Buyers are crying and realtors are pulling their hair out in this competitive housing market. There simply are not enough homes for sale to meet current demand. Why? Here are some of the major reasons.
The housing shortage has been brewing for a long time. After the 2007-2008 financial crisis, builders mostly stopped building. There was less demand and financing for these projects was harder to get. On top of this, builders have a hard time finding labor. Many left to find other jobs after the downturn and fewer people are now going into the trades.
The cost of lumber and building supplies has nearly tripled. Lumber companies shut down during the pandemic and when they came back, production was reduced as much as 50%. They underestimated the housing surge as well as the increased demand in remodeling. Trump era tariffs on Canadian lumber did not help.
It’s a tsunami of events where unprecedented demand has collided with this period of under production. Millennials are now at the home-buying age, COVID has changed job markets, investors are buying 20% of all homes in the US, and there has been an increase in vacation home buyers. Builders are making progress but it will take some time to catch up. The housing market will not be changing much in the foreseeable future. Whether buying or selling, contact me to put my 27 years of knowledge to work for you.
Donna Forest ~ firstname.lastname@example.org ~ 603-731-5151
Looking for more personal space?! Explore all of the delightful nooks and crannies in this multi-level Eastman contemporary. It provides all the private areas you could ever want, from the perfect hideaway in unique crow’s nest to a huge office over the garage to a craft room in the lower level (with potential for more), and there is plenty of elbow room. Privately tucked back from the road, you will enjoy quiet and relaxing surroundings. This light and sunny retreat has much to offer – granite countertops, stainless steel appliances, a welcoming fireplace in the living room, a family room with extra warmth provided by a woodstove, a 4-season sun porch, a deck meant for lazy summer afternoons, incredible storage, and more. Be sure to check out the 3D tour!
Offered at $595,000
Listing Broker: Donna Forest ~ 603.731.5151 ~ email@example.com
Unless you live in a cave, you’ve probably heard multiple times it’s a sellers’ market and a great time to sell. So what does this really mean? Historically a balanced market has a 6-month supply of homes for sale in which there are enough homes available for active buyers. The most recent report (February) from The National Association of Realtors (NAR) shows the US inventory at just a 2-month supply. NH had less than a month’s supply and new listings were down 23% YTD thru Feb. compared to 2020. As a result of this increased competition, properties sell quickly and for much higher prices than we would typically see in a more normal market. Sellers are in prime position to best negotiate price and terms favorable to them. The median sales price in NH (thru 2/2021) was $350,000, up almost 23% for the same months last year. I have been in real estate here for 21 years and have never seen a market like the one we are experiencing. Will it last? Well my crystal ball says probably not. Lawrence Yun, NAR’s chief economist, cautions of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates cut into home affordability. Having said that, forecasters are predicting prices, on average, to appreciate almost 6% in 2021. If you are considering selling, contact me to find out why this is the ultimate time to be a seller!
Donna Forest ~ firstname.lastname@example.org ~ 603-731-5151
If only we had a crystal ball last January to predict what the year would be like. There are so many words to describe 2020 – unprecedented, challenging, surreal. It’s the year we lived our lives online. But amazingly, the housing market gained strength after hitting pause in March & April and 2020 became a record-breaking year in residential sales. The demand for housing was driven by low mortgage rates, millennials reaching prime home-buying age, changes in housing needs, and the ability to work remotely.
Nationwide, the median selling price (through11/2020) was up 14.6% from 2019 to $310,800. In NH, the median selling price for 2020 was up 11.7% to $335,000. The average days on market was 47 days and homes basically sold for their list price. Despite the fact there had never been that many homes for sale at one time, the volume of sales was up 4.6% statewide. In New London, Newbury & Sunapee combined, sales were up from a total of 218 solds in 2019 to 238 homes sold in 2020 with a median selling price of $429,500 (compared to $378,750 in 2019). The housing market is expected to shine in 2021 and continue to have a positive impact on our economy. If you are wondering if now is a good time to buy or sell, feel free to contact me for a no pressure conversation on what the best plan of action is for you. Donna@DonnaForest.com; 603-526-4116 (O); 603-731-5151 (C).
Check out this fabulous, tastefully renovated North Peak Condo. It's just minutes from Mount Sunapee, the State Park Beach in Newbury, and all the great outdoor activities in the Sunapee Kearsarge Region. Ready to go - move right in with no projects to tackle!
