New Hampshire Home sales… it’s more than statistics

Opportunity Knocks

New Hampshire Home sales it’s more than statistics…much more

You can read all the statistics in the press and hear the dire reports on the news. In fact today’s New Hampshire Business Review, business news and analysis, had a headline crying out “NH Home Sales Drop 23 % in August” which talks about the drop in the real estate market in comparison to 2007. Those of us that lived through the infamous real estate year 2007 know that it was a pretty bleak year so you can imagine how 2008 has been for many. REALTOR membership numbers have dropped as well with many agents leaving the business. Those of us that are hanging in are finding it extremely hard but at the same time realize what a great opportunity we have.

I wish I had a crystal ball

The hard thing of course is to predict what will happen in the next year and how is the current financial crisis going to effect the real estate market. For buyers this is a prime picking season, as long as they are able to secure mortgage funds of course. Sellers are getting very creative and realistic if they have to sell. Last night I showed a new listing, it had been on the market one day and already had four above asking price offers in.

Listed below market price

One day on the market and 4 offers in- Wow. If you use a pricing pyramid you’ll understand the value of pricing below market but the interesting thing was that all showings were held during a 3 hour period on the 1st day the listing was active in MLS… 2pm-4pm and 5:30 to 6:30. The afternoon shift of showings resulted in the four offers and I have no idea what the night shift brought but when I was there it was pretty crowded with lookers and their agents.

Creative Marketing and thinking outside the box

This home was not a bank owned listing or a short sale. These people wanted to sell and they also realized that when they buy they would make up the difference in potential price loss with a great gain. Very creative and for them a win-win.

A Paradigm shift in real estate

A Paradigm Shift…Most definitely and I feel bad for those that don’t see it or get it. The market next year won’t be much better as a whole but the opportunities will continue to be there for those looking for opportunities. And for those looking for a “deal” they’ll be there too…of course those wanting a “steal” need to look now as we all know winter is coming. This past year the median home prices were down 9.4 % compared to last year…what will next year bring? Like I said, I wish I had a crystal ball but all indications are that prices will not be going up any time soon.

Should I list now or wait

My advice is if you need/want to sell do so now but if you can wait and don’t need to sell now then don’t do it. Your needs will dictate your decisions. I know people who are selling now simply because they can buy much more house than before and they feel it will equal out.

Should I buy now or wait

I really think you need to consider how much you’re paying for rent and realize that money is going to pay off someone else’s mortgage and that someone else will gain all the tax benefits that come with home ownership. Realize too that the investors are out there buying now and that especially with bank owned homes we’re dealing with multiple offers on a regular basis. The real estate adage of what goes down must go up and of course down again…it’s a cycle. If real estate is a long term investment then there is no better time to buy than when we’re in a strong buyers market…if you’re looking for a short term investment, position yourself to buy and CLOSE in December.

Professional Help

What ever you do, you need a professional to help you, so of course here is my “pitch” Call Monika or Jay for all your real estate needs. Start your NH Home search right here on our blog and call us at 603-548-7685 when you’re ready to go look.

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