Our market seems to still be recuperating from the long winter we experienced. Sales were down the first few snowy months and this is likely reflected in the lower sales volume for 2014 as compared to 2013. (Although New London is definitely up from last year.) The state released their year-to-date figures thru May. Residential sales are down 7.9% and the median sales price is up 7.9%. While not a resounding two thumbs up yet for the market, there are many positive indicators it is heading in the right direction. I think the next few months will show that we’ve moved beyond recovery and are looking at a more normalized market. Newbury – 73 Currently for Sale 1/1 -6/24/14 9 Solds 122 Days on Market (DOM) 1/1-6/24/13 13 Solds 239 DOM 91% List to Sell New London – 91 Currently for Sale 1/1 -6/24/14 40 Solds 172 DOM 93% List to Sell 1/1-6/24/13 24 Solds 189 DOM 92% List to Sell Sunapee – 85 Currently for Sale 1/1 -6/24/14 18 Solds 144 DOM 95% List to Sell 1/1-6/24/13 22 Solds 182 DOM 92% List to Sell Bradford – 34 Currently for Sale 1/1- 6/24/14 7 Solds 133 DOM 96% List to Sell 1/1-6/24/13 9 Solds 222 DOM 95% List to Sell Figures are based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/13 thru 6/24/13 and 1/1/14 thru 6/24/14.
With home ownership! Gallup recently released results from their April Economy and Personal Finances poll that asked Americans to choose the best option for long-term investments. Given the choices of real estate, stocks & mutual funds, gold, savings accounts & CDs, or bonds, Americans today think real estate is the best option for long-term investments, ranking it ahead of gold and stocks. As housing prices continue to improve, I believe more and more Americans will consider real estate to be their best course of action for long-term investment.
This belief that home ownership builds wealth is also backed by a study published in 2012 by the Federal Reserve (Federal Reserve Bulletin June 2012 Vol. 98 No. 2) that revealed a homeowner’s net worth is 30 times greater than that of a renter. The average homeowner had a net worth of $174,500 while the average net worth of a renter was $5100. It is a great time to be building wealth by buying a home now so you can take advantage of the low interest rates and spring inventory. Give me a call and put my 20 years of real estate experience to work for you! 603-526-4116; www.donnaforest.com; donna@donnaforest.com.
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.
The real estate market continues to move towards a sunnier forecast with a prediction of 4.5% appreciation nationwide for 2014 (based on a February Pulsenomics survey of 100+ economists, investment strategists, & housing market analysts). The expectation is that appreciation will continue at a more normal rate of 3% annually thru 2018. Looking at the local markets, it appears that our stormy winter kept buyers inside and sales are a mixed bag with some towns being ahead of sales 1st quarter and many lagging behind. See below for a sample of 1st quarter sales.
New London – 1st Quarter
2014 10 Homes Sold 94% List to Sell Ratio 125 Ave Days on Market (DOM)
2013 8 Homes Sold 93% List to Sell 319 Ave DOM
Newbury – 1st Quarter
2014 2 Homes Sold 91% List to Sell 102 Ave DOM
2013 5 Homes Sold 88% List to Sell 179 Ave DOM
Sunapee – 1st Quarter
2014 6 Homes Sold 90% List to Sell 215 Ave DOM
2013 10 Homes Sold 91% List to Sell 196 Ave DOM
Bradford – 1st Quarter
2014 2 Homes Sold 92% List to Sell 89 Ave DOM
2013 6 Homes Sold 94% List to Sell 259 Ave DOM
Spring should bring renewed interest in our market area. If you are thinking of buying or selling, your timing is perfect! Contact me to put my 20 years of experience to work for you. 603-526-4116, donna@donnaforest.com, www.donnaforest.com
Data is based on information from the Northern New England Real Estate Network, Inc. for the period 1/1/13 – 4/1/13 and
1/1/14 – 4/1/14
Teamwork from the Team that works – Coldwell Banker Milestone Real Estate.
