Get your tickets early for the upcoming "Dinner with Jack Frost" to be held on Friday, 2/8/19, from 5:30-7pm at the Colby Sawyer College Quad. Enjoy a New London tradition of eating outside by campfire. This progressive dinner is bound to please all with food supplied by area restaurants including Salt Hill Pub, New London Pizza Chef, The Old Courthouse, Tuckers, Peter Christians, Mount Sunapee Resort, Lindt chocolate, Blue Look Bakers and the New London Inn. Visit www.nlrec.com for more information.
While 2018 seemed a bit frenzied with the activity levels this summer, it’s always good to see how the year actually ended up for perspective on the housing market. Below are some key data points comparing 2018 to 2017 for the towns of Newbury, New London & Sunapee combined.
- 183 homes sold in 2018 vs. 203 homes in 2017.
- The average days on market dropped to 106 days vs. 129 days.
- Sellers received on average 94% of their asking price (96% in 2017).
- The median selling price was $345,000 for both years.
While the state has not yet come out with their year-end report, below is their data through November
- Homes sales were down 0.8% compared to 2017
- The average days on market were the same at 61 days
- Sellers received 98% of their asking price; similar to 2017
- Prices were up 7.4% with a median selling price of $284,500 ($265,000 in 2017)
A good US economy, low unemployment rate, and low inventory of homes for sale basically sums up what we saw in 2018. Thinking of buying or selling? Contact me to work with someone who gets results and can explain how the market will impact you! 603-526-4116; www.DonnaForest.com; Donna@DonnaForest.com
Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/17 - 12/31/17 & 1/1/18 – 12/31/18
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
Finding your dream home can feel stressful, but there’s plenty of great real estate for sale to suit nearly every buyer. Breaking down the process of buying a new home into steps isn’t only helpful, but it will help it feel manageable. Below are 10 great tips to help you go from dreaming of owning a new home to actually holding the keys.
Make a wish list and prioritize your needs
Now is the time to think about what your perfect home looks like. Unless you have a bottomless bank account, you probably won’t be able to get everything you want. Perhaps you’ve always dreamed of having a fireplace, but when it comes down to it, what you really need is a home located near good schools.Taking time to make a wish list will help you prioritize needs over wants.
Set a realistic budget
Perhaps the most stressful part of buying a home is setting a budget, yet this doesn’t need to be a daunting task. Figure out how much house you can afford by examining your current salary and debts. A mortgage payment should never be more than a third of your income, while your debt should be less than 40 percent of your income.
Hire a great real estate agent
Unless you’re an orthodontist, you probably wouldn’t attempt to fit someone with a pair of braces, right? The same theory holds true for buying real estate. Great REALTORS® will demystify the process of finding your dream home, from working within your budget to putting in a bid. In addition, it’s their job to know the market and they can help you find your perfect home, even when there’s competition from other buyers in your area.
Make a checklist
You’ve prioritized your wish list, set a realistic budget, and hired a real estate agent. Time to sit back and relax, right? Wrong! Now’s the time to make a checklist of all the things you need to consider when finding your dream house. Your list should include the priorities from your wish list. For example, how close is the house to schools and grocery stores? Does the home have a fireplace? How much does the current owner pay annually in taxes? Preparing a list of questions before you purchase your new home will make sure you don’t have questions later.
Location, location, location!
Although it might seem obvious to carefully choose where you buy a home, you’d be surprised how many people cut corners. Is it a priority for you to find real estate close to schools? Or perhaps it’s a priority to be located off a busy street to avoid noise pollution. In short, a dream home isn’t ideal at all if it’s not located in the perfect place.
Think about how you use space
A parlor is lovely, but if it’s only used a couple times a year during holidays, perhaps you’d get more bang for your buck by focusing on a home with well-used rooms. For example, if you spend a lot of time cooking, then it makes sense to buy a house with a large, well-equipped kitchen. Likewise, if you’re a freelancer, then it might behoove you look into a home that has an extra bedroom that could be converted into an office.
Would you like to renovate?
Do you take pleasure in making home repairs or would you prefer to move into a home that requires very little work to move in? Renovating a home can be a tremendous amount of fun, but it can also get expensive. Be realistic about what repairs will cost and whether you have the time and energy to get the work accomplished.
Make an offer
Making an offer on your dream house is one of the most exciting days of your life. It’s also one of the most nerve-wracking. Although the current owners could say “yes,” there is a possibility that they might decline your offer. To make your offer attractive, avoid pushing out the current owners too quickly by asking for a fast closing date. Also, don’t lowball them by offering far less than the listing price. Your real estate agent should be able to give you advice about what will make an attractive offer.
