Window of opportunity open for Meredith home sellers

Meredith, New Hampshire

If you own a single family home in Meredith and have been waiting for a good time to sell, a window of opportunity is wide open. It’s clearly a seller’s market, enriched by many conditions that are also presently favorable for buyers. But the window to profit from this seller’s market won’t stay open indefinitely.

It’s an opportune time to sell in Meredith because home prices are peaking, the number of “days on market” has plunged, interest rates and economic conditions are excellent for buyers, the inventory of for-sale homes is low, and marketing technology has never been better.

First, let’s look at each condition favorable for sellers.

            In 2018 the median “closed” price for Meredith single family homes surpassed the previous peak attained back in 2008. This represents the highest median home sale values in Meredith in over a decade, since 2006, when many prices were artificially inflated by the loose lending practices that led to the subprime mortgage crisis.

            Additionally, with just 35 median days on market in 2018, single family homes in Meredith sold at the fastest pace in at least 21 years.

            Regarding inventory, there are presently only 33 single family homes actively listed for sale in Meredith, a town the U.S. Census Bureau estimates to have 6,384 residents and 4,654 housing units.

A low supply of for-sale homes advantages sellers, as buyers become more willing to overlook perceived shortcomings in a home (like dated bathrooms and cabinets) when there is little inventory to choose from. The result can often be multiple offers, stronger negotiating position and higher prices for sellers.

Finally, marketing tech for sellers has never been better. Imagine how great your home will look when professionally marketed with Roche Realty Group’s capabilities for drone aerial videos, which dramatically highlight the beauty of the Lakes Region, and Matterport® 3D virtual tours, which give buyers an amazing, Google Street-like navigation of home interiors (visit LakesRegionHomeSeller.com/marketing-your-property for examples).

            Next, let’s examine why the window of opportunity is wide open for buyers to make strong offers on your Meredith single family home.

            According Freddie Mac, mortgage interest rates have declined to 4.35%, which is the lowest rate since February 2018. This is welcome news for buyers who had grown accustomed to abnormally low interest rates, and watched in dismay as they neared five percent in mid-November, 2018, a rate many had not seen in years, or ever. Consequently, the number of consumers applying for mortgages is on the rise.

            Buyers also have additional reasons to be confident… for now. According to a recent CNN Poll, 71% of respondents said the nation’s economy is in good shape. That’s the highest percentage to say so since February 2001. The survey also found that 42 percent of respondents said their personal financial situation is better off today than it was three years ago.

            These survey results correspond with several other economic indicators that give buyers confidence. For example:

  • Our nation’s Gross Domestic Product (GDP) grew 3.1 percent from the fourth quarter of 2017 to the fourth quarter of 2018, the fastest growth pace in 13 years.
  • More than 2.6 million jobs were created in 2018, and the number of job openings surpassed the number of unemployed workers for the first time on record.
  • The unemployment rate hit 3.7 percent in September 2018, a near 50-year low.
  • The unemployment rate remained at or below 4 percent for the past 12 months, the longest streak in nearly five decades.
  • Nominal wages grew 3.4 percent over the last 12 months, the fastest pace since 2009.

So it’s a great time to list a home in Meredith, but these conditions cannot persist indefinitely. What goes up must come down, including windows of opportunity. Let me give you some reasons why.

Consider that home prices in Meredith have far exceeded income growth in New Hampshire and Massachusetts, our two largest buyer markets.

Meredith home prices spiked 26 percent between 2010 and 2017. During that same period real median household income growth in New Hampshire was stagnant, and in Massachusetts income grew just 6.7 percent. When homes become overvalued, buyers pause until prices correct.

For example, Meredith median closed prices plunged more than 34 percent between the previous peak in 2006 and the market bottom in 2010. Those who missed the opportunity to sell during that window opening had to absorb painful losses or wait more than 12 long years for values to recover. That would be the equivalent of a $123,000 loss in value from 2018 median home prices in Meredith.

While the news on interest rates is good for 2019 (on Wednesday the Federal Reserve signaled that it likely will not raise rates for the remainder of the year), mortgage rates are influenced by the Fed’s adjustments to interest rates, and many officials at Wednesday’s Fed meeting hinted that a rate increase is likely in 2020.

It’s undeniable that the economy has flourished in the last two to three years, but economies move in cycles, just like real estate markets. Another recession is inevitable, a matter of when, not if.

According to the Fortune media group, “The risk of a recession is seen at a six-year high. In fact, more than three-quarters of corporate chief financial officers expect one by the end of 2020.” This outlook is shared by nearly half of the real estate experts and economists who responded to a recent Zillow survey. The prospect of recession in 2020 makes spring 2019 an excellent time to list.