The New Hampshire Department of Environmental Services is calling on private well owners to test their water more frequently and for a wider range of contaminants. 646-057 dumps About 40 percent of New Hampshire’s population (about 530,000 people) get their drinking water from around 250,000 private residential wells, and a surprisingly high percentages of those wells have unhealthy levels of natural contaminants. Based on studies by the U.S. Geological Survey, about 20 percent of private wells in New Hampshire have arsenic levels that are higher than public water systems are allowed to provide (10 parts per billion), and in some areas it’s as many in one in every two wells. Long-term exposure to arsenic has been linked to cancer,200-120 CCNA cardiovascular disease, immunological disorders, diabetes and other medical issues. The Dartmouth Toxic Metals Research Program recently produced a 10-minute video on the health effects of arsenic in groundwater in New Hampshire; you can find the video by searching the internet for “arsenic in small doses.” There’s no federal or state standard for radon in drinking water, but an estimated 55 percent of private wells exceed the NHDES-recommended action level of 2,000 picocuries per liter. Only by testing can homeowners make informed decisions about treating their well water to minimize the amount of radon gas coming into their homes. The main health risk from radon exposure is an increased risk of lung cancer from breathing radon gas; long-term exposure to radon leads to the deaths of an estimated 100 New Hampshire residents each year. No State Testing Requirements Private well water is rarely tested, except when properties are sold or a change in taste, odor, or color raises suspicions about water quality. New Hampshire has no State requirements for the testing of private wells, although the law (RSA 477:4-c) requires that certain information concerning a home’s water system be disclosed to a purchaser, including an unsatisfactory water test. (“Unsatisfactory water test” is not defined.) Many mortgage lenders require some water quality testing when writing a mortgage. However, their requirements are not consistent, and historically there has been more emphasis on aesthetic contaminants than health-related contaminants. Some municipalities, however, do have private well testing requirements. Even when a private well is tested, the analyses often don’t include all of the right contaminants. The naturally occurring contaminants of concern include arsenic, fluoride, radon, and other radionuclides (radioactive chemicals). Other contaminants, caused by human activities, are industrial solvents, petroleum products and fuel additives [such as benzene, toluene, ethylbenzene, xylene and methyl-t-butyl ether (MtBE)], and lead and copper from plumbing. Bacteria in wells may be from either natural or human sources but typically enter wells because of poor construction. Bacteria shows up in about one in five water samples from private wells analyzed at the state Public Health Laboratory. When should private wells be tested? NHDES recommends the following: 1. When a well is first drilled. 2. At least once every 3 to 5 years for all wells. 3. At the time of all real estate transactions. 4. If obvious changes in water quality (such as changes in taste, odor or color) are noticed. The frequency of periodic testing should be based on past testing results, testing results for neighboring wells, and past and present land uses in the area. Testing for specific contaminants should be performed more frequently if they are known to be present at elevated levels. What Parameters Should Be Tested in Private Wells? NHDES recommends the following analyses, which cost approximately $165 at the Public Health Laboratory: arsenic, bacteria, radon, alpha screen, lead, copper, nitrate, nitrite, fluoride, pH, sodium, chloride, iron, manganese, and hardness. NHDES also recommends testing for volatile organic compounds once every five to ten years, which costs $120 at the Public Health Laboratory. If the cost of testing is too great for some homeowners, NHDES recommends spreading out the testing over time, performing some tests now and the rest in later years. A number of private labs also offer these tests. Private labs tend to be more expensive than the State Lab, but they also tend to provide results to the well owner more quickly. American Academy of Pediatrics Weighs In In May 2009, the American Academy of Pediatrics issued a policy statement on Drinking Water from Private Wells and Risks to Children, urging states to require testing when homes are sold, and urging local governments to provide access to information about local groundwater conditions and recommendations for testing. What is Being Done? A handful of New Hampshire municipalities already require testing of private wells, typically in connection with certificates of occupancy. A group of state, federal, and university scientists and public health professionals have formed the New Hampshire Arsenic Consortium, which is cooperating to educate the public and conduct research about arsenic in private wells. NHDES is working with N.H. Department of Health and Human Services and Dartmouth College to better understand the health risks to private well users and to help private well users make informed decisions about well testing and water treatment options. NHDES is also working with municipal building code officials on a uniform interpretation of “potable water” as referenced in the International Plumbing Code to provide for improved public health protection. For more information about NHDES’s private well testing recommendations and about the health effects associated with various contaminants, and a list of accredited private labs, please call NHDES Drinking Water and Groundwater Bureau at (603) 271-2513, or visit the NHDES web site at www.des.nh.gov and look for “Private Well Testing” under the “A to Z List.” Source: GREENWorks, A publication of the New Hampshire Department of Environmental Services, Concord, NH
If you plan on getting a mortgage, you need to be extra cautious with your finances. Here are the top 5 show stoppers you should avoid.
