Here are the first quarter real estate statistics from the New Hampshire Association of Realtors. Although these are statewide stats, they certainly reflect to a degree what has been going on in Sunapee real estate and the Dartmouth Lake Sunapee Region so far in 2010. Here are three things New Hampshire REALTORS® can celebrate this spring:
- Home sales are up 13 percent, condo sales are up 30 percent, and prices are up over the first quarter of 2009;
- New Hampshire non-farm employment is rising: we’re only state in region to see an increase; and
- Our state still leads region in the key index of economic activity, and it is also rising
Not only are New Hampshire home sales up over the first quarter of last year, but median home prices have also risen 6 percent statewide and are up in seven of our state’s 10 counties. Condominium prices are also 4 percent above the first quarter of last year.
The opinions expressed herein do not necessarily reflect those of the New Hampshire Association of REALTORS®. NHAR has taken no officlal position on the matter of expanded gambling in New Hampshire. |
Half the counties in our state saw double digit home sales increase over last year, which suggests an awfully fast start for the year, no doubt aided by the homebuyer’s tax credit. But economic indicators in our state are so much better than other New England states that tax break or none, we are likely to fare better than they will in terms of home sales, unless we choose to follow their lead with expanded gambling. New Hampshire’s unemployment rate was 7.1 percent in February (the latest numbers available), which was more than two points below the national rate and the second lowest in New England (Please see charts below). But the unemployment rate only looks at the small part of the picture. The full part is measured by total non-farm employment, which in New Hampshire has been increasing since the middle of last year. Since then, 11,000 more people are working in our state, and we’re the only state in the region where that’s happening. These indicators of New Hampshire’s economic health both point in the same direction. Our state is on track to lead New England out of this awful recession, and our real estate market is also likely to recover faster than other nearby states. New Hampshire was again voted as the safest state in the nation, and we are still ranked fourth in terms of economic activity index. That index is also rising and is up almost three points since mid-2009. Again, we are the only New England state where that measure of our economic well-being has increased since then. On nearly every measure of quality of life, as well as many other indicators, New Hampshire leads the nation and all other New England states. But our longstanding New Hampshire advantage is being threatened as never before by the rush to permit slots and casinos. To lose our substantial advantage would be an irreversible tragedy. Here’s just one example: Property taxes per person in 2007 in Connecticut were $2,313.42, compared to $1,917.83 in New Hampshire (17 percent less than Connecticut), according to the Census Bureau. Adding lots of gambling venues certainly hasn’t done much to lower Connecticut's property taxes.
The bottom line is this: Both demographic and economic trends are quite negative for the Southern New England states. Income taxes and sales taxes, along with slot machines and casino gambling, have not improved either their economy or their demography. Do we really want to do what they have done and go where they have gone?
Table I: New Hampshire unit sales and median price first quarter 2010
| County | Unit sales 1Q 2010 | % change 2009-10 | Median $ 1Q 2010 | % change 2009-10 |
| Belknap | 11 |
+16% |
$180,000 | +10% |
| Carroll | 107 | -7% | $178,000 | +5% |
| Cheshire | 88 | -1% | $159,950 | -3% |
| Coos | 57 | -7% | $100,000 | +67% |
| Grafton | 125 | +24% | $170,000 | +14% |
| Hillsborough | 482 | +4% | $217,450 | -1% |
| Merrimack | 227 | +38% | $190,000 | +3% |
| Rockingham | 437 | +19% | $252,000 | +4% |
| Strafford | 181 | +20% | $190,000 | +7% |
| Sullivan | 62 | 0% | $131,500 | -9% |
| Statewide | 1,885 | 13% | $207,000 | +6% |
A very special property you won't want to miss! Great location, total of 55+ acres. Visit www.48ShadowHill.com for details and photos. Marilyn Kidder, Listing Agent.
It’s best to be aware ahead of time of those “red flags” which might be stumbling blocks for getting financing. It is not unusual in today’s market to see a home for sale needing repairs or being sold “as is”. It generally occurs with foreclosures, estate sales, or with sellers who do not have funds for repairs. While it may be a great opportunity for buyers to create some sweat equity, there are “red flags” to look for. FHA and Rural Development (RD) loans have become very popular with first time home buyers. However, they have strict guidelines on the condition of the property and will not lend on it until it meets their guidelines. Here are some of the problem areas for FHA & RD loans that I’ve seen:
- If there is clear evidence of mold, an appraiser will make the appraisal subject to satisfactory mitigation – regardless of the type of loan.
