Burlington New Construction on the Rise
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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.