Due to the lack of inventory, our market is seeing an increase in multiple offers on homes. While this is exciting for sellers, it can be frustrating for buyers. Below are some suggestions on how buyers can “sweeten the deal” in order to be the winning bid.
- Obviously the offer with the highest price will get the sellers’ attention. Be prepared to offer over asking price.
- If your offer is contingent on financing, it’s possible the appraisal may come in lower than the selling price. You can state in your offer you will pay the difference between the appraisal price and purchase price.
- Find out the sellers ideal closing time and tailor your offer to meet that date.
- Have as few contingencies as possible in the offer.
- Consider using an escalation clause, offering to outbid another buyer by a certain amount.
Bottom line, you need to put your best foot forward with an offer that has the least number of contingencies, best price, and a large down payment to set your offer apart from others. For more invaluable advice, contact me, an Accredited Buyer Representative, before you start house hunting. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Live in one apartment and let the two tenants pay your mortgage! Could also be converted back to a large single family home. First floor unit (B) has spacious living room with oak floors and exposed beams, kitchen has a new floor and neweer appliances, updated bathroom. First floor unit (C) has a gorgeous stone fireplace with woodstove insert and cozy loft. Second floor unit (A) has two bedrooms, spacious open concept living area and washer/dryer in full bath! Each unit currently has garage space. Enclosed wraparound porch. Ask me about the 100,000 yards of gravel if you're looking for some additional income. All on almost six acres of level and rolling land! Offered at $320,000. For more photos and details, visit http://tour.circlepix.com/home/H7CG7X/51-Franklin-Highway-Andover-NH-4693083
Anne Marie Appel, Listing Agent, 603-526-4116
If there are two things I would say about the real estate market today, it would be inventory is down and prices are up. This is seen pretty much everywhere in the US as housing inventory decreased 8% from last year (through March) and listing prices are 8% higher. Statewide, NH closed sales are about the same as last year, the median sales price is up 6% to $260,000 and the average days on market was 86 days. Looking at Newbury, New London, & Sunapee combined, sales are about the same as last year through 3/31/18 (25 solds), the average days on market was 192 days and the median sales price increased about 15% to $392,000. Despite fewer homes being on the market, buyer demand is strong enough to keep prices rising for the foreseeable future. New listings will favor higher income buyers making it very challenging to find homes priced under $200,000. Typically, our spring market will bring an influx of new properties for sale – we just need to have spring arrive!! Contact me if you are thinking about buying or selling and want to know how the market impacts you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
This lovely home on 10 acres with three barns offers a quiet, peaceful setting on a dead end road. Forced hot air oil heat and whole house air conditioning. Heated sun room with windows on three sides serves as an office and/or extra sleeping space. Large master bedroom, full bath and guest room on second floor. Half bath on first floor. Views of Ragged Mountain beyond rolling field. Large barn is three stories with room for hay storage and equipment storage as well as stalls. Garage barn has room for two vehicles plus a workbench and storage above. Small barn is one open room with a lower level currently being used for equipment storage. Paved, level driveway. Less than a half mile to Bradley Lake with public access for swimming and boating. Short drive to Proctor Academy and Andover village. Offered at $359,000. For more photos, visit http://tour.circlepix.com/home/8MXWYK/65-Hall-Road-Andover-NH-4687251
Joan Wallen, Listing Agent, 603-526-4116
Waterfront homes on Lake Sunapee have always been an intriguing and specialized market. Even though Newbury, New London, and Sunapee share the lakefront, the uniqueness of each property along with the fact there really aren't that many homes along the shoreline, seems to determine the overall market. In the past 7 years for example, the total number of waterfront homes sold each year hovered around 10, give or take. In reviewing the sales in the past 3 years, the typical price breakout is about 8-10 houses selling for under $1 million, about 9 selling between $1-$2 million, 3 sales in the $2-$3 million and about one a year over $3 million.
A few more statistics - in the last two years, the median selling price per square ft. was $574/SF. In 2017, the average selling price was 99% of the asking price and in 2016 it was 89%. It took an average of 219 days to sell a lakefront home last year and 185 days in 2016.
As the saying goes, if you are lucky enough to own on Lake Sunapee, then you are lucky enough! If you are looking to capture some of this serenity for yourself, then contact me to work as your buyer's agent! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com.
Figures are based on information from the New England Real Estate Network, Inc. for the period 1/1/11 through 12/31/17 and 1/1/15 through 12/31/17.
The National Association of REALTORS conducts a survey* every year on recent home buyers and sellers. Below are highlights on buyers from their most recent report.
- 34% of buyers were 1st time buyers.
- The median purchase price of a home was $235,000.
- 84% of buyers purchased in a suburb, small town or rural area vs. an urban area.
- 83% of buyers bought a single family home.
- 87% used a real estate agent.
