On the eve of July 31st, 2020, the sun set on a record-breaking month for residential home sales in New Hampshire. NH REALTORS® reported 2,012 residential sales, the most in the state's recorded history for July---which even in slower years is a terrifically busy month for real estate transactions. The month's median selling price also coincided with New Hampshire's highest ever, at $340,000.
This recent summer boom comes on the heels of five consecutive months of declining sales in the New Hampshire residential housing market. Ever since January 2020, sale volumes had been falling...but July swiftly reversed that trend. Not only that, but it soared ahead to achieve a 6.4% increase over 2019's July sales. July 2020 ushered in a strong seller's market, with sales prices increasing by 22%, and pending sales increasing by 19%. At the same time, the market supply dwindled: homes for sale decreased by a staggering 54%.
July has come and gone, but this trend continues. We're now in the the final golden days of summer, in August, and "healthy buyer demand and constrained supply continue to be the story," reports NH REALTORS®. "A competitive market for buyers...is expected to continue into the late summer and early fall market."
Read more in-depth about this trend: https://www.nhar.org/assets/docs/NHAR_MMI_2020-07.pdf
Today’s market is a bit on the crazy side right now as we don’t have many homes for sale and buyer demand is high. Sellers receiving multiple offers seems to be the new normal. Here is some advice for sellers when they are considering more than one offer.
- With multiple offers, sellers can ask for “best and final” from all buyers, accept one offer if it is outstanding, or pick one offer to negotiate with and set the others aside.
- Be sure to note all the terms of the offers. Closing dates, down payments, financing, inspections, and type of loan can be impactful.
- Be aware if an offer is significantly over asking; there is an increased risk the house will not appraise if the buyer is getting financing. Which means the buyer can’t get the amount needed to purchase.
- Cash is king. Even if the offer is for a little less money, it might be worth accepting as you skip all the steps required with a loan.
- Offers should come with a pre-qualification or pre-approval letter from the buyers’ lenders or they are not worth considering.
Offers have many variables so discussion with your listing agent on how to choose the right one for you is vital. If you are thinking of selling, contact me and put my 26 yrs. of experience to work for you. 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
This sound and well-loved cape offers a terrific woodsy setting on 5.03 acres in conveniently located Andover NH. With ample sunny and open outdoor garden space for your vegetable and flower crops, the interior of the house features 3 bedrooms and 2 full baths, with the master bedroom and bath on the first floor. The basement has tall ceilings, daylight, and access from the interior and exterior. The house features a lovely farmers porch on the front of the house, a covered porch at the back of the house, and a ramp along the side of the house should wheelchair access be needed. The property also has a wonderful and sturdy barn with high ceilings, storage space, a poured concrete floor, interior stairs to a room above the garage with solid flooring and joists which could potentially support a finished living space. There are no columns at the parking level inside the barn/garage for a wide-open 24 x 30 interior area. Access to The Northern Rail Trail is just over a mile away for trail biking and walking. Andover serves as a centrally located town for commuters to Concord, the Dartmouth-Lake Sunapee Region, and the Lakes Region of NH. Also the home of Proctor Academy, host to Ragged Mountain State Forest, steward of Highland Lake, Bradley Lake, and The Blackwater River, and part of the Sunapee-Ragged-Kearsarge Greenway; Andover has much to offer folks looking to be part of a caring and welcoming community. An ideal home with access to all NH has to offer! Offered at $319,000.
Susie Moore Listing Agent 603-526-4186
1. Can I Sell During the Pandemic?
Yes, in NH selling real estate has always been considered an essential business. In fact, it’s a great time to be selling as we have low inventory and high buyer interest. Homes are selling quickly and typically at or above asking prices.
2. Is It Safe to Sell Now?
Assuming you are in good health, then yes, there are precautions agents will take to safely show your home. Steps such as requiring masks and gloves, asking health questions of buyers prior to showings, and limiting showings to only decision-makers are all standard protocol.
3. How Long Does It Take to Sell?
The avg. days on market in NH is about 60 days. We are seeing many homes going under contract in a week or less in our area. Typical closing dates are 45-60 days out.
4. Is Moving Allowed Right Now?
According to the American Moving & Storage Assoc., moving is deemed an essential service but of course, always do your research and plan ahead.
Thinking of selling but still have questions? Contact me for more advice and insight on how to safely sell for maximum dollars! 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
This home has so much to offer: a tranquil setting with privately owned waterfront, dock, decks, patios, view from most rooms, beautifully landscaped and only minutes to the center of town. Messer Pond is a 67 acre body of water in the heart of New London noted for the best fishing around. Call for a private showing. Offered at $1,298,000. Co-listing Agents Sharon Lavigne and Jane Snow. Click here for Virtual Tour:
https://my.matterport.com/show/?m=aYya7jyuYyH&mls=1; Web site: www.21WhitePineLane.com
603-526-4116
It’s natural to assume during this economic shutdown that home prices are dropping and foreclosures are up. This is far from the truth and in fact, NH home prices are up 7% (YTD through April) with a median sales price of $304,900. Nationwide the median sales price is up 7.4% which marks 98 straight months of year-over-year gains. Prices are being pushed higher due to the undersupply of homes to sell. In fact at certain price points, bidding wars are not uncommon in our area. For example, in Newbury, New London & Sunapee combined, there are only 51 homes for sale and only 8 are priced under $300k (as of 6/2).
