Market Trends
How’s the Market?
Are we at the Bottom yet? My gut tells me not quit, but I see
light at the end of the tunnel. After reviewing the sales statistics
through the end of July 2009 the trend is still downward. However, the
number of day’s it’s taking to sell a home has remained steady. This
indicates that sales could be starting to level off. However, all the
other indicators continue to point downward with an unlucky “13” across
the board. Units sold down 13%, average sales price down 13% and median
sales price down 13%
So how do you sell your house when it must sell now? PRICE IT RIGHT! If
you must sell you need to have a professional Realtor complete an
in-depth market analysis of your home that is clear to understand on how
they arrived at the value proposed. I guarantee you the number will be
less, sometimes much less than you thought your bottom line would ever
be. However, it’s time to take off the rose colored glasses and arrive
at the reality that the market is down and the price is the price.
Pricing your home more than 5% above the current market value is a
recipe for disaster!
Buyers Market: I commented back in 2005 during the last
Sellers market how little sellers were doing to sell their homes. Many
at the time would refuse to make repairs; some wouldn’t even mow the
grass as they knew there were plenty of buyers willing to pay even more
for their homes, as is. However, this trend has curiously shifted to
buyers. We are now seeing buyers making ridiculous request of sellers.
It’s always been common for buyers to ask for major repairs to be made
after an inspection but we are now seeing buyers walk away from buying
because the seller wouldn’t fix minor items, usually less than a few
100.00 dollars. We have also started to see buyers asking for the
seller’s personal possessions, lawn mowers, snow blowers and even
furniture to be included in the sale.
Improving Economy “ripples in the water”:
We are lucky in this area not to be affected as much by the recession,
however, we are not immune. Trends seem to always start in more
populated areas like FL or CA, and we seem to always follow those trends
about 12 to 18 months after but usually just not to the same extent.
Think of it like this. If you drop a stone in the water the center has a
violent splash, however, the farther away from the center not much
happen. By the time the ripples have reached us the center has calmed
and like those other parts of the country FL and CA are back on the road
to recovery while we are still feeling the effects. I firmly believe
that sales prices will begin to level off and an improving economy will
support a healthy real estate market in the Upper Valley starting near
the end of this year and increasingly improving in the years to come.
RE/MAX 2010 Housing Market Outlook Report
If you are considering the sale or purchase of a home in 2009 please
call one of our sales representatives for a no obligation buyer or
seller consultation.
Gerry Stark, Principal Broker/Co-Owner
RE/MAX Upper Valley Partners
Gerry has been a Realtor for more than 22 years. He is the 2005 Upper
Valley Boards “Realtor of the Year” and teaches the Realtors ethics
course. He is the 2010 President Elect of the Upper Valley Board of
Realtors and is licensed as a real estate Broker in both New Hampshire &
Vermont. Designations include the Certified Buyers Representative, a
certified mentor for the Buffini & Company, A member of the Lebanon
Chamber of Commerce, the NH Better Business Bureau and a NH Notary
Public as well as the past Chairman of the Enfield Zoning Board.
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For a FREE market opinion of your home email
freecma@uvmaxre.com or give us a call at 603-298-8900. |
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Archived Market Trends
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