Buy, Buy, Buy? Sell, Sell, Sell?

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real restateAROUND THE NEK – Put the piggy bank back on the top shelf because you might want to wait a couple months before you think about buying property or selling your place. The market is expected to slow down as winter is steadily approaching.

 

Craig Crawford was raised in the Northeast Kingdom, and is in his fifth year working at Jim Campbell Real Estate based out of Newport. “I like to tell people there is never a bad time to sell as long as you are realistic and willing to compete with the listings similar to yours currently on the market,” said Crawford on whether or not it’s a good time to put your place on the market.

Crawford believes the market is an ever changing business, and has accepted the challenge to mold as things adjust. According to Crawford, “Every few months or so, the State adds another document to our already large pile of contracts.” These contracts pertain to mold or radon, water testing, and any other aspect of the property.

One landlord in the region understands the difficulties these changes and documents can cause in buying or selling. “The struggles I have experienced are all he laws and regulations when buying or selling. You need inspections, inspectors, credit checks, appraisals, and all sorts of other things,” said Susie Greaves, landlord to four different properties in the Northeast Kingdom.

Even though it may not be time to sell, it’s always a good idea to evaluate what is happening in the market. “In the past five years, interest rates continue to stay low and banks are lending again allowing people that don’t make a ton of money to get qualified for a home,” explained Crawford. This can be seen with the “Lake Buyer” coming back to the region because more of those types of properties have been selling within the past years.

While evaluating your property, it’s important to understand sentimental value doesn’t justify overpricing a property. Crawford believes there are a lot of houses for sale, so you really need to be sure that the little projects you have been putting off are completed for you to get the most out of your property. With that same mindset, someone looking to buy can look at 20 properties and get discouraged, but the right property is out there.