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