Don’t neglect the home inspection
Once your reoffer has been accepted, it’s time for a home inspection before you finalize the contract. This is the time to look deep and have a professional home inspector look at the foundation, roof, electrical wiring, heating systems, insulation and other items that are generally hidden from view. While it might be tempting to seal the deal as quickly as possible, having a home inspection can save you from expensive problems down the line.
Celebrate!
The entire process, from browsing the real estate for sale in your area to moving into your dream home can be daunting. Once you have the keys to your new home in hand, make sure to celebrate with your loved ones for a job well done!
When considering the purchase of a fixer upper home, it’s important to evaluate how much time and money you will have to spend on renovations. It’s often the case that houses needing a lot of TLC are available at rock bottom prices. However, this can mean excessive costs when it’s time for renovations. Here are a few things to consider before taking the leap.
How much work can you do?
Determine how much of the work you are willing and able to do. If you’re a master at hanging drywall and your significant other has a knack for plumbing, it’s very possible to save big. This could be the difference between an inexpensive property that needs a great deal of work, but is ultimately within your budget after renovations, and one that is not.
Keep in mind when deciding which work you’ll do yourself that safety is key. Anything that you don’t truly know how to do, especially things like electrical work, plumbing or jobs involving power equipment, should be left to a professional.
Consider how much time you realistically have. If you work, take care of your family or otherwise have engagements that occupy most of the day, don’t take on huge DIY renovations.
Choose contractors wisely
Before closing on your fixer upper, speak with a few contractors to get an estimate of the work you plan on handing off to a professional. Without knowing how much you’ll need to spend to make the house look the way you want, you can’t know what the real cost of ownership will be. Once you have quotes from several contractors, work with your real estate agent to come up with an offer that considers how much you’ll be spending to get your new home in top shape. Your agent might suggest putting a clause in the contract to have some of the worst problems repaired by the current owners before the closing.
Before settling on a specific contractor, talk to friends, family and neighbors to get a sense of the quality of work you can expect from each candidate. Reviews go a long way when choosing the best company for specific needs.
Hire a home inspector
In most situations that involve a mortgage or other loan from a bank, you will be required to have the house inspected before the loan is approved. Even if this isn’t the case, hiring a qualified home inspector is a critical aspect of ensuring you know what you’re getting yourself into with a fixer upper. For instance, you might be able to tell that the floors in the kitchen will need to be replaced, but only a skilled professional can say for certain whether the foundation is solid or if asbestos is in the attic.
When it comes to real estate, knowledge is power. Take any information provided by a home inspector and consult your agent about how to proceed. They might recommend working part of the cost into negotiations.
Add a cushion
After you’ve decided which portion of the fixer upper’s remodeling you’ll be able to complete, consulted several contractors and had the home inspected, you may be anxious to close. However, there’s another critical step to ensure you’ll be able to afford the renovations.
Unforeseen circumstances often arise during the process of remodeling. It is essential to account for these when determining what you can afford. A general rule of thumb is to add between five and 10 percent to the anticipated costs, just in case your contractor discovers pipes that need to be moved or if the price of the materials you choose increases. By adding a cushion to your financial projections, you should be in a great position to realistically determine whether a fixer upper home will truly be worthwhile.
Every year the National Association of Realtors conducts a survey of recent home buyers and sellers. Below are some highlights on the nature of buyers from the 2018 survey.
- First time home buyers made up 1/3 of all buyers.
- The typical home purchased was built in 1991, 3 bedrooms, 2 baths, and 1900 square feet.
- Buyers usually searched for 10 weeks and looked at a median of 10 properties.
- 87% of buyers used a real estate agent to purchase their home.
- The top 3 factors influencing what buyers chose were (1) quality of neighborhood, (2) convenience to job, and (3) overall affordability.
- The breakdown of age of homes purchased by buyers in the Northeast: 11% were 1913 or older, 30% were 1914-1961, 25% were 1962-1987, 18% were 1988-2002, and 17% were 2003+.
While interesting data, sellers should be aware of how these buying characteristics might impact selling their home. For example, if you are selling an antique, you need to know you are targeting only 11% of all buyers. Contact me if you’d like to know how these factors might impact you. 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
Preventive cleaning was once as popular as the hula hoop and Audrey Hepburn, proving a clean house is the most timeless accessory to a happy home.
