Tackling The Changing Real Estate Industry With Dolan Real EstateSep 20, 2023 01:25PM ● By Elise Renaud
When the world shut down in 2020, many people started taking staycations, renting Airbnbs, and working remotely, which changed what people looked for in a home. “Remote work really put a lot of pressure on suburban migration. We saw a lot of that out of New York City, Connecticut, and even some of the homeownerships up here in the New Hampshire area . . . which put a lot of pressure on our schools because people decided to claim those second homes as primary residences,” says Anthony.
As we transition out of the pandemic and into the new normal, Anthony says this hasn’t changed what people are looking for. “I think people are still looking for those homes that have that office space but also give them enough separation from their family for when they are working,” he says, adding that people are continuing to migrate to more suburban areas to enjoy more space and the outdoors.
During the pandemic, there were historically low-interest rates that allowed more people to purchase a second home or their first home. “Because the interest rates were so low, it really helped drive that market,” he says. “When you talk about the market now, and it’s still true today, it’s supply and demand. It’s low supply and a high demand, so the rates have gone up.”
In addition to the rates going up, the average price of a home in New Hampshire has increased. “The average price of a home is $490,000, and if you look at that over a 10-year span, it has skyrocketed,” Anthony says, adding that the average home now sits on the market for seven days. This is drastically shorter than the 79- to 80-day average in 2013.
With the changing market, it can be difficult to decide if it is a good time to buy, sell, or do neither. “I think when it comes to purchasing a home, you have to look at it from an individual perspective,” says Anthony. “You have to look at interest rates. It depends on what kind of money you have in savings, and you have to look at the economic conditions for that buyer,” he says. “So, for some people, it might not be the best time, but for others, it is a great time because the value of the houses is pretty steady.”
Dolan Real Estate works with people buying and selling homes to help them get the best deal. “The idea is to maximize from a selling standpoint what the seller is able to make on the property. There are strategies that I give to my seller. I usually try to give them three different price points: one, where it’s like a fire sale and we’re going to sell this really fast. Two, where we’re kind of right in the pricing, and one where it is high. Typically, a lot of sellers are on the higher end,” he says. “I also try to give them a timeline. What does the timeline look like from when we put your house on the market to the time that you’re closing? A lot of people don’t realize that that could be 60- to 120-day process.”
For help navigating the ever-changing housing market, contact Dolan Real Estate.