Concord NH Homes Are More Affordable Today

Concord NH Homes Market Activity Report November 2011

Concord NH homes are more affordable today and here is the proof. We are looking at Concord NH homes and condos sold between January 1 and October 31 for the last four years. 292 Concord NH homes and condos were sold in 2008 at the beginning of The Great Recession and fell off 18% to a low of 240 homes sold through 2010 even though the now expired Federal Home Buyer Tax Credit was in effect. This is interesting to note because the Tax Credit is gone and the number of homes sold this year is up almost 16% from last year.

Why Have More Concord NH Homes Sold This Year?

Whereas the average sales price has tumbled 18% from 2008 to 2011, it is easy to see why. Median sales price is said to be a better indicator of where the market is headed because the median price is the price where 50% of the sales are above this price and 50% are below so median sales price is not skewed by one large sale or one small sale. Median sales price has dipped 19% over the same time period again telling us why more homes have sold this year. Looking at the average days on market, we can see that those homes were sold about two weeks sooner too.

Now I've Let The Cat Out Of The Bag!

The more people that see this report, the more people will know that there are some great deals out there. Here is the real reason more Concord NH homes and condos have sold. Interest rates are at their lowest levels in decades and with a 1/4 of 1 percent rise in the interest rate, purchase power goes down about $8,000. First time buyers are the driving factor of this market and move up buyers are getting it too. Move up buyers are little more conservative but realize that what they are giving up in terms of selling their homes at a discount to first time buyers they can more than make up for in the upgraded or larger home. If the market is down 18-19%, what they give up in their sale can be far less than what they can save on a deal today.

Here's The Down Side Of This Report

Concord NH homes are more affordable today but as the demand climbs, so will home prices. Here is a look at the 220+ available Concord NH homes and condos for sale today. => Concord NH Homes and Condos For Sale If you are tired of lining your landlord's pockets and would like to start building equity for yourself, you should hook up with a reputable realtor, get pre-approved for a mortgage, and start shopping for your piece of America. If you have been thinking you need more room for your family than your current home allows, you should be selling and looking for your next home. There has never been a better time to shop for real estate.

About the Author:

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.

Concord NH Market Report

Where Are All The Deals in Concord NH Real Estate These Days?

Let's look at the homes sold data for the first six months of this year and compare them to the same time periods for the last three years. In this report, the number of homes sold was the highest at 168 in 2008 when the Great Recession was well entrenched. Home sales fell off to 128 homes in 2009 while the now expired Federal Home Buyer Tax Credit was in effect. As buyers realized the Tax Credit was about to expire in 2010, sales picked up to 150 homes. For this year the increase in demand seems to be holding as 161 homes sold up from 2010. Here is the really interesting factor. The average days on market for these sold homes was 118 days in 2008 when the most homes were sold but here in 2011 we see that the Days On Market is at it's lowest with 109.

Concord NH Real Estate is More Affordable Today

Looking at the average sales price for our sold homes, we see $221,155 at the highest in 2008 and this year average sales price is down to $185,317, 16% lower overall. When we look at the median prices for Concord NH homes, we see where the market trend really ends up. The median price is the price at which 50% of the homes sold below this price and 50% sold above this price. 2008's median was $195,000 and is now 12% lower overall at $173,500.

Looking For Homes In Concord NH?

In answer to our opening question, the deals are everywhere. There are currently 269 condos and homes for sale in Concord NH as of August 30. Home prices are down 16% overall from four years ago and interest rates are as low as they will go. If you are a first time buyer, this is your market and the time is now before interest rates go up.

If you are a move up buyer, the difference now is that $450,000 home you wanted is now only $378,000. Sure you may have to sell your current home for less than you would like but if you could save $72,000, wouldn't that be worth more than what you would be giving up?

About the Author:

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.