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Pricing is directly related to the time frame for selling a home and whether it will sell at all. Pricing is particularly critical in a slow market or when there are an abundance of listings on the market. Below is some advice on positioning Dover NH properties to sell.
Each real estate market is different. When you hear facts on the news, those typically refer to national figures. Your particular city may be very different. A local real estate professional can provide a comparative market analysis on your property. This evaluates recent Dover NH sales of similar property and provides an anticipated price range in which your home may sell. This amount may vary based on the time of year and recent sales, so avoid referring to outdated information.
When viewing the Dover NH market analysis figures, remember that it is a range. Where your property falls in that range depends on other comparable properties and your target time frame. As a home owner, it is common to feel a sense of attachment to your home and to the work that you have put in. Unfortunately, not all home buyers will assign the same value to different features and amenities. Anticipate that you may not get back the full amount spent on upgrades. Furthermore, home values may be impacted by Dover NH foreclosed homes in the area, which are commonly sold at dramatic discounts and are still considered comparable properties. Market value is defined as the price that a potential buyer is willing to pay for a property at a given time. It may not necessarily be close to your expectations or resemble the original purchase price of the house.
Positioning a property too high will lead to valuable time being lost. If the Dover NH market condition drops further during that time, the home will ultimately sell for even less than it would have if positioned accurately to begin with. Additionally, buyers tend to have a negative perception of houses with extended market times. This perception is difficult to overcome even if a home reduces in price at a later time. Pricing too high causes more harm than good.
If the current market value of your Dover NH home is dramatically different than your requirements, it may be better to monitor the market and wait for values to increase rather than overpricing and letting it grow stale for months or even years. If you must sell and must do so within a specific time frame, selecting a price appropriate for the real estate market and competitive with other properties will be crucial to achieving your goals. Time is money and the loss of valuable time can be more costly than you may expect.
Dick blogs about NH Seacoast & Lakes Region real estate and can also be found online at SeniorLivingNH.com, offering a wealth of information and resources on downsizing, rightsizing and relocating for the NH Senior Community.
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Dover NH short sales are not like the normal home sale process. Before considering or buying a short sale in Dover NH, it is vital that you understand what they are and what the process involves. The following is some general advice on buying Dover NH short sale real estate listings.
A short sale refers to real estate listings where the funds from the sale will not cover what the property owner would need to cover expenses, and the Dover NH owner has no financial resources to cover the shortage. This can include the mortgage(s) on the home, broker commissions, bank fees, and other related fees. The lender on the Dover NH property would be “shorted” what is due/owed to them, which is where the term “short” sale comes from. Real Estate Listings offered as short sales do not guarantee that they can actually be sold. The lenders currently maintaining the liens on the property must all agree to the short sale in order for it to go through. This is where it can get complicated. Sellers must submit their financial and personal information, explanation of hardship, and an offer from a home buyer to get approval from the mortgage companies, and if there are multiple, all of them must approve.
There are many short sales on the market in Dover NH due to the down economy, providing home buyers with many options. Also, short sales are often an opportunity for buyers to get a great deal on real estate listings. However, short sales do not accommodate the needs of all Dover NH buyers.
Dover NH prospective buyers must move forward with an offer without any guarantee as to whether it will actually be approved. It can also take a lengthy amount of time to receive updates on the approval status (easily several months or even up to a year). Buyers needing to close within specific time frames should not consider short sales.
Short sale real estate listings can often require significant repair and are sold without any concessions for problems since the owner has little money and the lienholders are already being shorted. Buyers of Dover NH short sales should be prepared to complete repairs on their own.
Short sale real estate listings are not for all buyers, and prospective buyers should be aware of the benefits and risks before considering or making an offer on a short sale. For home buyers with flexible timelines and the ability to make repairs on their own, it can be a great opportunity to get a reduced price on a home. Consult with your buyer agent for additional advice on buying Dover NH short sale real estate listings in your state.
8 Glencrest Dover NH 03820 is a PRE-APPROVED SHORT SALE. Priced at $185,000, this three bedrooms, two bathrooms home has a total of 2337 square feet of living space. This is a beautifully maintained Cape with an addition that added a living room and extra room above with the possibility to be a master suite. The home has a fireplace, enclosed porch, one car attached garage and a spotless finished basement presently used as a family room.
