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Buyer's Guide

Here’s How You Can Navigate Today’s Unruly Real Estate Market 

 
Buying a home in today's market can feel like an impossible task. The COVID-19 pandemic upset the housing market, leaving many buyers frustrated and out of sorts. If you're planning to buy a home, it's essential to ensure that you're prepared. Read on to learn more.
Do Your Research. There's no doubt that buying real estate in today's market is more complicated than ever. Over the past few years, we've experienced one of the hottest seller’s markets on record, primarily because of the ongoing shortage of listings. With not enough homes available to meet the influx of buyers, home prices have increased at rates not seen in decades, if ever. Bidding wars were especially common in high-demand towns like Hanover.
 
Things Are Starting to Cool Off. We are observing a shift in the market, driven by higher mortgage rates, inflation, and uncertainty in the financial markets. As a result, sales are down year over year, but housing costs continue to rise, though at a slower pace. Higher prices are mainly due to consistently low inventory and buyers still in the market hoping to find a house with less competition. Do as much research as possible to understand where the market may be headed. What you don't know may hurt you.
 
Don't be discouraged! As mentioned, the housing market has started to shift, which we believe will lead to a more balanced market in the coming months. Educated buyers with the means and perseverance to succeed will ultimately reach their goals.
 
 
Set Clear Financial Goals for Your Purchase. Approaching a seller's market as a buyer can feel intimidating. Quite often, buyers use cash, which puts buyers who require financing at a disadvantage. You can prepare for this by ensuring your finances are in order. This step can make or break a deal. Namely, you'll want to have your mortgage pre-approval and proof of funds ready. A mortgage pre-approval letter from a lender outlines the loan amount you’ve qualified for. For sellers, buyers are required to show proof of funds to ensure they have the liquidity to cover the costs associated with purchasing a home.
Define the Qualities Most Important in a New Home. Some buyers approach the market with optimism, eager to find a home, especially if they are moving to the Upper Valley for a new job. However, they may discover that the current inventory shortage forces them to make compromises. Understandably, this can lead to a lengthy and frustrating search for properties. To prevent this, sit down with pen and paper and list the ten most important features you want in a home. This might include a specific town or towns, a neighborhood, the number of bedrooms, the school system, the type of setting, etc. It's also crucial to distinguish between what you are willing to compromise on and your non-negotiables. If multiple buyers are involved, each person should complete their list independently and then compare notes. You may find that you are not on the same page with over half the items.

Local expertise often leads to a successful transaction. More than ever, it's crucial to work with a REALTOR® you trust when buying a home. An experienced agent assists with every step of the process, from finding potential listings to developing a strategy that helps secure an offer and guiding it through closing. In today's competitive market, buyers need local experts who are constantly seeking opportunities that may not be immediately obvious. Local agents often know about properties before they are listed on the MLS.

 

We are ready to guide you through the buying process. When you choose Alan DiStasio, you can expect clear communication, full transparency, and strategic advice, backed by over 25 years of experience in real estate selling and leadership roles. During this time, Alan has built a stellar reputation for setting clear expectations and always prioritizing his clients' needs.

 

Contact us today to learn how we can assist you from start to finish. We will work tirelessly to make your real estate buying experience in the Upper Valley as smooth and seamless as possible.

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Alan J. DiStasio | Associate Broker

(603) 359-1068

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Serving the Upper Valley of New Hampshire and Vermont specializing in the towns of Hanover, Etna, Norwich, Lyme, and Lebanon.