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Lakes Region Real Estate Trends 2020

Main Street Laconia New Hampshire Lakes Region American FlagsWhat a year... 2020 started off with a very strong Lakes Region real estate market and we're ending the year in a similar place, though none of us expected to be here back in March and April. This year has been full of challenges. Each of us has been affected by the COVID-19 pandemic and we're still not past it. Our team is so honored that you continue to put your trust in us to make your Lakes Region real estate dreams a reality. We continued to grow in 2020 and though we had to change a lot of how we operate, we are still the same team - the #1 listing firm in New Hampshire last year. Because of the pandemic, the real estate market got off to a late start in 2020, but it came roaring back after the "spring market" resumed in the summer with the lifting of stay-at-home orders. The market is still booming now and 2021 is shaping up to be a year unlike any we've ever seen. There are several factors that have contributed to this, including:

  • Mortgage rates are at historic lows, making it easy for homebuyers to access credit and contributing to a refinancing boom that has also made second home ownership more accessible for many.
  • Many of New Hampshire's Lakes Region lakefront homes sit on large lots, providing both a feeling of, and the reality of, privacy and seclusion that many are looking for.
  • New Hampshire's broadband and Internet service is very reliable, even in more rural regions like around some of the smaller Lakes Region lakes and ponds.
  • Though inventory is tight, New Hampshire's lakeside towns offer waterfront homes for sale and homes for sale near water, meaning those without the means to buy directly on the water can still have easy and safe access to everything the lakes offer.
  • Without the ability to travel, people are looking for ways to enjoy their "backyard" and Lakes Region recreation offers something for everyone, in all four seasons.

New Hampshire ranks among the top states in the country where millennials are moving, including "rich millennials". In fact, Manchester, New Hampshire was the only city in New England to rank in the top of the Smart Asset study that highlighted these trends. Since New Hampshire, Maine, and Vermont have the oldest populations in the United States, this is a promising sign for both current and future Lakes Region real estate activity.

Though nobody has a crystal ball, in 2021 you can likely expect to see:

  • Mortgage rates will continue to stay low.
  • There will be more federal and possibly more local stimulus to keep the economy going.
  • The Lakes Region real estate market will continue to experience extremely low inventory, increased home prices, and less time on market.
  • Multiple offers, including cash offers, and offers with fewer contingencies will continue in most, if not all, cases.
  • The "Spring market" as we know it is not going to look the same in 2021. With demand as high as it is, buyers need to be prepared to buy whenever their ideal Lakes Region home (or even their second or third choice property) hits the market. In fact, it's more important now than ever to work with a Lakes Region real estate agent you trust because you should be leaning on them to inform you both when new listings are going to hit the market and what you can do to have your offer accepted.
  • Because of the popularity of Lakes Region real estate, sellers who have resisted listing their homes may decide now is a great time. In fact, if you are considering selling your Lakes Region home, contact our team to discuss what you can expect and make sure you have a knowledgeable resource on the ground to ensure the process goes smoothly. There have been some instances of transactions falling through. We can help make sure that doesn't happen to you.
  • Real estate in Moultonborough, NH, as well as towns like Meredith, NH, Alton, NH, Laconia, NH and Wolfeboro, NH will continue to be very desirable, among Lakes Region towns. Demand for waterfront real estate in Moultonborough NH and the other Lakes Region towns will reach an all-time high as people continue to prefer buying lakefront real estate vs. coastal real estate and real estate in other traditional vacation and second home markets.

Hopefully the coming year is better than the last. If you have questions about any of the above or how you can make your Lakes Region real estate dream a reality, contact Nicole Watkins today. If you're interested in buying real estate in New Hampshire or learning more about the Lakes Region of New Hampshire, you can also click on the below links to browse available and recently sold Lakes Region real estate.

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