153 Back Road Dover NH 03820 is a short sale priced at $179,900. This home is a unique multilevel contemporary offering an open floorplan with spacious maple kitchen with tile & breakfast bar, living room with hardwood, incredible master suite with cathedral ceilings, beams, loft sleeping quarters & custom bath with oversized whirlpool tub. The home features a separate ground level game room that could be an ideal home office. Subject to third party approval.
41 Bellamy Road Dover NH 03829 is a short sale priced at $164,900. This four bedroom, two bath property is a well built home in a fine neighborhood within walking distance to Dover High School. The property features central a/c, newer appliances, natural gas fireplace, a beautiful deck, in-ground pool and large patio. Subject to third party Approval.
Dick blogs about Dover NH New Construction and can also be found online at SeniorLivingNH.com, offering a wealth of information and resources on downsizing, rightsizing and relocating for the NH Senior Community.
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Reverse Mortgage Imagine, a senior living in a new home with no monthly payments. If you are 62 years young or more, you may be eligible for a reverse mortgage.
Seniors can purchase a first home, a new home, or a second home with a reverse mortgage. Seniors can get into a new home without ever making a monthly payment.
Seniors Homes Can Provide SecuritySeniors primary care giver is the equity in the home they own or the one they will own. Seniors can get money for living expenses or down payments on new homes with the equity in their current home. If they have a sizable down payment, they can get into a new home and have no monthly payments.
For more information, visit FHA Reverse Mortgages
Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service". Marty works as a Buyer's Agent and a Listing Agent. Marty is also a building and renovation Contractor since 1988. As a buyer's agent, Marty's extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed. As a seller's agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client's properties on the internet. Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.
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This Weeks Sales In Dover NH Homes1/21/2012 Dover NH Homes: 10 homes sold this week for a total volume of $2,242,074 of inventory sold. 23 homes have successful offers and 2 sales are pending closing. 4 homes have come back to the market and 8 new listings have been posted.
View a short video of => Dover’s Top Ten Sales 2011
Click here for => Dover NH Demographics
Click here for => Dover NH Lifestyle
I have put together this study of single family home sales for the last four years to help us determine the outlook for Dover NH homes sales in 2012.
Click here to see all => Current Dover NH Homes and Condos For Sale
At the beginning of the “Great Recession” in 2008, Dover NH home sales suffered yet ever since then, the number of homes sold has increased. This is mostly due to real estate values taking a hit and we’ll see below how much of a hit it has been. The number of homes sold is up 7.5% over last year and up 18% from the depths of 2008.
Click for => VIDEO TOUR
The average time a home for sale in Dover NH spends on the market was at it’s lowest in 2010 due mostly to the now expired Federal Home Buyer Tax Credit. The Tax Credit was scheduled to expire at the end of 2009 but was extended to April 30, 2010. The procrastinators decided it was time to jump into the market and I believe this is what skewed the average days on market for 2010. At the current average of 106 days, this market has come very close to “normalizing”.
Median Sales Price is said to be a better indicator of real estate value trends than Average Sales Price. Average Sales Price can be artificially skewed by a single transaction with an extremely low or extremely high sales price. In 2011, the transaction with the lowest sale price was $38,900 and the highest was $6,900,000.
Median Sales Price was at $267,000 in 2008 with 194 sales. In 2011, Median Sales Price was $226,300 with 229 sales. Average sales price is down 11% from the high of $293,754 in 2008 to $262,033 in 2011. Median Sales Price is down 15% from 2008′s high of $267,500 to 2011′s low of $226,300.
If we look at the overall volume of single family Dover NH homes sold, we can see volume jumped up 5.3% in 2011 over 2008′s level and up 5.6% from 2010. This makes perfect sense knowing what we do about Average Sales Price and Median Sales Price over the last four years. The lower prices are the more homes will sell.
It is my belief that home sales will continue to grow. I am predicting at least 4-5% growth again for 2012 as long as these two factors occur: Interest rates stay low and move up buyers make room for first time home buyers. Existing home owners who are looking to upgrade or up-size their homes are starting to realize that even though home values have come down significantly, they will save a greater amount on their new home purchase than they may otherwise give up on the sale of their existing home.
