What is a Seller's Market?
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 ~ donna@donnaforest.com ~ 603-731-5151