While 2018 seemed a bit frenzied with the activity levels this summer, it’s always good to see how the year actually ended up for perspective on the housing market. Below are some key data points comparing 2018 to 2017 for the towns of Newbury, New London & Sunapee combined.
- 183 homes sold in 2018 vs. 203 homes in 2017.
- The average days on market dropped to 106 days vs. 129 days.
- Sellers received on average 94% of their asking price (96% in 2017).
- The median selling price was $345,000 for both years.
While the state has not yet come out with their year-end report, below is their data through November
- Homes sales were down 0.8% compared to 2017
- The average days on market were the same at 61 days
- Sellers received 98% of their asking price; similar to 2017
- Prices were up 7.4% with a median selling price of $284,500 ($265,000 in 2017)
A good US economy, low unemployment rate, and low inventory of homes for sale basically sums up what we saw in 2018. Thinking of buying or selling? Contact me to work with someone who gets results and can explain how the market will impact you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 - 12/31/17 & 1/1/18 – 12/31/18
Finding your dream home can feel stressful, but there’s plenty of great real estate for sale to suit nearly every buyer. Breaking down the process of buying a new home into steps isn’t only helpful, but it will help it feel manageable. Below are 10 great tips to help you go from dreaming of owning a new home to actually holding the keys.
Make a wish list and prioritize your needs
Now is the time to think about what your perfect home looks like. Unless you have a bottomless bank account, you probably won’t be able to get everything you want. Perhaps you’ve always dreamed of having a fireplace, but when it comes down to it, what you really need is a home located near good schools.Taking time to make a wish list will help you prioritize needs over wants.
Set a realistic budget
Perhaps the most stressful part of buying a home is setting a budget, yet this doesn’t need to be a daunting task. Figure out how much house you can afford by examining your current salary and debts. A mortgage payment should never be more than a third of your income, while your debt should be less than 40 percent of your income.
Hire a great real estate agent
Unless you’re an orthodontist, you probably wouldn’t attempt to fit someone with a pair of braces, right? The same theory holds true for buying real estate. Great REALTORS® will demystify the process of finding your dream home, from working within your budget to putting in a bid. In addition, it’s their job to know the market and they can help you find your perfect home, even when there’s competition from other buyers in your area.
Make a checklist
You’ve prioritized your wish list, set a realistic budget, and hired a real estate agent. Time to sit back and relax, right? Wrong! Now’s the time to make a checklist of all the things you need to consider when finding your dream house. Your list should include the priorities from your wish list. For example, how close is the house to schools and grocery stores? Does the home have a fireplace? How much does the current owner pay annually in taxes? Preparing a list of questions before you purchase your new home will make sure you don’t have questions later.
Location, location, location!
Although it might seem obvious to carefully choose where you buy a home, you’d be surprised how many people cut corners. Is it a priority for you to find real estate close to schools? Or perhaps it’s a priority to be located off a busy street to avoid noise pollution. In short, a dream home isn’t ideal at all if it’s not located in the perfect place.
Think about how you use space
A parlor is lovely, but if it’s only used a couple times a year during holidays, perhaps you’d get more bang for your buck by focusing on a home with well-used rooms. For example, if you spend a lot of time cooking, then it makes sense to buy a house with a large, well-equipped kitchen. Likewise, if you’re a freelancer, then it might behoove you look into a home that has an extra bedroom that could be converted into an office.
Would you like to renovate?
Do you take pleasure in making home repairs or would you prefer to move into a home that requires very little work to move in? Renovating a home can be a tremendous amount of fun, but it can also get expensive. Be realistic about what repairs will cost and whether you have the time and energy to get the work accomplished.
Make an offer
Making an offer on your dream house is one of the most exciting days of your life. It’s also one of the most nerve-wracking. Although the current owners could say “yes,” there is a possibility that they might decline your offer. To make your offer attractive, avoid pushing out the current owners too quickly by asking for a fast closing date. Also, don’t lowball them by offering far less than the listing price. Your real estate agent should be able to give you advice about what will make an attractive offer.
Don’t neglect the home inspection
Once your reoffer has been accepted, it’s time for a home inspection before you finalize the contract. This is the time to look deep and have a professional home inspector look at the foundation, roof, electrical wiring, heating systems, insulation and other items that are generally hidden from view. While it might be tempting to seal the deal as quickly as possible, having a home inspection can save you from expensive problems down the line.
