We all hear and read all kinds of things about the housing market, and most of us are probably pretty tired of the same old negative stuff. What seems to get buried in all that "negative sells" stuff is that the market correction may actually be coming to an end in many markets across the country.
I know it sure seems like it is here in the areas I service - Portsmouth, Rye, New Castle, Hampton, Exeter, Stratham, Durham, Dover and the surrounding towns of the New Hampshire Seacoast, and the towns in southern Maine of Kittery, Eliot, South Berwick and York Maine.
Phones are ringing like crazy, internet leads are picking up greatly, properties priced correctly are selling, and believe it or not, multiple offers are happening again. Now, granted, multiple offers are few and far between, but I have to say that just in the last couple of weeks, I have been involved with those on 2 different occasions. But
they are happening, nonetheless.
I'd been working with 2 sets of out-of-state buyers recently, and we had a good number of listings that I pulled up that we were going to work on seeing. With both of those buyers, the number of homes on each of those lists that were actually available for showings was less than the number of homes on each list that had gone under agreement since I'd sent the listings to the buyers.
Sale Pendings are definitely picking up and are on the rise.
BUYERS - you really need to think about entering the market now, if you haven't already jumped in. Here are some of the reasons why:
~~ Interest rates for home mortgages are still at historically low rates. Today's average rates are as low as average rates have been in almost 40 years. Lower interest rates allow more Americans to achieve that dream of homeownership.
~~ Buyers have more properties to choose from than they have had in the last few years in the hot sellers' markets we were experiencing. There are choices, but those choices may be declining as evidenced by the number of homes to actually show being less than the number that were under agreement in my examples above. The overall number of homes in the country currently for sale has declined somewhat as well.
~~ The correction of the markets in many places across the country are going to bring with it home prices rising again in the near future. Research from the National Association of REALTORS indicates that prices will likely not go any lower, strongly indicating we are nearing the end of this correction period we've been in for the last 9-12 months. The number of sales pending nationwide has been increasing, another indicating factor that buyers are, and have been, getting back into the market.
~~ The best investment, as history has proven, is real estate. Most homeowners, on average, who bought homes five years ago have values that increased by 45% - 50%. Those who purchased ten years ago have averaged close to a 90% increase in their home's value. For those looking for consistent long-term growth, there is no better investment choice than real estate.
Pursuit of the American Dream is alive and well! The markets and low interest rates may now be providing buyers with the best opportunity ever to attain that dream.
I counsel the buyer clients I work with that this market is providing buyers with "the perfect storm" situation - low interest rates, great options in housing choices, and negotiable selling terms and prices.
If you're a buyer thinking about getting into the real estate market in the Portsmouth New Hampshire areas, give me a call and let's set up a time to see how you can take advantage of today's market - I'd love to help you attain your piece of the American Dream!
To read more information about the local markets and areas in the Seacoast Areas of New Hampshire and Southern Maine, please feel free to check out any of the articles listed below:
AT HOME in New Castle New Hampshire
AT HOME in Greenland New Hampshire
AT HOME in Stratham New Hampshire
AT HOME in Newmarket New Hampshire
AT HOME in North Hampton New Hampshire
AT HOME in Hampton New Hampshire
AT HOME in Dover New Hampshire
AT HOME in Rye New Hampshire
Portsmouth New Hampshire - Loving Life in Portsmouth!
Rye New Hampshire - A Slice of Seacoast Serenity!
Seacoast Theaters - It's SHOWtime on the Seacoast!
Holiday Happenings on the Seacoast
Shop till You Drop - Great Shopping!
Portsmouth New Hampshire - Music, Theater, Arts, and More!
Portsmouth New Hampshire Tidbits
Scrumptious Seafood Adventure
Exeter New Hampshire - History and Charm Galore!
Dover NH - It MUST be Spring ~ The Home Shows are Coming to New Hampshire!
New Hampshire - Fun Things to do Around the State
April Adventures Around New Hampshire!
February Fun Around New Hampshire!
New Hampshire Naturally
New Hampshire Nuggets
New Hampshire Made Delights!!
Ann Cummings, Maine and New Hampshire REALTOR
RE/MAX Coast to Coast
Portsmouth NH
ann@anncummings.com
888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine 
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Let me put my years of experience here in the coastal areas of NH & southern Maine to work for YOU! Servicing the greater Portsmouth, Hampton, Exeter, Dover, NH areas & the southern tip of Maine.
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Hi Ann,
I just returned from my date out for dinner and drinks.
Since I have bought property before then I figure it is a good time to buy if you are planning on living in the property for a few years but if you are buying strictly for investment then you either need to carry the property for at least the next 2 yrs or rent it out to compensate..but I can tell you that you must make sure you have reserves because it still might take 6 months to 1 yr to even rent.
Ann, Not bad localism :) I have not developed mine with links, I am glad that you are doing great with localism, congratz
Hi Neal - Our rental market here in my areas has a zero vacancy factor, and we've had that here for years. This post was written mainly with buyers in mind who are looking for an owner-occupied home, however there are some nice buys on multi-family properties and rental homes here as well.