A house that needs cleaning is an unwelcomed distraction from living life to its fullest. Piles of dirty laundry or chaos in the living room can dull the day’s accomplishments. Clean homes make it easier to find lost items and allow the mind to relax. Below is a list of preventive tasks that can be accomplished daily or weekly to make sure your home always shines.
Preparation
Keep microfiber cloths, your favorite cleaners and whatever else you need in buckets or decorative baskets in high traffic areas. With these kits readily available, 10 minutes of spot cleaning can make a difference. Select optimal times for you and family members to dedicate to cleaning. It can be once a day, week or month. To make chores a bit more fun, create a playlist or use this time as an opportunity to completely disconnect.
Kitchen
The kitchen is the heart of the home and one of the most used spaces. Keeping it clean is not impossible when care is given to maintenance. To pass the white glove test, take care of spills and messes as you cook. Rinse pots and pans after use if they cannot be washed right away. Line the stove and oven with tinfoil for quick cleanups. Dust cookbooks and countertop appliances every day just as you do the counters. Additionally, line cabinets with paper to toss out weekly or monthly.
Bedroom
Your bedroom is a haven for sleep and relaxation. Always make the bed upon waking or shortly afterward. Doing so makes the room look pulled together and starts the day with a sense of accomplishment. Place a hamper where needed and do laundry at least once a week. If cleaning the ceiling fan has gotten away from you, place an old towel directly beneath the fan to keep away dust bunnies. Keep framed art clean by misting a paper towel and wiping the glass rather than directly spraying it to prevent seepage around the edges. Use a lint roller to dust lampshades.
Living room
Clutter clogs the flow of any room, but it is quite noticeable in the living room. If you have yet to toss out items that do not bring you joy, make it a priority to chuck or donate non-essentials and have a place for everything. Place baskets strategically throughout the room for toys, remotes and whatever else tends to collect. Vacuuming and dusting the living room at least once a week puts an emphasis on picking up stray items. Get into the habit of neatening up at the end of the evening as part of a winding down routine to banish clutter.
Bathroom
Keeping the bathroom clean requires organization. Having dedicated spots for makeup and grooming tools reduces clutter. Wet wipes under the sink will clean toothpaste and soap splatters on faucets, mirrors and countertops. It is best to leave bar soap in the shower rather than placing it on the sink to avoid messes. Keep a shower cleaner in a caddy nearby for a quick spray of the tile and liner when done bathing. Wipe down the sink after every use. Deep clean the tub and toilet at least once a month to prevent smells and stains.
Stay on schedule when cleaning your home to always be ready for company and much more. Inspired by the September 1957 issue of Better Homes & Gardens magazine.
Source: www.bhgrelife.com
As we roll towards December, it seems like every agent is being asked the same question from their sellers - should I keep my house on the market through the winter? Unless you absolutely do not want to move in the winter, it is usually best to keep your house for sale. There are pros and cons, however. Yes, there are fewer buyers out looking, but these buyers are serious and motivated. Also, at this time of year, there is less inventory meaning less competition for your property. During the holidays there are a number of people coming back home to visit family who may decide to start their house hunt now. If your house is not on the market it for sure will not sell. It only takes one buyer to sell a home. You don't want to miss them by not having your house available to be shown. Looking for an experienced agent to help you sell? Contact me and put my 24 years of knowledge to work for you. 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com.
Before you purchase a home, hire an inspector to make sure the structure is sound and there aren’t any defects.
An inspection helps buyers identify serious issues with a house, condo, townhouse or other type of home. Some lenders require home inspections before they’ll approve closing on a mortgage loan. Professional home inspections aren’t always a required part of a purchase contract; they’re a smart part of buying a home and a property investment.
Whether or not a loan officer insists on an inspection, getting a home inspected is to your advantage. No one wants to find out there’s something wrong with a property after they’ve signed the papers.
Here’s what you need to know about home inspection, followed by a handy home inspection checklist:
Not all home inspections cover the same points
There will likely be numerous home inspection companies and professionals to choose from when you’re buying a home. As you look for an inspector or consider inspection company referrals, keep in mind that not all inspections cover the same points.
When inquiring or interviewing inspectors, make sure those you’re thinking of hiring will inspect the inside and outside of the property. Inside, an inspector should look for leaks, fire hazards, the health of the house systems and the life of the water tank. Plumbing and wiring inspection are essential to make sure these systems are up to code. Inspectors should look at a home’s ventilation systems and smoke detectors. If the home has appliances, they should be tested.
