There are some great values out there

We have a good month and then a bad one. August residential home sales in the Lakes Region were certainly not stellar. While we equaled last month’s total of 62 sales posted we were 43% lower than last August’s total of 109 sales. For the first eight months of the year we have had a total of 440 residential home sales compared to 564 sales in 2007 and 663 sales in 2006. That represents a 22% drop from last year’s total thus far. The average sales price so far this year comes in at $358,711 compared to $396,367 last year for the same period or a 9% drop in the average sales price.

It is pretty clear that we are in troubled times. The uncertainty on Wall Street has had a major impact on just about everyone. When people are scared of losing their life savings it is pretty hard to think about buying a house or even a new car for that matter. It is pretty clear that we will not see home sales rebound until stability in the financial markets has been reestablished. And, it is certainly going to be much harder to get a mortgage moving forward. It should be. Buyers are actually going to have good credit, proof of income, and a down payment in order to buy a home. Imagine that!  Before, they just had to have a pulse. So while everything that is going on right now in the financial markets is pretty much beyond belief, things will turn around, and we should come out of this much stronger and better off for it. We will get back to the basics and that is a good thing. Remember when homes were meant to be lived in and were looked at as a sound, long term investment, not just a way to make a quick buck or a piggy bank to draw money from? 

A look at what is selling reveals that just about everything is moving but just in smaller numbers. There are entry level homes, bank owned, new construction, water access, million dollar waterfronts, and everyday residential homes selling in every price range.  Some deals that stood out last month include a circa 1774 cape and barn on 26 acres Griffin Road in Gilmanton.  This was a bank owned property that originally was offered at $274,500, was assessed for $235,111, and sold for $198,500. There was a water access, 3 bedroom, year round home with a dock on Brookhurst Lane in Meredith that was assessed for $321,100 which sold for $250,000. And there was a nicely updated, move-in ready, 2 bedroom ranch on North Barnstead Rd in Barnstead that was assessed for $211,100 that sold for $160,000. These properties represent examples of the great values in today’s market and that is precisely why they sold. As with any down market, there are great OPPORTUNITIES out there for buyers who are fortunate enough to be able to take advantage of the times. If you have been thinking about a new home or investment property this could be the perfect time to start your search.

Residential Homes Sold August 2008

 Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton

Just Another Crisis

The residential inventory in the Lakes Region of NH continues to increase.  As of the first of September there were 1347 homes available compared to 1313 last month in the twelve towns listed. This equates to 23 months worth of inventory on the market or almost 2 years worth of inventory! To put this in perspective, as of January 2006 we had about a 7 month supply of homes on the market, as of January 2007 we had about a 10 month supply, and as of September 2007 about a 16 month supply. So if you are wondering why it is taking your home a while to sell, this fact might shed a little light on it for you. There is a lot of competition in each price range. So if you want to sell in a reasonable time frame, price your property to be the best deal out there or it could still be for sale two years from now. While the glut of homes on the market is certainly not great news for people trying to sell, buyers should be taking advantage of this market. There are some really good deals to be had and interest rates have fallen to below 6% this week so it is the perfect time to buy.

We have a new, emerging crisis! One of the most iconic fixtures to be found on the American home is being pushed one more step toward extinction. While many of our younger generation have never laid eyes on these symbols of American prosperity and technology (and probably don’t care to), I have personally seen some children look at these roof top sculptures of art with awe and wonderment. “Look at that Daddy, what is that?” they exclaim. Yes, the beautiful roof top television antenna which provides free television reception is nearing extinction. As of February 17, 2009 all television broadcasts will switch form analog transmission to digital (whatever that means) rendering these works of roof top art useless unless a converter box is purchased. This could be a crisis of national proportion. What could be more stunning on a house than two, perhaps three, beautifully aged antennas pointed in several different directions? What could be more pleasing to the ears than the whir of the second most important invention in the history of mankind: the antenna rotor! So please help save this symbol of prosperity, our dedication to home entertainment, and our thirst for knowledge. Don’t discard your antenna if you have to begrudgingly come out of the 1950’s into the world of HD cable and satellites. Carefully take your antenna down. It is far too beautiful to leave on the roof anyway. Display it proudly inside your home. They fold up easily and take up much less space than the exercise equipment you currently hang your clothes on and the rotor function makes it unnecessary to reach for clothes way in the back!  So stay tuned, we’ll be right back! (I always wanted to say that).

Residential Homes Available as of Sept. 1, 2008

Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton