Question for realtors ... current asking price vs. selling price trends? (for sale, foreclosure) - New Hampshire (NH) - City-Data Forum

DMickey28 · 07-31-2009, 04:47 PM

I hope this is ok to ask. We are starting our house hunt in S. New Hampshire this weekend! So excited!

We are curious what the current trend is in the difference between the asking prices and selling prices of homes in the area. Our budget is up to $300K if that makes a difference.

Is there a general/rough % that you are seeing homes selling for less than the asking price?

I have also heard that most sellers are paying closing costs and accepting them in the offer from the buyers. Are you seeing a high percentage of sellers paying closing?

Thanks!

FM444 · 07-31-2009, 06:10 PM

Hello DMickey28 - We are in a similar situation, relocating in SNH, although now it is August. Have you found a reply to you question? Thanks!

GotBackHome · 07-31-2009, 08:23 PM

I think some of that may also depend on whether you are dealing with a 'seller' or a bank (short sale or foreclosure). You may get help from a 'seller', but often a bank doesn't care since they are already taking a low price.

Valerie C · 08-01-2009, 06:54 AM

There is no easy formula, if that's what you're asking. On one house, the asking price may reasonable, and you might have a motivated seller (selling due to divorce, relocation, job loss, etc) who is willing to drop their price and pay closing costs. The next house (which you will invariably love) may have a seller who 'wants' (but doesn't need) to sell and won't budge on price or concessions. Of course, asking price this week may be different than asking price next week... Each house and seller has their own story, and your agent is your best source of information on strategy, etc.

In the end, a house is worth what a ready and able buyer is willing to pay, and of course what the appraisal says it's worth

Quote:

Originally Posted by DMickey28

Is there a general/rough % that you are seeing homes selling for less than the asking price?

I have also heard that most sellers are paying closing costs and accepting them in the offer from the buyers. Are you seeing a high percentage of sellers paying closing?

Thanks!

BF66389 · 08-03-2009, 06:12 AM

We purchased roughly a year ago and the trend we saw then seems to be holding true today as well (although I seem to have noticed more homes being marked as sold lately):

There is a LOT of garbage on the market...these torn apart/dirty homes will sit there for awhile or some will sell dirt cheap for their size/location.

The nice/clean/really well cared for homes...seem to be selling pretty quickly with the speed determined by either price (if its ridiculously high it won't sell...but only a little high it might) or how unique it is- IE, a home where there are dozens like it for sale won't go to quickly, but one that's more unique (contemporary or craftsman for example) will go fast.

I really think the junk being unloaded is what's driving such long average "on the market" times and whatnot. Almost every home we looked at that we went "wow" when we stepped inside; sold very quickly.

Mrtwigg · 08-03-2009, 06:25 AM

I know two couples and one single person who have moved into southern NH in the past six weeks, All paid well under the asking price. Its a buyers market now and there are folks who belive it has not yet bottomed out.

cali2east · 08-03-2009, 12:24 PM

We just bought a house in S NH and have been in it for all of a month now. We rented for 9 months and spent that time looking around. We put offers into 2 houses - one was a short-sale that didn't pan out b/c the realtor's listed price was never approved by the bank and so they countered $40K above the list price (!) and the 2nd we ended up buying for ~15% less than list. The sellers paid money towards closing costs but be forewarned about the "stamp tax" which even our lender didn't know about. It added another $5K to the close that we didn't anticipate and we ended up paying out of pocket. We were NOT happy about that.

MtDreamer · 08-04-2009, 11:18 AM

What is a "tax stamp"?

BF66389 · 08-04-2009, 11:33 AM

Quote:

Originally Posted by MtDreamer

What is a "tax stamp"?

There is a 1% (?) transfer tax/tax stamp you need to pay when taking ownership of a property in NH. It might be 1.5%, I don't know the exact figure.

The fact that anyones lender/realtor wouldn't know about this- reflects VERY poorly on them.

MtDreamer · 08-05-2009, 09:18 PM

A 1 or 1.5% 'tax stamp' just for taking ownership of property in NH that could add up to an average of $3500. What is the deal with that? Just another way to soak the property owner??? It sure does not cost the city or county that much to transfer property in paperwork or man power in doing so. That seems way out of line.