Typically, as we slide into our fall season of apple picking and pumpkins on the porch, the real estate market starts to slow down. Usually there are fewer buyers out looking and not as many homes for sale. But as we all know, this year is anything but normal! Homes are still selling quickly and values continue to rise. Data from the Mortgage Bankers Association showed loan applications were up more than 30% year over year and they expect buyer demand to continue into 2021. In the words of Lawrence Yun, National Association of Realtors' chief economist, “this market momentum is very solid.” He also stated "home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market."
“With unusually high buyer interest this late in the home buying season, buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates. This means homes are sitting on the market for much less time, despite notably higher price tags,” the report’s author, Realtor.com economist Danielle Hale, wrote. “Campisi, Natalie The Fall Real Estate Market Is Abnormally Hot As Mortgage Rates Break Records” Forbes 9/11/20
Bottom line, it’s not too late to get your house on the market! Contact me if you want to know how to successfully sell your home this fall. 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
The real estate market continues to see low inventory and high buyer demand which means it is still a sellers’ market. In July, the state was reporting historically low inventory – half as much for sale this year compared to last year in July (which was also historically low). Buyers realize the importance of home ownership as evidenced by the Mortgage Bankers Association Aug.12 report which shows a 22% increase in mortgage home purchase applications over last year.
NH market data reveals the state had the highest July median sales price ever for that month at $340k. Year to date (thru July) the median sales price in NH is up 7% at $320k compared to $299k last year with the days on market at 56 days and sellers receiving 98.9% of the list price. In the combined towns of Newbury, New London & Sunapee, the number of home sales is a little ahead of last year (thru July) – 115 sales this year/110 sales in 2019. The avg. days on market is 74 and sellers are receiving 96% of their asking price. Currently there are only 43 homes for sale in the 3 towns; 29 of which are priced over $400k. Now is the ideal time to be selling as we expect buyer activity to remain strong thru early fall. Contact me if you’d like to know the value of your home in today’s active market! 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
On the eve of July 31st, 2020, the sun set on a record-breaking month for residential home sales in New Hampshire. NH REALTORS® reported 2,012 residential sales, the most in the state's recorded history for July---which even in slower years is a terrifically busy month for real estate transactions. The month's median selling price also coincided with New Hampshire's highest ever, at $340,000.
This recent summer boom comes on the heels of five consecutive months of declining sales in the New Hampshire residential housing market. Ever since January 2020, sale volumes had been falling...but July swiftly reversed that trend. Not only that, but it soared ahead to achieve a 6.4% increase over 2019's July sales. July 2020 ushered in a strong seller's market, with sales prices increasing by 22%, and pending sales increasing by 19%. At the same time, the market supply dwindled: homes for sale decreased by a staggering 54%.
July has come and gone, but this trend continues. We're now in the the final golden days of summer, in August, and "healthy buyer demand and constrained supply continue to be the story," reports NH REALTORS®. "A competitive market for buyers...is expected to continue into the late summer and early fall market."
Read more in-depth about this trend: https://www.nhar.org/assets/docs/NHAR_MMI_2020-07.pdf
Today’s market is a bit on the crazy side right now as we don’t have many homes for sale and buyer demand is high. Sellers receiving multiple offers seems to be the new normal. Here is some advice for sellers when they are considering more than one offer.
- With multiple offers, sellers can ask for “best and final” from all buyers, accept one offer if it is outstanding, or pick one offer to negotiate with and set the others aside.
- Be sure to note all the terms of the offers. Closing dates, down payments, financing, inspections, and type of loan can be impactful.
- Be aware if an offer is significantly over asking; there is an increased risk the house will not appraise if the buyer is getting financing. Which means the buyer can’t get the amount needed to purchase.
- Cash is king. Even if the offer is for a little less money, it might be worth accepting as you skip all the steps required with a loan.
- Offers should come with a pre-qualification or pre-approval letter from the buyers’ lenders or they are not worth considering.
