By Andrew Smith, CCIM
The real estate market in Northern NE continues to prove that it has not caught the cold that has been plaguing many parts of the country for the last year. Although there are pockets of concern, the market continues to chug along, with astute Buyers stepping up and getting both attractive prices, and great financing terms. The chart below shows both activity and prices are down in some towns, and up in others.Activity in Vermont has been affected the most, with an overall decline in sales of -37%, while New Hampshire posts a strong 29% increase. Proper pricing seems to be the key. With more homes on the market, those Sellers that are realistic in their asking prices are getting their homes sold. This is reflected in the days on market, which after going up for the last few quarters appears to have stabilized, and actually saw a 2% decline to an average of 160 days.
Many Buyers are coming in, and although they recognize the values, are still hesitant to take the plunge. Why is this a great time? Well, we feel that even if the market is not “right at the bottom” (the only way you will know is after it starts back up again!) the very favorable interest rates more than make up the difference. Interest rates are at historical lows, and coupled with more than ample choices, it’s the best of both worlds for Buyers. As the feds struggle to keep the economy on track, and keep inflation in check, we doubt these low rates will be sustainable. Look for higher mortgage rates starting in the 3rd quarter of this year.
and ask them to show you the real numbers and benefits associated
with buying real estate in today’s market, at today’s low rates.
