Filters Reset
Save Search
0 Properties
Burlington New Construction on the Rise
The Vermont Mortgage Company is proud to sponsor the Vermont Real Estate Company Blog
A trusted mortgage lending resource for Vermonters, and for soon to be Vermonters, Vermont Mortgage Company is a proven leader in residential mortgages, refinances, investment property, and financing.
The real estate market in Vermont steadily follows the national trend of low inventory as we work our way through 2018. Considering the strong buyer demand, we are certainly experiencing a strong sellers’ market. But anyone who drives down Hinesburg Road or Spear Street will attest to the fact that may soon change, especially in Northwestern Vermont.
The Burlington area is seeing a boom in new residential construction. According to the National Association of Home Builders, Burlington and South Burlington saw a 34% increase in single-family home construction from January to July 2018, compared to the same period last year.
New developments are going to increase inventory levels for the Northwest Vermont market. With more developments popping up seemingly every day, we may soon see the market come into a more balanced position.
New Construction vs. Existing Homes
There are of course a handful of pros and cons when it comes to buying new construction. For one, there aren’t any surprises lurking behind a fresh coat of paint. You also often have the flexibility of customizing details throughout the house as construction progresses.
But beware, it is harder to negotiate a lower price with new construction. Builders and their representatives are unlikely to budge on the listing price to protect the market price of other new homes in the development.
There is also a difference between the base model price and any additional upgrades that might come with a used house. Increased costs could come in the form of higher quality cabinets, shower tiling, or improved appliances. You also must consider that new construction can cost upwards of 20% more than an existing home of comparable size and quality.
If you would like to learn more about the Vermont real estate market or want to start your search for new construction, contact us today!
Categories
Recent Posts
Your First Spring as a Vermont Homeowner
A Letter from Yourself, Six Months from Now
Northwest Vermont REALTOR® Association Releases March 2026 Market Statistics
Northwest Vermont REALTOR® Association Releases October 2025 Market Statistics
How to Make Your Move as Efficient as Possible
Getting Involved in Your New Community
Northwest Vermont REALTOR® Association Releases September 2025 Market Statistics
Your Local Guide to the 10 Best Hikes in Vermont
Ways to Heat Your Home in Vermont
Northwest Vermont REALTOR® Association Releases August 2025 Market Statistics
GET MORE INFORMATION
