Looking for more personal space?! Explore all of the delightful nooks and crannies in this multi-level Eastman contemporary. It provides all the private areas you could ever want, from the perfect hideaway in unique crow’s nest to a huge office over the garage to a craft room in the lower level (with potential for more), and there is plenty of elbow room. Privately tucked back from the road, you will enjoy quiet and relaxing surroundings. This light and sunny retreat has much to offer – granite countertops, stainless steel appliances, a welcoming fireplace in the living room, a family room with extra warmth provided by a woodstove, a 4-season sun porch, a deck meant for lazy summer afternoons, incredible storage, and more. Be sure to check out the 3D tour!
Offered at $595,000
Listing Broker: Donna Forest ~ 603.731.5151 ~ donna@donnaforest.com
We're proud to share this recent article published on www.Masiello.com. The Masiello Group is a fellow member in the nationwide Better Homes & Gardens Real Estate brand, and a strategic partner of ours.
Bedford, NH --Maine and New Hampshire are attracting home buyers from around the country, drawn by the lower cost of living and higher quality of life in Northern New England. The increased demand from out-of-staters has contributed to a rapid rise in home prices and record-setting lows in inventory throughout the region. If this trend continues through 2021, it could bring significant economic growth to Northern New England, changing the face of communities large and small across these states.
Real estate data from the National Association of Realtors show that the median home price in the Northeast during February was $356,000, up 20.5% from February 2020. Year-to-date numbers for 2021 indicate the increase is part of a longer, recent trend. Home prices thus far in 2021 are 23% higher than all of 2020 for single-family homes and 16% higher for condos.
The price increase is driven by higher demand, and not just from the typical sources. Historically, people move to a new home within 10 miles of their current home. But since Q3 2020, Masiello Group real estate agents have seen an increase in home buyers from major Eastern Seaboard locales like Connecticut, New York, New Jersey and Washington, DC. There's also been an increase in the number of people from Sunbelt regions like Florida and Arizona, and expensive West Coast cities such as Seattle and San Francisco.
Buyer data collected by the Better Homes and Garden The Masiello Group, which has 33 real estate offices throughout Northern New England, found that 35% of people who bought homes in New Hampshire and Maine during the latter half of 2020 came from outside Northern New England.
What's behind the move?
While there is no hard data yet to confirm that the COVID pandemic had a direct impact on people moving to Northern New England, the timing of the increased in-migration points to a connection.
A survey conducted by the University of New Hampshire Carsey School of Public Policy found that people have been moving to New Hampshire to be closer to their family, for work, and to enjoy a higher quality of life and better lifestyle. This bolsters the anecdotal evidence many agents are hearing from people moving here from outside the region.
"Home buyers today are less restricted on where they can live, thanks to more liberal remote work policies. Given the choice, people often go with the location that's safer, offers more home for the price, and has the highest quality of life," said Chris Masiello, President and CEO of the Masiello Group. "What many of us who have made Northern New England our home already know is that the lifestyle here can't be beat. We have much of the same infrastructure and amenities as larger metro areas, yet we have a lower cost of living and close proximity to the outdoors. It's a place you can truly live, work and play."
The increase in home sales by out-out-state buyers tracks with the timing of announcements made in 2020 from major companies like Twitter that they would move to a permanent remote work model. For people unrestricted by location, they can opt to move somewhere that offers a better quality of life, larger home, bigger yard and closer-knit communities.
"Both Maine and New Hampshire are a great choice for these amenities," said Masiello. "They have more affordable housing than locations further south, they have safe communities, modern infrastructure and are still close enough to urban centers that you don't feel too isolated. On top of that, New Hampshire has a low tax burden and business friendly climate."
Potential economic boom on the horizon
High demand from home buyers outside of the region means it's never been a better time to sell a home in Northern New England. According to Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick, Maine, residential real estate activity in his state "is vigorous."
"In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation," Cole said.
What makes this in-migration trend so noteworthy is that it appears to be happening across all residential property types throughout Northern New England, not just for single-family homes or in isolated communities. People who are thinking of buying a bigger home in a more affordable town nearby are surprised to find home prices are rising there too. This trend also comes after a period of community investment throughout the region, funded by a healthy pre-pandemic economy. Communities are investing in basic infrastructure and amenities that attract residents, such as revitalized downtowns, park renovations, and hiking and biking trails.
These investments, combined with an increase in home prices, are likely to spur development, resulting in overall growth in these communities. If demand remains high for an extended period, it could launch an era of substantial economic growth across the region as the economy begins to open again.
Commercial properties are also highly desirable
Increased interest in real estate in downtown areas is further evidence an economic boom is on the horizon. Having a row of storefronts instead of vacancies will certainly boost a community's downtown revitalization efforts, in addition to the jobs and economic activity it brings.
Another emerging trend is out-of-staters moving to Northern New England—and bringing their businesses with them. "Commercial agents saw an increased interest in 2020 from business owners looking to relocate from major metropolitan areas," said The Masiello Group VP of Commercial Sales, Chris Pascucci. Business owners from big cities create opportunities for new businesses that provide services city dwellers have come to expect, such as take-out and delivery services, ethnic food, and personal care services.
