True, this pandemic is causing an economic slowdown. However, from what I read, recovery will begin once the infection rate peaks. Many financial institutes such as Goldman Sachs and Wells Fargo Investment Institute expect strong gains in the 3rd & 4th quarter and into 2021. Here is why home prices will NOT be dropping like they did starting in 2008.
1. There is still a shortage of homes to sell, here and nationwide.
2. Housing is more affordable today. The average family pays 15.5% of their income vs. 25.4% in 2006. Prices are high, however wages have increased and mortgage rates are lower.
3. There are stricter lending standards in place. The 2008 housing crisis was caused by fraud & greed - too much borrowing, flawed financial models & predatory lending.
4. Homeowners today have plenty of equity in their homes. From 2005-2007, homeowners treated their houses like cash machines and refinanced $824 billion worth of home equity. Compare this to 2017-2019 which totaled $232 billion.
5. Home values increased in 3 of the last 5 US recessions. (And, in 1991, they only dropped by 2%.)
There are many variables to this current housing market – work with a professional who can keep you updated on its impacts. Feel free to contact me for your real estate needs at 603-526-4116, www.DonnaForest.com, or Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team.
While there are many concerns about the coronavirus and its impact on life as we know it, I thought it might be helpful to have some input on what we are seeing in regards to real estate. At the moment, buyer interest is strong and they are still out looking at homes. According to the National Association of REALTORS (NAR) survey released the week of 3/9/20, only 16% of REALTORS nationwide reported seeing reduced buyer interest in their markets. Obviously this varies as I’m sure cities like Seattle are seeing greater impacts than in rural areas like ours. Lawrence Yun, chief economist for the NAR, reported “two weeks ago I would have said the biggest hurdle is a general housing shortage. But that’s changed. The coronavirus is an unprecedented event, and even though we don’t know how everything will play out, it’s currently a big uncertainty that’s hitting the stock market.” He also feels that in the short term at least, home sales will be down by around 10%. For now, our area is still seeing a shortage of homes to sell and good buyer demand with extremely low interest rates. We are not seeing price reductions because of current conditions. It is uncharted territory and evolving, but I will leave you with this quote “Tough times never last but tough people do.”
If you're looking to buy or sell a home, give me a call at 603-526-4116 or email me at Donna@DonnaForest.com, www.DonnaForest.com.
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
This home with well-designed living space offers easy flow among the living, dining, kitchen and screened porch. Nice construction details feature atrium doors, crown moldings, vaulted ceiling with barn-style beams, and hardwood and tile floors. Oversized first floor master bedroom with cathedral ceiling and office/sitting area, located at the opposite end of the house from the "action" for peace and quiet. Three additional bedrooms on the second floor. Privately sited on 2.06 acres with a nice mostly level yard with beautiful perennial gardens and other plantings. Near the Town beach and a short distance to I-89, shopping, hospital, restaurants, and other services. A very attractive and comfortable home in good condition which would suit many lifestyles. Offered at $565,000.
Marilyn Kidder, Listing Broker, 603-526-4116
The average days on market last year in NH was 56 days. If your house has been on for way longer, there are a multiple of reasons as to why it hasn’t sold. Below are some common causes.
- The house is overpriced - the #1 reason why most homes don’t sell.
- The house isn’t properly prepared for the market. Cluttered, too personalized, not sparkling clean, not staged.
- Poor listing photos. 93% of buyers are searching online and weed out homes based on photos alone.
- The property needs too many repairs or updates. Buyers want move-in condition and are unwilling to take on the cost and effort of repairs & renovations.
- You are too emotionally attached. Not listening to recommendations by your agent, micro-managing the process, having unrealistic expectations, etc.
Homes are selling every day because they are at the right price and prepped for sale. Contact me if you want honest & realistic advice on getting your house sold. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
No more shoveling snow from this special Hilltop Unit in New London! 3 bedrooms, 2 baths, tastefully remodeled with unique fixtures and finishes throughout. The sun shines in with wall to wall windows. Gas fireplace in living room for those chilly winter nights. Large master suite with walk-in closet and tiled bathroom. Private patio and garden area. Walk to the clubhouse and community garden. Monthly association fee of $705. One time buy-in fee $4,230. Offered at $274,900.
Anne Marie Appel, Listing Agent, 603-526-4116
Every year the National Association of REALTORS conducts a survey of recent home buyers and sellers to gain insight on the home buying and selling process. Below are some highlights from this report about buyers last year.
- 33% of all home buyers were firstt time buyers and financed 94% of the purchase price.
- Buyers searched 10 weeks and looked at 9 homes before buying a home.
- The typical home purchased was 1850 sq. ft., 3 bedrooms, 2 baths, built in 1990.
- 93% of buyers found online websites their most useful source; photos and detailed information were an important factor.
- 89% of buyers purchased their home using a real estate agent.
- The top 3 factors influencing what buyers chose were: (1) quality of neighborhood, (2) convenience to job, and (3) overall affordability.
Sellers should be aware of how these buying traits might impact them. For example, a house located out in the boonies with 5 bedrooms and 3000 sq. ft. doesn’t target the typical buyer – which could mean longer time on market. Contact me if you’d like to know how these factors might impact you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Data from the NAR 2019 Profile of Home Buyers and Sellers
Interested in home and condo sales in New Hampshire for the past year? To review the market data from New Hampshire REALTORS for 2019, click here 2019 Market Data from NHAR.pdf
“A place for everything and everything in its place.” No one is sure who first coined that proverb, but we’ve been trying to implement it since at least the late 18th century. Here are a few DIY storage ideas that may make life in the 21st century a little easier—or at least a little less cluttered.
