Typically, as we slide into our fall season of apple picking and pumpkins on the porch, the real estate market starts to slow down. Usually there are fewer buyers out looking and not as many homes for sale. But as we all know, this year is anything but normal! Homes are still selling quickly and values continue to rise. Data from the Mortgage Bankers Association showed loan applications were up more than 30% year over year and they expect buyer demand to continue into 2021. In the words of Lawrence Yun, National Association of Realtors' chief economist, “this market momentum is very solid.” He also stated "home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market."
“With unusually high buyer interest this late in the home buying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags,” the report’s author, Realtor.com economist Danielle Hale, wrote. “Campisi, Natalie The Fall Real Estate Market Is Abnormally Hot As Mortgage Rates Break Records” Forbes 9/11/20
Bottom line, it’s not too late to get your house on the market! Contact me if you want to know how to successfully sell your home this fall. 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
If a classic clapboard Cape Cod on a tree-lined street is your image of home, then give this one a look! Nicely set back from Shaker Road with a beautiful view of Mt Kearsarge, this house is situated in the midst of New Hampshire splendor: 3.5 miles to charming New London town center, 4 miles from Kearsarge Regional High School and within 2 - 4 miles of two 18-hole golf courses. The terraced backyard abuts a 4 acre pond with plenty of trails in the Cascade Marsh Wildlife Preserve for year-round outdoor activities. A wonderful house with a first floor master bedroom and an upstairs with 2-3 bedrooms off a loft/den area, along with a hobby room that can be multi-purposed. Other features include wood floors in the dining and living room, a wood-burning fireplace, a delightful screened porch to enjoy summer evenings, an attached 2-car garage, stand-by generator, and a brand new roof! Come check out this spacious house at a price you can afford! Call for details.
Donna Forest, Listing Broker, 603-526-4116
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
This wonderful roomy farmhouse with rich local history is conveniently located near the village of Grantham, close to Rte. 89, and a short distance to Lebanon/Hanover to the north and New London/Sunapee to the south. Once part of an over 500-acre working farm, this 4br/2ba home sits along a beautiful stretch of Stocker Brook. The 3.2 acre mostly-level property features perennial gardens, shrubs, trees, and an open pasture area suitable for livestock or horses. The attached outer buildings were once used as an ice house and farm storage, later as horse stalls and snowmobile storage (with drive out and direct access to miles of trails maintained by the local snowmobile club). Other features: FHA Propane heat (new 2016), 4-bedroom septic (new 2020), double pane windows with screens, a standing seam roof, and a great screened porch in shade of an old maple tree. Excellent opportunity for someone who would enjoy its history and charm and undertake some 21st Century updates. Offered at $229,000.
Marilyn Kidder, Listing Broker, 603-526-4116
The real estate market continues to see low inventory and high buyer demand which means it is still a sellers’ market. In July, the state was reporting historically low inventory – half as much for sale this year compared to last year in July (which was also historically low). Buyers realize the importance of home ownership as evidenced by the Mortgage Bankers Association Aug.12 report which shows a 22% increase in mortgage home purchase applications over last year.
NH market data reveals the state had the highest July median sales price ever for that month at $340k. Year to date (thru July) the median sales price in NH is up 7% at $320k compared to $299k last year with the days on market at 56 days and sellers receiving 98.9% of the list price. In the combined towns of Newbury, New London & Sunapee, the number of home sales is a little ahead of last year (thru July) – 115 sales this year/110 sales in 2019. The avg. days on market is 74 and sellers are receiving 96% of their asking price. Currently there are only 43 homes for sale in the 3 towns; 29 of which are priced over $400k. Now is the ideal time to be selling as we expect buyer activity to remain strong thru early fall. Contact me if you’d like to know the value of your home in today’s active market! 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
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