When will Real Estate Prices go back down?

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Real Estate Agent with Godzyk Real Estate Services NH License 033394

A buyer told me they wanted to wait until values go back down to buy. Instinct had me ask them if they really wanted to wait until that long to buy their own home? We as Realtors do not have crystal balls and can not tell the future, I can though tell you what the market is like now. I can also tell you what we can expect in the near term as well. Here in the Manchester NH area we have  VERY strong economy Higher than average wages. Lowe than average unemployment. Higher than average growth. A market that sees more people moving here than leaving.

 

Values have steadily increased for sellers. It makes now a great time for home sellers to sell. It also makes now a great time for home buyers to buy. The KEY is the INTEREST RATES. Higher now than last year, but lower now than they may be next year.

 

With more buyers than homes to but, values will continue to climb. NH has the distinct advantage of NO income tax and NO sales tax. Businesses are lining up to move here with ample land, clean water, great roads, new highways and a well planned out infrastructure. 

 

The MOST IMPORTANT message is to share with every consumer that my philosophy is simple, provide more personal and professional service to guide clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest.

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 32 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

    

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Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Scott, on having this blog FEATURED in the Old Farts Club group!  

Jul 04, 2018 07:26 AM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Those interest rates make a much bigger impact than a lower sales price.  Get a mortgage before they go up again.

Jul 04, 2018 09:37 AM #7
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Scott Godzyk - when values go down, there is probably some other economic reason for that.  It will probably affect that buyer as well. Do it now while you can.

Jul 04, 2018 11:21 AM #8
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I hope you are enjoying a very special Independence Day.

Have an outstanding week.

Jul 04, 2018 01:04 PM #9
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Scott- no one has a crystal ball but what they can do is listen to someone, like you, who knows the current market and is tuned into what can impact home prices. 

Jul 04, 2018 01:54 PM #10
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Scott don't we wish we had a crystal ball all of the years both you and I have been in real estate!  Interest rates are going to go up - that is a given. Our areas are smiliar in that Maricopa County (Phoenix Metro) is one of the fastest growing economies in the country. It's absolutely mind-blowing to see all of the new construction going on both residential and commercial.

Jul 04, 2018 03:42 PM #11
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I don't think we will see lower prices for a very long time if ever. I may be out of the business then. It sounds more like an excuse to not make a decision now.

Jul 04, 2018 06:32 PM #12
Rainmaker
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James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Scott.

You are right, the interest rate will dictate the market. Now, I agree with Debbie Reynolds, I may be long gone before lower prices come back around  

Jul 05, 2018 02:43 AM #13
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Exactly what i like to relay to consumers asking Barbara Todaro 

Jul 05, 2018 05:56 AM #14
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I am seeing similar buyers who now say they wished they bought last year Nina Hollander 

Jul 05, 2018 05:57 AM #15
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I am thinking the same thing Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 

Jul 05, 2018 05:57 AM #16
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Larry Brewer - Benchmark Realty llc i have heard that story before from consumers too, and they learned it was a bug istake to assume. 

Jul 05, 2018 05:58 AM #17
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

The thing is they up in the news, but market interest rates although u a small tick, are still low because new mortgages are low. They need a lower rate to attract new mortgages Myrl Jeffcoat 

Jul 05, 2018 05:59 AM #18
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I recently had a buyer on the bubble. They were at the far high end of what they could get a mortgage for in a $500,000 home. When rates just ticked up, they could no longer afford the home they waited on "doing all that thinking". The seller refused their lower offer Chris Ann Cleland 

Jul 05, 2018 06:02 AM #19
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

That is the message i like to give as well Sheri Sperry - MCNE® 

Jul 05, 2018 06:03 AM #20
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you for the comment Roy

Jul 05, 2018 06:03 AM #21
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank  you for the comment and kind words Kathy Streib 

Jul 05, 2018 06:03 AM #22
Rainmaker
2,670,094
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It is sure similar here Anna Banana Kruchten CRB, CRS 602-380-4886 and as well as homes, they are building major businesses. Technological, medical, shipping and even manufacturing hubs.

Jul 05, 2018 06:05 AM #23
Rainmaker
4,657,181
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Continue your celebrations and have an outstanding week.

This is a Longwood Gardens photograph.

Jul 05, 2018 06:40 AM #24
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Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

I get that question often and I reply as I always do with any speculative question, which is, "it depends". They reply, depends on what and then I begin to determine when they want to purchase a home, less than a year or more than a year.

So, depending on their input, we can begin a conversation about paying cash or financing; their household MAGI and current debt service without existing rent or mortgage payments, employment history and income and specifically what neighborhood community they prefer to reside.

Depending on how cooperative the suspect provides the information, the process will determine if they become a prospect. So, it depends on the exchange of information, doesn't it? 

Jul 08, 2018 02:48 PM #25
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