NH's Market Snapshot: Still a Seller's Market

The real estate market has been an almost daily headline in both national and local news, and let's be honest — the reports have been lackluster. With all this negative news coverage, the average homeowner or potential buyer may be feeling pretty uncertain. National news stories paint a broad stroke, so it's important to talk to a local real estate professional with a keen awareness of the local market data to help you understand what's truly happening in your area. 

According to the NH Association of Realtors, which just released it's September Monthly Indicator Report, NH is still in a seller's market with tight inventory — 1.7 months supply — while the median sales price in September was $440,000 — a 10% increase from last September. This is excellent news for sellers, so if you're considering selling, it's still a great time to do so to cash out your equity.

On the other side of the coin, buyers are pumping the breaks a bit after two years of a warped speed market, which left buyers and agents alike reeling from the insane competition. Many buyers have had to lower their price range to balance the increase in interest rates, which are now hovering around 7% for a 30-year fixed rate mortgage, roughly 55% higher than this time last year. This has led to a decrease in pending sales and longer days on market. 

While this may sound like bad news for buyers, there is opportunity in this market. With less demand overall and longer days on market, buyers can often negotiate better terms. The days of waived home inspections and appraisal gap clauses are in the rear view mirror, and a seller closing cost concession can help purchasers buy down the interest rate. 

One thing about the real estate market will never change: it's cyclical and it's hyper local. If you are thinking of making a move, let's sit down together to view the market data in your town and neighborhood. Regardless of the market, a knowledgable real estate professional can help you understand the market and determine the best course of action for success. 

Are you looking to buy or sell? Melanie Norcross is a top-producing agent at Keller Williams Gateway Realty in Salem, NH. She assists clients in New Hampshire, Massachusetts and Maine. Melanie can be reached at 603-560-3858 or mnorcross@kw.com.