Condo living has always been a great alternative for many home buyers in the Lakes Region of NH. Many people, especially retirees, enjoy the low maintenance lifestyle that living in a condo can provide for them. Those looking for a vacation home don’t want to have to cut grass and paint the trim when they are up on weekends, they want to be out on the boat or the golf course! Others like to take advantage of the amenities that may come as an added benefit in many condo complexes. Access to the lake has always been a driving force behind many condo purchases. For many buyers, a condo with a beach access, dock space, or a mooring is much more desirable than those without. A “shared access” condo has always been a highly desirable and an affordable vacation alternative to buying a much more expensive property located directly on the water. The affordability factor is also appealing to anyone who may be just getting into the housing market. There has been an abundance of entry level type condos constructed in the Lakes Region over the past five to six years so there is a lot to choose from…

How have condo sales faired over the past few years? Well it seems that the same pain that has inflicted the single family home market has also radiated into the condo market as well, at least when it comes to the total number of sales. That dreaded yellow fever has affected many condo buyers as well! Gilford, Laconia, and Meredith had a total of 139 condo sales in 2008 and 142 sales in 2009. That is 30% off the total sales number of 200 in 2007 but down a whopping 56% from 2004.

Surprisingly though, the average sales price of condos in Laconia and Gilford have held up pretty well with Gilford posting its highest average in the last six years at $208,197 and Laconia posting a gain over last year at $193,646. The $182,481 average sales price in Meredith is down considerably from the $300k plus numbers posted in 2004 and 2007, but that is due to the majority of the sales being lower priced bank owned units at Meredith Bay Village. These units have all sold at about 60% of the tax assessed value making them pretty good deals!

As with single family homes, there are some deals out there to be had in the condo market for those buyers willing to take the plunge. Will buyers go swimming in 2010? It is anybody’s guess, but those that do will find good values and great investments in the Lakes Region.

It won’t be long and we’ll be back into the spring buying season. Ah, the smell of flowers blooming, the sound of birds chirping, a warm spring breeze, and the rustling of buyers as they come out of their winter hibernation. Well, we can hope, can’t we? If you are buying a home, and particularly if you are a first time buyer, here are a few tips to keep in mind as you look for that perfect place to call home:

1. Educate yourself, particularly if you are a first time buyer. Take a first time home buyer class or read some books on home buying and ownership (there are plenty available at Borders or Amazon.com). A little knowledge will go a long way in giving you some confidence about the home ownership adventure you are about to start.

2. Meet with a local lender to find out if and how much of a mortgage you qualify for. There is no sense in looking at $300,000 homes if you can only qualify for a $200,000 home. And, you’ll also need a letter from the bank to show that you have at least qualified for a mortgage before you can make an offer on a home when you find one. Find out what kind of programs are available to you. Ask questions. The most important thing is whatever home you buy, you need to feel comfortable about your ability to afford the monthly payment that you’ll be making. Also make sure to compare different lenders to see what they offer and compare rates.

3. Meet with your real estate agent to begin your home search. If you don’t have one, meet with several REALTORS®. Ask them how they propose to work for you. You will probably want someone who is full time in the business. The agent will be working for you so treat it as an interview. Your home buying adventure is like a partnership and you should be confident that your agent is knowledgeable, professional, a good listener, and someone you feel comfortable working with over a period of months. Work with only one agent. You may want to engage that one REALTOR® as your Buyer’s Agent. A Buyer’s Agent works for you and has defined fiduciary responsibilities to you. Your agent should explain the home buying process in full. He will be your guide in finding a home, your negotiator, your sounding board, and will help you all the way through the closing process to make sure thing go smoothly. It can, and should, be a fun and enjoyable adventure.

4. Build your home buying database. By viewing a number of homes and comparing them you will begin to increase your knowledge about the market and the relative values of the homes that you have seen. You will learn something at each house you visit. You’ll notice things about the homes and neighborhoods that you like and dislike and begin to formulate what it is that you really want in your new home.