Tom Peters, esteemed author and expert on business management practices, once said: “If a window of opportunity appears, don’t pull down the shade.”

If you own a single family home in Meredith and have been waiting for a good time to sell, a window of opportunity is wide open. Generally, Meredith homes are selling at peaking prices and the fastest speeds on record. It’s clearly a seller’s market due to strong buyer demand and a limited supply for for-sale homes.

If you’re curious about how much money you could earn for your Meredith home in the best seller’s market in over a decade, contact me… before the window slams shut!

Brent Metzger is a Realtor® with Roche Realty Group. He may be reached at (603) 229-8322 or www.LakesRegionHomeSeller.com.

Moving into new home young happy couple celebrating toast Champagne

Buying a Home? Follow These Tips & Tricks

Spring has officially arrived and launches the beginning of our spring selling season for real …

Read More →
Marketing

How Marketing Real Estate Has Evolved

Back in the year 2000, the world was at the beginning stages of a major …

Read More →
Mount Washington, New Hampshire

New Hampshire — 30 Reasons to Move Here!

With lakes, beaches, mountains, forests, rivers, and the ocean for people who enjoy the outdoors, …

Read More →
New Hampshire Ski Resort

Ski Resorts in New Hampshire Are Ready for Spring Skiing!

It’s been a good week, and mother nature hit our region with a blanket of …

Read More →
Market Trends

Real Estate Market Trends to Follow

I’ve been pulling up some current research on the real estate market on a national, …

Read More →
Carol Mattice

Roche Realty Group Welcomes Carol Mattice

Meredith — Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and …

Read More →
Kevin Shaw - Roche Realty Group

Kevin Shaw of Roche Realty Group is Top Producer for 2022

Laconia— Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, recently announced …

Read More →
Lisa Lewis

Lisa Lewis Joins Roche Realty Group

Meredith — Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and …

Read More →
Wanda Keenan

Wanda Keenan Joins Roche Realty Group

Meredith— Frank Roche, President of Roche Realty Group, Inc. with offices in Meredith and Laconia, …

Read More →
Land for sale

Buy Land in New Hampshire — They’re Not Making it Anymore

The science is in and the more trees a state has, the happier and less …

Read More →
The Price of Real Estate

Did The Price of Real Estate Increase in Your Town?

Everyone’s always interested to see how their real estate values have performed over the past …

Read More →
Laid off employee in recession

Are We Headed into a Recession?

It’s pretty big news lately; Microsoft, Amazon, and other tech companies have laid off more …

Read More →
Price Reduced

2022 vs. 2021 — Is The Lakes Region’s Frenzied Market Over?

It’s that time of year to provide all of you with an update on real …

Read More →
Roche Realty Meredith

Roche Realty Group Reports a Record of $181 Million in Sales

               Meredith- Frank Roche, President of Roche Realty Group, Inc, …

Read More →
Hillside Inn Winter

12 Things To Get You Through The Winter Months

On December 21st, the winter solstice marked the start of when days will begin to …

Read More →
Housing Inventory Lacking - Lake Winnisquam, NH

Lake Winnisquam, NH’s 4th Largest Lake is in Strong Demand

There are literally 273 lakes, ponds and rivers to enjoy in New Hampshire’s Lakes Region. …

Read More →
Interest Rates

Will We Ever See 1980s Interest Rates?

I was with a Realtor® friend of mine this past week, and we discussed what …

Read More →
Hikers overlooking the lake in New Hampshire, voted "Best State to Live in America" in 2020.

Squam Lake — a Lakes Region Treasure

This past summer, I was invited for lunch and a nice boat ride around Squam …

Read More →
Shop Local New Hampshire

Small Business Saturday in New Hampshire!

We have many things to be thankful for here in New Hampshire, plenty of natural …

Read More →
Couple downsizing to smaller home

Does Downsizing Your Home in Lakes Region Make Sense?

There are many things to consider when planning to sell your home to downsize into …

Read More →
Newfound Lake, New Hampshire

Newfound Lake is the 8th clearest lake in US

Newfound Lake is the 8th clearest lake in the United States New Hampshire has a …

Read More →
Echo Lake New Hampshire

New Hampshire Rankings are Impressive!

New Hampshire has always been fortunate to land in many of the country’s top 10 …

Read More →
Lakeside at Paugus Bay

Impressive New Construction in the Lakes Region

For new construction sales in New Hampshire’s Lakes Region, 2022 has shown very impressive results. …

Read More →
Inflation and housing prices

How Inflation Impacts Lakes Region Housing Prices

I was out with a friend this week on Squam Lake, and we were talking …

Read More →
Picture of author in the Grand Canyon

Is Lake Region Real Estate Drying Up Like The Southwest?

