The Perfect Storm for NH Home Buyers
Someday when we look back at the turmoil of the housing market over this past decade, we’re going to pinpoint that brief time period where things were about as perfect as they could be for those ready to purchase a home. Now, we’re not claiming to have any psychic powers, of course, but there are a few key elements combining right now, at this point in time, to lead us to believe that 2014 will be one of the best years for buyers to make a move.
The factors contributing to this perfect storm are:
- Mortgage Rates are STILL at some of the lowest points we’ve seen in decades!
- Check out the mortgage rate statistics and trends in this report to see what we’re talking about. Rates are still extraordinarily low; and we don’t anticipate them going down any further.
- But they’ve started to climb up.
- That’s right, mortgage rates are on the rise. According to financial projections, as the economy continues to improve, interest rates will climb back up. So if you wait around any longer, you may miss your best opportunities.
- Prices are STILL at some of the lowest points we’ve seen in decades!
- Home prices have not fully recovered from the devastating housing market crash of the last 6 years. What this means for you is that you can own more home for less money than you could have just a few years ago. Which means you’ll have a lower mortgage payment, and can put those extra funds towards paying your mortgage off even faster.
- But they’re climbing back up too; and at a faster pace.
- In New England, home prices started ticking back up a lot faster and sooner than in other areas of the country. In New Hampshire, while we still have not fully recovered to the prices of years past, the prices have been steadily increasing over the past couple years.
- Sellers have been holding onto their homes, waiting for prices to come back.
- Inventory levels of existing homes on the market have stayed relatively low, as sellers have attempted to wait out the market until prices started coming back up. However, there is another option for buyers, where inventory is doing just fine: new construction. Learn about how new construction is creating new inventory in tapped-out markets here.
- In New Hampshire, unemployment is low, the economy has improved substantially, and things are looking pretty good.
- These are all key indicators of an improving economy, and one in which prices will continue to climb with the economy. As the need for lower interest rates continues to drop, rates will start to climb back up.
All of this has led to a Perfect Storm, where the factors are currently all in favor of buyers looking for their perfect home. Download your FREE copy of the Perfect Storm of Home Buying here to learn more, and join in the conversation on Facebook.