"People from places like New York want to be somewhere safe and to have a better work-life balance," said Pascucci. "Relocating to Northern New England offers the connectivity, more affordable home prices, and plenty of opportunity for businesses to open and grow."
Where this economic boom could face some pressure is if nothing is done to alleviate the region's low inventory rate and competitive, fast-paced market. In Rockingham County, New Hampshire, average time on the market in February 2021 was 35 days, down 52% over February of last year, and new listings of homes in New Hampshire were down 31% in February 2021 when compared to the same month last year. According to the Maine Association of Realtors, home values and sales volume is outpacing last year thus far, however, "a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market." If there are not enough homes to supply-demand over the long term, it could discourage some home buyers from entering the market at all.
Northern New England is fortunate to see signs of a strong economic future in rising home prices and increased demand. How long this trend will continue and the degree to which prices continue to rise is somewhat uncertain as major cities begin to reopen and return to normal. However, we're confident the market will remain strong, thanks in large part to the desirable location that Northern New England offers.
About Better Homes & Garden Real Estate | The Masiello Group
With 33 offices throughout Northern New England, BHGRE The Masiello Group has been the region's leader offering a full range of services to brokers, sales associates, and home buyers and sellers. It is the only company in region to offer home services, including mortgage, title, home warranty, homeowner insurance, and relocation services under one roof. Visit www.masiello.com to learn more.
Real estate markets are local, and we have the real scoop on ours.
Better Homes & Gardens Real Estate - The Milestone Team
Unless you live in a cave, you’ve probably heard multiple times it’s a sellers’ market and a great time to sell. So what does this really mean? Historically a balanced market has a 6-month supply of homes for sale in which there are enough homes available for active buyers. The most recent report (February) from The National Association of Realtors (NAR) shows the US inventory at just a 2-month supply. NH had less than a month’s supply and new listings were down 23% YTD thru Feb. compared to 2020. As a result of this increased competition, properties sell quickly and for much higher prices than we would typically see in a more normal market. Sellers are in prime position to best negotiate price and terms favorable to them. The median sales price in NH (thru 2/2021) was $350,000, up almost 23% for the same months last year. I have been in real estate here for 21 years and have never seen a market like the one we are experiencing. Will it last? Well my crystal ball says probably not. Lawrence Yun, NAR’s chief economist, cautions of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates cut into home affordability. Having said that, forecasters are predicting prices, on average, to appreciate almost 6% in 2021. If you are considering selling, contact me to find out why this is the ultimate time to be a seller!
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
You might be wondering if the housing market will crash given the high demand, record prices, and bidding wars. The short answer is “there is no bubble.” It would be natural to assume the same thing is happening that led up to the economic crash in 2008. However, the influences are very different. Below are 3 reasons why you can still sleep at night.
- The limited supply of homes for sale is driving up prices. It is simple economics of supply & demand. Inventory has been declining for years yet buyer interest is increasing.
- Demand has risen as millennials, currently the largest generation in the US, are entering the housing market. Throw in historic low interest rates, the ability to work remotely, and rethinking of housing requirements due to COVID, and now the need exceeds supply.
- Poor lending practices was a big contributor to the housing implosion. If you could breathe you got a loan. Also homeowners used the equity in their homes like an ATM machine and ended up owing more than what their house was worth. As a result, foreclosures & short sales depreciated home values nationwide. Lending guidelines today are much stricter and refinancing over the last 3 years is 1/3 of what it was 3 years before the crash.
Here is a quote in late January from Laurie Goodman, director of Urban Institute’s Housing Finance Policy Center, “I’m feeling very optimistic about the health of the US housing market.” Whether buying or selling, contact me to take advantage of today’s great market!
Donna Forest ~ donna@donnaforest.com ~ 603-731-5151
In this market where multiple offers are common, buyers are pulling out all the stops to try and successfully compete. Some buyers are resorting to the use of an escalation clause. This works by offering the seller $1000 (for example) more than the highest bid the seller receives from other buyers. The clause may contain a cap to limit the buyer’s price exposure. Below are just some of the reasons why this is not a good idea.
- An accepted offer with an escalation clause may not be an enforceable contract since it does not contain definite terms. Potentially either buyer or seller could later change their mind and claim no legal contract was formed.
- If the escalation clause contains a cap, it basically tells the seller the top price this buyer is willing to pay. A smart seller could reject all offers and counter back to every buyer with a request for new offers not less than the cap.
- Escalation clauses create exposure for buyers since they don’t know what they will actually be paying for the property. Will they qualify? Will the house appraise?
- What if several offers come in with an escalation clause? Who wins the bid?
- If a legal escalation clause were to be written by an attorney, it would probably be a page long of legalese in order to protect the buyers. Not exactly enticing to a seller.
