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