5. Don’t decide on a home by the price, decide by the value. Many buyers today seem to gravitate toward the perceived “deals” they think they may be getting on a foreclosed property. While the prices may be low on bank owned properties, many times it will cost more to bring the home back up to standards than buying a more expensive home that is in move-in condition.

6. Don’t be short sighted. This home may not be the last home you ever own. It seems like most people move every seven years or so. Thinking about resale is extremely important. Location, location, location is always a big factor when selling so considering that is very important. Also, if you definitely think that the house you are purchasing is going to be your first step of many, try to buy a home that will suit the needs of many buyers rather than a few. For example, a small to medium size ranch works well for first time buyers, retirees, and buyers looking to downsize and can be a much easier home to sell down the road.

7. Make sure you get a home inspection. Don’t buy a home unless you have the home inspected by one of the many qualified home inspectors we have in the Lakes Region. Be there for the inspection and ask questions. This is your time to learn more about the house you are buying. If undisclosed issues are revealed in the inspection you can ask for the seller to correct them or negotiate a reduction in the purchase price. If an agreement cannot be reached on correcting the defect, you can get out of the deal and continue your home search.

8. Don’t wait if you want to buy a house. If you are considering buying a home and can afford to do it now, don’t wait. You can start building equity, gain tax advantages, or stop paying rent. Buyers sitting on the fence waiting to make sure that we have reached the bottom will only know that the bottom has been reached after the prices start escalating again. Even more importantly, interest rates are not going to remain this low for much longer. Additionally, the $8,000 first time buyer credit and the $6,500 credit for qualified repeat home buyers are going to expire on April 30th. There may be no better time to buy than right now…

Like new, Lake Winnisquam Water Access Four Bedroom Home!

Here’s a chance to enjoy Lakes Region living at its best at an affordable price.

MLS # 2815301

11 Wakeman Rd, Belmont NH

Offered at just $249,900

In January 2010 there were six properties on Winnipesaukee that changed hands at an average sales price of $1.45 million. That may not seem like a lot, but in January 2009 there was only one sale for $700,000, in Jan. 2008 only four at an average $2.1 million, Jan. 2007 there were 10 at an average $1.14 million , four in Jan. 2006 at an average $1.2 million, and five in 2005 at an average of $1.93 million. Sales for this January came in at an average 85% of the asking price. There were also four more homes that went pending on the big lake as well as three others that are pending with contingencies.

The least expensive home sold on the lake in January was at 39 Gregson Lane in Moultonborough. This was a seasonal three bedroom, 900 square foot, 1960’s vintage cottage on a third acre with westerly views, 100 feet of waterfront, a sandy beach and U shaped dock. This home was listed at $679,000 and sold for $630,000 which was just about the town’s tax assessed value of $631,000.

The highest sale in January was at 66 Iroquois Lane in Moultonborough which sold for $2.25 million. This 5,500 square foot Adirondack style home had 12 rooms, 5 bedrooms, seven baths, a three car garage, and all the amenities and quality construction expected in this price range. The home was set on a fabulous 1.9 acre lot with 150 feet of frontage, H dock, and a sandy beach. I’m sure the buyer of this property is hoping for no more snow and an early spring!

Interestingly, there were no properties sold on Winnisquam, Squam, Waukewan, Kanasatka, or Newfound Lakes. In fact there were only four other waterfronts that did sell in Carroll and Belknap Counties, one each on Suncook, Opeeche, Pine River Pond, and Province Lake.

There are about 18 waterfront properties available on Winnisquam right now ranging from $274,900 up to $1.995 million. On Winnipesaukee you can choose from over 180 properties for as little as $199,900 all the way up to a mere $12.8 million for a nice little place down on Umbrella Point in Wolfeboro. I’d be happy to sell you either one or anything in between! Winnipesaukee truly has something for everyone…

Click Here to see details on all the sales on the lake!

