The market continues to change in the last week. With a slow down in sales Interest rates actually fell slightly. The amount of new listings decreased last week while the amount of sales stayed near the same as last week. The fed meets the end of the week, so acting now is a better option than when they raise rates again. You as a consumer have a choice. Not all agents are created the same. Experience matters more than ever as the market changes. Knowing what to expect to next. Knowing how to approach these changes. Knowing how to better guide you as a buyer or seller through these changes matters and comes with experience.
IF YOU ARE THINKING OF BUYING WHAT SHOULD YOU DO?: The first thing is that buying at a lower interest rate will mean a lower payment and more buying power. As rates increase, your buying power decreases, monthly payments rise and the sales price you can purchase falls sharply. The down side is rents and home prices are still increasing. It costs more to rent than purchase though.
Perhaps the best news to buyers is there are more homes to see. The largest trend is sellers now willing to accept inspection contingencies. Accept offers paying or crediting the buyer for closing costs. Most recently sellers accepting offers where the buyer had a home sale contingency.
With prices increasing slightly the cost to buy a home is increasing. Purchasing now and refinancing to a lower rate in a couple of years may be an option.
SELL NOW OR WAIT?: The number one question is "Did you wait too long to sell? The answer is not a simple yes or no. Prices are still high however the days of getting 20 offers the first day over asking price are over. As interest rates rise, traditionally prices level off. SO yes, that makes NOW the time to list over waiting.
MANY SELLERS ARE ALSO SHOCKED to find out who they list with matters. Homes are staying on the market longer. Offers are more complicated with inspection contingencies. Home sale contingencies and buyers asking for sellers to pay up to 3% of their credit cards. Knowing what to expect and how to negotiate is a must and that comes from hiring an experienced agent like me who can navigate the market changes with you. Recently a seller was shocked when their agent did not know what seller concessions meant hindering their home sale. Sell your home "right" and do it from the start by listing with a well experienced agent..
WE ARE SEEING AN INCREASE IN PEOPLE BEHIND IN THEIR MORTGAGE - ARE YOU BEHIND IN YOUR PAYMENTS OR NEED TO SELL QUICK? Let me tell you there are options available to help you if you are behind in your mortgage. There are also options for those needing to sell quick. It starts with you reaching out to me to show you what your options are. To show you ho-w much we can sell your property for. To show you how to get time and cash in n your equity while you still have it, From quick cash closings to a closing giving you time you may need. Avoid the "we pay cash for your home signs" to avoid getting half price offers. There is help and we are here to deliver it to you.
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 July 25, 2022
There are 56 SINGLE FAMILY HOMES FOR SALE: The average Listed priced home is $425,000. The lowest priced home is $200,000. The highest priced home is $950,000.
There were 13 New Listings this week.
There are 131 SINGLE FAMILY HOMES UNDER CONTRACT
There are 18 SINGLE FAMILY HOMES CLOSED this week.
There are 406 SINGLE FAMILY HOMES SOLD 1/1/22 TO 7/25/2022. The average SALE PRICE is $402,436 The average DAYS ON MARKET is 9.
There are 19 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 5 New Listings this week.
There are 69 CONDOMINIUM STYLE HOMES UNDER CONTRACT:
There are 3 CONDOMINIUM STYLE HOMES CLOSED this week.
There are 209 CONDOMINIUM STYLE HOMES SOLD 1/1/22 TO 7/25/2022 - The average SALE PRICE is $263,824. The average DAYS ON MARKET is 15
There are 35 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 43 MULTI FAMILY UNDER CONTRACT:
There are 3 MULTI FAMILY HOMES CLOSED this week.
There are 162 MULTI FAMILY HOMES SOLD 01/01/22 to 7/25/2022 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 35 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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