Many experts predict home prices will continue to appreciate through 2022; projections range from 0.4% to 4.6%. And there are some who predict a small decline. No one can say for sure what the future holds given the uncertainties of our times. However, the benefits of home ownership go beyond pricing and provide stability, builds net worth and a sense of community. Yes, it’s a great time to be a seller but buyers also can benefit from the record low mortgage rates. Contact me if you are looking for guidance on buying or selling. 603-526-4116 (Office); www.DonnaForest.com, Donna@DonnaForest.com
Listing Broker, Donna Forest, 603-526-4116
With a slight twist on the classic cape, this contemporary style home offers a first floor master, two large bedrooms up, and an open floor plan
designed for today’s living. Location is everything - this private retreat is a short walk to the association beach on Mountain View Lake so you can spend those warm
summer days swimming & soaking up the sun. Come winter, you are only 5 minutes to skiing at Mt. Sunapee Resort. Inside you will find freshly painted sunlit and airy
rooms, an efficient, step-saver kitchen with maple cabinets and a convenient island, a comfy living room with vaulted ceiling, and uncrowded comfort for a casual lifestyle.
Whether vacation or year-round, if you are looking for privacy, comfort, and value then give this home a look! Check out the awesome Matterport virtual tour. Offered at $299,000. For more photos, visit our virtual tour at: https://my.matterport.com/show/?m=AjajfqY2QGt Donna@DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
Selling or buying has certainly changed during these unprecedented circumstances. From how listings are marketed to closings, here are some of the ways real estate has adapted.
- Buyers rely heavily on virtual tours and video and are encouraged to do all their research online before even going to look at property. Live tours using FaceTime, etc. have become more common.
- Specific questions are asked of buyers before setting up shows. They must be pre-qualified, verify they are in good health and have not been around people with COVID-like symptoms, and not have traveled in the last 2 weeks.
- Showings are limited to decision makers only. They must wear masks and gloves and remove shoes or wear booties. They are asked not to touch anything and not to linger inside.
- Zoom type meetings have replaced agents having face to face discussions with buyers and sellers.
- Closings are handled differently by each closing company but all are done to have minimal personal contact and minimal exposure.
We know people still want to/need to sell or buy right now. Adjustments have been made to make every aspect a little safer. Contact me if you want to know how technology and common sense can help you navigate our current market. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Yes, the real estate market is still alive and people are moving. Buyers are out looking and interest rates are historically low. Houses are being listed for sale and most seem to be going under contract fairly quickly. While the market is not as robust as it typically would be for this time of year, it is fairly active given current conditions. True, some sellers have temporarily pulled their homes off the market and some buyers are delaying their search for a month or so. However, the housing inventory faced a shortage before the pandemic and this is still the case. Which means home prices remain strong and it is still a sellers’ market.
The process has changed but the results are the same. Virtual tours, Zoom meetings, FaceTime, protocols requiring masks & gloves for actual showings, remote closings, etc. The industry has adapted to ensure properties can still be safely sold. If you are thinking about buying or selling, contact me for help in creating a safe and effective plan for success in today’s market. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
The answer is a definite “yes.” Realtors have adapted to our new reality and almost everything has shifted to a virtual platform. Below are some of the changes we are seeing.
- Agents and clients meet via video chats vs. in person.
- Virtual tours of homes have become an even more important marketing feature.
- Documents are filled out & signed electronically using electronic signature programs like Dot Loop or DocuSign.
- There are safety procedures in place for showings. Buyers remove shoes, sanitize their hands and don’t touch anything in the house, viewing times are limited, only people essential to the purchase are allowed in, and agents will ask both sellers and buyers if they have traveled in the last 14 days, been around anyone who is sick, or are sick themselves. Masks may be required as well.
- Closings can still occur. Paperwork can be sent out ahead of time for signatures or even done in a parking lot in your own car; monies can be wired.
- Home inspectors limit who can be in the house during the inspection. Exterior only appraisals may be accepted by some lenders.
- Buyers and sellers need to be aware the loan processing could take longer. There could be delays beyond our control so set your expectations accordingly.
Some sellers will pull their house off the market and some buyers will put their search on hold until we are through this health crisis. While it is not business as usual, adjustments are made so buying and selling can still be a reality. Give me a call for any real estate needs you may have. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com