February is here and the days may be getting longer but the home inventory in the Lakes Region of NH is getting larger. We edged up from 869 homes on the market last month to 926 homes listed as of February 1 with a current average asking price of $590,214. That is on par with last February when the inventory stood at 923 homes, but the average price was lower at $548,470. Currently, we have a 15 month supply of homes on the market based on sales numbers over the past year. That is still about three times what is considered a normal or good inventory level.

As reported previously, the average sales price of homes is definitely down in the Lakes Region as well as the rest of the country. I thought it would be an interesting exercise to break the numbers down a little further and see how the individual communities faired over the past four years. Both the average and media sales prices peaked in 2007 and in the last two years slid lower ( 20% and 14% respectively) than the numbers shown in 2006. Of all the towns in this report, New Hampton was the only one to stay in positive territory with a slim .57% increase in the average sale price. The smallest decrease since 2006 occurred in Gilford with a 4.7% drop and Gilmanton with a 9% drop. Gilford’s strong waterfront market probably helped stabilize the average but then again Moultonborough, which had the highest number of waterfront sales (but not the highest waterfront average), dropped 28%.

The biggest decline in average sales prices was in Barnstead at 37.7% . The median sales price (the amount paid for a property where half of the properties sell for less and half sell for more) in Barnstead was also down the most since 2006 at 37.7%. This indicates that there were a lot more low priced homes (and a large number of foreclosures) being sold and thus the lower average sales price. The same scenario is true in Laconia where the average sales price dropped 22.8% and the median price dropped 28%.

As I have mentioned in previous articles, these averages and percentages don’t necessarily mean that if you live in Laconia, for example, that your property is worth 22% less then it was worth in 2006. The average sale price is reflective of market conditions, what homes sold and for how much, and in what price bracket. You might have to living on another planet not to be aware that home values have dropped, but the question is how much? I believe that this is on a case by case basis. Desirable, nice quality homes still sell in any market and bring fair and reasonable prices that are usually above the averages. The best way to determine the value of your home is to have your REALTOR® provide you with a current market value analysis based on recent similar sales in your area. But, like anything else, the real value is of your home is ultimately determined by what someone is willing to pay for it…

My favorite Lakes Region Real Estate Market Report of the whole year is definitely the year end waterfront report. It is exciting to see what homes sold, where they were located, and how much they went for. I focus only on the sales on Winnipesaukee and Winnisquam because they have the bulk of the sales and therefore they are a pretty good barometer as to how well the market is doing. Waterfront sales are a big part of the local real estate market as well as being important to our local economy is so many ways. So how did 2009 stack up to years past?

Waterfront sales on Lake Winnipesaukee started pretty slow in 2009. There were only 30 waterfront sales (including island properties) in the first half of 2009 in the communities that border the big lake (Alton, Center Harbor, Gilford, Laconia, Meredith, Moultonborough, Tuftonboro, and Wolfeboro.) Sales did pick up steam in the second half of the year and we posted 46 more for a total of 76 sales on the year with an average sales price of $1,164,819. Moultonborough had the majority of the sales with 26 and Alton recorded 14 sales. Both Alton and Moultonborough had low average sales prices (although Laconia had the lowest average) which probably indicates that the availability of “affordable” waterfront properties led to a higher number of sales.

Winnipesaukee island properties are always an affordable option for buyers looking to get their little slice of paradise on the lake. A small two bedroom cottage on Moose Island in Alton sold for a mere $156,000 and a very nice three bedroom, two bathroom cape with .62 acres and 100 ft of frontage on Sleeper Island in Alton sold for $425,000 covering both ends of the pricing spectrum. If island living is appealing to you, 2010 should be a good year to find an affordable island vacation get-a-way.

There were also some good deals found on mainland properties. For example, in Alton a two story seasonal cottage that also included another studio cottage right on the lake sold for $120,000 (it was assessed for $311,800). It might not have been beautiful but for that price and 121 feet of frontage on Winnipesaukee who cares! Another affordable waterfront that sold was at 62 Driftwood Drive in Moultonborough. This 1972 vintage. three bedroom, one bath ranch with 100 feet of frontage and a 30 foot dock was assessed for $424,100 and sold for $335,000. In fact, there were 16 properties that sold between $300,000 and $500,000. On the upper end of the spectrum there were 26 homes that sold over $1 million. The top three were properties at 25 Gazebo Point in Wolfeboro at $5.98 million, 55 Broadview Terrace in Gilford at $6.5 million, and the highest sale ever on the big lake at 50-60 Wagon Wheel Trail in Meredith at $7.8 million.