Bedroom DIY Storage Ideas
For the price of a package of shower rings and a hanger, you could potentially free up an entire drawer if you slip the shower rings over the bottom rung of a hanger and use it to store your scarves. Mount it to the back of your closet door and your scarves will be accessible and won’t get wrinkled.
A wooden hanger can become an ideal storage device for jewelry, especially necklaces and dangly earrings. Just add eye screws at small, even intervals and hook them through the eye screws.
Under-bedstorage is always a great idea. While you can buy beds that come with drawers underneath, you can also create your own. Use shallow dresser drawers to which you’ve added wheels and you’ll be able to slide them under the bed. The wheels will make them easier to access when the summer turns to fall and you suddenly need to grab a sweater but aren’t yet ready to do the summer/winter clothing transfer. They’ll also make cleaning under the bed a lot easier, too.
Little wooden spice racks make both perfect displays and storage containers for perfume bottles, nail polish, or other cosmetics.
Bathroom DIY Storage Ideas
Unless you have one for every single family member, bathrooms can be storage nightmares. There are only four corners to a bathtub, and those corners fill up fast when everyone in the family likes to use a different kind of shampoo. Hang fruit baskets from your shower rod and store shampoos, conditioners, nailbrushes, loofahs, and body sponges in the baskets. They’re also a great place to store small bath toys.
Pedestal sinks have been in vogue for a while now, and for good reason: their clean,elegant lines make modern sinks the bathroom focal point and they introduce a feeling of space to what’s usually the smallest room in a house. That said,everyone who’s bought a house with one or replaced an old vanity with a pedestal sink has been faced with the dilemma of where to store their bathroom cleaning products. The solution may be to create a shallow, narrow cupboard between the joists in your bathroom walls. Maybe even two, one on either side of the sink.
A large wine rack mounted on a bathroom wall makes for ideal towel storage. You can build your own or buy one. Or you can mount a series of baskets to the wall and store towels, face cloths, and small appliances like hair dryers, curling irons, beard trimmers and electric razors in the baskets.
Don’t forget to use the space above your toilet and above your towel racks. Install floating shelves and use glass jars to store cotton swabs, facial wipes, makeup remover pads, hair elastics and bobby pins or hair clips.
Craft Room and Home Office Storage Ideas
An old muffin tin will fit nicely in even the shallowest desk drawer, and it automatically gives you a dozen small compartments to store paper clips, push pins, elastics, and USB drives. If the drawer is wide enough, add a kitchen cutlery tray and you’ve got storage for pens, markers, scissors, rolls of tape,and charger cords.
Revolving countertop spice racks with clear glass bottles are perfect for small craft supplies like pins, needles, buttons, beads, and sequins. If your craft room has a closet, take the door off and add more shelving. You can still use the curtain rod and pants or skirt hangers to hang folded fabric or scrapbooking supplies.
Pickup an old dresser at a flea market, paint it with chalk paint, and store crafting tools and supplies in the drawers. Dividers are always a good idea.You can buy them or make your own out of cardboard covered in wallpaper. Or you could invest in some more dollar store kitchen cutlery trays.
If your closet has a bifold door, don’t throw it out or store it in the garage.Mount it to the wall and buy some decorative hooks so you can hang scissors and other tools or rolls of ribbon from the hooks. There’s a reason those home workshop pegboards with tools outlined became so popular: they work. Not only can you see where your tools are at any given time, there’s also no doubt where they belong. Once you’ve analyzed the space available to you and the possessions you need to store, you’re well on your way to creating a place for everything. After that, keeping everything in its place will be a lot easier.
Source: www.bhgre.com/bhgrelife
If your New Year’s resolution is to buy a home this year, don’t be discouraged by the fact it is a sellers’ market. Below are some great tips to help you be prepared.
- Get pre-qualified for a loan; better yet get pre-approved. (Pre-approval requires submitting a loan application & necessary documentation)
- You could be competing with other buyers for the same house so be mentally prepared you may have to offer over asking.
- Don’t wait too long to make a decision – good homes sell quickly.
- Make a clean offer with as few contingencies and as large an earnest money deposit as possible. Be flexible with your closing date.
- Be ready to compromise on your needs vs. wants in a home.
By following these tips and remaining optimistic, 2020 may just be the year you become a new homeowner! Contact me and put my 26 years of experience to work for you. 603-526-4116; Donna@DonnaForest.com; www.DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
Based on numerous articles I’ve read recently, the housing market for 2020 will be déjà vu all over again! This past year we had limited supply, low interest rates, and high demand and not much is expected to change. In fact, the ARCH Mortgage Ins. Co. estimates 32 of the 50 states have a minimal probability of having lower home prices for the next 2 years (including NH). Core Logic predicts US home prices to increase 5.4% in the US and 7.1% in NH. There are several reasons for low inventory; more homes need to be built, the average homeowner is moving every 13 yrs. which is up from 8 yrs. in 2010, and a greater number of baby boomers are aging in place. The good news for buyers is mortgage rates are expected to remain low, around 3.8%. Bottom line, 2020 is expected to continue as a seller’s market with appreciation stronger at the lower price points. Whether buying or selling, contact me to find out how the market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com