Click here for => Dover NH Buyer Agent
Interest rates will be the “IF” factor. In a study of the effects of interest rates on purchase power, we hold a certain monthly payment steady and use a mortgage calculator to determine how much purchase power is effected by a rise in interest rates. Holding payment steady, a 1/4 of 1% rise in the interest rate can mean as much as $8,800 less purchase power.
If you would like to move up to a newer or larger home, or if you would like to own your own home, get to a lender now. Make sure you know how much you can afford for a mortgage and start looking before interest rates and prices start to go back up. We know they will. We just can’t say when so why wait? Click here for => NH Home Finance Options
Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on “service”. Marty works as a Buyer’s Agent and a Listing Agent. Marty is also a building and renovation Contractor since 1988. As a buyer’s agent, Marty’s extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed. As a seller’s agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client’s properties on the internet. Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.
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This Weeks Sales In Dover NH Homes1/14/2012 Dover NH Homes: A slow week for sales delivers two condos for a total of $238,000 in inventory reduction. 23 homes have successful offers and 8 sales are pending closing. View a short video of => 11 Dover NH New Listings This Week
Click here for => Dover NH Demographics
Click here for => Dover NH Lifestyle
I have put together this study of single family home sales for the last four years to help us determine the outlook for Dover NH homes sales in 2012.
Click here to see all => Current Dover NH Homes and Condos For Sale
At the beginning of the "Great Recession" in 2008, Dover NH home sales suffered yet ever since then, the number of homes sold has increased. This is mostly due to real estate values taking a hit and we'll see below how much of a hit it has been. The number of homes sold is up 7.5% over last year and up 18% from the depths of 2008.
Click for => VIDEO TOUR
The average time a home for sale in Dover NH spends on the market was at it's lowest in 2010 due mostly to the now expired Federal Home Buyer Tax Credit. The Tax Credit was scheduled to expire at the end of 2009 but was extended to April 30, 2010. The procrastinators decided it was time to jump into the market and I believe this is what skewed the average days on market for 2010. At the current average of 106 days, this market has come very close to "normalizing".
Median Sales Price is said to be a better indicator of real estate value trends than Average Sales Price. Average Sales Price can be artificially skewed by a single transaction with an extremely low or extremely high sales price. In 2011, the transaction with the lowest sale price was $38,900 and the highest was $6,900,000.
Median Sales Price was at $267,000 in 2008 with 194 sales. In 2011, Median Sales Price was $226,300 with 229 sales. Average sales price is down 11% from the high of $293,754 in 2008 to $262,033 in 2011. Median Sales Price is down 15% from 2008's high of $267,500 to 2011's low of $226,300.
If we look at the overall volume of single family Dover NH homes sold, we can see volume jumped up 5.3% in 2011 over 2008's level and up 5.6% from 2010. This makes perfect sense knowing what we do about Average Sales Price and Median Sales Price over the last four years. The lower prices are the more homes will sell.
It is my belief that home sales will continue to grow. I am predicting at least 4-5% growth again for 2012 as long as these two factors occur: Interest rates stay low and move up buyers make room for first time home buyers. Existing home owners who are looking to upgrade or up-size their homes are starting to realize that even though home values have come down significantly, they will save a greater amount on their new home purchase than they may otherwise give up on the sale of their existing home.
Click here for => Dover NH Buyer Agent
Interest rates will be the "IF" factor. In a study of the effects of interest rates on purchase power, we hold a certain monthly payment steady and use a mortgage calculator to determine how much purchase power is effected by a rise in interest rates. Holding payment steady, a 1/4 of 1% rise in the interest rate can mean as much as $8,800 less purchase power.
If you would like to move up to a newer or larger home, or if you would like to own your own home, get to a lender now. Make sure you know how much you can afford for a mortgage and start looking before interest rates and prices start to go back up. We know they will. We just can't say when so why wait? Click here for =>NH Home Finance Options
Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on “service”. Marty works as a Buyer’s Agent and a Listing Agent. Marty is also a building and renovation Contractor since 1988. As a buyer’s agent, Marty’s extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed. As a seller’s agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client’s properties on the internet. Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.
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