Overall, we ended up the same as last year on Lake Winnipesaukee in terms of total sales. The average sales price of $1.176 million was down just a bit from the $1.218 posted in 2008 but pretty strong still when compared to the past 5 years.

Over on Lake Winnisquam, the total number of sales came in at 14 for the year. That is up from 2008 but still lower than the twenty or so that changed hands in previous years. The average sales price of $496,536 was the lowest it has been in the past five years and confirms that there were some good deals found on the lake over the past year. Properties on Winnisquam are always a bit more affordable than those on the big lake. The least expensive property this past year on Winnisquam was a seasonal two bedroom cottage with 114 feet of frontage at 118 Gray Rd in Sanborn which was assessed for $452,100 and originally offered at $449,000 that sold for $340,000. The highest sale was a fourteen room, six bedroom, 4,572 square foot contemporary with 170 feet of frontage at 87 Collins Brook Rd in Meredith that brought $740,000.

While 2009 was not one of those banner years for waterfront sales in the Lakes Region, considering the overall state of the economy, it was a pretty solid year. Given the rebound in the stock market and a little better outlook on the part of many people, 2010 should be a stronger year for vacation, water access, and waterfront sales.

If  you are interested in receiving FREE additional detailed information on the Lakes Region waterfront sales and ongoing updates that will keep you informed on the value of your waterfront investment just click on the following button…

If you are looking for a vacation property in the Lakes Region of NH that offers Winnisquam water access across the street and access to snowmobile trails nearby then the meticulously maintained four bedroom cape could be just for you!

This single owner home was built in 2002 and shows pride in ownership throughout. Two new bedrooms and a 3/4 bath were recently added on the second floor making this a great primary or vacation home option.  There is even a partial view of the lake to greet you in the morning from one of the upstairs bedrooms.  There is a bright, well appointed eat-in kitchen and ample size living room plus two bedrooms and a bath on the first floor.

This home is large enough to offer space for everyone yet it is very economical to heat with an oil fired, forced hot water boiler.

The basement has a finished room complete with a hot tub, palm trees, and island mural that will warm you after a day out snowmobiling. Park you sleds in the one car garage so they will be warm and ready to go the next day.

The owner has done extensive landscaping outside on the 1.07 acre lot,  yet the property offers  a low maintenance  exterior so that you can spend you time enjoying all that the Lakes Region has to offer. So whether you are looking for an affordable primary or a vacation retreat you should check this home out…

This country location is easy to reach from Interstate 93 and is close to schools, shopping, and all Lakes Region attractions.

MLS #28115301 -11 Wakeman Rd, Belmont,NH 

Offered at $249,900

Lakes Region Real Estate Year End Review

It is not only the end of the year, it is the end of the decade, so it is the perfect time to review home sales in the Lakes Region of NH!  First, a quick look at December. There were 68 residential home sales this past December compared to just 58 in December 2008. That’s a 17% increase which should make us all feel pretty good! However, the average sales price was down from $373,130 in December 2008 to $290,008 in December of 2009. That’s a huge decline, however, comparing the same month in different years doesn’t generally mean a whole lot. Statistics looking back over a year or a decade are much more meaningful but even they can be somewhat misleading.

There were 720 residential sales in the communities in this report for the calendar year 2009. That’s about a 6¾% increase over the 675 homes sold in 2008. While that may not be a tremendous increase in sales it is, nevertheless, a very positive sign. Of the homes that sold in 2009, 401 of them (or about 56%) sold for less than $200,000. In 2008 there were 259 sales under $200,000 which represented just 38% of the sales. This increased activity on lower priced homes reflects the fact that a number of first time buyers and possibly even a few investors were out there picking up some deals. First time buyers were happily taking advantage of the $8,000 tax credit here as well as across the country. That’s a great closing gift courtesy of Uncle Sam!

Homes in the $200-300,000 price range struggled a bit in 2009 with 145 sales compared to 198 in 2008. The $300-400,000 price range came in at only 65 sales in 2009 compared to 81 in 2008. There were 109 sales over $400,000 compared to 137 in 2008. The big drop was in total number of sales over $1 million where there were 37 sales in 2008 that represented $64 million in total sales volume but only 18 in 2009 for a total volume of $42 million. The overall total sales volume was also lower at $209 million in 2009 compared to almost $236 million in 2008.

