Home Buying Trends in 2022
Since 1981, the Nat’l Assoc. of Realtors has published an annual report providing insight into buying and selling behaviors. Below is some interesting data on buyers from the 2022 Profile of Home Buyers and Sellers.
- First time buyers made up 26% of all buyers, down from last year’s 34% and is the lowest number in 41 years.
- The distance buyers moved from their last home to their new one increased from 15 miles to 50 miles as buyers looked to small towns and rural areas..
- 49% of buyers cited quality of the neighborhood as the most important factor in determining location.
- They typical home purchased was 1800 SF, 3 bedrooms, 2 baths, built in 1986.
- Most buyers expected to live in their home for a median of 15 yrs.
- 86% of buyers purchased their home thru a real estate agent. 89% would use their agent again or recommend their agent to others.
- 88% of buyers reported they view a home purchase as a good investment.
This is a small sample of the characteristics of home buyers in 2022. If you’d like to know how current trends and behaviors impact your goals of buying or selling, then contact me.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
What the Experts Predict for 2023
The popular term for 2022 was it’s a “shifting market”. In other words, the exuberant days of low interest rates and over asking prices from the previous 2 years were disappearing. Here’s what the experts are predicting for 2023.
- If inflation is high, mortgage rates will be high. But if inflation continues to fall, rates will likely fall as well. Lawrence Yun, Chief Economist for the Nat’l Assoc. of Realtors, expects rates to be at 5.7% by year end. Fannie Mae and Freddie Mac are projecting around 6%.
- Housing inventory is expected to remain tight (putting upward pressure on home prices). Sales are down 17% in NH for 2022 from the previous year. For the U.S., Yun predicts sales to fall 6.8% in 2023 compared to 2022. Higher interest rates have tempered buyer demand as well.
- Home price appreciation could go up or down. Some experts predict up to 5.4% appreciation while others say prices could depreciate as much as 5.1%. Most likely appreciation will be relatively flat or neutral. Some areas could see small price gains and others may see slight price declines.
Moderation might be the new catch phrase for 2023. Rates are expected to stabilize, the volume of sales will be less, and home appreciation may be relatively flat, depending on where you live. Whether buying or selling, contact me to know how this market impacts you.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
One floor Hilltop living with second floor comfortable guest suite. Lovely sunny location and level step in from attached garage 3 bedrooms, 2 1/2 baths. Pergo floors in living spaces, 2 bedrooms carpeted. New shower in Primary bath. Plenty of closets for storage and great built in china cupboard in dining area. $400,000
$325,000
Warm and welcoming, this 2 bedroom, move-in ready cape has many updates including complete renovations on the kitchen and first floor bathroom. Privately located in a peaceful country setting with an easy commute to I-89 & the Upper Valley or southwards via Exit 10. You feel off the beaten path but are only 5 miles to downtown New London. Outdoor living is enhanced by the secluded deck surrounded by level lawn, shrubs, and many trees. The tranquil backyard is perfect for relaxing. You’ll find wood floors on the 1st floor, an efficient kitchen, a sunny dining room, and a generous sized living room. Plus there is a one car detached garage with a shed for additional storage – all offering low key, comfortable living at a price you can afford. If you are looking for that one special place where coming home is as comforting as a cup of hot cocoa and fuzzy slippers, then give this one a look! OPEN HOUSE SAT. 12/17 10:30 - 1:30
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
December 9th
“A BOWL OF MERRY”
WITH STEVE SCHUCH, KATHY LOWE AND KENT ALLYN
Join three celebrated musicians as they fill your holiday bowl with instrumentals and songs, both original and traditional. Their festive trio, duo, and solo arrangements are sure to delight listeners' ears and warm the hearts of all.
STEVE SCHUCH- Night Heron Music
Steve Schuch - A Grammy-nominated composer, singer, guitarist, and violinist. He has performed and recorded with Windham Hill guitarist Will Ackerman, folk legend Pete Seeger, and his own Celtic ensemble, The Night Heron Consort.
Kathy Lowe - Singer, song writer, recording artist, guitarist and dulcimer player. Her Seasonal Holiday CD of original carols, “Wishing You Peace,” has become a family favorite for 20 years. Raised in a Vaudeville /Circus family, one never knows what she's going to do next. Visit her intriguing world of "Petreflection Photography" and comedic "Qathy Quarantina" videos.
Kent Allyn
KENT ALLYN
Kent Allyn - He's the best side guy player in NH. On bass, guitar and piano, Kent has played with Ben Baldwin and the Big Note (since 1976), Susie Burke, Cosy Sheridan, Cormac McCarthy, Kathy Lowe, Steve Schuch, The Renovators, and The Rushmores. He's taught private music lessons at Berwick Academy in Maine since 1989. A claim to fame: Steve Tyler's grandmother gave him piano lessons. She would say to him, “Kent, I didn't come here to hear you practice."
SOURCE: Sunapee CoffeeHouse
Lyon Brook offers a comfortable, independent lifestyle that allows owners and residents to simplify their lives in a warm community atmosphere. A caring staff treats residents and owners with dignity and respect, while offering amenities not found in other condominium communities. Meals are optional in the cozy community Dining room, complete with fireplace. There is also a welcoming sunroom, as well as a Library which offers a comfortable retreat to relax and read your favorite book.
