Understanding the Current NH Market
In a world full of media and news, we are constantly being flooded with an abundance of information. Articles filled with a bunch of real estate lingo and market jargon that not everyone may necessarily understand. Well, we are here to help decipher that information so you can make the best decision for yourself and your real estate goals.
The first and most dominant question on a buyer’s mind is “What are my options?” When looking for a home it is not a one size fits all, there is a process to go through - looking at several homes, weighing your options, and finally, putting in an offer. However, in the current market, as of June 2020, the inventory of homes within New Hampshire is very low. Maybe you’ve heard the term ‘Months Supply of Inventory’ while doing your market research - a common industry term but unfamiliar to most buyers and sellers. Basically, the months supply of inventory refers to the amount of homes currently on the market at that time. If no homes went up for sale from that point on, that’s how many months they have until the market runs completely dry. A 6 months supply of inventory means the market is balanced, it’s not a buyers or a sellers market. Anything above 6 months would be considered a buyers market, there are many homes available for buyers to consider. A market below the 6 months would be a sellers market, limited inventory and quick turn around times from listed to pending to closed. Currently, New Hampshire’s market has a 2.1 months supply of inventory, which as we now know, is extremely low. In May of 2019, the months supply of inventory was at 3.5, which was 67% higher than the current market. With the inventory low and the demand high, this has led to an increase in median sale prices, up 6.6% from last year.
Selling Your Home is Not Marketing Your Home
It’s a common misconception that when you put your home on the market the photos of it is enough to attract buyers. However, that’s only the bare minimum. The right real estate agent will understand your home selling goals and familiarize themselves with your home and neighborhood, so when they are marketing your home, they will know what sets your home apart and can truly relay the best information. At Verani Realty, our agents use the Verani Home Marketing System - which is an entire marketing strategy that helps you prepare your home for showings, cultivates a customized marketing plan for your unique home, and helps you understand and attract the right kind of buyers.
Now is the Time
With everything that we now know about the current New Hampshire market, if you’re looking to sell your home, now is the time. With low inventory, an increase in median sale prices, and insight on what to look for in an agent, selling your home can really pay off at this time. So we encourage you to talk to your local real estate agent and get the ball moving - there’s no better time than right now!
Finding the right REALTOR® for you is just as important as the house hunting process. A New Hampshire REALTOR® that specializes in your price range, someone who is familiar with your desired location and neighborhoods, and someone who has a proven track record of happy clients and ethical behavior.
At Verani Realty, we value our REALTORS® and agents and give them every resource needed to run a successful business. Teaming up with REALTORS® from Verani Realty will put you ahead of your buyer competition as well as give you access to some of the best in the business.
We have REALTORS® all around New Hampshire, Northern Massachusetts, and Southern Maine, and we’re happy to help you in any way that we can. So take a peek at the agents in your area, we’re always here and happy to help! verani.com/agents-offices
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