There are many ways to write a compelling offer without an escalation clause. Whether selling or buying, contact me if you want to effectively navigate this complex market. 603-731-5151; donna@donnaforest.com
Come visit this 5 acre piece of land, located in the nature lover's paradise of Newbury, New Hampshire. At first glance you'll see that there are 200 feet of valuable frontage on Route 103A, a highly popular roadway in the region that traces the edge of Lake Sunapee and connects the quaint recreational town of Newbury with the nearby cultural hub of New London. And since we're on the topic of location, let us ask, what more could you desire? If it is lakeside lounging or a boisterous round of boating that you seek, this land is 2 minutes from Newbury Harbor; if it be snowy ski slopes or a warm weather adventure course, it is 5 minutes from Mount Sunapee; and, last but not least, this parcel is a mere 12 minutes from New London Town Center, which boasts a hospital, supermarket, college, and a slew of shops, offices, eateries, and sights.
Let's return to this lot, which is a treasure in and of itself. Venture your way up the roughed-in driveway, and take your time exploring this swath of territory which could be yours to cultivate as you please. Ponder the possibilities. Marvel at the history contained in this piece of land, such as old stone walls, an mossy touch left behind by Lake Sunapee Region's farming ancestors. Let your boots wander their way up to the back of the lot - here you might glimpse a secret little snapshot of Mt. Sunapee. It plays a coy game of peek-a-boo as the seasons fade one into another, the leaves blooming dewy green and fading antique rust, then reposes still for a breath, daubed in its winter tapestry of dark pensive blues, sparkling whites, and booming grays.
Contact Listing Agent Emily Campbell today to set up a showing. 603-491-4024; emily@bhgmilestone.com.
January’s market report for NH just hit my inbox and there was no surprise it was highlighting the lack of homes for sale. This has pushed prices up 23% in January compared to the same month last year. Right now, homes are on the market for less than a month. I’m sure many buyers are wondering if it is a good time to buy or if they should just wait. You may think increasing values means homes are less affordable today. While there are many factors that go into affordability, it boils down to the fact it is not just about the price of the home but the overall cost in the long run. Historically low interest rates stretch your spending power and mean you can save significantly over the life of a loan. Additionally, many experts say it is more affordable to own a home than rent. The cost of renting has been relatively high compared to the cost of owning. Here is a startling statistic - the net worth of a homeowner is 40x greater than that of a renter. While the market is a bit challenging at the moment, the expectation is to see more houses hit the market this spring. Contact me if you’d like to know how to best position yourself to build wealth and become a homeowner this year.
Donna Forest, donna@donnaforest.com, 603-731-5151 (c), 603-526-4116 (o)
This excellent opportunity is back! One of very few 1-bedroom units at the highly sought-after Hilltop Place. Simplify your life with this comfortable single-level condo. This low-maintenance unit contains separate living and dining rooms, kitchen, bedroom, and one bath. Side sliders open to a sunny open field between units. Decent storage. Detached one car garage with opener and storage above. Enjoy the phenomenal location -- you're tucked in a cozy community, yet you're also a blink-and-you'll-miss-it drive away from New London Town Center, with grocery store, post office, and hospital. If you're feeling spry you could even walk into town; it's that close!
Listing Broker: Marilyn Kidder - marilyn@bhgmilestone.com - 6035264116
Offered at $133,000
Hilltop Fees: $715/month Buyer buy-in fee (6x the monthly fee): $4,290
Teamwork from the Team that works –Better Homes & Gardens Real Estate - The Milestone Team
Valentine’s Day is around the corner but buyers have been writing love letters long before Feb. 14th. It continues to be a competitive market for buyers as they vie with others to purchase the small number of homes for sale. To help sway sellers, buyers may write a letter to them explaining why they love their house, complete with photos. While the purpose is innocent, love letters can unintentionally lead to bias and housing discrimination. Offers accepted on any basis beyond price, terms, and merit might violate fair housing laws (and it doesn’t matter if there was no discriminatory intent). Letters can convey information resulting in implicit bias favoring one buyer over the other. For example: “The large backyard will be perfect for our 3 children.” “We look forward to being close to our church.” Letters can also backfire by unknowingly offending a seller based on some personal comment.
The Fair Housing Act prohibits the denial of housing based on race, color, religion, national origin, sex, familial status, and disability. The act was created so every American would have an equal opportunity to seek a place to live, without being afraid of discrimination. While love letters are not illegal, they could lead to legal issues. I do understand why letters are written, and that most sellers are very receptive to them; however, given the potential for problems, maybe it’s best to avoid letters all together. Buyers should focus on writing the best offer possible and sellers should review offers based on their terms and conditions.
donna@donnaforest.com - (603) 731 5151
...to live in New London! This log home is situated in a private neighborhood setting, a mile's walk from Elkins Beach on Pleasant Lake. Enjoy the peace of 4+ wooded acres, and at the same time the convenience of a few minutes' drive to New London Town Center. There's a first floor master bedroom, as well as 2 bedrooms on the second floor. Down in the walk-out basement, you'll find 2 finished bonus rooms and a workshop. Enjoy every season -- this log home has 3 woodstoves, a screened porch, a massive deck, and a generator. Don't wait too long! Call Anne Marie Appel today to see this charming house that could be yours!
Anne Marie Appel, Listing Agent
(603) 526-4116 (O) (603) 454-7019 (C)
annemarie@bhgmilestone.com www.mynhlife.com