Unit 8 is on the first floor and had many renovations around 2019-2020. The small bedroom, living room, foyer, dining area, and kitchen now feature attractive, light wood flooring. The kitchen cabinets were also replaced along with the appliances. A mini-split A/C was installed in the living room, along with remote control window treatments.
The apartment enjoys a lovely walk-out patio area off the living room and benefits from morning light throughout the living space. A nearby door off the hall provides access to the parking area. Basement access is also nearby; here the owner of this unit has a 6’ x 8’ storage “cage”.
If you have never visited Lyon Brook and are considering down-sizing, you will be very impressed and pleased with what it has to offer.
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
Wondering About Mortgage Rates & Home Prices?
Will Mortgage Rates Keep Rising?
The Federal Reserve is trying to lower inflation by increasing the federal fund rates and slow the economy. The Fed doesn’t set mortgage rates however their actions impact these rates. While inflation is high, we will see high mortgage rates. NAR Chief Economist, Lawrence Yun, says rates could continue to increase; adding that 7% looks to be the level the rest of this year and most of next year. He predicts within 2 yrs. the rate should return to 5.5%-6%.
Where are Home Prices Heading?
We continue to have more buyers than sellers in the market so it’s still a sellers’ market. The most recent NHAR report for October showed only a 1.7 month supply of homes to sell (a balanced market is 6 months). Some experts are calling for a little price appreciation next year and others project slight depreciation. Yun foresees zero or minor changes next year, with a swing in either direction. The overheated markets where prices shot up rapidly will see more of a shift in prices. In 2024 and beyond, the experts expect to see more normal appreciation (typically 3-4%) in the years ahead. Yun is predicting a 5% price jump in 2024. Pricing all depends on the local market and factors such as the balance between supply & demand. In NH thru Oct., prices are up 13.5% and homes sold 102.6% of the listing price.
If you are considering buying or selling, contact me for the best advice on making your next move.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
Is Now a Good Time to Sell?
Recent news about the housing market may have you wondering if it’s still a good time to sell. While rising interest rates have impacted buyer demand, there are other factors that still make it favorable to sellers. The lack of homes for sale is one of the driving forces. Data from the NH Assoc. of Realtors showed a 1.7 month supply of homes to sell in Sept. Less than a 6 month supply is considered a seller’s market. Houses are still selling quickly - 21 days on market thru Sept. This is well below pre-pandemic levels with 56 days in 2019 and 61 days in 2018, which were good years.
Buyer demand is declining but it hasn’t disappeared. In fact, the showing activity levels are higher than the pre-pandemic years based on the ShowingTime Showing Index. In Sept. 2022, the index for the Northeast was 168. In 2019 it was 120, in 2018 in was 113, and in 2017 it was 123. (The index measures showing traffic and a higher number means more showings in a given month).
Bottom line, there is low inventory and houses are selling faster than pre-pandemic. There are fewer buyers than in the previous two years but they are active and committed to buying. Contact me if you’d like to know what a shift in this market means for your home sale.
Contact Donna Forest: 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team
HOLIDAY PRODUCTION
ELF THE MUSICAL JR.
(Ages 8–18)
Based on the classic holiday movie, this show tells the story of Buddy, a young man raised by the North Pole elves, who embarks on a journey to New York City to learn his true identity. When he realizes that his father is on the naughty list, Buddy must spread Christmas spirit to change the mind of his father and the whole community.
Location: Fleming Center.
Performances:
Friday, Dec. 16 @ 7:30pm
Saturday, Dec. 17 @ 11am & 2pm
Sunday, Dec. 18 @ 2pm
SOURCE: nlbarn.org
OCT
28
GEOFF BARTLEY
Geoff Bartley (1948 - ?) is a folk-blues guitar player singer-songwriter and recording artist. His last two CDs, 2009's "Put the Big Stone Down" and 2011's "Mercy for the Dispossessed", went to No. 1 on folk radio. In the 1980s, Geoff won four guitars at the National Fingerpicking Champion-ships. Some of his songs and co-writes have been recorded by other artists in New England, Canada, Ireland, and Nashville, and some are included in the Smithsonian Folkways Recordings of the Fast Folk Musical Magazine collection in Washington, D.C.
Since 1994 Geoff has played guitar and sung harmony for folk treasure Tom Paxton. In 2007, Geoff's song A Letter from Prison about Nelson Mandela was recorded by the progressive bluegrass band, The Infamous Stringdusters, on their CD "Fork in the Road" on Sugar Hill. Subsequently, that recording was used in the independent 2008 Lionsgate film "The Lucky Ones".
Songs and instrumentals he has written have been used on the History Channel, Animal Planet, the Learning Channel, the Discovery Channel, the National Geographic Channel, NOVA and Nature on PBS and other cable networks, in private and commercial films and documentaries, and in private and commercial advertising in the US and other countries.
The folk press has called him a world-class guitarist, a brilliant songwriter and the prophet and spiritual godfather of the Boston folk scene.
SOURCE: Sunapee CoffeeHouse