I just returned from a trip to Nevada, Arizona, and Utah this past week. Put …

Read More →
Brook Hill at Meredith: New luxury homes in Meredith, NH

Brisk Sales at Brook Hill in Meredith

Meredith— Sales at Brook Hill, a new luxury townhouse community in Meredith, have been exceptional …

Read More →

Impressive Sales at Lakeside at Paugus Bay

Laconia— Sales at Lakeside at Paugus Bay, a new luxury waterfront condominium community on Lake …

Read More →

Four Decades of Change in Lakes Region Real Estate

We were talking in the office the other day regarding how much the real estate …

Read More →
Supply and demand graph, real estate housing

The driving forces in the demand for NH housing

It is no secret that our country has seen some incredible growth in the real …

Read More →
Holderness, NH

Holderness Bridges Big Squam and Little Squam

Holderness is a lakeside community in the foothills of the white mountains on New Hampshire’s …

Read More →
high inflation

Energy & Ukraine Crisis Compared to 1970s Inflation

Russia’s invasion of Ukraine has emerged as a black swan event rattling the world during …

Read More →
Tilton, NH

Tilton — The Gateway to New Hampshire’s Lakes Region

Tilton, New Hampshire, is considered the gateway to New Hampshire’s beautiful Lakes Region because of …

Read More →
Map of USA: How Real Estate Trends affect the Lakes Region

How Real Estate Trends Affect the Lakes Region

New Hampshire’s Lakes Region & New Hampshire Can you believe a new analysis from Zillow …

Read More →
Laconia NH

Laconia, NH — A City on the Rise

The 17,000 resident “City on the Lakes” is nestled on the shores of three of …

Read More →
Two ice sailing enthusiasts on Lake Winnipesaukee.

Waterfront Sales Activity and Real Estate News

Here’s an update on the waterfront sales activity that we experienced over the past two …

Read More →
Tuftonboro, NH

Tuftonboro — “The Diamond in The Heart of New Hampshire”

Located just west of Wolfeboro, Tuftonboro is called “The Diamond in the Heart of New …

Read More →
Aerial view of Lake Winnisquam and Sanbornton, New Hampshire

The Rural Character of Sanbornton, New Hampshire

Sanbornton embodies all that one expects to find in an old New England town. This …

Read More →
Castle in The Clouds is one of Moultonborough's largest attractions.

Moultonborough’s 66 Miles of Shorefront Captivates

By landmass Moultonborough, NH is the largest lakefront community in the Lakes Region with 59.7 …

Read More →
Kevin Shaw - Roche Realty Group

Kevin Shaw of Roche Realty Group is Top Producer for 2021

Laconia— Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, recently …

Read More →
Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro, NH — The Oldest Summer Resort Town In America

Wolfeboro: a Brief History Nestled in the foothills of the White Mountains and on the …

Read More →

Roche Realty Group Reports Record of $170 Million in Sales

Meredith- Frank Roche, President of Roche Realty Group, Inc, with offices in Meredith and Laconia, has …

Read More →
Meredith NH

Gilford and Meredith NH – How Do They Compare?

There are 25 towns and cities comprising the Lakes Region. This week I thought I …

Read More →

EM Heath, LLC Acquires 1084 Union Ave in Laconia

The future of Ace Hardware EM Heath LLC in Laconia became solidified this past week …

Read More →
Roche Realty Group Sells Landmark Commercial Building in Gilford, NH

Roche Realty Group Sells Landmark Gilford Commercial Building

Gilford- One of the most visible, historic landmark commercial properties in New Hampshire’s Lakes Region …

Read More →
New Commercial Constructioin in Lakes Region

Commercial Sales Increasing in the Lakes Region

Recently I’ve been outlining the sales activity for residential, waterfront, and multi-family apartments in the …

Read More →
Laconia NH Commercial Building Sale

New Owner for 8,447 Sqft. Commercial Building in Laconia

Laconia— Exciting news for the downtown Laconia district. Another substantial commercial building, including approximately 8,447 …

Read More →

Strong Demand for Multi-Family Apartments in NH’s Lakes Region

Last week I was driving through Loudon Road in Concord in the busy heights area, …

Read More →
NH Lake

Area Lakes Show Considerable Appreciation

Below you will find data and insight into what’s happening in sales activity on 8 …

Read More →
inflation in shopping center / grocery store

More Inflation Concerns

More Inflation Concerns I submitted an article a while ago titled “Is Our Current Inflation …

Read More →
Alpenrose Village Retail Center located at Rte. 11 B / Rte. 3 in Weirs Beach, Laconia

Roche Realty Group Sells Alpenrose Village Retail Center

Laconia, NH – Tom Drouin of Roche Realty Group in Meredith represented both the seller and the …

Read More →

Leave a Comment