A look ahead into Real Estate Market Predictions for the Greater Newburyport Area and Southern New Hampshire
Welcome 2018! It is no secret that 2017 was a seller’s market in the Greater Newburyport Area and the North Shore. With home inventory extremely low and many homes selling over their original asking price, buyers were struggling to keep up with the pace of home sales.
The bottom line: although some local home buyers were successful in finding homes this year, many were left looking ahead, hoping for more inventory to come onto the market in 2018. Well, for homebuyers and sellers, the future looks bright!
What does 2018 hold for homebuyers in the area?
By now, homeowners are aware that there are eager buyers poised and ready (with mortgage pre-approvals) to make offers. A fast and easy transaction is very motivating for people who would like to downsize or relocate. Plus, the National Association of REALTORS is reporting that, “home shoppers may have it easier in 2018. Inventory constraints of for-sale homes and rising home prices may finally start to ease next year, according to realtor.com®’s 2018 National Housing Forecast.” The same report indicates that home prices will level out in 2018-2019. If they haven’t already, homebuyers should move quickly to partner with an Accredited Buyer’s Agent to ensure they have an advocate alerting them to new listings and price changes in the area. If you are just beginning the process of looking locally, or are a first-time homebuyer, reach out to us to help you set yourself up for success (and avoid surprises) when it comes to the entire home purchasing transaction. The market will be still be very competitive, so it is important to know exactly what you want so you will not hesitate when the perfect property comes along!
What does 2018 mean for homesellers?
First and foremost, the seller’s market will continue to be strong. Inman News predicts that “Real estate experts and economists agree sellers will continue to hold the cards” especially in “hot markets” like the North Shore. When working with an experienced local agent, home sellers can expect sell their home quickly if the price is right. If you are just beginning to think about listing your home, now is the time to reach out to a trusted REALTOR® even if you are not completely ready to put your home on the market. He or she can walk you through the market trends and offer home value estimates and tips to prepare your home to be listed.
Spring will be here before we know it, so now is the time to choose a REALTOR®, create an ideal timeline to set up your home sale or purchase, and get a jump on the competition.
Contact us to discuss your real estate transaction and get a head start on what will surely prove to be another exciting year!