Good morning, afternoon or evening! Regardless of what time it is, you're here and that's what matters.
Allow me to introduce myself, My name is Jason Duval. I am a REALTOR of 13 years in NH and this is my first time writing a blog since 2005. Back then I started writing a blog in anticipation of (and sometimes defiance of) the bubble burst that many felt was coming including yours truly. Though it seemed at times the bubble wouldn't burst, it did. The market blew up in 2008/2009 and remained on life support for years. In many ways it still is. Loans are still difficult to get for many and true stabilization has yet to establish a firm grip on the market with seasonal, financial and governmental fluctuations continuing to have swinging effects on the mood of both buyers and sellers. Many who yearn to enter the marketplace once more have found it near impossible as we have yet to appreciate values to where they peaked just before the epic downfall. There may; however be good news coming VERY soon.
Over the past 2 years, some appreciation is being realized in the market place and many are finding their ways out of the sticky situations they once found themselves. With the exception of the condo market in NH, most single family and multifamily homes have appreciated, over the past 12 months especially. Why is this happening? Allow me to share my observations taken directly from my client dealings over the past couple years.
It all starts at the bottom. Young adults get tired of feeling trapped in their current situations. Whether living with Mom & Dad or renting, its time to move on. Move up, start a family, regain freedom, even get married. Many of these folks who are looking to buy look to the single family "first time buyer" market. They pick off the low hanging fruit along with investors, to enter the market place and free up those who are looking to move up. Additionally, many of these entry buyers purchase investor properties which allow the investors to move on to other properties injecting the marketplace with spruced up, freshened inventory that many of this group is looking for. Think of it as a rock being tossed in a puddle sending the ripples across the market place.
Next, as touched on above, those selling their homes need to move. Whether they are looking for something better or to move away to another area, these folks keep the momentum going by purchasing next level homes in which those selling are doing the same.
The final group resembles the second in many ways. In this category we start to see the return of the ripple back toward the center. In this category we find "down-sizers". These are folks that are looking to take life back a step due to retirement, death of a spouse, divorce and other reasons. These people complete the cycle injecting the 2 layers below them with more buyers which eventually lead to less inventory which then leads to rising prices and equity.
So where are we now? Well, a great deal of younger buyers seemed to make a return to the market in late fall of 2012. This led, at the time, to increased sales in the winter of 2012 and a bit of market stabilization. as the ripples began to make their way across the market we seemed to hit the mark of our second group in mid to late 2013 and early to mid 2014. In 2014, right around election time the market seemed to slow a bit until right after the election. The trend picked up again right where it had left off. Only this time there seems to be more of the 3rd group involved which has led to a current reduction in inventory which as mentioned above will ultimately lead to further increase in prices. Seasonal issues aside, the down-sizers along with the still present first time buyer crowd looks to be strong and after a very snowy winter, this looks to be shaping up to be a very good spring.
For all the latest on the market, a free home evaluation or a personalized home search, be sure to visit me online at http://www.NHHomeStore.com. Let me know your thoughts and questions. Thanks for taking the time to visit, I hope to be back soon to keep the conversation going. Till then, make it a great day!