The net result of these shifts is that the average sales price for the calendar year 2009 came in at $29,884 which is 15% lower than the $348,688 average in 2008 and a whopping 27% off the $398,719 average of 2007. Both the current median and average sales price are now very close to those registered in 2003. Before we all jump off the nearest bridge, this doesn’t mean there has been a 27% across the board decline in property values since 2007. While property values have certainly declined over the past two years, the average price is down in large part as a result of what was actually sold. The lack of mid-range to high end home buyers over the past several years has dramatically and negatively impacted the sales price averages. As our economy begins to improve these buyers will return to the market and our average sales price will increase.

But there is no doubt that property values have indeed declined in the Lakes Region of NH somewhat over the past couple of years. To determine just how much your property value has changed, have your REALTOR® provide you with a market value based on sales of similar properties in your area. If you have a nice quality, well maintained home, it may not be as bad as you think…

Which are the best towns in the Lakes Region of NH to buy property in?

Buying a home in the Lakes Region of NH can be confusing just becasue there are so many communities and neighborhhods to live in. Each community has its own character and feel. In some towns housing seems to be more affordable and tax rates vary wildly.

Lakes Region Home offers a comprehensive look at the towns in the Lakes Region and provides data on tax rates, average and median sales prices over the past several years, lake access rating, and so on.

Check out the Town Insights pages and have some fun finding out where you’d like to live…

If you are reading this ad, you must be looking for a property in the Lakes Region of NH and, like everyone else that buys a home,  you want to know that you are getting the best deal.

But how do you know what’s a good deal and what isn’t?

And if you are from out of the area and looking to move here, how do you even know one area from another, what neighborhoods or towns best fit your lifestyle,  or what is located around the property in the ad that you are looking at? Pictures on a website don’t tell you the whole story. Looking at property ads on Craigs List is pretty hit our miss in terms of finding the right property for you and your family. Utilizing a real estate website, like Lakes Region Home, which provides the latest search technology including Google based map searches can be much more efficient and effective for the serious buyer.  You have the ability to perform precise searches based on the criteria that you decide. You don’t waste your time looking at headlines of ads for homes that don’t fit your needs. Lakes Region Home can also send you email alerts for homes that become available that fit you exact criteria.

But how do you know if you are getting a good deal?

By being a smart home shopper. You need knowledge and information about the market in the area where you want to buy! You can get up to date real estate market reports on our blog www.lakesregionrealestatenews.com plus lots of tips about buying and selling, and where to find some great deals. These reports can be emailed directly to you if desired. These reports are the first step in gaining the knowledge you need to make an informed home buying decision.

On www.lakesregionhome.com you can find more critical information about tax rates, yearly average and median sale prices, and a livability index on the Town Insights pages, info about gated communities, ski areas, golf courses and much more!

The next step in getting a good deal is getting even more critical information on property sales your target area. The kind of information that most buyers don’t ever see.   My Buyer Clients receive these reports along with other critical information to ensure them that they are getting the deal and the home that they want.  Check out my Buyer Services page on Lakes Region Home .

And check me out on my personal page. You should know who your agent is and how he works before you pick one.  Contact me at rsanborn@rocherealty.com or feel free to call any of the numbers listed below. I’d be pleased to work with you…

Roy Sanborn
Roche Realty Group
97 Daniel Webster Highway
Meredith, NH 03253
Direct: 603-677-8420
Cell: 603-455-0335
Fax: 603-279-7604
Web: http://www.lakesregionhome.com

A Bold New Decade In Real Estate 

The New Year started off with 869 homes listed for sale in the towns in this Lakes Region of NH Real Estate Market Report. That’s a big drop from the 1044 homes on the market as of December 1, 2009 and slightly lower than the 900 homes on the market January 1, 2009. There always seems to be a lot of homes that expire on December 31 of each year. Unfortunately, they slowly work their way back onto the market. The average asking price for homes in the area has actually gone up from $527,122 last January 1 to $613,371 on this New Year’s Day. The increase in the average asking price is most likely a result of more high priced homes on the market rather than any surge in asking prices although there are still many, many overpriced homes especially on the upper end of the market. The 869 homes currently on the market represent about a 14.5 month’s worth of inventory.

