including the desire to live a healthy and prosperous life, that’s full of good relationships and fond memories. Therefore deciding where to live and why is different for each person. So we’ve compiled a short list of the top five best places to live in Vermont primarily based on affordability.
It is also worth noting that the following top five cities have strong median wages and a low cost of living, which means a better quality of life.
- Enosburg Falls has a population of 1,306 and is the sixth most affordable based on the home price to income ratio. The city has a low employment rate of just 2.7% and the most common income levels range from $50,000 – $74,999.
- Poultney is home to 1,510 people and the median income is $42,444. At least 39% of the residents have a high school diploma. The median home value is $136,300. A quick search of the area found homes with as many as four bedrooms for just $185,000.00.
- Newport moves up seven spots from last year. It’s the third most affordable city based on home price to income ratio, however, the city has an unemployment rate of 7.6%.
- St. Albans is also listed as number seven on the fastest growing Vermont cities in 2019. The income to rent ratio makes it the 8th cheapest places to live and it has a population of 6,847.
- Swanton also ranks higher on the list this year. The low 3.0% unemployment rate and the median home value of $179,000 are the biggest contributing factors. Here is where you’ll also find 4 bedroom homes selling for less than $260,000.
4 Ways to Get a Great Deal on a Home in Vermont
Find a Great Vermont Real Estate Agent: An experienced buyer’s agent can help you keep your costs down by negotiating on your behalf and saving you thousands. An agent will advise you on what to offer, and discuss the pros and cons of the property you choose. Also, you have someone in your corner with your best interests at heart.
Learn More: What Does a Real Estate Agent Do for a Buyer?
Assess your Needs and Lay Out Your Goals: Another intangible benefit to partnering with an agent is their third-party objectivity. Perhaps you’re newly married and plan on having children in the next five years, or maybe your family has a dog, and you prefer at least a ½ acre; an agent can locate an ideal property for a growing family. Based on your budget and money for a down payment, the agent may have a few homes in mind by the time you finish your first conversation with them.
Learn More: What to Look for When Buying a Home
Find a Lender and Secure Financing: A good agent will explain the differences in financing options, required upfront costs, and down payment. Since the closing will normally take about 30 days, the agent will help keep everything on pace to assure that all the details are taken care of within your expected timeframe.
Learn More: A Step-By-Step Guide to the Home Loan Process
Negotiate for the Best Possible Price: Now that you’ve found your dream home, what’s next? Well, your agent will advise and help you submit an offer. After the inspection, the agent will negotiate to ensure the best deal possible for you.
Learn More: How to Find a Buyer’s Agent That’s a Good Negotiator
Clever is here to help! We can answer your questions and connect you with a top-rated local Partner Agent for a no-obligation consultation. Contact us today.