There is no shortage of calls and emails all asking 'What changes can we expect with the Local Real Estate Market. It is shocking to learn how much confusion there is out there. So many questions but so many different answers people are receiving. From the media to the internet to agents who have never experienced such changing conditions in a market.
Lets have a "STRAIGHT TALK" about what to expect and what we are seeing now. First lets talk about SELLING YOUR HOME then lets talking about BUYNG A HOME.
For those LOOKING TO SELL THEIR HOME. Prices are stabilizing. Some of the most desired areas are getting full price still. Those homes needing work are selling, but pricing can differ. Some of the best homes are getting 4-5 offers the first day where they used to get 20 plus offers. Some of the best offers are the first offers. We are now seeing offers with contingencies that we have not seen in a few years. It is important for the listing agent to go over this with the home seller BEFORE they list. To know who the most possible buyers for that home may be. Home Sellers should be on alert for people who make "too many promises" and do not discuss how the changes to the market can affect them.
For HOME BUYERS, yes interest rates have come up, but it could cost less to buy now than it will in the future with the promise of more interest rate hikes by the fed. Lets start by saying it can cost a heck of a lot less to own a home than rent the same home. Banks are getting tougher meaning it may be easier to get a mortgage now than in the future. With an increase in new listings, buyers have a good choice of homes to see. The word of caution
With the amount of listings still down near 49% from 2020, there is no promise of a market crash. Prices should remain level for the near term. There is no tidal wave of foreclosures like 2007. There is no wave of bank closings like 2007.
Some of the bigger changes to the market are homes that are over priced are not selling. We are seeing a variety of price decreases on over priced homes over time.
One of the newest trends is consumers coming to us saying different agents are giving different advice. Some outright saying they do not know what to expect. They do not know what a recession would do to the market or how to handle it. Experience comes from doing. If you are a newer agent you wouldn't know how agents and the market responds when the economy declines. It is not taught in a class or online. It is why you as a consumer need an EXPERIENCED AGENT.
We are also seeing a trend with banks being tougher on borrowers. the criteria to get a mortgage is stricter. Appraisals are coming in lower. Some warranted but some not warranted. Look for appraisal issues to continue. The one thing that will matter more than ever is the real estate agents ability to handle these lending and appraisal issues now and in the future. Experienced agents will be better situated to handle issues to protect their clients. Always ask how experienced some one actually is.
DOES IT MATTER WHICH REALTOR I USE? The short answer is YES. It matters. There is great difference from one agent to agent another though. All agents are not created equally. Bigger is not better. Experience matters. Choose the Best agent not the biggest. Choose experience over not experienced. Choose Local over National. Please support locally owned businesses and chose us, your home town Realtor for 35 years who offers some of the most personal and professional service there can be. We stand by you through each step of the buying or selling process. Let me show you there is a difference from one agent to another.
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Welcome to our WEEKLY wrap up from Monday to Sunday of last week
MARKET REPORT FOR June 13, 2022
There are 50 SINGLE FAMILY HOMES FOR SALE: The average Listed priced home is $380,533. The lowest priced home is $179,900. The highest priced home is $759,900.
There were 21 New Listings this week.
There are 149 SINGLE FAMILY HOMES UNDER CONTRACT
There are 18 SINGLE FAMILY HOMES CLOSED this week.
There are 274 SINGLE FAMILY HOMES SOLD 1/1/22 TO 6/13/2022. The average SALE PRICE is $389,472 The average DAYS ON MARKET is 10.
There are 20 CONDOMINIUM STYLE HOMES FOR SALE: The average priced home is $289,930. The lowest priced home is $139,000. The highest priced home is $449,900.
There were 7 New Listings this week.
There are 57 CONDOMINIUM STYLE HOMES UNDER CONTRACT:
There are 8 CONDOMINIUM STYLE HOMES CLOSED this week.
There are 165 CONDOMINIUM STYLE HOMES SOLD 1/1/22 TO 6/13/2022 - The average SALE PRICE is $260,888. The average DAYS ON MARKET is 17
There are 26 MULTI FAMILY HOMES FOR SALE: The average priced home is $867,160. The lowest priced home is $329,000. The highest priced home is $3,289,000.
There are 46 MULTI FAMILY UNDER CONTRACT:
There are 8 MULTI FAMILY HOMES CLOSED this week.
There are 124 MULTI FAMILY HOMES SOLD 01/01/22 to 6/13/2022 The average SALE PRICE is $471,239. The average DAYS ON MARKET is 16.
* Data from NNEREN, subject to change, error or omission
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The SECRET to success and the key to having a successful purchase of sale, can increase simply by choosing a better agent. The secret is, that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.
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 37 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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