Newmarket NH Home Values
New homes in Newmarket NH are fairly rare compared to surrounding towns. New home sales are said to be the kick starter to our economy. So why is the Newmarket NH real estate market selling so fast. Median days on market for sold listings has been on a Slip and Slide and is as low as it gets. This tells us that Newmarket NH real estate is in high demand. New listings are coming to the market at increasing rates. Homes are selling at increasing rates. Newmarket home sales are on pace to exceed last year. What does this mean for Newmarket home values?
Homes In Newmarket NH Median Sales Price
Median Sales Price is said to be a better indicator of price trends because Average Sales Price is likely to be skewed by a transaction with an extremely high sales price or an extremely low one. Median Sales Price is the sales price of the transaction in the middle of all the data so it floats on the tide of trends. Sales leveled last year and so did home values. The rub in Newmarket NH real estate shows us Median Asking Price dropping below median sales price in 2015. Could this mean:
A) an influx of lower priced homes hitting the market?
B) a sign of an inventory curve on the up side?
C) owners of properties that have been over priced and sitting on the market seeing mortgage rates start to escalate and then decide it’s better to sell now than see their buyer’s purchase power eroded by rising rates?
D) Are first time buyers flocking to the market?
E) All of the above.
Correct Answer: E
Mortgage Rates And Brooms
When I say Newmarket NH homes swept away by mortgage rates, I mean buyers are seeing the rates rise and they know they had better get a new home now. They don’t usually buy homes by the price but more so by the payment just like cars, appliances, toys, etc. Seems counter productive because property isn’t usually an expendable item. However, if they are holding a mortgage payment steady and mortgage rates go up, they know their purchase power lessens. A one quarter of one percent (+0.025) increase in the rates could mean as much as $20,000 less purchase power in the $225,000 price range.
Suggested advice from:
This will sound like something a realtor would say but you have to give me the benefit of the doubt considering the facts.
First Time Buyers need to get pre-approved for a mortgage and find a home before rates go up. It may not be the dream home but it can be a stepping stone toward one in the future. Now is the time to start building equity.
Move Up Buyers need to get their homes ready to sell, talk to their lender, and get into a new or larger home so first time buyers can buy a starter home.
Mortgage rates are at the lowest levels of our lifetimes and never to be repeated. Both first time buyers and move up buyers can take advantage of these low rates which are at the heart of the increase in home sales we are seeing for all surrounding towns. See all the listings in Newmarket and the rest of New Hampshire here => NH Real Estate
Congratulations To Newmarket Buyers And Sellers Who Came Together In July
- 23 Honeycomb Way (lot 46), Newmarket, NH 03857
- 1786 Sqft , 3 bedrooms , 3 baths
- DOM : 237 Days
- MLS # 4395265
- 18 Honeycomb Way (lot 25), Newmarket, NH 03857
- 1786 Sqft , 3 bedrooms , 3 baths
- DOM : 143 Days
- MLS # 4403350
- 71 Ladyslipper Dr, Newmarket, NH 03857
- 2080 Sqft , 3 bedrooms , 3 baths
- DOM : 47 Days
- MLS # 4429849
- 81 Ladyslipper Drive, Newmarket, NH 03857
- 1835 Sqft , 3 bedrooms , 3 baths
- DOM : 72 Days
- MLS # 4420758
- 10 Great Hill, Newmarket, NH 03857
- 2154 Sqft , 4 bedrooms , 3 baths
- DOM : 50 Days
- MLS # 4424767
- 323 Grant, Newmarket, NH 03857
- 1720 Sqft , 3 bedrooms , 2 baths
- DOM : 61 Days
- MLS # 4425796
- 18 Huckins, Newmarket, NH 03857
- 1632 Sqft , 3 bedrooms , 2 baths
- DOM : 44 Days
- MLS # 4426421
- 8 1/2 New Road, Newmarket, NH 03857
- 2772 Sqft , 4 bedrooms , 3 baths
- DOM : 65 Days
- MLS # 4416586
- 8 Piscassic Street, Newmarket, NH 03857
- 1608 Sqft , 3 bedrooms , 2 baths
- DOM : 55 Days
- MLS # 4427817
- 27 Cedar, Newmarket, NH 03857
- 1373 Sqft , 4 bedrooms , 2 baths
- DOM : 240 Days
- MLS # 4394867