Wanna find a deal?

The total number of residential sales for May in our Lakes Region of New Hampshire  communities came in at 65 units which is down just a bit from last May’s total of 69. The average sales price is holding its own at $361,085 compared to $349,588 last May. A third of the sales were under $200,000 and there were four sales over $1 million.

There are lots of homes on the market so it stands to reason there are some great deals to be had. So what makes a property a good deal and how can you find a real bargain?  One way is to look at the price per square foot which obviously varies depending on the age, quality, size, and characteristics of the property. Another is to look at the percentage of sales price compared to assessed value. When looking at this ratio you also have to take into consideration how recently a town wide assessment was done.  In either case the lower the price per square foot or the lower the percentage the better. I ran a couple of reports to see which properties stood out as potential good values. On a price per square foot basis here are some potential deals: a 3500 sq ft split entry at 781 Stage Rd in Gilmanton for $219,900 ($62.83 sq/ft), a 5,780 sq ft contemporary at 34 Vincent Dr in Gilford for $349,900 ($60.54 sq/ft), a 2,720 sq ft Colonial at 525 Meadow Pond Rd in Gilmanton for $205,000 ($75.37 sq/ft), a 3,950 sq ft Victorian at 63 Whipple Ave in Laconia for $299,000 ($75.70 sq/ft), and an older, 2,400 sq ft cape on 14 High St in Meredith for $179,000 ($74.58 sq/ft).

Some potential good deals based on asking price compared to assessed value include: a 1,482 sq ft New Englander at 4 West St in Tilton with an asking price of $119,900 (63% of assmt), a 2,270 sq ft contemporary at 68 Drummer Trail in Laconia at $284,900 (65% of assmt), a 3,799 sq ft colonial at 7 Ambrose Rd in Meredith at $314,900 (71% of assmt), and a seasonal waterfront cottage at 13 Loon Cove Rd in Alton for $790,000 (71% of assmt).

Are these good deals? That all depends on the condition of the property and whether the property suits your needs and lifestyle. The only way to know for sure is to view  the property and determine if it is in good shape. It may very well be priced low because it needs some repairs or TLC, but that is a good way to earn some pretty quick equity if you buy it right and fix it up. Once you have found a property you want to buy, make sure to have your agent print out comparable properties to determine where the property should really be priced.

Residential Homes Sold May 2008

Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton

Improving The Odds
 
The inventory for our Lakes Region of NH area towns is steadily increasing as the summer months approach. We stand at 1128 homes on the market as of June 1 compared to just 898 homes as of April 1. Our inventory always rises during this prime time selling season. That means a lot more competition if you are trying to sell your home. And with fewer homes changing hands you may want, or need, to increase the odds in your favor to make your home one of the ones that does sell. The homes that sell, sell for a reason.  Usually, the reason is that the buyer saw real value in a particular home and decided to purchase that home instead of one of the many others that were viewed. Buyers comparison shop now more than ever. There is little urgency on their part due to the high inventory and slow sales pace unless they see the urgency of a great deal that could be missed.
 
If you look at the previous 12 months there were 775 homes sold in these towns. With 1128 homes on the market, this translates to a little over 17 months worth of inventory on the market right now if sales stay at the same pace as the last 12 months. This compares to having about 11 months of inventory available in June 2006 and 14 months inventory in June 2007. Having 17 months worth of inventory on the market is not real encouraging if you need to sell your home quickly.  But you can significantly improve the chances of selling sooner by making your home the best buy in its price range. Again, it falls back to creating value for a buyer. Make your property show the best that it can by decluttering, cleaning, painting, repairing, and staging your home to show off its best features.  Make sure that you have the best curb appeal possible. Your REALTOR® can help you with some suggestions and recommendations. If your home is already in great shape and shows beautifully and you are not getting the activity you want, you may have to consider a price reduction in order to create that value and make your home the best bargain out there. If you can’t reduce your price than you may have to rely on a good dose of patience and persistence in the market place to bring you that elusive buyer.

Homes Available June 1, 2008

For the Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton

-by Peter Francese

New Hampshire is now the nation’s fifth-oldest state with a new record high median age of almost 40 years — more than three years above the national median.  Some perspective:  Back in 1990, our state was among the younger states.  It was the 31st oldest state, with a median age of 32.7 years — below the 32.8 years U.S. median.  But we are not the only ones aging fast.  The six New England states are now all among the 10 oldest states in the nation by this measure.

                       Rank 2007        State                   2007 Median age   

                              1                Maine                         41.6           

                              2                Vermont                     40.8

                              3                West Virginia              40.4

                              4                Florida                        39.9

                              5                New Hampshire        39.8

                                                United States             36.6

Before we get to what this rapid aging means for New Hampshire REALTORS®, here are some more details from these new estimates.
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