We continue to see changes in the Real Estate Market. Interest rates jumped 5.23% to 5.78% on average. The amount of new single family listings came down while new condo listings went up sharply. We saw the greatest amount of price reductions on existing listings in some time. Times are changing and this is where your choice in agent matters more than ever.
Lets look at some trends we are seeing in Real Estate in our area. The FIRST thing you should do if you were thinking of Buying or Selling a home is talk to a Local and Well Experienced Agent. Did you know that all agents are not experienced in "How to Sell a home in a changing market." Whether assisting in Listing a home or as a buyer broker, many have never experienced such a market. Experience comes by doing and you as a consumer now need more than ever to look for experience when hiring an agent.
For those LOOKING TO SELL THEIR HOME. If you are thinking of selling this year, now is the time. Contact me to learn what your home is worth in today's market. 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 3-4 offers the first day where they used to get 20 plus offers the first day. The amount of buyers who can buy are decreasing sharply. 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. Contacting me to get started in the buying process can save you money, time and stress. 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.
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 20, 2022
There are 46 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 16 New Listings this week.
There are 150 SINGLE FAMILY HOMES UNDER CONTRACT
There are 21 SINGLE FAMILY HOMES CLOSED this week.
There are 295 SINGLE FAMILY HOMES SOLD 1/1/22 TO 6/20/2022. The average SALE PRICE is $389,472 The average DAYS ON MARKET is 10.
There are 21 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 11 New Listings this week.
There are 57 CONDOMINIUM STYLE HOMES UNDER CONTRACT:
There are 8 CONDOMINIUM STYLE HOMES CLOSED this week.
There are 173 CONDOMINIUM STYLE HOMES SOLD 1/1/22 TO 6/20/2022 - The average SALE PRICE is $260,888. The average DAYS ON MARKET is 17
There are 32 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 45 MULTI FAMILY UNDER CONTRACT:
There are 6 MULTI FAMILY HOMES CLOSED this week.
There are 130 MULTI FAMILY HOMES SOLD 01/01/22 to 6/20/2022 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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