Real Estate Info

The good news for buyers is the number of NH homes for sale is up 7.5% thru March compared to 2023. However, it is still a seller’s market as the demand for housing continues to exceed supply. The median selling price is up 7.4% at $510,000 vs. $475,000 in 2023. Homes sold at 99% of their asking price with an average of 41 days on the market, 9 days more than last year.

A more local snapshot from the 8 towns in our area shows that sales jumped 29% thru March, 48 solds vs. 37 solds in 2023. The median sales price increased 12.5% to $494,950 ($440,000 last year). Homes are selling around 100% of the asking price with an average of 44 days on the market.

You may be wondering if the volatile stock market or the potential for recession will lower home prices. Historical data doesn’t support this. Home prices usually follow whatever trajectory they’re already on. According to Cotality, home prices went up in 4 of the last 6 recessions. Also, a drop in the stock market doesn’t mean home prices go down. The stock market is more volatile. Home values tend to hold steady, even when stocks dip. And during 4 of the last 6 major stock declines, home prices actually went up. 

Contact me if you want to know how current market conditions impact your buying or selling goals.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

The housing market is picking up. Most experts agree that spring is definitely the best time to sell. However, navigating today’s real estate market is challenging. Reach out to take advantage of our accumulated vast local expertise, experience, and insight.

We’d love to make YOU our next success story! 

We also want you to know… to The Best Team in Town, YOU Are #1!

Based on a recent Realtor.com report, April 13-19 is the ideal week to list your home! This week stands out because the demand is higher this time of year. With mortgage rates stabilizing, more buyers are returning to the market. Since there are more active buyers, who are eager to be settled into their new homes by summer, there is a good chance for a faster sale.

Reach out to take advantage of our accumulated vast local expertise, experience, and insight. We’d love to make YOU our next success story!

The National Assoc. of Realtors conducts a survey* every year on recent home buyers and sellers. Below are highlights on buyers from their most recent report.

• 24% of buyers were 1^st time buyers (down from 32% the year before).
• 74% of buyers financed their home purchase. 26% were cash buyers.
• 45% of buyers purchased in a suburb, 23% in a small town, 16% in a city, 14% in a rural area.
• 75% of buyers bought a single family home.
• 86% used a real estate agent.
• 17% of buyers purchased a multi-generational home.
• The typical home purchased was 1900 SF, 3 BD, 2 bath, and built in 1994.

*2024 Profile of Home Buyers and Sellers – National Association of Realtors

Thinking of selling? Contact me if you’d like to know how these facts could impact your sale.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

Due to the lack of homes for sale, having multiple offers is becoming quite common. While this is great for sellers, it can be emotionally challenging for buyers as only one offer will result in a sale. Below are some misconceptions about multiple offer situations.

•    Sellers have to give all interested buyers a chance to present an offer. FACT – Sellers can accept an offer at any time without informing other buyers, they can counter one offer and put other offers to the side, or they can invite buyers to make their best offer, usually by a certain time.

•    All offers are confidential. FACT - Sellers can instruct their agent to disclose details about an offer to other buyers in hopes of getting a better offer.  In most cases, it may be best to keep terms from other buyers but sellers are not required to do so.

•    The highest price will win the bid. FACT – Many factors play into a sellers’ decision on what offer to choose. Favorable closing date, cash vs. financing, significant down payments, minimal inspections all play into what looks good to a seller.

While it is disappointing for buyers when their offer is not accepted, it is a listing agent’s job to provide open communications to ensure fair and honest treatment throughout the process.

Contact me if you are looking for an experienced agent to provide you with negotiating strategies.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

Below is an overview of a few newly passed state laws.

•    In effect now, a buyer is required to have a septic inspection prior to the transfer of a waterfront house if the septic system is located within 200 ft. of the reference line. If the existing system was never approved by the state or approval was prior to 1989, the buyer must hire a septic designer to determine the elevation of the bottom of the effluent disposal area. If the system is in failure or shows signs of failure, the buyer must repair or replace the system within 180 days of the closing date.

•    As of 1/1/25, prior to a sale, sellers must notify buyers about PFAS, chemicals that have been detected in wells throughout NH but more frequently in southern NH. This notification shall be included in the standard NH sales agreement.

•    As of 1/1/25, prior to a sale, sellers must notify the potential of flood risk to buyers. Buyers are encouraged to determine if flood insurance is required. This also shall be included in the standard NH sales agreement.

