Are you considering selling your home in Vermont or exploring your options as a first-time home buyer?
Should you wait for prices to lower before making a move? The bigger question is will home prices go down at all. How long are you willing to wait to find out?
First, let's talk about what's happening in the housing market in Saint Albans, Vermont. Why have home prices in Vermont increased so much? We’ll take a look at the reasons and also give you some tips if buying or selling a home is one of your goals this year.
Rising Home Prices in Saint Albans, Vermont: What's Making Them Go Up?
Despite some talk last year about home prices dropping, that didn't happen. Home prices in Saint Albans, Vermont, and all over the country are actually on the rise. But why is this happening?
The main reason is that there aren't enough homes for everyone who wants one. With more potential homebuyers than homes on the market, the principles of supply and demand come into play. This scarcity prevents a drastic decrease in home prices.
We saw home prices rise sharply over the past couple of years which is not typical. Experts anticipate home prices to increase, but at a much slower pace than what we have seen recently.
The good news? This steadier growth signals a return to more balance and stability in the real estate market.
Home Sweet Home: Why Homeownership Can’t Be Beat
Even with all the changes in the housing market, one thing stays the same—owning a home has incredible financial and personal benefits. Besides having a stable monthly payment (leave behind rental increases), you’re investing in something that can help build your wealth.
Plus, owning a home is also about having a place that’s truly yours, where you have control and freedom over your living space, compared to renting.
Our advice: if you find a house you like AND it fits your budget, don't wait. Waiting for prices to drop might not be the best strategy.
It could mean missing out on a home you really liked and that worked with your budget. You may find similar home options down the road, but with the competitive housing market, those homes might cost you more than the original house you had your eye on!
Plenty of home buyers continue to hope for lower home prices, but the real estate market in Vermont hasn't had any big drops or shown signs of this happening. Keep in mind, that the price of the home stays the same, but the interest rates can change later.
Check out these homes listed for sale in Saint Albans, Vermont.
The Power of Having a Real Estate Expert in Your Corner
The real estate market continues to present new challenges so having a reliable and knowledgeable real estate agent by your side can help you have a less stressful and more successful experience.
Our team at Paul Poquette Realty Group is here to help you and we’ll be right there with you the entire journey!
While some people think home prices might go down, the real estate climate in Saint Albans, Vermont, and throughout the state shows something different. We know, it's probably not what you wanted to hear. Home prices continue to increase because more people are wanting to buy homes than there are homes available.
As inflation falls, so do mortgage rates typically and that could cause even more home buyers to enter the market, increasing competition for those homes. So, once again, waiting might not be the best idea.
If you're thinking about buying or selling a home, it's important to know these things. Ultimately, only you know what's best for you. We’re not here to push you into buying a home or making a move if you’re not ready.
At Paul Poquette Realty Group, our goal is for you to have the most up-to-date information and all the facts so that you can make that decision for yourself, with confidence.
And when you are ready to take the plunge, we’ll be right here to help you!