The end of the year has come and a new year has started for the Town of Derry. With the beginning of a new year comes the question of how the Town faired when it comes to marketing/selling homes. In order to determine how the Town of Derry did, we have to look at the absorption rate for 2008. The absorption rate is the amount of time it will take for the current inventory of properties for sale, to be absorbed by the market. Real Estate professionals generally agree that when the absorption rate for a Town is above 6 months we are in a Buyers Market, if it is below 6 months then we are in a Sellers Market.
The Town of Derry's rate came in at approximately 7.89 months, which means that a Seller can expect it to take about 8 months for their property to sell. The Town is definitely in a Buyers Market, but it did fair well when compared to Rockingham County's absorption rate of 9.86. How should a home owner in Derry view these numbers, the answer is with concern. The Town of Derry, as well as the overall County, is in the grips of a very strong Buyers Market. A potential Seller must consider how long it will take to market their home, when considering placing it on the market. Pricing your home correctly will mean the difference between a sale and becoming an expired home.
When marketing your property it is always important to be aware of current market trends, any changes and how it may effect you. I have over 10 years of experience in Real Estate and I consider myself someone who can bring my experiences to assist any Seller in marketing their property. If you are considering selling your home, you need to have someone with the expertise and experience to help you navigate the ever changing waters of the Real Estate Market, so call me so that I can assist you with your largest financial dealing.