Live in a Toyota?

The residential inventory in our Lakes Region of New Hampshire communities continues to grow as we reach the peak summer selling season. We are up just about a hundred homes on the market compared to last month. Could there be a Toyota in your future?  Maybe. I bet you didn’t know that second largest auto maker in the USA also builds homes. According to a July 2 Wall Street Journal article, Toyota has actually been building steel frame prefab homes on a small scale in Japan since 1975. They use the same production line model that the giant automaker uses to churn out Corollas and Camrys. The Toyota home is built out of ”cubicles” that are stacked together like Legos. It usually takes about 6 or more cubicles and about 45 days start to finish to construct the average home.  Homes cost from $200,000 for a 1,000 sq ft model up to $800,000 for the loaded “Lexus” model. The average Japanese home only lasts about 30 years and then it is demolished and a new structure built in its place.  Toyota built homes are designed to last about twice as long.  That still doesn’t seem to be a very long life compared to the century old homes we have here in New England and other parts of the country. Toyota is applying its car technology in their homes with things like a “smart key” that will fit your car and your home, sound deadening, and rust proofing. It sounds kind of funny to rust proof a house, but these are steel framed homes. If you’re old enough, you’ll remember that the early Japanese cars rusted away before your eyes! I guess they didn’t want to take any chances. Toyota is also testing electricity monitoring devices that will charge your electric hybrid vehicle during off peak periods too keep monthly electric bills low. The batteries in you car would also provide a limited amount of electricity back to the home in blackouts. They are also experimenting with using solar panels as siding and powering homes with fuel cells. A hybrid without wheels so to speak. 

Much to my dismay, Toyota won the NASCAR Coca Cola 400 on July 5. Seems a little un-American on our country’s birthday weekend.  Toyota does make a great car but it has no plans to build homes here in the U.S.A., so if there is a Toyota in your future it will have to be the four wheel version.  And that’s OK because I’m not sure what would happen if you parked a Chevy or Ford inside a Toyota built garage, it just wouldn’t feel right…

Residential Homes Available as of July 1

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

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

Price Well, Sell Soon 

Unfortunately, the month of April won’t be remembered as the month that things turned around in the Lakes Region of New Hampshire as far as home sales go. The sales that closed in April were a result of buyer activity in February and March so it isn’t very surprising that the numbers came in so low. Most REALTORS® in the Lakes Region will attest to the fact that there really wasn’t much going on in those two months other than shoveling and cleaning up after seemingly endless snow storms. April’s total of 46 residential sales in the twelve towns listed was 30% lower than April of 2007. For the first 4 months of the year we stand at 172 sales which is about 25% of the total for the same period last year in these same towns. The average sales price has also dropped for the same period from $402,478 in 2007 to $373,502 so far this year or about a 7% drop from last year.

There were four homes that sold this month exceeding the $1 million mark and the Town of Moultonborough gets the top honors with total of 7 sales with an average sales price of $1.029 million. The highest sale was for a $3.1 million to be built, 4,300 square foot, 13 room, 5 bedroom waterfront home on Eagle Shore Road in Moultonborough.  

Reports from across the country show that average sales prices for homes are down. We may still see some downward movement on pricing on some properties here in the Lakes Region, but for the most part I believe that home prices have pretty well bottomed out.  It seems like housing might be the best bargain out there right now given the fact that just about everything else seems to be going up in price. The real encouraging thing that I have noticed is there have been a lot more homes going under contract over the past few weeks. Our office had four properties that came on the market recently that were priced well and showed real value to potential buyers. Those four listings were on the market for 5, 18, 20, and 37 days!  That proves that buyers are out there and they are paying attention. It also proves that if a homeowner is willing and able to offer his home at the correct price point it can sell pretty quickly!  What a great concept…

