Lakes Region of NH Real Estate Market Report – 4/17/08
Avoiding the Mistakes
The total number of residential sales for March 2008 in our Lakes Region of NH communities came in at 58 homes changing hands compared to 54 homes in March of 2007. Given the difficulty showing property this winter this slight increase in sales numbers could be considered a major victory. We had four sales that exceeded the $1 million mark this past month. Last year in March there were none. On the other end of the spectrum there were 28 sales below $200,000 last month compared to 20 for the same month last year. So buyers seem to be getting active now on both ends of the real estate ladder.
There is an explosion of real estate related shows on TV right now. Channels like HGTV are providing a wealth of information to home buyers and sellers. This past week HGTV aired the “25 Biggest Real Estate Mistakes” when buying or selling property. If you missed it, I am sure it will be on again. There is a lot of good advice and anyone buying or selling property should check it out. They list the #1 mistake made (by sellers) as “Failing to Showcase Your Home and Make Small Cosmetic Changes”. Failing to make small, affordable changes, and improvements will prolong the time it takes to sell a home and will probably result in a lower sales price. Staging rooms to showcase them at their best and making sure the home is spotlessly clean are simple processes that many sellers don’t take to heart. A thorough cleaning, minor repairs, and a fresh coat of paint will make any home sell quicker and for more money. The #2 mistake (again on the seller’s side) was “Setting Too High of a Sales Price”. Setting the sales price based on a market analysis provided by a real estate professional rather than on what the owner “thinks” it is worth is truly the correct approach. Putting a totally unrealistic price tag on a home will discourage buyers from looking at it and cause the home to stay on the market much longer leading buyers to think that there is something wrong with it.
There is good advice offered in the other 23 “big mistakes” as well. As a REALTOR ® I know for sure that there are also hundreds of other “little mistakes” that can cause you a lot of grief or cost you money when you buy or sell property. Way down at mistake #13 was “Not Hiring an Agent”. This really should be the #1 mistake. Being an agent, I am obviously a little biased here. But the other 24 mistakes are things that good agents have been telling their clients and customers about right along. We actually live these TV shows on a daily basis. So get an agent. And also avoid mistake #14 by getting the “right agent” who will do a good job for you, keep you informed, and will prevent you from making any mistake, big or small. Then you can sit back and watch some more TV.
RESIDENTIAL HOMES SOLD MARCH 2008
| TOWN | # S0LD | < 100K | 100 to 200K | 200 to 300K | 300 to 400K | > 400K | AVG SELLING PRICE | MEDIAN SALES PRICE | % SOLD TO LIST $$ | AVG DOM |
|---|---|---|---|---|---|---|---|---|---|---|
| ALTON | 6 | 0 | 3 | 3 | 0 | 0 | $207,417 | $187,750 | 93% | 154 |
| BARNS. | 10 | 0 | 6 | 3 | 1 | 0 | $211,508 | $185,450 | 96% | 149 |
| BELMONT | 1 | 0 | 0 | 0 | 1 | 0 | $310,000 | $310,000 | 87% | 129 |
| CENTER HARBOR | 0 | 0 | 0 | 0 | 0 | 0 | - | - | - | |
| GILFORD | 5 | 0 | 3 | 2 | 0 | 0 | $192,180 | $169,900 | 94% | 164 |
| GILMAN. | 4 | 0 | 2 | 1 | 0 | 1 | $273,750 | $205,500 | 94% | 129 |
| LACONIA | 13 | 2 | 6 | 3 | 2 | 0 | $189,672 | $195,000 | 95% | 131 |
| MERE. | 7 | 0 | 1 | 1 | 1 | 4 | $868,607 | $420,000 | 92% | 245 |
| MOULTN. | 7 | 0 | 1 | 2 | 1 | 3 | $588,057 | $300,000 | 89% | 127 |
| NEW HAMPT. | 1 | 0 | 1 | 0 | 0 | 0 | $145,000 | $145,000 | 88% | 319 |
| SANBTN. | 3 | 1 | 1 | 1 | 0 | 0 | $167,333 | $192,500 | 90% | 129 |
| TILTON | 1 | 0 | 1 | 0 | 0 | 0 | $150,000 | $150,000 | 94% | 102 |
| TOTALS | 58 | 3 | 25 | 16 | 6 | 8 | $330,774 | $205,250 | 92% | 155 |
Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton
