Portsmouth Real Estate Buyers Report November 2013

Real Estate Agent with The Bean Group

Portsmouth Real Estate Buyers Report

Portsmouth real estateWhat do Portsmouth Real Estate Buyers really want?  A good deal, just like anyone else.  How do they find a good deal?  Portsmouth real estate buyers are a special breed.  They get educated on the market and then search homes for sale in Portsmouth.  

What’s The Portsmouth Real Estate Market Like?

Home sales have risen 18% this year about half of last year’s stellar 32% increase over this time period in 2011.  We measure demand in a market by looking at the average Days On Market (DOM).   DOM since January is 66 days which is at it’s lowest level in these past four years and indicates Portsmouth’s Real Estate Market is on FIRE!  When demand is high and new listings can’t keep up, we end up with an inventory problem.  The problem for buyers is they can’t hesitate on pulling the trigger or someone else gets the prize.   Another problem is price trends.  If you are on the hunt for a Portsmouth propertunity, you need to know your => 7 Best Finance Options.

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Median Sales Price vs Average Selling Price

It is said Median Sales Price is a better indicator of price trends because Average Sales Price can be skewed by a transaction with an extremely high or low transaction price.  Median Sales Price is the transaction with the sales price in the middle of all the data with half the transactions having a sales price above and half below.   In a classic example of how Average Sales Price can be thrown off, 8 properties sold in 2011 over $1M and a single transaction was over $6M.  Average Sales Price rose astronomically as the other price indices fell.

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Seller’s Problems

If there are more buyers than there are propertunities, what’s the problem for sellers?  The law of supply and demand dictates when there is a shortage of  particular item and consumers still desire the item, the value of the item goes up.  That’s great for sellers.  It means sellers can be a little more stingy when negotiating offers but they have to be flexible.  Most buyers will balk when a seller doesn’t seem willing to negotiate.  Sellers may need to think outside the box and find other ways to sweeten the deal.  How about covering some closing costs, paying association dues for a period of time, and offering a home warranty can give buyers some extra peace of mind.

This Report Brought To You By Marty Patrizi

Marty is a Realtor at the Bean Group and has been buying, selling, building, and renovating properties since 1988.  Marty can be reached direct at 603-781-4099 or by email marty.patrizi@beangroup.com.  Recommendations =>  Multiply Your Propertunities

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