You might be wondering—what’s been on our minds lately relative to the market? The top questions we are hearing this Spring are “Should I buy a home this year?” or “Does it still make sense to list my property?“
A vast number of resources exist for consumers that educate on the real estate market and aim to forecast future happenings. We always encourage our clients to seek such resources if they are soinclined, and welcome any input they may have! Based on our own experience in the local market, our take on today’s buying and selling environment remains optimistic. Recent mortgage rate volatility has indeed left consumers with a certain level of vigilance as the Seacoast forecasts the housing market for the remainder of the year. As we continue to see a shortage of move-in ready homes for sale, it is anticipated that prices will essentially hold fast as there remains steady demand for inventory in the Seacoast New Hampshire and Southern Maine regions. Given this current landscape, it is more important than ever to seek representation from experienced Realtors who are closely acquainted with the local market and can best guide you along your buying or selling process. Take a look at our top three reasons for both buyers and sellers to take the next step in their real estate journey!
For Buyers
1. Rental rates are rising. The median price of rent continues to rise significantly year over year, making a purchase an ever more prudent financial decision!
2. Homeownership is a hedge against inflation. When you buy a home with a fixed mortgage, you are securing your housing payment. This removes the risk of cost fluctuations that are possible while renting.
3. Homeownership is a powerful wealth building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.
For Sellers
1. Value on sales remains high. As of March 2023, the monthly median sale price was up 4% from 2022 in Seacoast New Hampshire and up 10.7% for Maine.
2. Demand remains steady. Many buyers are still in the market for property. In a March 2023 press release, Seacoast Board of Realtors President Sandy Healy spoke on market conditions saying that “activity and competition remains intense”.
3. Buyers love New Hampshire and Maine! According to NAR statistics, both New Hampshire and Maine fell within the Top 20 states for Domestic Net Migration, both experiencing a population increase of 0.6% in 2022. The data shows that buyers are drawn to our beloved states – and we can’t blame them!
Bottom line: Reach out to a local Realtor to help make the most informed decisions about your next move! Our team at Ocean’s Edge is here to guide you in your next steps – reach out to us today!
ABOUT:
Ocean’s Edge Real Estate is a privately owned, boutique brokerage based in Seacoast New Hampshire. In serving the great states of both New Hampshire and Maine, the Ocean’s Edge team has the pleasure of bringing deep local expertise and bespoke service to all client relationships. With a combined experience of over 25 years working locally in real estate, the Ocean’s Edge team puts client needs at the forefront and functions collaboratively to drive your ideal outcome – be it on your first purchase, an investment project, the sale of your home, or anything in between. Our brokerage is committed to providing clients with attentive service and a direct line to the team for a seamless experience on your real estate journey. At Ocean’s Edge, we are truly Passionate About Your Next Move!
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