May 2012 Montpelier-Barre Real Estate Market Report

May Happenings

When I was a kid, I always had the feeling that May was the end of the school year. My heart and mind made that switch to the fun-filled, easy, lazy days of summer. SCREECH! In this business, May is the opposite – we’re in the thick of the hot spring market. Buyers and sellers are ready to be connected, and we’re working like mad. Lazy days? Yeah, right.

April’s Unofficial Numbers

Market Turnaround? This market is giving every sign that stabilization in the Montpelier/Barre area is well under way. The total sales over the past 12 months are more than the current number of listings (273 to 265). Every town in the market (with the exception of Northfield) can make the same claim. Northfield also experienced one of the most active weeks in April, with four offers on Northfield homes for sale coming through our office.

And here’s some evidence that we’re perhaps more than stabilizing, that we’re actually seeing the local market turning into more of a sellers’ market. In the past couple of months I’ve heard several stories about good old fashioned bidding wars. I’ve even been involved in some of them. Full price offers being rejected.  I’m also seeing houses come on the market and then going under contract within a week or two.  To quote just about every thriller movie trailer I’ve seen, “It’s happening.”

Happy Anniversary!

Our office celebrated a wonderfully noteworthy anniversary on May 1. Alice Wright, our extraordinary office manager marked 25 years with Heney Realtors. Speaking not just for myself but for everyone in the office, I say congratulations and thank you. I’m also curious as to how she got hired when she was 4.

A Day In The Life

On a recent tour of local, shall we say, fixer uppers, a buyer and I embarked on a lovely game of “What’s that smell?” Cat? Rodent? Refrigerator? Mold? Other? If you really want to know the answer (and if you do, you’ve got the iron stomach of an investor), it was cat, rodent and mold. Neither house actually had a refrigerator.

Dominoes

It’s very common for sellers to need to identify their next house before they can sell. Likewise, it’s very common for buyers to have a house they need to sell before they can buy. It can seem incredibly stressful and unmanageable, but it doesn’t need to be. I’ve found that just understanding that there are a lot of moving parts can make the process seem more tolerable.

Sellers, don’t wait until you find your next house before putting yours on the market. Using a “contingent upon finding suitable housing” clause can provide a cushion in the event that you have an acceptable offer, but still don’t know where you’re going.

Buyers, if you have something to sell first, you’ve got to get it on the market and under contract before you can make a credible offer. Some sellers will accept an offer contingent on the sale of a buyer’s house with a kick-out clause. That’ll become more common as the market continues to rebound, but we’re not quite there yet. With either of these contract terms, it’s a very good idea to talk with a knowledgeable Realtor, because it’s critically important to get the language and the timeframes correct.

Quote Of The Month

This month’s quote comes from the young son of a woman who recently listed her house with me. “I want to do what he does so I can put lockboxes on houses.” I wonder if the job would be even more appealing if he knew that I also get to play “What’s that smell?”      

April’s Closed Transactions

For more about the local real estate market, my analysis and commentary (this is all my own content – I don’t just download this from a website), or just to shoot the breeze, give me a call or send an email.

Also, if you or someone you know is looking to buy or sell, and wants intelligent real estate advice and professional service, please keep me in mind. I’m always happy to help.

Sales data comes from the Multiple Listing Service and is only reflective of properties that were listed.