
When I hear the question "Is now a good time to buy a house?" my answer is almost always the same. It is a good time to buy when YOU feel it is a good time to buy. So many decisions go into a home purchase that it really depends on the individual circumstances. One thing is for sure though, just like the stock market - time in the market always beats timing the market. Many have been coached out of buying a home because of competition, inventory, or mortgage rates. However, the people that didn't listen to the 'nay sayers' and pursued a home anyways are now sitting on a significant amount of equity compared to when they purchased. Just look at the median home price climbing since 2019.
Year | Units Sold | Median Price | DOM |
2019 | 17639 | $300,000 | 56 |
2020 | 18474 | $335,000 | 47 |
2021 | 17483 | $395,000 | 25 |
2022 | 14360 | $440,000 | 23 |
2023 | 11620 | $470,000 | 26 |
Q2 2024 | TBD | $525,000 | 25 |
Statistics pulled from NAR
Mortgage rates might be higher than 2020, but the median interest rate since 1971 when the Federal Reserve first started tracking interest rates is 7.38% We are currently hovering right around 7% so really not that far off from historic rates. And inventory for the last six months is still low with an average of 2.66 Months of inventory across all of New Hampshire when a healthy market has at least 6 months of inventory. Below is a chart from the MLS showing the inventory trends since August of 2023

At the end of the day, it comes down to YOU being ready to be a homeowner, both financially, mentally, and physically. It can be a challenge but hiring the right Realtor to represent you can be the difference between a good transaction and stressful one. People are purchasing homes every day in New Hampshire - why not you? If you are thinking now makes sense for you, give me a call at 603-315-7804 and we can make a game plan on how to make you New Hampshire's next homeowner!
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