A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis. Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
- Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
- Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
- Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
- Include a maintenance budget. Even new homes need upkeep and repairs.
- Buyers who can’t afford their dream home now should opt for a starter home where they can save money each month for what they really want.
- Consider a property that can be expanded and improved down the road when money is available.
- No two buyers are the same, but they should all feel confident with the load they enter into, no matter the size of the mortgage.
Source: The New York Times, Ron Lieber (09/12/2009) and NAR Realtor® Magazine
Living in a small town like Springfield has its benefits. We may have to travel a few minutes farther for work and groceries, but Springfield has a great sense of community! The town events throughout the year put on through the recreation department and the library bring us all together. Last July, the town held their first Old Home Day celebration since around 1969. With fewer people traveling for vacations, more people are finding fun things to do locally. There was a huge turn out! Events included: a craft fair, where many local people sold their handcrafted jewelry and crafts; a kids’ fishing derby, sponsored by the Lake Kolelemook Protective Association, was held at the town beach; a dunk tank where everyone had a chance to dunk members of the local fire department was a lot of fun; a parade; a bouncy house for the little kids, plus activities going on at the town hall and the historical society. The event was funded almost entirely by local donations, and the feed back was that they hope to have this event every year! Through the winter months, the town plans to have movie nights, free of charge, where families can enjoy a night out without going too far. The town library is another great place to find activities for children and families. They hold story times and gift sales during the holidays-a great place for kids to purchase a gift for parents, grandparents and siblings. In the past, through the summer, they have done fun craft activities with kids, such as making placemats from nature, and tie-dye tee shirts. Through the summer months, people meet down at the town beach, where kids can play with friends and enjoy the wonderful beach area and docks provided by the town. They can also go to the skate park in the center of town or basketball court for a friendly game of hoops. So, Springfield may be small in population but it’s big on community! There is always something going on, whether it’s on the rec field, in the town hall, or at the beach…Springfield residents are always getting together for friendship and fun!
Just the other day, I again realized what an incredible place the New London/Lake Sunapee area is to live. Even in the dregs of the ugliest month of the year (November), you can find something new to do. Two friends invited me to go hiking on one of the Greenway trails. It had been a long time since we had caught up with each other, but I really had things I should be doing. Anyway, I decided to go. I tried to back out at the last minute because it was cloudy, and I will sometimes find any excuse to cancel. After all, I'm not a hiker. At 9:30 we were parking the car off of Route 114 in Springfield. It took us 15 minutes to drive from the projected end of the hike to the start, so now I was very leery. I wasn't sure we would make it back before dark. Thank goodness my good friend was prepared for all disasters. She even had mole skin for my blisters. It took us 1 hour to find the fourth trail marker. We had been out for an entire hour and I could still see the car through the trees! This wasn't a good sign. We decided it was safe to go on since there are several bail outs along the way. An hour into the hike--I was with good friends having great conversation, catching up on their families and telling funny stories in the most beautiful area I had seen in a long time. Open fields, views of Little Sunapee, Lake Sunapee, distant mountains and most of all, deep woods, with no sound but the leaves rustling under our feet and our voices. Every once in a while an animal would warn its friends of our arrival. We heard a fox. We saw a hawk take off from just a few yards away. A pheasant almost scared me to death when it took off just feet from us. We didn't make it the entire 8 miles, but we were only short by 3. We bailed out at Twin Lake Villa by taking the Kidder Brook trail down. We called my friend’s husband and he picked us up and drove us to the car. It was a very memorable day. The hike was 5 hours long. We were all smiling. Sharon LaVigne, GRI
The Best Team in the Dartmouth-Lake Sunapee Area…
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We can skillfully and effectively meet all your real estate needs: whether you are buying, selling or renting-either for vacation or year-round living. Our team offers professional, experienced, knowledgeable, & conscientious service. Buyers and Sellers consistently rank our performance as top-notch! We get the job done by communicating well, responding quickly, and staying in touch! We follow through with all the details which insures that your buying or selling experience will be as smooth, easy and enjoyable as possible! We know the area and our market and provide a great resource to our clients before and after the sale. With our entire team working for you, your real estate experience will surpass all expectations! Get in touch! We’d love to make you our next success story! ABOUT: Established: 1987. Team: Marilyn Kidder, Broker/Owner; Judy Merrill, Office Manager; Cheryl LaPrade, Concierge &; Jessica Davis, Information Manager; Pam Bowen, Saturday Receptionist; Rental Manager & Sales Associate: Joan Wallen; Sales/Broker Associates: Sara Ellis, Chris Murray McKee, Sharon LaVigne, Emily Campbell, Jane Snow, Stacey Platte-Viandier, and Donna Forest. Location/Mail: 224 Main Street/PO Box 67, New London, NH 03257 Area served: New London, Wilmot, Sutton, Springfield, Newbury, Bradford, Warner, Andover, Sunapee, Grantham, Eastman, and many of the contiguous surrounding communities. Contact: 1-800-838-1500, Fax: 603-526-2723; info@cbmilestone.com; http://wwwcbmilestone.com http://www.coldwellbankerteamnh.com/; http://www.coldwellbanker.com/. Also, become a Fan of Coldwell Banker Milestone on Facebook! Or view our area listings at Coldwell Banker on Location on YouTube.
STATE PARKS IN THE DARTMOUTH-LAKE SUNAPEE REGION
Our area is fortunate to have 8 State Parks within easy distance. The Sculptured Rocks Natural Area, consisting of 272 acres, features a narrow canyon carved into curious shapes by the Cockermouth River on its way to Newfound Lake. Gardner Memorial Wayside Park is part of Gile State Forest, which spans 6,675 acres and does offer some mountain bikeas well as hiking trails. There is a scenic picnic area with picnic tables, and it’s also a popular place for hiking. Mt.Sunapee State Park is a major recreation area for winter alpine skiing, plus a wonderful place for hiking, picnicking, and camping, as well as swimming, boating, and fishing on Lake Sunapee from the Mt. Sunapee State Park Beach. Once of the “lesser known gems” is Pillsbury State Park where a great variety of wildlife share the bounty of its heavy woodlands and ponds and wetlands. There is a hiking trail network which actually connects Mt. Monadnock with Mt. Sunapee (51 miles), as well as mountain biking trails. Also available are canoeing, fishing and picnicking. Rollins State Park in Warner is on the south slope of Mt. Kearsarge. Drive 3.5 miles to the picnic area and enjoy the fantastic views or hike the ½ mile trail to the summit. Wadleigh State Beach offers swimming on lovely Kezar Lake in Sutton. It’s a great place for family outings. Winslow State Park is located on the northwest slope of Mt. Kearsarge in Wilmot. There is a fantastic plateau for picnicking and admiring the views, or take the 1 mile foot trail to the summit or try the longer loop trail.
For more information on any of these wonderful facilities, visit the New Hampshire Division of Parks and Recreation at:
http://www.nhparks.state.nh.us/state-parks/by-region/dartmouth-sunapee-region.aspx
11/19/09-WP