Offers have many variables so discussion with your listing agent on how to choose the right one for you is vital. If you are thinking of selling, contact me and put my 26 yrs. of experience to work for you. 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
It’s natural to assume during this economic shutdown that home prices are dropping and foreclosures are up. This is far from the truth and in fact, NH home prices are up 7% (YTD through April) with a median sales price of $304,900. Nationwide the median sales price is up 7.4% which marks 98 straight months of year-over-year gains. Prices are being pushed higher due to the undersupply of homes to sell. In fact at certain price points, bidding wars are not uncommon in our area. For example, in Newbury, New London & Sunapee combined, there are only 51 homes for sale and only 8 are priced under $300k (as of 6/2).
Many experts predict home prices will continue to appreciate through 2022; projections range from 0.4% to 4.6%. And there are some who predict a small decline. No one can say for sure what the future holds given the uncertainties of our times. However, the benefits of home ownership go beyond pricing and provide stability, builds net worth and a sense of community. Yes, it’s a great time to be a seller but buyers also can benefit from the record low mortgage rates. Contact me if you are looking for guidance on buying or selling. 603-526-4116 (Office); www.DonnaForest.com, Donna@DonnaForest.com
Yes, the real estate market is still alive and people are moving. Buyers are out looking and interest rates are historically low. Houses are being listed for sale and most seem to be going under contract fairly quickly. While the market is not as robust as it typically would be for this time of year, it is fairly active given current conditions. True, some sellers have temporarily pulled their homes off the market and some buyers are delaying their search for a month or so. However, the housing inventory faced a shortage before the pandemic and this is still the case. Which means home prices remain strong and it is still a sellers’ market.
The process has changed but the results are the same. Virtual tours, Zoom meetings, FaceTime, protocols requiring masks & gloves for actual showings, remote closings, etc. The industry has adapted to ensure properties can still be safely sold. If you are thinking about buying or selling, contact me for help in creating a safe and effective plan for success in today’s market. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
The answer is a definite “yes.” Realtors have adapted to our new reality and almost everything has shifted to a virtual platform. Below are some of the changes we are seeing.
- Agents and clients meet via video chats vs. in person.
- Virtual tours of homes have become an even more important marketing feature.
- Documents are filled out & signed electronically using electronic signature programs like Dot Loop or DocuSign.
- There are safety procedures in place for showings. Buyers remove shoes, sanitize their hands and don’t touch anything in the house, viewing times are limited, only people essential to the purchase are allowed in, and agents will ask both sellers and buyers if they have traveled in the last 14 days, been around anyone who is sick, or are sick themselves. Masks may be required as well.
- Closings can still occur. Paperwork can be sent out ahead of time for signatures or even done in a parking lot in your own car; monies can be wired.
- Home inspectors limit who can be in the house during the inspection. Exterior only appraisals may be accepted by some lenders.
- Buyers and sellers need to be aware the loan processing could take longer. There could be delays beyond our control so set your expectations accordingly.
Some sellers will pull their house off the market and some buyers will put their search on hold until we are through this health crisis. While it is not business as usual, adjustments are made so buying and selling can still be a reality. Give me a call for any real estate needs you may have. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Every year the National Association of REALTORS conducts a survey of recent home buyers and sellers to gain insight on the home buying and selling process. Below are some highlights from this report about buyers last year.
- 33% of all home buyers were firstt time buyers and financed 94% of the purchase price.
- Buyers searched 10 weeks and looked at 9 homes before buying a home.
- The typical home purchased was 1850 sq. ft., 3 bedrooms, 2 baths, built in 1990.
- 93% of buyers found online websites their most useful source; photos and detailed information were an important factor.
- 89% of buyers purchased their home using a real estate agent.
- The top 3 factors influencing what buyers chose were: (1) quality of neighborhood, (2) convenience to job, and (3) overall affordability.
Sellers should be aware of how these buying traits might impact them. For example, a house located out in the boonies with 5 bedrooms and 3000 sq. ft. doesn’t target the typical buyer – which could mean longer time on market. Contact me if you’d like to know how these factors might impact you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Data from the NAR 2019 Profile of Home Buyers and Sellers
“A place for everything and everything in its place.” No one is sure who first coined that proverb, but we’ve been trying to implement it since at least the late 18th century. Here are a few DIY storage ideas that may make life in the 21st century a little easier—or at least a little less cluttered.
Bedroom DIY Storage Ideas
For the price of a package of shower rings and a hanger, you could potentially free up an entire drawer if you slip the shower rings over the bottom rung of a hanger and use it to store your scarves. Mount it to the back of your closet door and your scarves will be accessible and won’t get wrinkled.
