What do the statistics actually say about the New Hampshire housing market right now?
- Market experts expect that in the state of New Hampshire, housing values will hold steady or slightly increase by the end of the year. This suggests that the real estate market will be moving upward in the coming years.
- Most agents reported that their market reflects a good supply of homes for sale – a buyer’s market.
- Realtors reported that sellers are getting close to their asking price, and in some cases there is multiple offers to choose from. This indicates sellers are being realistic, buyers are ready, and values are holding steady.
- Interest rates are still at a record low and lenders have several programs available to fit the needs of those with little money to put down or even poor credit. Home ownership is an investment – buy low and sell high.
- There are a good number of new listings on the market right now, so inventory is good and sellers generally have things priced well in order to get those offers.
- Prices are holding steady or at a slight increase over last year which means buyers today are getting the best price with room to grow equity as the market makes it rebound. In other words, what you buy now should be worth substantially more in ten years time or less.
- As a homeowner you get tax breaks such as deducting your mortgage interest, or tax credits if you make energy efficient upgrades.
Keep in mind that the average appreciation rate in a normal real estate market is around 6.5 percent a year. That means a home that you buy for $150,000 now could possibly sell around the $240,000 mark ten years from now.
During that time you will also build equity because you are paying down the amount you owe. So even if you still owe $122,000 on your home after 10 years, you will now have $118,000 in equity. Even if you don’t wish to sell, that equity can assist you financially through a loan for home improvements or paying other unexpected expenses.
Owning a home is a long-term investment. It is not a get rich quick plan of action. You can build your wealth over the course of many years, particularly in a market that is on the way up. Buyers now have the opportunity to buy when prices are low and can expect to see their home’s value grow over the coming years.