Vt. housing market still hot, but showing small signs of improvement for buyers

High demand for houses and fewer homes on the market have made purchasing a house in Vermont very difficult.
Published: Aug. 3, 2022 at 9:32 AM EDT
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BURLINGTON, Vt. (WCAX) - For the past few years, buying a home in Vermont has been tough. Not many homes were listed, prices were through the roof and basic things like a home inspection were waived.

Experts say the market is slightly better for buyers now, but it’s still not going to be easy to get a home.

“Every time we came across a home that we liked, it was like, you have five minutes to put in a bid,” said Jill Seeland, who is moving to Vermont.

Seeland started the process of trying to buy a home in 2021. She says she went through dozens of homes and put bids in on several, but lost out to higher numbers.

“Almost like the wind getting knocked out of you every single time you’d put in a bid, a competitive bid, and you’d lose it,” said Seeland.

While some homebuyers were willing to waive contingencies, like a housing inspection, Seeland said she couldn’t do that.

“This is going to be our primary residence, we have our children, we want to know what we will be walking into,” said Seeland.

Seeland and her family are now waiting to hear back about the home inspection on a house they lost out on previously.

“We have not quite taken a breath yet; everything looks to be going in the right direction,” said Seeland. “We believe everything is happening at the perfect time, in the perfect place, in the perfect situation for my family. I will breathe at closing.”

Isaiah Donaldson, the director of sales at the Conroy Group at KW Vermont, called the homebuying process right now “complicated.”

He says a shift is happening, but it’s hard to tell what’s next. He expects for the homebuyer, it’s becoming more case by case.

“Now we are looking at more inventory,” said Donaldson. “I’d still say the same amount of buyers, but less of that competitive attitude because they have more to shop with.”

While more homes are coming online and staying for a bit longer, they are still expensive and some still do have to bid tens of thousands over asking.

“It’s really about getting your ducks in a row,” said Donaldson. “First step really is like just having a conversation.”

Donaldson says build a team, be patient, and positive.

According to a study by Harvard University, the average income needed to buy a home in Chittenden County is $115,000.

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