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We have been looking to buy a second property in the MWV for some time. Unfortunately, life circumstances coincided with the pandemic real estate surge. We have some money set aside but are not comfortable getting in a bidding war for a weekend place.
From the perspective of my untrained eye, the market appears to be softening some - occasional price drops and longer term listing.
I am curious if the professionals agree or if I am looking for something that is not there.
I'm not a real estate professional. However, I expect all asset prices (houses, stocks, Bitcoin, ...) To come down once the fed stops printing money, probably within a year. I'm looking to buy my daughter a house, but I'm waiting for now as I expect prices to fall. Of course, the fed may keep printing money indefinitely, there's no way to be certain.
We have been looking to buy a second property in the MWV for some time. Unfortunately, life circumstances coincided with the pandemic real estate surge. We have some money set aside but are not comfortable getting in a bidding war for a weekend place.
From the perspective of my untrained eye, the market appears to be softening some - occasional price drops and longer term listing.
I am curious if the professionals agree or if I am looking for something that is not there.
Not yet. This article says 2022. I say it will be the following spring when the transplants have realized they are never going to like NH winters.
In the past 3 or so weeks, we are starting to see an ever so slight softening in the market here in Southern NH. Don't get too excited just yet - many properties are still going under agreement in <10 days with multiple offers, but whereas earlier this year we were seeing sometimes 30+ offers, inspection contingencies being waived, non-refundable deposits and appraisal gaps being covered by buyers, now we are seeing fewer offers with more typical contingencies. IMO this is a good thing. While some sellers will be unhappy to now not be able to unload the home they've owned for decades but never bothered to upgrade the single-pane windows or the 30+ year old septic system without a pesky inspection. Many of those eyes wide shut buyers who bought sight unseen with no inspections may have some buyers remorse after a couple of NH winters...
I’m not a RE agent either. However, I follow the markets very closely. Like JDHPA said, until they stop printing money. Interest rates will then rise. Some won’t be able to afford with higher rates. Housing will then “Level offâ€. Those with cash won’t have to worry about interest rates & will have the greater buying power at that point. Just my opinion.
It's going to be a while before the govt stops printing money. Congress has to either raise the national debt limit or suspend it this week or we'll default on the debt, which they won't allow to happen. Washington has done nothing but spend money for almost 2 years and Biden shows no signs of stopping.
The real estate market in Moultonborough has never been hotter, the price level that higher end properties are selling for is mind blowing- usually under contract in a week or less much of the time.
I don't sense the frenzy to buy as quite as high now but I wouldn't look for any decline in home prices anytime soon, I see a leveling off in the fall.
Exactly. Inventory is zilch right now unless you want to spend millions or to buy land. And in the latter case, you pay through the nose for building materials now, assuming you can actually find someone to do the construction. And if prices start to fall, people aren't going to be rushing to sell either
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