Upper Valley of NH & VT Real Estate & Home Buyer's Guide

Do Your Research. There's no question that buying real estate in today's market is more complex than ever. Over the last two years, we experienced one of the hottest seller's markets on record, in considerable measure due to the effects of the pandemic. Because there were (and still are) not enough homes available to meet the influx of buyers, the cost of homes appreciated at rates unseen in decades, if ever. Bidding wars were common.

Things Are Starting to Cool Off. We are seeing a shift in the market, driven by higher mortgage rates, inflation, and weak financial markets. As a result, sales are down year over year, but the cost of housing has continued to rise, albeit at a more modest pace. Higher prices are primarily due to continued 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 heading. 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 achieve their goals.

Set Clear Financial Goals for Your Purchase. Approaching a seller's market as a buyer can feel intimidating. You can prepare for this by ensuring your finances are in order. This step can make or break a deal, especially for individuals who are buying for the first time. Namely, you'll want to have your mortgage pre-approval and proof of funds in order. A mortgage pre-approval letter from a lender outlines the loan amount you've qualified for. Similarly, proof of funds is documentation that proves to the seller that you have the liquidity to cover the costs associated with purchasing a home.

Define the Qualities Most Important in a New Home. Some buyers enthusiastically dive into the market, eager to find a place they can call home. However, they might fail to consider what they want in a home. Understandably, this can result in a lengthy and frustrating time spent looking at properties. To avoid this, sit down with a pen and paper and list the ten most important attributes you want in a home. This might include a specific town(s), neighborhood, number of bedrooms, school system, type of setting, etc. It's also important to differentiate between what you are willing to compromise on and your non-negotiables. If two or more buyers are involved in the decision-making process, complete these lists independently and compare them when you are done. You may be surprised to learn that you may not be on the same page with over half the items on your lists.

The More You Prepare, the Smoother the Process Will Be. Doing this enables your REALTOR® to find properties that fit your criteria, accelerating the process toward finding your dream home. Remember that the home buying process can take a while, which might require compromise. The National Association of REALTORS® found that buyers typically searched for eight weeks and looked at a median of eight homes before buying their home. In the current market, it could easily take much longer.

Local expertise will result in a successful transaction far more often than not. More than ever, it's essential to work with REALTOR® you are comfortable with when buying a home. An experienced agent will help with every aspect of the buying process, from finding potential listings to creating a strategy to ensure that an offer will be successful and then bringing an accepted offer to closing. In today's shifting market, buyers also need local experts who will constantly seek out opportunities that may not be obvious. Local agents often know about properties before they hit the MLS.

We stand ready to guide you through the buying process. When hiring Alan DiStasio, you can expect clear communication, complete transparency, and sound strategic advice from over 23 years of real estate practice in selling and executive leadership roles. During that time, Alan has earned a stellar reputation for setting clear expectations with his clients and always ensuring that his clients' needs come first.

Contact us today to learn how we can guide you through the process from start to finish. We'll work tirelessly to ensure that your real estate buying process in the Upper Valley will be as seamless as possible.

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Buyer's Guide

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

1. Understanding the Current Seller's Market

2. Get Your Financial House in Order

3. Define Your Housing Wants and Needs

4. Work With a REALTOR® You Are Comfortable With

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