A wooden hanger can become an ideal storage device for jewelry, especially necklaces and dangly earrings. Just add eye screws at small, even intervals and hook them through the eye screws.
Under-bedstorage is always a great idea. While you can buy beds that come with drawers underneath, you can also create your own. Use shallow dresser drawers to which you’ve added wheels and you’ll be able to slide them under the bed. The wheels will make them easier to access when the summer turns to fall and you suddenly need to grab a sweater but aren’t yet ready to do the summer/winter clothing transfer. They’ll also make cleaning under the bed a lot easier, too.
Little wooden spice racks make both perfect displays and storage containers for perfume bottles, nail polish, or other cosmetics.
Bathroom DIY Storage Ideas
Unless you have one for every single family member, bathrooms can be storage nightmares. There are only four corners to a bathtub, and those corners fill up fast when everyone in the family likes to use a different kind of shampoo. Hang fruit baskets from your shower rod and store shampoos, conditioners, nailbrushes, loofahs, and body sponges in the baskets. They’re also a great place to store small bath toys.
Pedestal sinks have been in vogue for a while now, and for good reason: their clean,elegant lines make modern sinks the bathroom focal point and they introduce a feeling of space to what’s usually the smallest room in a house. That said,everyone who’s bought a house with one or replaced an old vanity with a pedestal sink has been faced with the dilemma of where to store their bathroom cleaning products. The solution may be to create a shallow, narrow cupboard between the joists in your bathroom walls. Maybe even two, one on either side of the sink.
A large wine rack mounted on a bathroom wall makes for ideal towel storage. You can build your own or buy one. Or you can mount a series of baskets to the wall and store towels, face cloths, and small appliances like hair dryers, curling irons, beard trimmers and electric razors in the baskets.
Don’t forget to use the space above your toilet and above your towel racks. Install floating shelves and use glass jars to store cotton swabs, facial wipes, makeup remover pads, hair elastics and bobby pins or hair clips.
Craft Room and Home Office Storage Ideas
An old muffin tin will fit nicely in even the shallowest desk drawer, and it automatically gives you a dozen small compartments to store paper clips, push pins, elastics, and USB drives. If the drawer is wide enough, add a kitchen cutlery tray and you’ve got storage for pens, markers, scissors, rolls of tape,and charger cords.
Revolving countertop spice racks with clear glass bottles are perfect for small craft supplies like pins, needles, buttons, beads, and sequins. If your craft room has a closet, take the door off and add more shelving. You can still use the curtain rod and pants or skirt hangers to hang folded fabric or scrapbooking supplies.
Pickup an old dresser at a flea market, paint it with chalk paint, and store crafting tools and supplies in the drawers. Dividers are always a good idea.You can buy them or make your own out of cardboard covered in wallpaper. Or you could invest in some more dollar store kitchen cutlery trays.
If your closet has a bifold door, don’t throw it out or store it in the garage.Mount it to the wall and buy some decorative hooks so you can hang scissors and other tools or rolls of ribbon from the hooks. There’s a reason those home workshop pegboards with tools outlined became so popular: they work. Not only can you see where your tools are at any given time, there’s also no doubt where they belong. Once you’ve analyzed the space available to you and the possessions you need to store, you’re well on your way to creating a place for everything. After that, keeping everything in its place will be a lot easier.
Based on numerous articles I’ve read recently, the housing market for 2020 will be déjà vu all over again! This past year we had limited supply, low interest rates, and high demand and not much is expected to change. In fact, the ARCH Mortgage Ins. Co. estimates 32 of the 50 states have a minimal probability of having lower home prices for the next 2 years (including NH). Core Logic predicts US home prices to increase 5.4% in the US and 7.1% in NH. There are several reasons for low inventory; more homes need to be built, the average homeowner is moving every 13 yrs. which is up from 8 yrs. in 2010, and a greater number of baby boomers are aging in place. The good news for buyers is mortgage rates are expected to remain low, around 3.8%. Bottom line, 2020 is expected to continue as a seller’s market with appreciation stronger at the lower price points. Whether buying or selling, contact me to find out how the market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com