This charming condo features multi level living, with 3 bedrooms, 2 gorgeous tiled baths, maple floors, new appliances, and a very private wrap around deck to enjoy the outdoors.
Cool down with air conditioning on sticky summer nights, and chase away the winter chill with a gas fireplace. Descending to the lower level, the newly carpeted recreation room provides many options. Right out the front door is a short walk to the community pool or nearby tennis courts. Enjoy the convenience of trash removal and on-site mail delivery, as well as the low Newbury taxes. What are you waiting for? Your Carefree NH Escape is calling you!
When I’m asked how the market is these days, my typical response is “we need more houses to sell!” As of 12/15, for example, there were only 6 homes for sale in New London and 6 in Sunapee. There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years. Lawrence Yun, chief economist at the National Association of Realtors, stated that we are simply facing a major housing shortage. The lack of homes to sell has pushed prices up everywhere. The median selling price through November in New Hampshire is $334,000, up 11.3% compared to 2019. It's basic economics — a lack of supply pushes up prices, whether you're talking about toilet paper or houses. Sellers will continue to reap the benefits as prices are predicted to increase around 5.7% for 2021.
Why the shortage? Homeowners are staying longer in their homes (13 years on average). Also, after the 2008 housing crash, many smaller builders went out of business. Those small companies built a lot of homes. Most recently, the price of materials more than doubled during the pandemic (though prices have been dropping) and wildfires in the western US caused supply shortages. "Builders cite a lack of lots and decreased availability of building materials as headwinds that will limit production," says Robert Dietz, chief economist for the National Association of Home Builders. Bottom line, if you’re thinking of selling, no need to wait for spring. Buyer demand is still strong!
Contact me to list your home today: 603-526-4116; www.DonnaForest.com; Donna @DonnaForest.com
On earth there is no heaven, but there are pieces of it.
If you are looking for your piece of heaven, then this might be the one! Only 10 minutes to skiing at Mt. Sunapee and an easy drive to almost anything, this country casual antique farmhouse sits on 9 acres of rolling field and woods, which means moonlit winter sledding parties are a must! The large deck beckons you out for morning coffee or evening cocktails so you can sit and absorb the wonderful mountain views. You’ll be enchanted by the warm wood floors, light and bright rooms, and the inviting den wrapped in windows and topped off with skylights. Curl up in the cathedral ceiling living room offering a classic brick fireplace with woodstove insert. Your personal retreat awaits as the spacious primary bedroom and bath encompasses the whole second floor. Additional features include a 2-car garage and a picturesque weathered barn standing proudly in the field. Numerous energy efficiency improvements have been made.
Donna Forest, Listing Broker, 603-526-4116
Are you dreaming ... of leaving city life behind? Of working from home and bringing in additional income?
Well then, don't miss this opportunity! This incredible, meticulously updated property, situated in the heart of the Sunapee Region, offers many possibilities: live in the attached apartment and "Air BnB" the main house OR operate as a charming bed & breakfast for destination weddings and skiers at nearby Mt. Sunapee OR live in the mainhouse and rent out the in-law apartment (currently $2,500/month in rental income!). You are only limited by your dreams. This home as it all! Make your dreams a reality with this unique property. Come experience for yourself what it means to "love where you live"!
Click here for more information.
Anne Marie Appel, Listing Agent, 603-526-4116
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
If a classic clapboard Cape Cod on a tree-lined street is your image of home, then give this one a look! Nicely set back from Shaker Road with a beautiful view of Mt Kearsarge, this house is situated in the midst of New Hampshire splendor: 3.5 miles to charming New London town center, 4 miles from Kearsarge Regional High School and within 2 - 4 miles of two 18-hole golf courses. The terraced backyard abuts a 4 acre pond with plenty of trails in the Cascade Marsh Wildlife Preserve for year-round outdoor activities. A wonderful house with a first floor master bedroom and an upstairs with 2-3 bedrooms off a loft/den area, along with a hobby room that can be multi-purposed. Other features include wood floors in the dining and living room, a wood-burning fireplace, a delightful screened porch to enjoy summer evenings, an attached 2-car garage, stand-by generator, and a brand new roof! Come check out this spacious house at a price you can afford! Call for details.
Donna Forest, Listing Broker, 603-526-4116