As we enter a new decade, it is clear that the real estate marketing world will undergo some dramatic changes. What can we look forward to? Obviously, the computer and the internet have completely revolutionized the way people buy homes, and for that matter, everything else. Having a buyer walk into your office looking for help in finding a home is generally viewed as cause for great celebration by the agency’s managing broker. It just doesn’t happen much anymore. Today’s elusive buyers do their shopping on the internet. Once they have zeroed in on what they like and have compiled a list of homes that they would like to see they might give an agent a call or more likely send an email. But this is nothing new, as this has been the standard operating procedure for a while now.

What is new is the huge role that technology will play in marketing homes and how it will evolve in order to reach and connect with technology savvy buyers. No longer will it effective to market a property by using the old MLS system and feeds to agency websites offering 6-12 fuzzy photographs and even fuzzier property descriptions. Sellers deserve and will expect a much broader and more professional marketing campaign to reach out to potential buyers. One big evolution in marketing is the use of social networking sites like Facebook, Linked In, and Twitter to reach and interact with potential buyers and sellers. The use of video and podcasts promoting properties on websites, blogs, and sites like You Tube will be much more prevalent. People are visual. Information about real estate (beyond the routine and often mundane property data found on the MLS listing sheet) will be found on real estate blogs.

Buyers want information and they want it now, no matter where they are. Today’s smart phones are more like mini-computers than phones and like every other electronic device they will only improve and become more powerful. Not only can you surf the web and email from your smart phone, now you can see all the current real estate listings on it. You can see all the homes in any given area, get property information, and see photos along with a Google Map of where you and the houses are located (to get the application on your phone just Text: RRG To:87778). This application is perfect for anybody just driving around looking for homes! There is no doubt in my mind that real estate applications will soon be available on in-car GPS devices like Garmin and Tom-Tom.

The use of virtual tours comes as standard equipment in just about every agency’s marketing program, but did you know that “virtual home staging” is a reality right now. Everyone knows that empty homes are a little more difficult to sell just because they are…well, they are empty and many people just can’t envision where the sofa and TV go. Beautiful virtual furniture can be placed in empty rooms to create that appealing lived-in look at a fraction of the cost. I can’t wait for the virtual home make over program that can show buyers what can be done with that fixer-upper that needs the wall paper taken down and a wall removed. How far into the future will it be before we see true 3-D virtual home tours? Perhaps not far…

But through all this technological advancement, the real estate business will always remain a true “people business”. It will be the brokers and agents that will institute and utilize these advancements to better serve the buying and selling public. And despite the evasive nature or the desire on the part of many buyers to remain virtually invisible to the last possible moment, ultimately it will come down to agent relationships, personal interaction, and good old fashion negotiations to make a deal happen!

Winnipesaukee Waterfront Sales Report December 2009

After a very busy November on the the big lake we finished off the year with 3 more waterfront sales with a volume total of a little over $4 million.  The largest sale was in Meredith on Wagon Wheel Trail for $2.99 million, one in Moultonborough on Homestead Lane for $610,000, and one down in Alton on Farmington Rd for $500,000.

Click on the picture for details of these sold properties.

 As always, you can see the latest waterfront listings on Lake Winnipesaukee by clicking here or you can get information on and search for waterfront on any lake in the Lakes Region of NH by clicking here!

Lakes Region Home is you best source for exploring all the communities and homes in the beautiful Lakes Region of NH and Lakes Region Real Estate News will ensure that you are armed with all the latest market trends and data!

Real Estate New Year’s Resolutions

Well, 2009 is winding to a close and it is natural to think of New Year’s resolutions and what the New Year might bring. Most people often resolve to lose weight, exercise more, quit smoking, quit drinking, eat right, and spend more time with their family. I am sure there are two or three people that have actually succeeded with these. I think they live somewhere in Indiana. I was trying to come up with some New Year’s resolutions that would apply to real estate and that would be extremely helpful if you are selling or buying a home. There were undoubtedly many, many times in 2009 when buyers and sellers just couldn’t quite see eye to eye in order to make a deal on a property and now in retrospect wish they had. Ah, the wondrous power of 20/20 hindsight!

