According to CNNMONEY in a July industry report, home prices have not only reached their bottom but are bouncing back upward. Across the country, home values rose 0.2 percent when figures are compared year-over-year. Nationally, the median home price was $149,300 during the second quarter, which provides the very first annual increase since 2007. (First quarter prices rose 2.1 percent.)
This has real estate experts across the county saying, “The worst is over … really!”
Foreclosures remain and will continue to come onto the market, but experts predict that buyers’ increasing demand will absorb these listings and things will eventually balance out.
Locally, the state’s year-over-year median price points are increasing in many New Hampshire communities. Stratham currently ranks in the top position with an increase of 33.08 percent in its median price for single-family homes. Following that remarkable increase are the beautiful oceanside towns of Rye with an increase of 13.40 percent and Hampton at 12.6 percent. Holding on to a solid price increase is Portsmouth at 10.40 percent and Derry coming in at 10.01 percent.
So what does this mean? Well, though not all N.H. communities are experiencing the increases in home prices yet, a trend is being seen throughout the state and around the country for home prices to continue to rise.
This means that now is an excellent time to buy! The smart buyer looks to purchase a home at a great price but also in a period where that home will continue to slowly increase in value. It is also financially wise to purchase before prices rise so that you actually obtain the best price. This is a point in time where waiting to purchase could cost you because that home you dream of will likely cost more a year from now.
For homeowners weighing their options on whether to sell and move, you need to remember that though you may get slightly more money for your home if you put off listing the property, you will also pay more for your next home if you wait. In other words, your home’s sale price may increase but so will the home you wish to purchase. On the bright side, the latest market trends indicate a healthy recovery so it is a great time to sell your house and find that perfect new home. Interest rates are at a record low, so you will probably be able to afford more home!
What should you do first? The first step is choosing a REALTOR® you can trust to make the process as easy as possible while looking out for all your financial concerns. The next step is getting pre-approved for a loan, so you know how much house you can really afford and so you can prove to any seller that when you make an offer on their home, you are a serious buyer with buying power.
Next you need to decide what it is you are looking for in a new home and what communities you wish to consider. Prudential Verani offers town profile websites, like this one for Portsmouth, NH, that assist buyers who wish to check out current market conditions as well as get a feel for what each community is like, details about their school system and even travel-commuting distances.
Once you know what you are looking for and what communities you wish to look in, the next step is viewing a few homes on the market. Your REALTOR® can make this an exciting and fairly easy process, so listen to their advice and get started now to get the best value.