We believe that the Killington market variance from the national real estate trend is not an anomaly but rather an indication of one of the key differences between the primary residential market and the vacation resort market.
It is our experience that vacation property owners are generally not motivated to sell their property because of job changes or school preferences. Sales are more often motivated by a shift in lifestyle choices lacking a sense of urgency or panic. Sellers of vacation properties can afford to, more often than not, wait for the right offer rather than the first offer. An indication of this market dynamic is exemplified by the fact that many offers (more so than in previous years) did not result in a sale. These cases can generally be characterized as buyers looking for a “deal”, reacting to media accounts of negative national trends and the fact that the sellers were not in a position to have to sell.
Our message to you is this —
Buyers: There is a large build-up of inventory on the market from which to choose. There may be some “deals” to be had but don’t expect a fire sale. Remember, sellers in this market generally don’t HAVE to sell.
Sellers: You need to be practical. Consult a Prestige Real Estate agent intimately familiar with the current Killington market. Consider your property objectively and try to put yourself in the mind of the buyer. Price your property fairly and don’t be in a hurry.
For more information specifically about the Killington Real Estate market in 2006, follow this link to the latest Prestige Real Estate newsletter.