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
Many sellers are tempted to take their homes off the market between Thanksgiving and New Year’s. They feel the market significantly slows down and that they have little chance of selling - so why disrupt their holidays? While the slowdown may be true to some degree, there are several advantages for keeping a house on the market during this time frame. First, buyers that are out looking are serious buyers and are ready to offer on something they like. In addition, there usually are fewer properties on the market this time of year so the competition is reduced. Plus the holidays offer a perfect time to dress up a home for prospective buyers. Sellers looking to sell should seriously consider keeping their homes on the market through the holidays – it may turn out to be their most wonderful time of the year!
If you are looking for an experienced REALTOR with the common sense to help sell your house in any season, then give me a call! 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
An appraisal is a licensed appraiser’s opinion of value of a property usually based on comparable sales. When buyers get a mortgage, the lender requests an appraiser to conduct a written valuation of the house. The lender will compare the appraisal price to the selling price to make sure the buyer is not borrowing more than the house is worth. An appraisal is subjective and is more of an art than science. Some appraisers are more generous in their adjustments and some are more conservative, all following lending guidelines. In quickly appreciating markets such as this one, it does happen where a home will appraise lower than the agreed upon sales price. The lack of similar sales and higher prices due to bidding wars make it challenging for appraisers. If the appraisal comes in low, it does not mean the seller must sell it to you at the appraised value. It can become a point of renegotiation or buyers may have to pay out of pocket for the difference. Obviously the goal is to make the sale work for both parties. Remaining calm and working with an experienced agent is the key to a successful sale. Give me a call if you'd like professional service in buying or selling a home. 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com.
It takes more than just putting a sign on your front lawn to sell a house. Below are some surefire ways to make your house attractive to buyers.
- Maintain the Yard – First impressions count and mowed lawns, trimmed bushes, fresh mulch help.
- Remove Clutter & Personal Items – Decluttered rooms will feel larger. Remove family photos, collections, etc. so buyers can picture themselves in the house.
- Get a Professional Cleaner – Sparkling windows, shampooed carpets, spotless kitchen & baths will speak volumes to buyers.
- Let the Sun in – Light & bright sells. Remove curtains, open blinds, put in high wattage bulbs.
- Paint – A fresh coat of paint (neutral colors) makes the house seem larger, brighter & more appealing.
Getting ready to sell involves a lot of time and energy. Contact me for more sound advice on how to prep your home for sale. www.DonnaForest.com; Donna@DonnaForest.com; 603-526-4116