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Regarding the state of home sales in Southern New Hampshire lately, a facebook friend in real estate(Peterborough area) posted this yesterday (Sunday, May 9) -"I am a real estate agent. The market is rough for buyers few houses, lots of competition. I have been shopping with a family for a long time. He has cash to buy a house, he is cautious, and wants a strong well cared for home. We have missed out in a lot of offers. (Maybe a dozen) Yesterday we went to see a home 150k below his budget. He figured he had a lot of cash on the competition in this price range. The house was fair, nothing he would have placed an offer in 6 months ago. He had me prep an offer, then kept sending me objections. This morning he outright asked me should I buy this house? I said “no” He replied “if I don’t buy a home you never get paid.” It is so not about me!"
Great time to sell if you have an extra house somewhere.
Not a good time to be buying or building new.
Exactly. Where are these people moving to? The only inventory left near me are mobile homes, houses that are falling down, and $2.5M estates, and the rental inventory is zilch. The price of lumber is sky high. We needed to build a new sugar house and found it was much more cost effective to cut some trees and have them milled, and that’s not an option for most home builders.
Another realtor friend of mine posted this to day (Monday) on his facebook page. He is in Nashua. NH.
"The last 30 days has been a whirlwind of 6 listings SOLD! One 4 unit multi-family, a townhouse, a mobile home and 3 Nashua single family homes! Onward"
The areas east of Nashua are absolutely frenzied. Sixteen to twenty offers is fairly typical for a 3 or 4 bedroom home priced under 450k. These same homes a year ago would have been 400k or under. Buyers are waiving home inspections, covering appraisal gaps and doing whatever it takes to get their offers accepted. There are some creative tricks to get a sellers attention - and love letters to the sellers have fallen out of favor (too much chance of a disappointed buyer claiming discrimination...) This is the worst market I've seen for buyers in the 16 years I've been a Realtor - hopefully we return to a more balanced market without a major crash...
Quote:
Originally Posted by yinduffy
I'm not sure about the areas to the East of Nashua, but I do know that realtors are complaining about a lack of inventory. 16 people bidding one one house, people paying over asking price too. An open house was held two blocks from me in Nashua and the street was lined with cars.
On the other hand, people are sprucing up their homes and property as they see it might be a great time to sell.
May 14, 2021, Concord Monitor newspaper site article - "Concord and Manchester/Nashua are ranked ‘hottest’ real estate markets in the nation" David Brooks, Monitor Staff writer.
"In a conclusion that will surprise absolutely nobody trying to buy a home, southern New Hampshire has what Realtor.com calls the “hottest” housing market in the country, with local listings attracting three times more viewers than the national average and being sold more quickly than anywhere else.
The company put Concord at No. 2 and Manchester-Nashua No. 1 on their list for April.
The group said Concord listings through licensed Realtors stayed up a median average of 15 days and those in Manchester-Nashua stayed up 10 days – both of which are less than any other median in the listing.
The median listing price in the southern market was $400,000 and in Concord it was $379,000, meaning half of the online listings cost more and half cost less.
New Hampshire, like many places, has long faced a housing crunch that has driven up rents and real estate prices, a trend that has increased during the pandemic as buyers from larger urban markets are looking for more rural places to live.
The result is more demand for housing than there is inventory, which is driving up prices as houses are being snapped up quickly. Many real estate agents in the state say the market is as competitive as they have ever seen.
This tends to be good news for people who own homes they want to sell. But it’s bad news for home buyers, especially those looking for an affordable first home, because of rising prices. And almost everyone who decides to sell a home then turns around and becomes a buyer facing the other end of the stick.
Three other small cities in New England were also in the top 20: Portland, Maine, and both Worcester and Springfield in Massachusetts.The two New Hampshire markets were among the nation’s top-10 “emerging housing markets” in an analysis released last month by the Wall Street Journal and Realtor.com."
May 16, the NH Union Leader newspaper ran this article by Jessica Moran -"MANCHESTER, N.H. — New Hampshire's housing market continues to do well this year, some areas of the Granite State are listed as the hottest markets in the country. Realtor.com data shows the hottest markets in the country are the Manchester-Nashua and Concord areas. The average home in the Manchester- Nashua area is $400,000 and Concord is at $379,000.
New Hampshire relators said statewide, the average home is on the market for just 32 days and Realtor.com said in April, half of Manchester area homes sold in under 10 days, 33 days faster than last year.
The president of the New Hampshire Association of Realtors said the market is strong across the state. It's good for sellers but can be tough for buyers.
"We have a number of buyers we are working with right now and typically we find that it's been taken as many as three to sometimes five offers on a property before you get that magic combination together and they're successful in able to buy one," said the president of New Hampshire Association of Realtors Jim Lee.
Lee said more people are looking because of a combination of lower interest rates and people wanting more space in the pandemic. Relator.com said across the country, new listings in April were down 25% compared to previous years. New Hampshire relators said sellers were reluctant to put their house on the market because of the pandemic and then they would need to find a new place to live.
Lee said he does not expect an increase in inventory in the second half of the year and he said if you're buying, do not waive the home inspection unless you have cash saved to fix big, unexpected issues down the road."
Funny - less than a decade ago, Newmarket was another one of the undiscovered towns. I've been telling my husband for years that we need to get out of Londonderry and into Newmarket - but it just wasn't the right time. Now it's right up there with the rest of the seacoast towns - even Seabrook - and we all remember what that town is known for (and no, I'm not talking about the nuke plant or the former dog track...)
Yup! I’d buy in Seabrook, Somersworth, Rochester (etc.) all those “lesser” Seacoast periphery towns that are seeing interest.
Last edited by whippany5; 05-21-2021 at 09:36 AM..
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