As real estate agents, we know that deals fall apart all the time over things that seem miniscule when viewed in terms of the overall goals of both the buyer and seller. It drives REALTORS® nuts as we know more often than not that just a few months down the road sellers will be asking “What about that guy that made the offer before, is he still looking around?” Many times we are able to convince the buyer or seller that they should just swallow their pride and accept the deal on the table and move on with their lives. But just as many times the parties get frustrated, dig their heels in, refusing (in their mind) to be taken advantage of, and kill a deal that is within a sliver of being done. So with that thought, here are a few resolutions for those that had “near-deals” in 2009:

Resolutions for the Frustrated Seller to be used the next time he receives an offer:
1. I will recognize that not all buyers are only interested in stealing my home. Many of these creatures are actually human.
2. In the spirit of true negotiations, I will try to work with even a low ball offer and make a reasonable counter offer (no, not $500 off the asking price!)
3. I will consider the fact that maybe, just possibly, my house is not worth what my neighbor’s house is nor regrettably what it was worth what I paid for it two years ago. I will try to understand that the buyer is not trying to screw me.
4. I will not be upset about the fact that the buyer’s home inspection has revealed some defects that need to be corrected or that the buyer expects some quid pro quo for it.
5. I resolve not to take anything said or done by the buyer personally.
6. I resolve to smile more and enjoy the process, it can be fun.

Resolutions for the Homeless Home Buyer
1. I will try to comprehend that there is no such thing as the absolute perfect house and that most homes will need some work and maintenance. Don’t expect the seller to pay for your upkeep for the next 10 years.
2. I will understand that contrary to what I may have read or have been told, not every home on the market in the Lakes Region of NH is a fire sale.
3. I will understand that there is a good possibility that a low ball offer could work against me in buying the home I really want.
4. I will understand that sometimes the seller has both an emotional investment in and an attachment to his home that sometimes causes irrational behavior.
5. I resolve not to take anything said or done by the seller personally.
6. I resolve to smile more and enjoy the process, it can be fun.

So what about real estate predictions for 2010? There has been so much doom and gloom for the past three to four years and the market has been so awful that I refuse to believe anything other than we are going to have a great year. Markets are cyclical and my bet is we have turned the corner. Positive signs abound. The biggest change may be the more positive attitude of the buying public. I don’t expect it to be a banner year, but certainly stronger than the last two barring any further man-made economic disasters on the national level.

And as far as my New Year’s resolutions are concerned, I’m just going with #6 above. Happy New Year!

The Largest Winnipesaukee Waterfront Sale in History…

The month of November hasn’t been particularly robust for the housing market in the Lakes Region over the past few years. Let’s face it, the weather turns cold, it is dreary, the tourists are gone, and people start to think a lot more about the holidays than houses. November is certainly not the “prime time” for selling a home. But the buyers that are out looking are definitely serious.

We had a total of 72 residential home transactions last month which I think is fantastic! Last November only 38 homes sold and in November of 2007 there were only 56 sold. The 72 sales registered last month were still well below totals posted in November, 2003 at 104 homes and 2004 at 108 but it sure feels like we have bounced off the bottom just a little for a change!

It is no surprise that almost 60% of the sales were below $200,000 compared to 50% last November indicating again that the first time buyer and bank owned properties are the main game in town. But, remember, I said the serious buyers are out this time of year? There were four sales in November over $1 million, but the big news is that we had the highest price waterfront sale in history on Lake Winnipesaukee at a record $7.8 million! That is one SERIOUS buyer!

This property is located on Wagon Wheel Trail in Meredith and is a spectacular 8.3 acre waterfront lot with 1,500 feet of frontage, 259 feet of beach, and has awesome sunset views to the West and South. The property is surrounded on three sides by beautiful stone and wrought iron walls and has a magnificent stone boat house that cost in excess of $1 million to build. There is an older 2 bedroom ranch style home on the property that will undoubtedly make way for something just a tad larger and more fitting for this beautiful spot. The property was originally listed for $11 million and was on the market for 399 days. Roche Realty Group not only had the listing but brought the buyers!

Both the buyers and the sellers were extremely happy with the negotiated outcome and the seller has already purchased another waterfront estate just a few doors down on Wagon Wheel Trail demonstrating his faith in the Lakes Region Real Estate Market. Who says Christmas never comes early? The holidays this year will be a just a little bit brighter for all those parties involved in this transaction!