Don’t Wait Until Spring to Sell!
If you are thinking of selling and waiting for spring, you might want to re-think your timing. Yes, historically 40% of home sales occurred between April and July. However, we still are not in a normal year and the number of homes on the market is extremely low. Here are 5 reasons to list now versus wait for spring
- Buyers are out looking in full force and ready to buy. Multiple offers are the norm which means prices are up.
- The average homeowner gained $56,700 in equity over the past 12 months according to CoreLogic. This may be just what you need to cover a down payment on your next purchase.
- Fewer homes for sale translates to less competition - you can negotiate for the best price and terms now.
- Mortgage rates, while rising, are still far below what they’ve been in recent decades. Lock in a low interest rate now as experts are projecting rates will continue to rise.
- If you’re selling to move into a bigger home or downsize, prices are expected to go up in 2022. Move now and beat the higher interest rate and price climb.
If you are wondering if now is a good time to list your house and want to know more about the next steps, contact me to learn how you can take advantage of the current market conditions.
Contact Donna Forest, Donna@DonnaForest.com, 603.731.5151
FEB 11th, 2022 OPEN MIC NIGHT at Sunapee Coffee House
The Tradition continues!
Stop by to listen or join in.
Sign up on site with the host
for your 15 min or three songs.
Tonights Emcees:
Al Carruth and EJ Tretter
Source: Sunapee Coffee House
Tips for Buyers in a Competitive Market
Given I haven’t seen a whole lot of homes come up for sale these days, it goes without saying buyers are still facing a very competitive market when trying to purchase a house. Below are some tips to increase your chances of getting that dream home.
- Move quickly when something new pops on; homes tend to sell within the first few days of being on the market.
- Offers need to be submitted with proof of funds or a lender letter. Get pre-qualified with a local lender or better yet, get pre-approved. Pre-approval means you submitted verification of your finances and had a credit check.
- You typically only get one shot to compete so put in your highest and best offer up front.
- Find out the ideal closing date for the sellers and use in your offer. Flexible dates can make your offer more attractive.
- Have inspections for informational purposes only or waive a certain amount of dollar repairs so sellers know you will not be re-negotiating the price.
- If possible, guarantee you will purchase even if the home’s appraisal is less than the contract price by stating you will pay the difference between the two.
Addressing price, time, convenience and certainty can position you for success in this competitive market. Contact me to put my 28 years of experience to work for you.
Contact Donna Forest: 603-526-4116
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
FEBRUARY 4TH
Bill Brink has been playing music for over 20 years. He enjoys playing many different styles of music using 6 and 12 string acoustic guitar as well as bass and electric guitar, banjo, harmonica, kazoo, mandolin and washboard. In addition to having an extensive collection of cover songs, he also has many of his own that he has written and produced since the early 90's and is still writing and recording today. He has received accolades from people such as Richie Havens, John Sebastian, and Tom Ghent. His recorded songs have been played across the globe and recently Vermont's WCAX TV news channel used one of his recorded songs for an on-air photo montage also Vermont Public Radio purchased another some to feature on their radio station. In addition to writing and performing, Bill, along with his wife June, produce music and videos, organize local music events and host live social media performances.
SOURCE: Sunapee CoffeeHouse
After a strange and fast-paced year in real estate, it’s sometimes helpful to look back and see what the market did in 2021. Below are some interesting statistics.
In NH, when comparing single family home sales in 2021 to 2020 - the median sales price was up 17.9% to $395,000, the number of days a house was on the market was 26 days, the number of listings was down 6.3%, the number of homes sold was down 5.5%, and houses typically sold at 102.5% of the asking price.
Comparing the combined 8 area towns (Kearsarge School District plus Sunapee) – the median sales price was up 17.5% to $417,000, the number of days a house was on the market was 9 days, the number of homes sold was down 22% (463 sales in 2020 vs. 361 sales in 2021), and houses typically sold at 100% of the asking price.
In short, sale prices reached new highs, inventory remained low and homes sold in record time and usually above asking price. The expectation for 2022 is a bit more of the same, albeit at a more moderate pace. If you are thinking of buying or selling, contact me to find out how the market impacts you.
Data taken from NH Assoc. of Realtors and NEREN MLS, 1/1/20 to 12/31/20 and 1/1/21 to 12/31/21.
Contact Donna Forest: 603-526-4116; donnaforest.com www.DonnaForest.com Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
I recently watched a presentation by acclaimed economist Elliot Eisenberg titled Economy 2022 Growing & Slowing. He was extremely informative and I thought it is worth sharing just a few of the interesting points he mentioned.
- The housing shortage is due in large part to years of insufficient building. This will not be changing any time soon as builders face a lack of workers, a lack of affordable land to buy, and a scarcity in building materials. The cost of supplies are so high builders are not building entry level homes.
