Listed below are my crystal ball predictions for the residential real estate market for Sullivan County in New Hampshire.
The residential real estate market will remain slow in growth with most values remaining fairly stable. There is still an over abundance of properties listed for sale with a shortage of active buyers. Foreclosure properties and sales of REO properties will remain active and steady due to rising interest rates, higher taxes, higher health care costs and little or very slow job growth. All these tend to put a downward pressure on values which will offset the slow rise in the economy. This rural market area will not have the potential steady rise in values that more urban areas may experience. Rural market areas tend to lag 6 to 9 months behind more urban compact market areas and this will continue in the near term future. Job growth needs to occur at a larger pace with unemployment falling more quickly for values to rebound in a more steady positive direction. Until this happens, real estate market values will remain fairly stable with some slow growth possible if and when the economy and job market improves at a faster pace.
The above are only my predictions and readers may believe this will happen at their own risk. I make no guarantee that any of this will take place. (Must have a disclaimer).
Brian Paul Lessard, IFA