What's with the Lack of Homes for Sale?
Low housing inventory has been the topic of conversation nationally as well as in NH this year. There just seems to be a lack of homes for sale. So why now? It’s a combination of many factors: homeowners are moving every 10 yrs. compared to historically being 6-7 yrs., many homeowners are staying put as their mortgage interest rate is lower than what rates are now, there was a lack of new construction during the recession, and owners don’t want to sell as they are fearful they will not find a home to buy. As a result of having low inventory in many markets, prices are going up. In NH, the median sales price is up 6.2% through October compared to 2016. A stable market has a 6 month supply of existing homes to sell. Anything less means home values will rise and anything longer than 7 months will cause prices to fall. As of October, NH as well as the rest of the U.S., had about a 4 month supply. Bottom line, buyers will continue to compete for homes and sellers will see home values rise. Contact me to see how this market impacts you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com