- The labor shortage is due to multiple factors – more than 3 million excess retirements - above the normal pre-pandemic retirement rate, the lack of daycare means one parent is staying home and not working, immigration has fallen, over 600,000 people left their current jobs to start their own business and more than 700,000 people have died of COVID.
- About 70% of the home sales in NH this year were purchased by people who already live in NH. Approx. 20% of the buyers were from MA and the remaining 10% of buyers were from other states/countries.
There are many factors and issues affecting the housing market. Whether buying or selling, contact me to work with someone who keeps up-to-date with the latest news and its impacts on you.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
Highlights of Buyers & Sellers in 2021
The National Association of Realtors recently released their annual report based on their research on buyer and seller activity within the last year. Below are some interesting highlights.
- The average sales price in the US was 100% of the listing price.
- 1st time home buyers accounted for 34% of all buyers.
- 95% of buyers search online and they typically searched for 8 weeks.
- 90% of home sellers worked with a real estate agent to sell.
- Only 7% of sellers were FSBOs, and of that, only 3% didn’t know their buyers.
- The amount of time for a listing on the market dropped from 3 weeks in 2020 to 1 week this year.
“Realtors stepped up in a tremendous way during this pandemic—both in helping sellers list and sell properties, as well as in aiding buyers in finding their dream home during a time of such scarce inventory,” said NAR President Charlie Oppler. Whether buying or selling, contact me to find out how you can be successful in this unique market.
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
5 Reasons to Use a Buyer’s Agent
Recently a friend asked me to give them some advice for their son who is trying to buy a home in Utah. It’s an extremely competitive market there. My first question was does he have a buyer’s agent and if no, why not?! If you are trying to buy a house, it only makes sense to use an experienced professional to guide you through the process. Here are only a few of the reasons why buyers should use a buyers’ agent.
- A buyer’s agent works in your best interest. The listing agent works on behalf of the sellers and not for you.
- An experienced buyer’s agent will advise on how to structure a competitive offer to help better position you as the winning bid in a multiple offer situation.
- Buyers will need inspectors, lenders, closing companies, etc. Good agents will provide a recommended list of top performing providers.
- You get local knowledge and insight into the market area.
- A buyer’s agent will help overcome setbacks and provide advice on how to proceed and negotiate.
When you hire a buyer’s agent, you’re hiring a professional to look out for your best interests during one of the largest purchases you’ll ever make. Contact me to put my 27 years of experience to work for you.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
The Finer Points
In the emotional swirl of negotiating on a home, it’s easy to overlook some of the finer points of the contract. Below are some thoughts to keep in mind during this process.
- While most sales close on time, the closing date is more of a target date. Time is of the essence doesn’t apply here. As long as both parties are making good faith efforts to close, there is no breach of contract.
- Buyers can move into the home right after closing and typically do a walk-thru inspection 24 hrs. prior to closing. This means sellers should be completely moved out prior to the day of closing.
- There is an insurance clause in the contract stating sellers need to keep the home insured including replacement cost coverage until closing.
- Firewood and wood pellets are considered fuel and buyers are expected to reimburse sellers for what is left. Best to address this upfront in the offer with regards to quantity and price.
- TV brackets, bookshelves that look built-in, and Nest thermostats for example, can become points of contention. Again, addressing these items in the contract is prudent.
Contact me if you are looking for an experienced realtor to help you navigate your real estate transaction!
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
Real estate markets are local, and we have the real scoop on ours.
What is an Appraisal Gap?
An appraisal gap is when a lender ordered appraisal comes in lower than the contracted sales price. It happens in competitive markets such as ours where buyers typically need to bid over the asking price in order to be successful in purchasing a home. According to the NH Assoc. of Realtors latest data thru June, homes in NH are selling at 102.9% of the listing price. A low appraisal decreases the amount that can be borrowed and buyers are faced with how to make up this difference. For example, if a seller agrees to accept an offer of $410,000 on a home listed at $400,000 but it appraises for $390,000, there will be an appraisal gap of $20,000. There are a few options buyers can try to keep the sale together:
1) Make up the difference in cash (consider gift funds from family or borrowing against a 401K if short on cash)
2) Shift the down payment so you end up borrowing more money and putting less into the down payment - with lender approval
3) Appeal the appraisal if there is incorrect information or bad comps
4) Renegotiate with the seller.
Good agents will discuss the concept of low appraisals with buyers and sellers before offers are even made. Many offers with financing are written to say buyer will pay the difference between the appraised value and contract price up to a certain amount. Contact me to work with someone who will prepare you for the “what ifs” in this competitive market.
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
Teamwork from the team that works the hardest for both buyers and sellers!
Better Homes & Gardens Real Estate The Milestone Team