As the COVID-19 pandemic continues, our New Hampshire market is hitting unprecedented heights.
What’s happening in the New Hampshire real estate market? As you recall, I explained in my previous video (which you can revisit here) why today’s market isn’t similar to what we saw back in 2008. One of the reasons why we won’t see that situation again for a very long time is that New Hampshire has had a housing crisis for the past 15 years. Economists confirm that we’re about 15,000 to 20,000 properties short of being able to house our workforce.
As you can see in the graph at 1:22 in the video above, the inventory of homes for sale is as low as it’s been since 2005. Since there are more buyers than there are sellers, this puts us in a seller’s market. In the next graph, you can see the result of this low inventory: Prices have gone up for the last decade or so. If you’re a buyer, you’ll have to pay top dollar to get the home you want. Finally, the last graph shows that sellers are getting close to 100% of their asking price, and they’re often generating multiple offers. “Since there are more buyers than there are sellers, this puts us in a seller’s market.” At 2:37 in the video, you can see several graphs that show how COVID-19 has impacted home showings in different states and the country overall. In New York, New Jersey, Connecticut, Florida, and Massachusetts, home showings dropped considerably year over year once the coronavirus hit. The same story goes for the country in general. In New Hampshire, though, home showings actually increased year over year since the coronavirus hit.
The bottom line is, our market is as strong as it will ever be, and we’re in an unprecedented seller’s market. On top of that, interest rates are low, and buyers are looking to buy now.
If you’d like to sell your home and take advantage of these current conditions, give me a call. I’ll not only create a specialized marketing plan, but I’ll also outline the 10 steps my team takes to show your home safely.
If you have questions about our market or there’s anything else I can assist you with, don’t hesitate to reach out to me. I’m here to help.