I realize other areas may be experiencing differing levels of market activity. Here in my areas, the market is definitely picking up, and has been for the last 2-3 months now.
With the factors I listed, now is a great time for buyers to be making their move, if they've been sitting on the sidelines waiting to see what's going to happen.
Thanks for reading!
Ann
Hi Ray - Thanks for reading and commenting!
Ann
Ann, you are Sooooooooooooooooo right - Now is the time to be a buyer - hope they dont' wait too long and miss some of the best deals ever.
Hi Cyndee - We've been having some positive press over the last couple of months, and I'm sure that's helped buyers get back into the market. And I think all of us, as agents, need to let buyers know that this is a great, GREAT, time to get back into the market. Predictions for New England are that prices will increase towards the end of the year - market correction for sure at that point. It really is a 'perfect storm' for buyers - they need to be made aware of that if they aren't already!
Thank YOU for your comments!
Ann
I was saying the same thing the other day. It's the perfect time for buyers. Some however think the market is still going to be better and are waiting for a better deal. Good luck to them all!
Definitely now is the time for buyers. There is plenty of homes to choose from, unlike a couple years ago. But alas, we have many buyer's who look, and look and still are "waiting for the better deal". One day they are going to wake up and the "better deals" will be gone and prices will be going up again. So now is a great time for buyer's.
Carolin Benjamin
Bob and Carolin Benjamin
The Benjamin Team
Keller Williams Integrity First Realty
Gold Canyon, Arizona
Ann,
Maybe I went off subject but I would also like to say that because of such a saturated market there are many different homes to choose from versus 2 yrs ago.
The buyers should be running to see everything on the market because they have a much better choice for the picking.
I still think there will be even better deals in the next 6 months.
Hi Ann -
What you have written is almost exactly what our local Grand Rapids Board is using as our latest promotion - Now Is the Time to BUY!! I couldn't agree more. Activity is definitely picking up, offers (multiple) are being presented. It's exciting!! Now we really just need to make the public aware.
Ann---loved your blog! NOW is the time to buy! NOW...if we could shut down the NEGATIVE MEDIA and have them focus on the POSITIVE SIDE for the BUYERS we would be all set!!
Now IS a great time to buy. At least here in Chicago. Sellers are dropping their prices and rates aren't bad. You can rent easily and there are plenty of jobs in the city. Investment is a good choice, as is owner occupied status. Buy low, sell high. Everybody knows it, but somehow they freak out when the market dips...rather than getting excited.
Now let's hope that CNN and Fox will pick up on your thoughts and start reporting something positive. Sure would help.
Ann, great positive article for Home Buyers in the Portsmouth, NH area. And who better to call, than Ann Cummings!
Great advice for buyers and I especially liked "The correction of the markets in many places across the country are going to bring with it home prices rising again in the near future. " --->I think it may begin to be the end of the down market as we know it, I'm starting to see a correction here in the single-family market as well.
Ann--It is an awesome time for buyers! Low interest rates! Lots of great homes to choose from! No pressure of multiple offers! Great post! You really deserve the star!
Ann, What a great positive post for Buyers! Homes priced right do sell and I have seen the same in my area with multiple offers on the homes priced right.
Ann....great post and very informative...You are really getting with it :-) Same thing is happening here in Idaho. The phones are ringing more and my internet leads have increased. I have 7 different Californians coming here over the nest 7-9 weeks. Take care and have a wonderful day.
Hi Ann,
Wowee - Zowee!!! Excellent post. Top notch consumer info and you are so right about the market. We see it starting to pick up as well. The bidding wars are actually happening again on properly priced homes. Thanks for sharing the good news!
Ann...
As far as I'm concerned NOW is the time to buy. I'm thinking about doing that myself :)
TLW...ROAR!
Anytime is a good time to buy as far as I'm concerned Ann.
I bought a new personal home last month and will be selling our former home and one rental soon.
I also plan to buy at least two investment properties this year.
With fixed, 30 year rates hovering around 6% housing is very affordable for most everyone.
What a great local post Ann. It is also a great time to buy in Salt Lake. We continue to see increasing values, though at a little more reasonable pace, the lowest unemployment in the nation, heavy in-migration, and as you said, incredible rates.
Now, is a great time to buy.
SUCH good points -- can we get the news media to say this stuff??? PLEASE!?!
I'm in agreement with you, great post!
Nattalie - It really is a great time for buyers to jump back into the market - what better environment to get that special house they've been waiting for?
Carolin - Those buyers that are doing the looking and looking and waiting and waiting may just find that they've let one of the best markets to buy in pass them by. The only thing is, they won't realize it until they've looked in the rearview mirror, and then it's too late!
Neal - Thanks for stopping back by! As we all know, real estate is local, so perhaps your market area is experiencing something different than mine, and different than others who've commented here. Appraisers here in my market areas are indicating that prices have leveled off here, and as NAR is predicting, they are also saying they think prices will begin to turn upwards somewhat here in New England towards the end of the year.
Thanks for reading and for sharing your comments - much appreciated!
