In Southern NH, there is a shortage of real estate inventory. There are simply more home buyers than there are suitable listed properties. This leads to an interesting experience for buyers and sellers. Below is information on what the Southern NH housing market shortage means for buyers and sellers.
Competitive Market for Home Buyers
Less inventory produces a competitive market for home buyers. Properties newly listed will normally gain a lot of attention. Homes will go under agreement quickly after more than one offer. In these circumstances, expect houses to sell for more than asking price. What else does this mean for buyers?
Buyers must be prepared to act. This requires having a pre-approval performed and a letter ready to include with an offer. After seeing a property, they will need to make decisions immediately. Even just one day may make a difference. Lastly, offers must be uncomplicated and simple. You might have just one chance. There is typically no chance to negotiate a discounted price unless the house has been on the market for a long period of time and has no competing bids.
A Good Position for Home Sellers
Sellers have the upper hand in this market. It can be stressful keeping a home for showings, so swift sales make the process much. In multiple offer instances, sellers are also in a good position and can accept the buyer of their choosing.
Sellers should be cautious not to overprice in this market. Maximum value is typically procured from accurately pricing from the start. Overpricing will not normally pay off.
Sellers attempting to simultaneously sell and buy may find it challenging. Although you will be able to quickly get your current home under agreement, it may require more time to locate one to buy because of the scarce inventory. Having an amenable buyer will be critical. You may also want to use temporary housing to give you more time to buy a new property.
What The Southern NH Housing Market Shortage Means For Buyers And Sellers
Overall, what the Southern NH housing market shortage means for buyers and sellers is the typically shorter selling process but a lengthy buying time frame. Prices will also be greater. It is critical to understand what is going on in the Southern NH market when hoping to buy or sell. Set realistic goals for both price and time frame. Connecting with an experienced real estate professional will offer essential support and guidance.