Finding a Home in NH Amidst Spring’s Low Inventory
Available homes in desirable neighborhoods within New Hampshire communities seem tough to find. There are condos, rentals, and plenty of seven-figure options, but not enough for buyers in the middle of the market.
There are a number of reasons why markets might be “mismatched” — that is, when the type of houses for sale are out of sync with what buyers demand. Sellers who purchased their homes at the top of the market years ago continue to hold onto those properties in order to wait out the market until they can recoup their costs. Another issue is that mortgage regulations have become stricter since the the subprime mortgage crisis that led to our last recession in 2007-2009, and banks are hesitant to lend to those who have any indication of not being able to pay their loans.
In this kind of market, being prepared will pay off when you find exactly the house what you want. Get pre-approved for a mortgage and delay any major purchases like cars and appliances or opening new lines of credit. The lower your debt-to-income ratio, the higher amount lenders will be willing to give you.
Walking through dozens of homes for sale can start to blend together in your mind. Another piece of advice is to make a list of pros and cons of what you’re looking for. Include location, schools, the number of bathrooms, kitchen features, and whether you want a garage. Keep track of what you like or don’t like about each house you see and compare them to your checklist.
A big bright spot in the inventory of affordable, available homes can take some stress out of the house-hunting process: new construction. There are opportunities to build new homes in many regions of New Hampshire, but since these homes have yet to be constructed, they do not show up in real estate listings. Builders of new homes in New Hampshire have been steadily developing previously-unused plots of land and redeveloping areas where homes in disrepair have sat for years.
Can we help you find your dream home in New Hampshire? Book at tour at one of our new home communities in Manchester, Londonderry, Dunbarton, Merrimack, Bedford, or Hudson! We are building new homes in several regions of the state and can help you find one that’s the perfect fit for your needs and style.