But how do you know when it is time to sell? As historically low interest rates start trending upwards, many buyers are hoping to take advantage of their increased buying power!!
This year, from January to early May, Chittenden County experienced a 43% surge in Multi-Family sales with Coldwell Banker handling 38% of all county transactions. Residential sales in the county rose 5.9% with the highest prices in Shelburne and Charlotte, corresponding to a 6.7% rise in median sale prices for residential homes (+$248,500).
For Northwest Vermont, sold listings grew 26.9%, however, in Chittenden County, new listings fell -4.2%, correlating to stronger prices for sellers and a more competitive market for those interested in buying. Across the country, listings have grown by as much as 8%, as more people are jumping on the selling bandwagon. Click the following Wall Street Journal article (Why More Sellers Could Test the Market) to learn more about the surging seller momentum happening across the country.
With a strong and vibrant Burlington economy and a growing rental demographic looking for places to live (ages 24-33), which is projected to increase by 9% in the next five years, it is no wonder Chittenden County handled over three-quarters of all Multi-Family sales!Thinking about selling your property? Well, now is the time!! With more properties soon to be on the market, listing prices may see a drop, as supply could soon outpace demand. Don't hesitate to contact Steve Lipkin or Luke Clavelle at Lipkin Investment Properties. With over fifteen years of experience in the Multi-Family sector and over $95,000,000 sold, it is no surprise Lipkin Investment Properties is Vermont's #1 Multi-Family Agency! Please check out the Summer 2013: Northwest Vermont Market Report published by Coldwell Banker Hickok and Boardman Realty for more information. Or click the following link to see our recently sold Multi and Single-Family homes: LIP Recently Sold Properties!