- Purchasing large ticket items. Don’t buy a new car or even furniture until after the loan closes. New payments will impact how much money you can borrow or can even prevent you from qualifying for a loan.
- Paying late on bills. One 30-day late payment can subtract 80 to 110 points from your credit score. Many lenders require at least 12 consecutive months of on-time payments
- Shuffling money around. Lenders scrutinize all your bank statements as part of the approval process. Any unusual deposits or withdrawals will require clear documentation of what they are. A large sum of money transferred into an account right before closing could be lethal.
- Job changes. Taking on a new job can present some hurdles as lenders like stable income that will likely continue. Changing job fields or starting your own business will be a red flag.
- Getting a new credit card. Even something as simple as getting a Kohl’s credit card will impact your credit score.
Give me a call if you want to work with a REALTOR® who can help you avoid the common pitfalls when buying your dream home.
Donna Forest, Broker Associate, 603-526-4116
Teamwork from the Team that works – Coldwell Banker Milestone Real Estate.
Many people are wondering what the new year will bring for the housing industry. Below is a summary of what experts are predicting for the 2014 real estate market on the national level.
- Home values are expected to appreciate around 4.3% or even higher by some optimists.
- Home sales will surge. Many housing pundits expect sales to be higher in 2014 than 2013. The three categories of buyers that will create this demand are first time home buyer, the move-up buyer, and the immigrant buyer.
- Demand may exceed supply. Experts expect a dramatic increase in demand for housing. As the spring selling season approaches, we will need to see a new wave of salable housing inventory to keep up with the increasing demands of buyers.
- Interest rates will increase by end of 2014. Projected rates are anywhere from 4.8% to 5.3%, although some experts predict even higher rates.
Bear in mind these are projections based on the US as a whole. While they give a good overall picture of the industry, we need to bear in mind that all markets are local and may not follow the national trends. Contact me to know how your local market is impacting the value of your home. 603-526-4116, www.donnaforest.com, donna@donnaforest.com.
If you are putting your house on the market, there is a Property Disclosure form to fill out. You may think, 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 the buyer as well as you. Most buyers appreciate knowing as much as possible about a house before buying it. They can live with it not being perfect as long as they know about the issues up front and have had a chance to investigate and digest them.
Lawsuits can happen when information is withheld. Not only should you disclose current issues, 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 handled. 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 disclosure may help keep you out of court! If you’d like to work with a REALTOR® who is on top of all the details, then give me a call. 603-526-4116, www.donnaforest.com.
Known for service, trusted for results – Coldwell Banker Milestone Real Estate.