We are through an almost snowless January and half of February with but  4-6”

More importantly, on a rolling 12 month basis we posted 736 residential home sales for the period ending 1/31/10 compared to 669 sales for the 12 month period ending 1/31/09. That is a 10% increase in sales over a 12 month period which might not be as exciting as a blizzard to Gunstock  Ski Area but it certainly is better than the downward trend we had been experiencing. The average sales price is down from the $336,088 posted in 2009 to $298,879 as of 1/31/2010 but that is to be expected with the large number of low end sales and foreclosures.

Again, half the sales in January 2010 were below the $200,000 mark which seems to be the case just about every month. But there were two sales over $1 million and two sales over $2 million all on Lake Winnipesaukee. The highest sale in January was a waterfront property at 66 Iroquois Lane in Moultonborough which sold for $2.25 million. This 5,500 square foot Adirondack style home had 12 rooms, 5 bedrooms, seven baths, a three car garage, and all the amenities and quality construction expected in this price ranges. The home was set on a fabulous 1.9 acre lot with 150 feet of frontage, H dock, and a sandy beach. I’m sure the buyer of this property is hoping for no more snow and an early spring!

Remember, Will Rogers once said that “Real Estate is the best investment in the world because it is the only thing that they’re not making anymore”. Particularly, if it has a dock…

For example, If you’d like a stately, turn of the century home on one of the nicest streets in Laconia, the property at 229 Pleasant Street just might satisfy the “This Old House” urge in you. This home has 3,878 square feet of living space with four bedrooms, four and a half baths, three fireplaces, nice original woodwork, hardwood floors, and a three level barn for your livestock. There is no doubt that it will need an infusion of cash and some elbow grease will be necessary to bring it back to its former glory, but at an asking price of $200,000 (or 68% of the tax assessed value of $295,900) it could certainly be worth the effort. This home is offered as a short sale so some patience on the part of the buyer may be necessary.

Another older home at 201 White Oaks Rd in Laconia will also no doubt need some updating but with an asking price of $139,000 (which is 63% of the tax assessed value of $229,900) there would appear to be room to do that. The home has 2,162 square feet of living space, three bedrooms, one and one half baths, a formal dining room, fireplace, hardwood floors, a nice yard with stonewalls, and a one car garage. This home has a nice location and nice potential for the right buyer.

If an old house is not up your alley, then the contemporary style home at 22 Winaukee Rd in Moultonborough might fit the bill. This 3,095 square foot, 14 room, three bedroom, three and one half bath residence has a great floor plan with lots of windows and light, soaring ceilings, hardwood floors, and detailed woodwork. There is a first floor master suite, two bedrooms upstairs, and a large family room in the walk out basement. The property is listed at $394,900 (or 83% of the tax assessed value of $475,400) which seems like a deal given the high quality construction and detail in this home.

There are also some potential deals on Winnipesaukee as well. The waterfront home at 35 Leaward Shores in Moultonborough was originally offered at $1.5 million last year and is now listed at $989,000 (or 69% of the tax assessed value of $1.43 million). This is a 4,248 square foot, four bedroom, four bath home with a guest cottage on a 1 acre lot with 300 feet of frontage and a 50 foot permanent dock. If a cottage is more your style take a look at 77 Richardson Shores in Moultonborough. This five room, 1 bedroom cottage can be used year round, and has the requisite knotty pine interior, gas fireplace and screened porch. It sits on a .96 acre lot with 100 feet of frontage and deep water docking. It is offered at $499,000 which is 88% of its tax assessed value of $569,900. Also in Moultonborough, at 121 Swallow Point Rd, there is another one bedroom seasonal cottage that comes with a bunk house that will sleep an additional four people. The cottage sits on a level, half acre lot is just steps to a beautiful sandy beach and a forty foot dock. This property was originally listed at $749,00 and has been reduced to $669,000 or 89% of the tax assessment of $747,700.

These are but a few of the many potential deals available right now in the beautiful Lakes Region of NH. But don’t just look at the “deal”, the house you buy should always meet your needs and fit your lifestyle and budget. A good buy on a home that really doesn’t fit you is not a good buy at all. The best deal of all just may be the house you love and can see yourself in for a long, long time regardless of the price.

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

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…