- The well must be located 100’ away from the leach field. Unless the well has a state exception, it may require relocating the well or the leach field.
- Any safety items such as broken panes or missing stair railings must be fixed.
- Structural issues like leaky roofs, flaking paint (in or out), etc. must be addressed.
- Specific water tests are required depending on the loan. Dug wells are notorious for testing positive for coliform.
Knowing the “red flags” and preparing strategies to address them will bring buyers and sellers closer to a successful sale. Call me if you are looking for an agent to help strategize for your success!
Donna Forest, ABR
just reduced from $1,198,000 to $1,075,000. For more photos and details, visit www.719LittleSunapeeRd.com. 
The Ausbon Sargent Land Preservation Trust(ASLPT), located in New London, is a private, 501(c)(3) non-profit organization supported by 1,000+ members, which was founded in 1987 to preserve and protect the rural character of the Mt. Kearsarge/Lake Sunapee region for the public benefit. To date, ASLPT has protected 6,491 acres, consisting of 106 properties, and including 4,000 feet of shore front on Lake Sunapee. Because the organization plays a vital role in helping to preserve the special places, the views we all enjoy, and rural character of our area for the public benefit, Coldwell Banker Milestone is pleased to contribute a portion of every commission earned to ASLPT. The majority of these properties are preserved through conservation easements, but there are other ways to accomplish this as well. Methods of Land Conservation When the Trust accepts an easement, they also accept stewardship responsibilities, now and forever. In addition to helping families preserve their properties and safe-guarding them for future generations, ASLPT also devotes itself to educating the people of our communities about the importance to them of protecting our environment and its ecosystems through land conservation. Many of the open spaces in our communities which we all appreciate so much have been conserved through the efforts of their owners and ASLPT. For more information, visit their web site at: http://www.ausbonsargent.org/
A convenient location, large, level lot and 3 bedroom cape with dormers - visit www.38CountyRd.com for details and photos.
Marilyn Kidder, Listing Agent
You’re putting your house on the market and the Realtor hands you a Sellers’ Property Disclosure to fill out. You’re thinking, “What a nuisance! Maybe I can skip over some of the questions.” Beware – this will come back to bite you! Withholding pertinent information about the property has serious consequences. A thorough Disclosure will protect you as well as the buyer. Most buyers appreciate knowing as much as possible about a property before buying it. They can live with it not being perfect, as long as they know the issues up front and have had a chance to investigate and digest them.
Properties can fail to close and lawsuits can happen when information is withheld. Not only should you disclose current issues with your house, but it also may be a good idea to disclose any past problems that have been repaired, or areas that require routine maintenance. A word of caution on past repairs – don’t guarantee that the problems are fixed. This implies that they will never come back. Rather, be specific on how they were taken care of. Also, don’t guess when filling out the disclosure; if you don’t know, then indicate that it is unknown. On the other hand, don’t just fill in “unknown” because it is easy and avoids problems. A thorough and properly filled out seller’s Disclosure may make buyers feel good about your house and also help keep you out of court!
[caption id="attachment_391" align="aligncenter" width="125" caption="Donna Forest, ABR"]
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Contact Donna at donna@donnaforest.com or visit her web site at www.donnaforest.com
- Overpricing. Your home will stay on the market longer and buyers will be less inclined to make offers.
- Using emotional values to price the property vs. factual market conditions.
- Not preparing the home for sale before it goes on the market.
- Listening to the opinions of friends and relatives vs. the professional advice of your REALTOR.
- Not giving the first offer serious consideration. Most often, it seems that this turns out to be the best one.
For more selling information, visit my website and click on “Resource Links” and/or “Free Reports”! www.DonnaForest.com. [caption id="attachment_377" align="aligncenter" width="122" caption="Donna Forest"]
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Price reduced from $257,700 to $248,700. Great 3 bedroom cape with Mt. Kearsarge views. For more information, visit www.472KingHill.com
Marilyn Kidder, Listing Agent
New London NH Neighbors…I was driving home from work last week coming off Main Street, past the library and down South Pleasant. It was early evening and a grayish kind of day. As I passed the raspberry man’s house, I caught a quick movement out of the corner of my eye. There between the two houses, out behind the raspberry patch, was a small group of whitetail deer foraging under the big pine and apple trees. Though I couldn’t get very close, I stayed and watched them for a while, while they actually watched me as well. They looked pretty “fat and happy”, as though they were weathering the winter fairly well. While not rare or unexpected, it’s still fun to see them (as long as they’re not eating your vegetables) and such sights continually remind me that, though short, my “commute” can still be full of interesting things to see.