The current trend in the Real Estate market in the ME/NH/MA seacoast area is complicated. Inventory of houses for sale remain at record low levels. The jump in interest rates has given potential sellers pause. If their mortgage rate is near the 3% range, it is significant moving on to a 5-7% range rate. Even seasoned professionals are having difficulty gauging the direction of the financial and property markets. Combine these elements, and it is a difficult market for both buyers and sellers.
But while the market is difficult, it is not impossible. There are always life events leading to buying or selling a home. In 2023, our team has helped a few first time home buyers purchase properties in the tight Seacoast market. Throughout the process, we kept our buyers need to be aware of the conditions. Although patience is the definitely required, so too is acting swiftly when properties check the proper boxes. It is also very important to create a hierarchy of needs. The chart below illustrates the process to organize priorities.
For sellers, it is a mortgage rate balancing act. We work with a lending partner that can offer programs designed for rate volatility. The buying frenzy of COVID times has long faded. The limited inventory still favors the seller. The trend has been an increase in seller concessions. it is important to price your property properly. Tracking local listings, we have seen dramatic price reductions due to overestimating the market. It is a tricky market.
The bottom line is a trusted Real Estate agent is the best option to achieve your goal. If you have any questions regarding buying/selling a home, a home market analysis, home financing, or any thing real estate related, get in touch.