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
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
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
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
The housing market still appears to be going strong both in the US and in NH. Nationally, the median sales price through Aug. was up 4.7% to $278,200 and in NH it was up 5.6% to $299,900. A strong labor market, low interest rates, and low inventory continue to impact housing sales by pushing up home prices. Locally, in the towns of Newbury, New London, & Sunapee combined, sales up are up - 164 homes sold YTD through Aug. compared to 135 sold in 2018. Avg. days on market this year is 78 days compared to 116 days last year for the 3 towns and the avg. selling price was 96% of the asking price. Interestingly enough, in our area the median sales price through Aug. stayed about the same at $351,000 (last year it was $350,000).
While the U.S. economy at large looks positive, experts are split on whether another recession is on the horizon. However, most signs point to continued good news for the housing market. The CoreLogic HPI Forecast predicts a moderate but healthy 5.6% acceleration in annual home price growth to June 2020. Bottom line, the housing market is really good for buyers and sellers. Mortgage rates are low and home prices are still rising. Contact me to work with a realtor who understands how the market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com.
It is spring in the Granite State and the housing market is in full bloom. While we are still experiencing low inventory, buyers are out buying and multiple offers are not uncommon. Like last year, the lack of homes to sell is impacting prices. Statewide in the 1st quarter, the median sales price grew from $260,000 in 2018 to $280,000 in 2019, up 7.7%. The average days on market was 80 days. Sales statewide are down by 2.8%; again due to low inventory.
In the combined towns of Newbury, New London, and Sunapee, 1st quarter sales are about the same. 26 homes sold in 2019; 25 sold in 2018. The average days on market dropped to 145 days vs. 201 days in 2018. The median sales price was $350,250 in 2019 compared to $392,000 in 2018. The higher median sales price in 2018 can be attributed to having 3 sales over $1 million close in the 1st quarter vs. the highest sales price this year was $750,000.
The good news for home buyers is no further rate hikes are expected and the 30 yr. fixed rate mortgage is under 4.5%. Additionally it is still a tight job market which is pushing up income. Bottom line, it’s still a good time to be a buyer or seller so contact me to get your jump on the spring market! 603-526-4116, www.DonnaForest.com, donna@donnaforest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/18 – 3/31/18 and 1/1/19 – 3/31/19.
I recently attended the National Association of Realtors (NAR) conference in Boston. Lawrence Yun, chief economist for NAR, presented his 2019 housing forecast at this convention. Below are some of the key points.
- 2017 had the highest home sales activity in 10 years. While many realtors feel they are currently experiencing a “slow down”, the reality is total sales in 2018 are only down 1.5% YTD compared to 2017.
- Typically, rising interest rates would impact home sales, however, as we are in a period of job growth and low unemployment, this cancels out the impact of higher rates. 2019 is predicted to be similar to 2018, with sales forecasted for a 1% increase.
- The national median home price is expected to rise 3.1% to $266,800 in 2019.
- Low supply could continue to suppress sales, especially for first time buyers.
- The US is experiencing historically normal levels of affordability but buyers may be staying out of the market because of perceived problems with affordability.
Bottom line, Dr. Yun forecasts 2019 home sales to be stable and similar to 2018, with continued growth in sales prices. Contact me if you want to work with a realtor who stays on top of trends and issues facing buyer and sellers today! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
As we approach the end of 2017, there are a number of articles out with predictions on what the 2018 housing market will bring, based on the opinions of economists and housing experts. While no one can say for sure, it sounds like it could be similar to what we experienced this year. Below are some of the highlights.
- Interest rates are expected to gradually rise from around 4% to 4.5% by end of year.
- Low inventory will continue to be a challenge for buyers.
- Millennials could be the most active home buyers in 2018 and they will be looking in higher density, amenity-rich neighborhoods.
- Baby boomers haven’t downsized as much as anticipated. Some speculate this is due to the fact they are working longer and also desire to age in place and not move.
- Home values are expected to grow – some predict 3.2% and others are at 4.7%.
Whether buying or selling, contact me if you’d like to know how the market could impact you. Donna@DonnaForest.com; www.DonnaForest.com; 603-526-4116.
Lately this is a sentiment many of us have about the real estate market as it seems to have come alive these last few months! This opitmism is backed up by figures just released by the NH REALTORS® as NH home sales saw its most February sales since February 2002, up 27%. Cumulative sales for this January and February increased 25% compared to January and February 2015. While only a 2 month comparison, it certainly is positive news. The median sales price statewide saw no change from last year, however prices may start creeping up if our low inventory persists. Right now it seems we may have more buyers than we have houses to sell! For example, currently New London has 40 homes for sale and last year there were a total of 60 homes sold. This may change as sellers usually start entering the market in April and May, the beginning of our "true" selling season. However, all things considered, there is good cause to be optimistic about the real estate market being alive in 2016! If you've been on the fence about selling, this may be the right time to list. Contact me for realistic and professional advice on getting your house sold. 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com