Every buyer wants to purchase at a great price and a low mortgage rate as that determines the monthly cost. Here’s how today’s buyers are being impacted: Price – Based on a home price expectation survey released by Pulsenomics on Aug. 8, more than 100 forecasters predict a 6.7% annual gain in home values for 2013. This rate is expected to slow to approx. 4.4% in 2014 and about 3.5% for the following 3 years. In other words, if you were waiting for the bottom of the market to buy, you’ve missed it. Prices are going up. Mortgage Rates – The Bankrate Mortgage Trend Index released Aug. 15 shows that 67% of the experts and Bankrate analysts believe rates will rise over the next week or so. Most experts believe the interest rate will level off between 4.5 and 5%. The Feds have artificially kept rates low in order to stimulate the economy. According to Frank Nothaft, Freddie Mac’s VP and chief economist, “as the economy continues to improve, we expect to see continued upward movement in long-term interest rates.” In other words, mortgage rates are going up. Increases in prices and rates impact you; your housing expense will be more a year from now if a mortgage is necessary to purchase your home. My advice is to buy now - it could lead to substantial savings. Contact me to work with the 2013 REALTOR® of the Year! Donna Forest 603-526-4116, donna@donnaforest.com, www.donnaforest.com
I’m sure you’ve heard on the news how prices and sales are going up nationwide. It is even true for the state of NH when all sales are taken into account. I hear the seacoast and southern part of the state are hopping. However, all markets are local, and looking at our area statistics, we have yet to experience a significant upswing in activity. The data below shows sales are even or a little ahead of 2012 YTD. New London - Currently 92 Homes for Sale 2013 36 Sold 92% of Asking 164 Ave. Days on Market (DOM) 2012 33 Sold 95% 209 DOM Newbury- Currently 63 Homes for Sale 2013 24 Sold 91% 156 DOM 2012 19 Sold 95% 124 DOM Sunapee – Currently 77 Homes for Sale 2013 30 Sold 92% 209 DOM 2012 30 Sold 93% 176 DOM Our market is moving in the right direction; just not as quickly as other parts of the state. Bottom line, buyers should be taking advantage of the low prices and low rates NOW! Sellers – do not overprice – it is still a buyers’ market! Contact me to work with a REALTOR® who understands how the market impacts you. Donna Forest, Broker Associate, 603-526-4116 donna@donnaforest.com; www.donnaforest.com Real estate markets are local, and we have the real scoop on ours. Coldwell Banker Milestone Real Estate
Why should you buy a home now? The cost of a home is determined by price and current mortgage rates. And both are going up. We’ve passed the bottom of the market and, according to NH Association of REALTORS® President, Bill Weidacher, the market is consistently heading in a positive direction. Here’s why waiting no longer makes sense.
Home Prices are Rising – According the Case-Shiller Home Pricing Index, nation-wide, home values have increased 10% in the last year. Many experts are calling for the prices to continue to rise. In NH, the median price is up 5% from last May and YTD sales are 11% ahead of last year. A 22.3% appreciation in home values over the next 5 yrs. is projected by the Home Price Expectation Survey.
Interest Rates are Rising – Freddie Mac reports that interest rates for the 30-yr. fixed rate mortgage has risen about 1/2 percentage point. The National Association of REALTORS®, the Mortgage Bankers Association, and Fannie Mae are anticipating the interest rates to further increase by ½ percent by this time next year.
If you are considering the purchase of a home and like the idea of saving money, then buying sooner rather than later should be on your to do list! Give me a call to work with a REALTOR® in the know and the 2013 Sunapee Region Board of REALTORS® REALTOR® of the Year. 603-526-4116, www.donnaforest.com
Why should you buy a home now? The cost of a home is determined by price and current mortgage rates. And both are going up. We’ve passed the bottom of the market and, according to NHAR Pres. Bill Weidacher, the market is consistently heading in a positive direction. Here’s why waiting no longer makes sense.
Home Prices are Rising – According the Case-Shiller Home Pricing Index, nation-wide, home values have increased 10% in the last year. Many experts are calling for the prices to continue to rise. In NH, the median price is up 5% from last May and YTD sales are 11% ahead of last year. A 22.3% appreciation in home values over the next 5 yrs. is projected by the Home Price Expectation Survey.
Interest Rates are Rising – Freddie Mac reports that interest rates for the 30-yr. fixed rate mortgage has risen about 1/2 percentage point. The National Association of REALTORS®, the Mortgage Bankers Association, and Fannie Mae are anticipating the interest rates to further increase by ½ percent by this time next year.
If you are considering the purchase of a home and like the idea of saving money, then buying sooner rather than later should be on your to do list! Give me a call to work with a REALTOR® in the know and the 2013 Sunapee Region Board of REALTORS® REALTOR® of the Year. 603-526-4116, www.donnaforest.com.