RESIDENTIAL HOMES SOLD APRIL 2008

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

Staying Warm
 
Everyone is feeling the pain at the pump these days as gas prices escalate almost on a daily basis.  Here in the Lakes Region of NH, like just about everywhere else that is cold, we are also faced with higher home heating costs and it is taking a big bite out of everyone’s wallet no matter how they choose to heat their homes. I think it is pretty safe to say that the home of the future around here won’t be the huge, open concept, McMansions with two story foyers and soaring ceilings. We might be headed back to something more akin to our parents three bedroom and one bath ranch. Or at least something far more energy conscious. The EPA has established standards for what is called an Energy Star Rated home.  Energy Star Rated homes use  20%-30% less energy than a regular home.  These homes feature tighter construction to eliminate energy wasting drafts, efficient insulation, high performance windows, more efficient and properly sized heating systems, and energy efficient lighting and appliances.  This focus and attention on energy use coupled with a somewhat smaller size structure and perhaps some alternative energy sources will help offset the future’s higher energy costs. Check out http://www.energystar.gov/ for the info on Energy Star homes. There is also a lot of tips and info there for homeowners that have older homes that would like to take steps to lower their heating and energy bills.
 
A “Not So Big House” is a smaller scale, high quality home featuring much more efficient use of space. The “Not So Big House” concept comes from author/architect Sarah Susanka and is also the title of a series of books. She promotes building homes for everyday living with a focus on quality over quantity. A “Not So Big  House” offers comfortable, efficient living spaces, attention to detail, character, and quality of construction.  By eliminating square footage in the form of rooms that just aren’t used as much in today’s modern lifestyle, such as formal living rooms and dining rooms, these homes also promote energy savings.  You can visit www.notsobighouse.com or Google “Not So Big House” to learn more of this design concept.  Just as smaller more fuel efficient cars will replace many of the gas guzzling SUV’s, home building trends will also move toward smaller more energy conscious homes. And who says that just because we may have to think smaller and more energy efficient it doesn’t mean we still can’t enjoy the ride. Just as you can get all the bells and whistles in a smaller car, you can put plenty of high end amenities in a smaller, energy efficient home for far less than the cost of a McMansion. 

RESIDENTIAL HOMES AVAILABLE AS OF MAY 2, 2008

 Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, Northfield, Sanbornton, and Tilton

Avoiding the Mistakes

The total number of residential sales for March 2008 in our Lakes Region of NH communities came in at 58 homes changing hands compared to 54 homes in March of 2007. Given the difficulty showing property this winter this slight increase in sales numbers could be considered a major victory. We had four sales that exceeded the $1 million mark this past month. Last year in March there were none. On the other end of the spectrum there were 28 sales below $200,000 last month compared to 20 for the same month last year. So buyers seem to be getting active now on both ends of the real estate ladder.

There is an explosion of real estate related shows on TV right now. Channels like HGTV are providing a wealth of information to home buyers and sellers. This past week HGTV aired the “25 Biggest Real Estate Mistakes” when buying or selling property. If you missed it, I am sure it will be on again.  There is a lot of good advice and anyone buying or selling property should check it out. They list the #1 mistake made (by sellers) as “Failing to Showcase Your Home and Make Small Cosmetic Changes”. Failing to make small, affordable changes, and improvements will prolong the time it takes to sell a home and will probably result in a lower sales price. Staging rooms to showcase them at their best and making sure the home is spotlessly clean are simple processes that many sellers don’t take to heart. A thorough cleaning, minor repairs, and a fresh coat of paint will make any home sell quicker and for more money. The #2 mistake (again on the seller’s side) was “Setting Too High of a Sales Price”. Setting the sales price based on a market analysis provided by a real estate professional rather than on what the owner “thinks” it is worth is truly the correct approach. Putting a totally unrealistic price tag on a home will discourage buyers from looking at it and cause the home to stay on the market much longer leading buyers to think that there is something wrong with it.

There is good advice offered in the other 23 “big mistakes” as well. As a REALTOR ® I know for sure that there are also hundreds of other “little mistakes” that can cause you a lot of grief or cost you money when you buy or sell property. Way down at mistake #13 was “Not Hiring an Agent”. This really should be the #1 mistake. Being an agent, I am obviously a little biased here. But the other 24 mistakes are things that good agents have been telling their clients and customers about right along. We actually live these TV shows on a daily basis. So get an agent. And also avoid mistake #14 by getting the “right agent” who will do a good job for you, keep you informed, and will prevent you from making any mistake, big or small. Then you can sit back and watch some more TV.

RESIDENTIAL HOMES SOLD MARCH 2008

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