Ann
Ed - I think, HOPE, we'll start seeing some positive PR about now being a great time to buy. I know here in New England, we're beginning to see some favorable real estate news, still mixed with some negative, but at least some positive is now showing up in the news. They can't ignore reality forever - the press that is.
Susie - Thanks!! Unfortunately for us, negative news sells. But wouldn't it be nice if they'd just give it a whirl with positive news - find out that that sells as well. Jeez, we can dream......
Abe - NOW is the time here as well! If only that excitement that many of us feel and believe can be transposed to buyers to jump back into the market who are still waiting and waiting..... I certainly know many REALTORS who are taking advantage of this market and snapping up some good properties.
Thanks very much for reading and commenting!
Ann
Diane - Oh, wouldn't that just be great!! At some point soon, they're going to have to actually report on the reality of the market corrections that are happening, instead of doom and gloom all the time.
Gena - Thank YOU!!! ;-)
Ines - I think there are a number of markets around the country beginning to experience the correction coming to an end.......from the various networks I'm part of and the numerous articles, etc. I read, it's happening in more places than the networks would have us believe. But WE all believe because we know - check out market stats.
Teri - Thank you!! And you're so right about it being an awesome time for buyers!
Thanks for all your comments - very much appreciated!
Ann
Suzanne - Thank you very much! Another area experiencing great news - yay!!!
George - Thank YOU!! How great to have that many buyers coming to work with you....positive news all around!
Lisa - Thank you, and you're very welcome! It is great to read these comments about so many different markets experiencing such positive activity. I hope it begins to happen in all of our areas!
TLW - get on out there!! I bet there's a GREAT broker in your area who can help you buy..... ;-)
Thanks so much for reading and for your comments!
Ann
If you can afford the house and do not plan on moving for at least 5 years it is just about always a good time to buy. I have a tennat that has been renting my unit for over 20 years, the past four owners, including me, have offered to sell her the duplex, but she has always been woried that it has been a bad time to buy or that it might not be a good fit for her. She could have owned this place debt free 8 years ago. Money in my pocket, but money down the drain for her.
Hi Jim - I would agree with you about ANY time being a great time to buy. Now is just a WONDERFUL time for all those buyers who'd been waiting and waiting to see what the market was going to do. It's done what it's going to do, and now they need to take advantage of the 'perfect storm' environment for buyers. Congrats again on your new home, and wishing you smooth sales on your 2 properties you'll be selling.
Keith - Thank you! And I'm glad to hear your market has positive things going on as well.
Sarah - Thank YOU! Our State and Local Associations here in New Hampshire have been, and are, working on getting positive news out.....now if only the networks would pick up on the reality right under their noses!
Ana - Thank YOU!!! I appreciate your feedback!
Ann
Daniel - You're right, depending on one's personal situation and how long they intend to hold on to a property. That's too bad about that tenant - some people are just far more comfortable renting than owning, and there's a need for those folks who prefer renting for those who prefer to own rental property.
Thanks for reading and sharing your comments - very much appreciated!
Ann
ANN ~ SUPER POST! I hate kudos and usually try to make it several sentences or paragraphs but you left me at a loss for words!
Renee - why thank YOU!!! But at a loss for words??? ;-) I do appreciate your feedback, and I hope your loss for words is a good thing..... I hope!
Ann
WooHoo! Look at all the loads of info! And as always....there is no better time to buy than when the interest rates are still low. Like now....some people think that they need to wait until prices go down....and meanwhile the interest rates go up....so where is the savings? good post...good info...good time....
Ann,
I did a post regarding this in Rhode Island not too long ago and I agree that this is a good time for buyers!
Your remark about properties are selling that are "priced correctly" is, of course, key. And as Celeste mentions the interest rates have recently dropped.
Good post!
Sally - Rates are low, inventory is there to choose from......and still some buyers wait. I think many are going to wait themselves out of some really great buys and great interest rates if they don't act soon.
Karen - Pricing is certainly key, especially in correcting markets, that's for sure!
Thanks for reading and leaving your comments - very much appreciated!
Ann
Excellent tips Ann! There are some great buys out there right now and some lucky buyers will take advantage of them.
Hi Monika - so good to have you back!! I agree with you about lukcy buyers getting some great buys in this market. They are the ones who are recognizing this as being a great time to be in the market, and they're going to reap the rewards.
Ann
Ann, great article. The market in Springfield is still steady, but not great.
Hi Kaye - thanks for reading and commenting! I think, from what I read, there are many markets that have stabilized and are on the brink of picking back up. Steady is fine, great will come....
Ann
We need help in Ann Arbor, the market is still in decline. I have no clue if we've hit rock bottom yet. Really good post.
Hi Missy - thanks for your feedback, and I surely hope your market stabilizes soon.
Ann
Ann, there are lots of "pending" sign riders around us here in Hampton--very good news. It seems that land is selling well too.
Hi Sue - I'm noticing that in other areas around here, too. LOVE seeing those signs!
Ann
Ann you are very right this is a very good post
Hi Dale - thanks for reading this post and leaving a comment. I really believe this is an awesome time to be a buyer - a perfect storm for buyers as I call it.
Thanks,
Ann