October 15, 2020REGION — Over the past six months, the local real estate market has seen a boom, with property north of the notch being a hot commodity. During the nationwide lockdown that began in March, city dwellers used that time to peruse the internet and search for a way to swap the fast pace, for the slow lane. With many people re-evaluating their lives during the pandemic, it seems that less is actually more.
Northwind Realty's Tammy Dubreuil of Whitefield confirmed that it is indeed a seller's market.
She said, "You can't keep property right now. If it lasts a week on the market, it's getting old." Dubreuil relayed that more and more people are buying property sight unseen. She said, "People are offering up to thirty thousand dollars over asking price and appraisers are seven weeks out, at a minimum."
The wait for an appraisal presents a conundrum.
Dubreuil explained, "How can you expect someone to take something off the market, while waiting that long for an appraisal to be done?"
She noted that many people are taking their money out of the stock market and investing in property, and says that's what's driving up the prices.
"It's unfortunate, but it's a great time to be a seller, and a bad time to be a buyer," said Dubreuil.
Many people are looking for a way to leave the hustle and bustle behind, and are craving more privacy. With remote working becoming the norm, high speed internet is needed, however not always available in remote locations.
"Everyone wants a log cabin on 20 acres, but the reality is, that high speed internet can sometimes be a deal breaker," said Dubreuil.
Locations like Colebrook and Pittsburg have also seen an uptick in sales.
Many buyers are seeking to purchase property then Air B n B them, in other words use them as short term rentals for vacationers.
"This can pose some issues when owners are not adhering to rental guidelines and aren't up to code on smoke and carbon monoxide detectors. We see a lot of people using the space above their garages as a sleeping space, however the fire departments need to know that in the case of an emergency, to make sure everyone is safe," she said.
Many homeowners are also using this time to refinance their homes, due to low rates.