Business Quarterly: A weird market in a desirable place

  • Dan Petrone COURTESY PHOTO

For the Ledger-Transcript
Published: 7/25/2023 10:18:47 AM

Summer in the Granite State is remarkable! New Hampshire boasts beautiful pristine lakes and rivers that are excellent for swimming, boating and kayaking, to name a few.

To top it off, there is some amazing food throughout the entire state, ranging from upscale city dining to a table with a mountain view. Summertime also brings forth festivals, concerts and fairs. There is truly something to do every weekend. 

Personally, I think all the seasons in New Hampshire are beautiful and have unique experiences to offer. OK, maybe not when the black flies are out, but  certainly otherwise. Summer is quite lively in New Hampshire, as locals and tourists alike flock from all over to our beautiful cities, lakes, mountains, camping areas and quaint towns. 

The Monadnock region alone has so much to offer. If you are here to visit, maybe  stop in for a cultural experience at the Mariposa Museum in Peterborough, interact with the animals at Friendly Farm in Dublin, hike the famous Mount  Monadnock, get tickets to see a show at the Peterborough Players professional theater, check out the Cathedral of the Pines in Rindge or hit up the drive-in  movies in Milford. It's honestly endless.

It’s quite easy to see why so many people are choosing to make New Hampshire their home and why our real estate is so desirable. It doesn’t have to be a  destination; you can actually live here. However, much like the strange climate we have seen lately, the real estate market is in a weird place, and it certainly looks like it may remain as such for a while longer. 

Listing inventory is down; home prices are up, and interest rates remain elevated. New construction cannot keep pace and builders struggle to make new homes affordable yet still profitable. While some markets have shifted in the United States, in New Hampshire the ride continues. A well-prepared home, listed and  presented properly, will still bring multiple offers.

Yet, even among the chaos of dealing with numerous offers and short number of days on the market, buyers have gotten pickier. Many do not want to invest the time or resources into a  home that needs a lot of improvements. This is especially true because they are  already “paying up” for the home, the cost of borrowing is high and finding a qualified contractor to make the improvements is challenging at best. There is simply a lot of value in a well-maintained home. On the flip side, if the home is  overpriced or has irregularities or significant negative influences, the property  may sit. 

Despite all of that, the Northeast is still considered “affordable,” especially relative  to the bigger cities, and therefore New Hampshire remains a hot spot. If you live  here already, I hope you have a chance this summer to get out and enjoy some of   what makes New Hampshire so special. If you are looking to move here, I don’t  blame you. Work with a local real estate professional and don’t let another  summer pass you by.

Dan Petrone is a Realtor in partnership with Bean Group in Peterborough.

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