•    In effect now, no longer may “any person aggrieved” appeal decisions of the Zoning Board. Only the applicant and abutters can appeal.

Contact me if you’d like to know how any of these new laws may impact your buying or selling needs.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

In March, the National Association of Realtors (NAR) reached a settlement agreement with a nationwide class of home sellers that filed antitrust lawsuits against NAR and some brokerage firms. As I understand it, the lawsuit alleged there was a lack of transparency in commission rates and that commissions were fixed as the MLS required all listing brokers to communicate an offer of compensation. NAR denies any wrongdoing and reached an agreement to end this litigation.

Without getting into the nitty gritty of it all, the end result required two changes in the way real estate is practiced. First, offers of buyer agent compensation can no longer be shown in the MLS. Second, agents working with buyers must have a written agreement outlining the duties and expectations of each party and how the buyer agent is getting paid for their services. Prior to this, only 18 states required written buyer agreements – NH being one.

The impacts? Buyers need to sign an agreement with their agent before touring properties (already required in NH for many years) and sellers may or may not offer concessions to pay the buyers agents. Buyers could potentially include seller concessions in their offer to pay their agent or pay their agent directly. For sellers, expect to pay your listing agents similar overall rates as before. There is also a likelihood that, in order to cover their cost to their buyer agent, buyers will propose concessions from the seller. Not offering compensation to buyer agents could reduce your pool of buyers. The industry is in a time of adjustment, but we all remain committed to protecting the interests of buyers and sellers.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

With the Presidential election just months away, you might be thinking it would be better to wait to buy or sell until after November. I’ve heard some experts say an election year is good for the housing market and others say it negatively impacts it. The reality is the housing market is influenced by many factors including supply and demand, housing starts, unemployment, and interest rates. It is not dependent on who is running or who wins. “Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years,” says Lisa Sturtevant, chief economist at Bright MLS. Home prices tend to rise year over year and the latest data from NAR shows after seven of the last eight Presidential elections, home prices increased the following year. An election year doesn’t alter the price trend that is already happening in the market. Presidential candidates often stress their economic plans, but economists generally agree that presidents have little to no influence over a market as broad as the U.S. housing sector. Bottom line, if you’re considering buying or selling, there’s essentially no reason to let an election year change your plans.  

Contact me if you want help navigating the market.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

Since the announcement of the proposed settlement with the National Assoc. of Realtors (NAR), the media has erroneously made several claims about what it means for sellers and buyers. Below are some thoughts to help clarify.

1. The settlement does not lower home prices. Home values are based on supply and demand - not what a seller pays for commission. Prices have increasingly gone up because there are fewer homes for sale and more buyers.
2.  There is no mandate on what Realtors can charge for their professional services. Commissions have always been negotiable. What will change is the offer of compensation to a buyer's agent can't be posted in the MLS.
3.  Sellers can elect not to pay buyer agent compensation. However, buyers may write into any offer a contingency requiring the seller to cover the cost or other concessions to compensate what they pay their buyer agent.
4.  Written buyer agency agreements will now be required for all Realtors working with buyers. NH has been requiring this for many, many years.

"This will be a time of adjustment, but the fundamentals remain: Buyers and sellers will continue to have many choices when deciding to buy or sell a home, and NAR members will continue to use their skill, care and diligence to protect the interest of their clients."

Contact me if you would like to work with a Realtor who will always look after your best interests and consistently stays on top of the changing real estate landscape.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook

Photo Credit: Emma Bauso

Do More Families Equal Higher Taxes?

By: Donna Forest, Broker Associate

The lack of overall housing in our state is keeping prices higher and buyers on the sidelines, or even worse, leaving our state. We are seeing a significant housing crisis. Unfortunately, new construction is still playing catch up from the years of under building and many towns are reluctant to help address this major economic issue. Why? One of the reasons is a fear that housing for additional families will mean a higher property tax rate is needed to pay for public schools. Is this true? The answer is emphatically “NO”. Adding children to a school district does not equate to higher property taxes. This was proven in a 2019 study by Univ. of NH Professor Emeritus of Economics Robert England “Will More Kids in Town Raise the Local Tax Rate?” This report analyzed enrollment data from all 167 school districts from 2007 to 2017 and then compared the data to property tax figures during the same period. The results showed that changes in tax rates are not related to changes in public school enrollment and shouldn’t be used as a way to oppose new housing. Please bear this in mind as you consider how to keep your community viable and economically sound.

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