We’re heading into the holidays, and all the local Realtors® are busy. They are out there on every corner looking for homes that they can package up and deliver to their customers in the new year. Unfortunately, trying to find a home in today’s market is not as easy as going on Amazon, pushing a button, and bingo, it’s delivered in a few days.
Finding real estate for sale today is much more difficult. There are definitely inventory constraints. There are not enough homes for people to buy. During the coronavirus pandemic, the hot housing market and the increased geographic flexibility of remote work have added fuel to the fire.
Even though the markets have been crazy in the Lakes Region, the pulse cannot be sustained indefinitely. Mortgage rates are well below 3% and cannot last forever; however, I feel it will last through 2021. I’ve seen 43 years of real estate in the Lakes Region with boom-and-bust cycles. I’ve learned it’s a cyclical business. At some point, we will see a bust after these boom years. It’s a matter of when it will happen. I just don’t feel it will be real soon because credit standards are tighter, there’s less speculation, and there’s less predatory lending. I think what’s driving the boom is true demand, and so many families want to live in the Lakes Region. All of the Realtors® at Roche Realty Group have a multitude of diverse properties they are looking for to satisfy their customer demands.
However, here is what all of the Realtors® are faced with when they look for listings to show:
Lakes Region Communities and condominium active listings:
Broadview Condominium no listings ● Stonedrift Condominium no listings ● Misty Harbor no listings ● Timber Bay no listings ● Samoset Condominium no listings ● Country Club Shores no listings ● South Down Shores and Long Bay have no listings ● Yacht Club Vista no listings ● Lake House at Christmas Island no listings ● Christmas Island Condominium no listings ● Jonathan’s Landing no listings ● Harbourside no listings ● Mallard Cove no listings ● Sundown no listings ● Rocky Ledge no listings ● Windward Harbor no listings ● Wildwood on Lake Winnipesaukee no listings ● Four Seasons no listings ● Raquet Club no listings ● Evergreen no listings ● Winnistock no listings ● Winnipesaukee Springs no listings ● Northern Heights no listings ● Cherry Valley Condos no listings ● Marina Bay no listings ● Gilford Meadows no listings ● Mineral Springs no listings ● Stonecrest no listings ● Wildwood Village no listings ● Windover no listings ● Grouse Point one listing ● Patrician Shores no listings ● Waldron Bay no listings ● Meredith Moorings one listing ● Sands of Brookhurst no listings ● Winnipesaukee Beach Colony Club no listings ● Gunstock Acres 2 listings ● Meredith Bay 2 listings ● Balmoral 2 listings ● Suissevale 1 listing ● Governors Island 4 listings ● Lands End one listing ● Village at Winnipesaukee 1 listings.
Waterfront residential active listings:
Lake Winnisquam no listings ● Lake Waukewan no listings ● Lake Opechee no listings ● Lake Wentworth no listings ● Merrymeeting Lake no listings ● Lake Winnipesaukee 34 listings ● Lake Kanasatka 1 listing ● Ossipee Lake 3 listings ● Newfound Lake 3 listings ● Squam Lake 2 listings ● Lake Winona one listings.
So there you have it…a capsulized view of what Realtors® are facing going into the New Year. They certainly will not be able to deliver like Amazon, and there will be many many backorders for certain types of properties. When you look at some of the communities above, like South Down Shores, Long Bay, Suissevale, and Balmoral, where they have approximately 1,426 homeowners combined, and there are only two listings available. That’s a chilling statistic. The number of listings have been shrinking all year, and as of the last statewide report in October by the New Hampshire Associations of Realtors®, we have a 1.3 month supply of listings down 59.4% over October of 2019.
I know one thing with certainty. You will not find a better time to list your home for sale. There is no competition!
This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith and Laconia, NH, and can be reached at (603) 279-7046. Lakes Region data was compiled by a NEREN search on 12/10/2020 at 3:00 pm EST and is subject to change. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.
