Shopping for a home in Vermont? How to gain an edge in a sellers market

Yahoo

02-04-2025

Rich Gardner has been selling homes in Vermont long enough to remember when buyers had the upper hand.
'If we had a breathing buyer that came to our door, we would do anything to hold onto them, to keep them so maybe they would potentially make an offer,' said Gardner, whose family has been in the real estate business in Vermont for decades. 'The market has totally flipped now. But back then buyers were making all the decisions.'
Gardner, manager of The Gardner Group in Colchester, says sellers hold most of the cards today for one simple reason: 'There are more people who want to live in Vermont then there are houses to buy.'
According to the most recent Vermont Housing Needs Assessment, demand to live in Vermont year-round began to increase in 2017. Meanwhile, the pace of construction has been well below what's needed to keep pace.
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In Burlington, the state's largest market, for example, just 41 single-family homes and condominiums were for sale on March 24. 'And that's everything,' Gardner says. 'On the low-end, you're looking at a $259,000 condo and on the high end, you're looking at a $1.9 million home.'
Burlington also saw one of the largest year-over-year increases in home prices in the U.S. In February 2025, according to the RE/MAX National Housing Report, the median sales price in Burlington was $421,500 — more than 16% higher than in February 2024.
As Vermont's spring home-buying season heats up, potential buyers will continue to face rising prices and a shortage of inventory on the market. But there are things buyers can do to increase their chances of finding the right home at the right price.
Have your financial ducks in a row
A full third of homes sold between 2022 and 2024 were purchased with cash, Gardner says. That's dropped a bit so far this year, to about 31%. Gardner says that means there's more opportunities for buyers who have been pushed to the side by cash offers the past few years.
Buyers pre-approved for a mortgage from a local lender are more attractive to sellers. Pre-approval shows you're a serious buyer and will be ready to close the deal. Gardner says many buyers are including 'escalation clauses' that automatically increase their offer if competing bids come in. It's also a way to establish a cap on what you're willing to pay.
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'Buyers who haven't taken the time to figure out what is a comfortable price range for them are the ones who may be looking at properties above their means or above their comfort level,' Gardner says.
Move quickly
See something you like? Assume you'll have lots of competition. Gardner says homes listed for sale in Chittenden County will likely be on the market for less than a week before they're sold.
'Median days on the market in Chittenden County now is six, ' Gardner says. 'Six is not a lot. That means if the property hits the market on Monday, and you're an active buyer, we need to schedule a showing by Friday.'
Be flexible
Gardner suggests being willing to compromise on cosmetic issues or other factors that won't necessarily add to your costs, such as moving the closing date up or back based on the seller's needs.
In very tight markets, buyers often waive home inspections in order to satisfy the seller, gain an advantage over more cautious buyers or to move negotiations along.
Gardner says whatever the reason, buyers shouldn't pass up an inspection without understanding the risks.
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'Buyers need to be realistic that their level of comfort may also impede them from getting into the house they may want,' he said. 'Sometimes that takes a bit of education and attempts at other properties before they decide to change what's going to make them comfortable.'
Make a strong offer
In a competitive market, lowball offers won't get you very far. Gardner says buyers should be smart and know their limits.
'If you're making an offer on a $450,000 and you can afford $600,000 — between the 450 and what you can possibly afford, where are you comfortable losing this particular house and saying another buyer can have it for $2,500 more, and I'm fine, I'm going to walk away.'
Be realistic. And patient
Gardner says losing a home to a better offer is part of the process in Vermont these days. That's especially true if your goal is to own the kind of home that has come to be associated with the American dream — a two- or three-bedroom house with a backyard in a neighborhood.
There aren't enough homes like that in Vermont right now to meet the demand. On the other hand, much of the new construction in Vermont are 'big buildings' in higher-density areas, Gardner says.
But whatever you're looking for, Gardner urges potential buyers to be realistic about their financial limits. A sizeable house on 10 acres of land in Chittenden County? Expect, perhaps, to pay $1 million or more. Smaller homes, like condos, are more plentiful and might be a better for your budget.
'The joke for me when I'm talking to clients is, 'Don't buy a house that's going to you in peanut butter & jelly sandwiches for the next ten to 12 months,' he advises. 'But something where you can live your life comfortably, afford the mortgage payment you're going to be taking on — that's really the right price range for that particular buyer.'
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