- 95% searched online.
- 65% of buyers were married couples, 18% were single females, 7% were single males and 8% were unmarried couples.
- The typical home purchased was 1870 square feet, 3 bedrooms, 2 baths and built in 1991.
Thinking of selling? Contact me if you’d like to know how these facts could impact your sale. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
*2017 Profile of Home Buyers and Sellers – National Association of REALTORS
After a record 2017 in the New Hampshire residential housing market, 2018 showed no signs of slowing with a brisk first month of the year. There were 911 closed sales in January, a 2 percent increase from the same month a year ago, and the median price of those homes was $260,000, a better than 5 percent jump from January 2017. Click here for statewide January statistics
New Hampshire home sales continue on an upward trend and ended the year with the largest dollar volume of sales in its history. It was 7% ahead of last year for a total of $5.5 billion in closed residential sales. Below are some of the highlights reported by New Hampshire REALTORS.
- The median sales price was $266,000, the 2nd highest in NH history and just $4000 off the historical high point in 2005.
- The average days on market dropped to 68 days.
- About the same number of homes sold in 2017 as 2016.
- The average % of list price received was 98%
To put a more local spin on it, below are some stats for New London, Newbury & Sunapee combined:
- The median sales price was $345,000. ($372,500 at peak in 2005)
- The average days on market was 127 days.
- 203 homes sold, the average % of list price received was 96%.
Whether buying or selling, contact me to see how the market impacts you! Donna Forest 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 thru 12/31/17
To buy a home, or to not buy a home. It’s a common debate for many people. There’s no denying that renting is basically paying for someone else’s monthly mortgage without receiving any equity from the property, but that does not always mean that buying a home is the better option for each individual. Everyone’s situation is different, and home buying can be expensive. People’s lifestyles also change and their motives for wanting to buy a house are just as varied. Determining whether or not it’s worth buying a home has a lot to do with individual specifics. It’s highly recommended to speak with a real estate agent who can give you detailed real estate advice based on the information you provide. However, the general costs and rewards of home buying can be found right now to help steer you in the right direction.
When you buy a home, you are taking on the responsibility of maintenance costs. They’re inevitable for all homeowners, but they can be significant depending on the specific property. Before buying a home, maintenance costs and unexpected repairs must be considered. It’s recommended to hold back 1% of the home’s value annually for maintenance and appliance replacement, but that does not cover unexpected repairs.
Property taxes can be a significant expense. The actual amount can fluctuate, and this must be considered before buying a home. There are a variety of factors to determine the amount of property taxes, such as the area, state, and local budget cuts, renovations, as well as many other things.
Many mortgage loan lenders require homeowners to have house insurance. Unlike rental insurance, which covers possessions, homeowners’ insurance covers both possessions and the cost of the property. Although it’s an extra expense, it’s beneficial to have even if it is not required. As for the cost of home insurance, it depends on the specifics, but you can get an estimate by dividing the home’s value by 1000, and then multiplying that by 3.5 (HomeGuides).
A benefit that comes when you buy a home is the tax deductibility of mortgage interest. This number is hard to estimate from a general standpoint because it greatly depends on your specific financial situation. However, owning a home can provide you more savings than if you were to rent, simply because of the tax deductible.
Home’s Value Appreciating
The appreciation of a home’s value is generally high. However, this can change rather quickly depending on the housing market, as well as many other factors. ABC News estimates home prices will appreciate around 3%, according to the historical average. The thing that many people forget is that as a home’s value increases, the cost of maintenance and insurance does as well, due to inflation.
In terms of liquid money, home ownership won’t bring you much of that. However, buying a home does have the potential to bring you a high return on investment. More importantly, your monthly bills go towards something you own. When renting, you’re essentially paying someone else’s mortgage without receiving any ownership. Many additional factors also need to be considered when determining if buying a home is worth it, such as whether you want to buy a home as an investment property, plan on flipping the house, or want to retire in it. The first step is to answer the inevitable question, “Can I afford a home?” and these general guidelines can help you determine that.
Source: Reprinted from www.bhgre.com/bhgrelife/
Come see this special condominium at Hilltop Place in New London, NH! Lovely airy and bright unit in a quiet and private location with many other significant upgrades and improvements. Beautiful new custom kitchen was installed in 2015. The Master bath also offers a brand new (2017) fiberglass walk-in shower with both hand-held and overhead shower heads, a removable seat, mutiple grab bars, and built-in shelves for convenience. Large den/office (3rd bedroom) with direct access to screened porch and open balcony. Generously sized living room has a propane fireplace installed. The unit is fully air-conditioned and has been converted to baseboard hot water heat. Move right in! Offered at $229,600. For more photos and details, visit www.HilltopPlaceNH.com
Marilyn Kidder, Listing Broker, 603-526-4116