The entire process, from browsing the real estate for sale in your area to moving into your dream home can be daunting. Once you have the keys to your new home in hand, make sure to celebrate with your loved ones for a job well done!
We've got just the home for you! This property has a lot to offer with a roomy house, airplane hangar with small airstrip, another outbuilding, and pastoral views all on 128 acres. The home has been lovingly maintained with hardly any utility expense because of the use of solar panels and a wood furnace. Enjoy privacy and tranquility with all types of outdoor activities just steps away - hiking, hunting, fishing, snowmobiling and much more. Highland Lake nearby offers a town beach and boat ramp. Come live in lovely Andover, NH! Offered at $548,500. For more information and photos visit http://tour.circlepix.com/home/DM8HKM/120-Valley-Road-Andover-NH-4713903
Jane Snow, Listing Agent, 603-526-4116
Our local housing market mirrors what is going on in NH and the U.S. The shortage of inventory has led to higher prices and fewer sales. In the combined towns of Newbury, New London, & Sunapee, from 1/1/18 to 10/1/18, a total of 135 homes sold, the average days on market was 114 days, with a median selling price of $350,000. The same time frame in 2017 saw 159 homes sold, the average days on market was 126 days, with a median selling price of $344,000.
For the state of NH through August, the median sales price was $284,000, the average days on market was 62 days, and sales prices were up 7.1% from the year before.
According to Lawrence Yun, Chief Economist for the National Assoc. of Realtors, “the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases.” As a result, Yun anticipates a slight drop in 2018 sales in some markets but feels home price growth will remain strong and increase about 5% nationwide. The forecast for 2019 continues along these lines with a 2% rise in inventory and 3.5% rise in home prices expected.
Bottom line, as long as buyer demand exceeds the housing supply, prices will continue to increase. Whether buying or selling, contact me to see how market conditions impact you. 603-526-4116, www.DonnaForest.com, Donna@DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 - 10/1/17 and 1/1/18 - 10/1/18.
This house ha been well maintained as it has been deeply loved and enjoyed over the years. Watch the sun rise over the mountain while enjoying a cup of coffee on the year-round sun porch, or relax on the brick patio overlooking the private back yard. This home offers plenty of space, stainless steel appliances, jacuzzi tub in master bath, generator hook-up, Marmoleum floors, and a Harmon pellet stove with battery backup. A portion of the back yard is fenced in for young children or pets. Offered at $364,000. For more information and photos, visit http://tour.circlepix.com/home/9YG8FD/10-Granite-Hill-Road-Wilmot-NH-4705069
Jane Snow, Listing Agent, 603-526-4116
Age is only a number. This stately antique has had many updates and owners have lovingly renovated over the years. If you are looking for the warmth and character of old with the freshness and appeal of today, then this is a must see. This move-in ready home has so many pluses: new roof, numerous windo replacements, new laundry room, new dining room, and a large custom built walk-in closet off the master bedroom, to name a few. Cooking is a delight in the light and bright kitchen with stainless steel appliances. Most recently completed is a bath to spoil you with luxurious marble and tile, a clawfoot soaking tub, and a walk-in shower with rain showerhead. Enjoy summer evenings on the wraparound porch or meditate in the yoga hut tucked in the backyard. The attached barn provides ample storage space or use for your four-footed friends. Come live your dream with cherished yesterdays and gracious tomorrows. Offered at $295,000. For more photos and details, visit http://tour.circlepix.com/home/VXC9U3/516-ROUTE-114-Sutton-NH-4706482
Donna Forest, Listing Broker, 603-526-4116
DO NOT LOOK – unless you are prepared to fall in love with this captivating home! It is like stepping into the pages of a Better Homes & Gardens magazine only nowyou can call it your own. No details have been overlooked. The dramatic cathedral ceilinged great room with fireplace will be the center of your entertaining.Handcrafted kitchen cabinets, granite countertops, stainless steel appliances; it is a kitchen that makes every inch count. Sleek contemporary bathrooms, neutral colors, light filled rooms; all reflect an aura of simple but subtle elegance. Step outside to find multiple decks all with tranquil views of the picture-book setting of garden, lawn and grounds just begging you to sit down and relax. This home is easy to care for and effortless to close up for the winter to match any lifestyle. If you are looking to downsize and simplify your life, this home might just be the one for you. Offered at $385,000. For more photos and details, visit http://tour.circlepix.com/home/MCPTD5/195-Shaker-Street-New-London-NH-4700569
Donna Forest, Listing Broker, 603-526-4116
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