How’s the market? It’s the first thing someone asks me when they find out I’m a REALTOR. The real estate market has been so volatile over the past few years that it’s hard to keep track of where we stand. Unfortunately, the majority of the news that most people hear is on the national level and not a good reflection of what’s actually happening here in New Hampshire. Many areas of the country have seen prices fall 50-60% from the peak of the market in 2006, but Londonderry’s median home price is only down 34%. The Northeast did not have as great a run up on prices and our local economy and job market have fared better through the current recession.
Home prices have finally stabilized and inventory levels are extremely low which in turn helps to shorten the time it takes to sell a home. One of the main reasons prices have fallen so drastically was due to the high levels of foreclosures and short sales plaguing the market. However, distressed home sales have fallen 29% since November of 2011 and are expected to continue to drop through 2013. The total amount of single family homes for sale in Londonderry is currently 48 properties with an additional 31 under agreement according to NNEREN. Can you imagine? In a town of 5200 homes, there are only 48 available for sale!
We all have in interest in what’s going on in our local real estate market. Some of us are under water and waiting for values to return, while others are hoping for the best time to jump in and purchase their first home. If you are thinking about purchasing your first home, interest rates will not stay at 3.5% forever. Prices are sure to rise so this is a great time to buy. If you’ve been waiting to sell your home now is the time. There is no inventory to compete with and days on market are extremely low. We’re even starting to see multiple offers and many over asking price again too. Please don’t hesitate to give me a call or stop me in the grocery store to ask “How’s the market?”. It’s my favorite question!
David Nease has always made family priority #1, both in his life as well as his business. That’s why more and more families trust his expertise as one of Londonderry’s leading real estate professionals. David lives in Londonderry with his wife Jodie and three young children. He’s a full time Realtor with Prudential Verani Realty specializing in the Londonderry market. For more information on David or his Real Estate services visit www.davidnease.com
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Why is their such a low inventory? Is it the market or just the time of year? Is it easier to just wait until the snow melts?
I am not a Real estate agent but have followed the market intently for 25 years. Generally speaking; Nov – Jan are the worst months for Sellers to put property on the market. The reasons should be obvious. Reversely, this would be the best time for Buyers. Coupled together usually means low inventory.
Inventory levels usually dip during the holidays, but this year they’re lower than normal due to a couple of factors. Foreclosure and short sale inventory is lower than before and a lot of people who bought homes in the past 10 years don’t have enough equity to sell. One of the biggest factors though is the media has scared many sellers into thinking they can’t sell at all and no one can qualify for a mortgage. A lot of people who own their home free and clear are sitting on the sidelines waiting for things to get better. Anyone who is thinking of retiring this is the perfect time to sell. There’s no competition to sell and if you plan on buying a home in Florida or something on the seacoast, many of those properties are still 50-60% off their peak prices.
David, thanks for your helpful article.