State of the Market | Summer 2018 & BeyondSeptember 07, 2018 / Uncategorized
Seacoast New Hampshire
With summer winding down, it’s time to take a look back at how the real estate market faired around the Seacoast. The bottom line is: the Seacoast continued to experience a real estate boom. According to the Seacoast Board of Realtors, July 2018 sales volume hit the highest number since 2016 for single family homes in New Hampshire. They sampled statistics from 13 NH towns including Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
In Maine, the Maine Association of Realtors concluded that home prices and sales each increased 9 percent in July 2018 compared to last July 2017. The biggest hurdle, according to MAR, is that home prices continue to increase, which is great for building homeowners’ equity, but for many first-time buyers and buyers in general, escalating listing prices are obstacles to purchasing new homes. That fact, in conjunction with generally low inventory around the Seacoast, is making it a highly competitive market.
A Word for Sellers
Our Aland Realtors are witnessing the same general trends in the area. Our advice to sellers is if you’re on the fence about selling your home, this fall is a great time to list. With low inventory and escalating home prices, sellers have the advantage. Further, selling this fall could be even more significant if you consider the potential political and economic climate that may exist into 2019. With uncertainty about effects of these considerations on our local real estate markets, it may be particularly advantageous to sell this season if you are debating whether to relocate, downsize, upsize or unload investment properties.
A Word for Buyers
Generally, we advise buyers that the fall season is also a great time to house hunt and purchase a home. Many sellers who have listed their homes earlier in the year and want to sell prior to winter will offer reduced pricing, deals and discounts. This remains the case this year, despite sellers having an advantage with higher home prices. For first-time home buyers, be wary of going higher on an offer just to ensure you get the house. Be patient, negotiate and work with (not against) the seller. You’d be surprised how these tools can make a huge difference in ultimately purchasing the home of your dreams on good terms, and everyone walks away happy and satisfied.
We’re here to help! Please contact us with any questions about market trends, listing or buying a home!