Outside, inspectors should check for cracks in walls and the foundation. Missing siding, damage to the roof and cracked woodwork are all issues that may point to structural problems with a home.
Most general home inspectors won’t check septic systems or insect damage. These are points that you should hire specialists to address.
Buyers should choose their own home inspector
As a buyer, you can certainly negotiate who pays for a home inspection. However, consider that sellers paying for an inspection may want to choose the company themselves.
It’s in your best interest to choose your own inspector when purchasing a home. This may mean that you’ll have to pay out of pocket for the inspection. This service is not usually included in the fees a lender will roll into a loan.
The cost for a home inspection is typically a few hundred dollars. If you need in-depth inspection of a property, such as a review by a structural engineer, prepare to pay much more.
In some states, a home inspector must have a license. If you aren’t sure where to look for a licensed home inspector, your real estate agent should be able to offer a referral. It’s a good idea to verify any inspector’s license to make sure you’re hiring someone qualified.
Home inspections can offer a way out of a purchase contract
Every purchase contract is different. Buyers should refer to their binding agreement with questions about getting out of a sale due to issues that come up during a home inspection.
It’s wise to write a purchase offer that lets you out back out of a sale if an inspection reveals issues with which you don’t want to deal. Sometimes, buyers are willing to spend the extra time and money to fix problems. Often, it’s just not a good idea. If your agent or you have written a good purchase offer, you’ll be allowed out of the contract should the home inspection uncover problems.
If a home inspection uncovers damage to a property, buyers can ask the seller to pay for repairs as part of the contract. Buyers and their agents may want to submit a Request for Repairs that negotiates part or all of the cost of repairs, or asks for repair work to be completed prior to close of escrow. In lieu of money for repairs, you can request a cash credit (reduced price) for the home.
Refer to the home inspection checklist
It’s always smart to be present when an inspector is checking out your potential home. If you’re working with an agent, your agent should also be there at the inspection. Some of the specific points you’ll want to make sure your inspector looks at include:
- foundation
- lot
- roof
- chimney
- exterior
- attic
- interior leaks
- basement
- electrical
- plumbing
- appliances
- heating/cooling system
- odors
- mold and mildew (consider a specialist in this field)
An inspection is a crucial step in the home purchase process. Remember, it’s there to help you, not discourage you. Many home inspections reveal minor issues that buyers can live with. There aren’t many houses that are completely free of defects.
Having a real estate professional by your side is important during the home inspection process. If the inspection report brings up any issues that you don’t understand, or aren’t comfortable making a decision about right away, your agent can help you navigate the situation wisely and within the time frame indicated in your contract.
Source: www.bhgrelife.com
I recently attended the National Association of Realtors (NAR) conference in Boston. Lawrence Yun, chief economist for NAR, presented his 2019 housing forecast at this convention. Below are some of the key points.
- 2017 had the highest home sales activity in 10 years. While many realtors feel they are currently experiencing a “slow down”, the reality is total sales in 2018 are only down 1.5% YTD compared to 2017.
- Typically, rising interest rates would impact home sales, however, as we are in a period of job growth and low unemployment, this cancels out the impact of higher rates. 2019 is predicted to be similar to 2018, with sales forecasted for a 1% increase.
- The national median home price is expected to rise 3.1% to $266,800 in 2019.
- Low supply could continue to suppress sales, especially for first time buyers.
- The US is experiencing historically normal levels of affordability but buyers may be staying out of the market because of perceived problems with affordability.
Bottom line, Dr. Yun forecasts 2019 home sales to be stable and similar to 2018, with continued growth in sales prices. Contact me if you want to work with a realtor who stays on top of trends and issues facing buyer and sellers today! 603-526-4116, Donna@DonnaForest.com, www.DonnaForest.com
Having great online photos is the key to selling your house quickly. Below are some must do’s before the photographer arrives.
- Clean & clear kitchen and bathroom counters
- Replace burned out light bulbs
- Remove unnecessary furniture & décor
- Clear refrigerator of magnets, etc.
- Remove floor mats, runners
- Make all beds, fluff pillows, clear off nightstands & dressers
- Remove heavy drapes and unnecessary curtains
- Hide pet bowls, beds, toys
- Tidy the yard, sweep the decks, hide trash cans
- Remove all cars from the driveway
Remember, your goal is to go for the HGTV look. Light, clean, decluttered. Making your house look as appealing as possible will translate to more money in your pocket. Contact me for more valuable tips on prepping your home for sale. Donna@DonnaForest.com, www.DonnaForest.com, 603-526-4116