Sales volume dropped precipitously in April but prices increased substantially as well, according to the New Hampshire Association of Realtors.
Mostly because of a declining inventory, home sales dropped 12 percent in April 2017 as many buyers apparently did not find what they were looking for. But if buyer and seller connect, the transfer comes at a premium, because prices increased 5 percent during that same period. As far as sellers are concerned, the news wasn’t quite as good for condominiums, as sales volume (6 percent) and prices (2.7 percent) both fell. In both categories, there is about three months of inventory, a figure that’s dropped almost 50 percent from last year.
“Prices will continue to rise amidst strong demand,” the NHAR predicted.
Inherited Property and Listed Sales
During periods of market instability, it’s very important to speak with a local realtor before making any financial decisions about inherited property, because conditions vary so greatly in different parts of the state and even among different neighborhoods of the same city.
Generally speaking, if inventory is low and demand is strong, listing an inherited home with a realtor may be a good idea, because the seller has more options. Typically, if a house needs substantial work, it may not be a good idea to list it and assume the burden for costly repairs yourself. But in a seller’s market, some non-essential repairs could be put off, or alternatively, the seller could discount the sales price to entice the buyer.
Right now, at least theoretically, a seller could come down on the price significantly and still clear about the same profit.
As for the nature of repairs, structural and foundational work must be addressed. Bear in mind, however, that the goal of such work is not to fix the problem forever but to upgrade the house to the point that it will pass a property inspection.
Whether your goal is maximum financial return or the fastest sale possible, contact us to help you meet your goals, and be sure and subscribe to our newsletter as well.