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
You’ll be moving in the right direction with Better Homes & Gardens Real Estate - The Milestone Team.