Winnipesaukee and Winnisquam 3^rd Quarter Waterfront Sales Report –Lakes Region of NH

 It is great to report that the waterfront sales on Lake Winnipesaukee and Lake Winnisquam seem to have held their own over the summer season despite a downturned economy and general reluctance on the part of everyone to buy just about anything. Astute buyers still recognize that waterfront properties are a great place to invest their money. Unlike the stock market and other investment opportunities, buying a waterfront is a tangible, secure investment right now and is something that can really be enjoyed.

In the 3^rd quarter of 2009 there were 26 sales on Winnipesaukee (including island properties) at an average price of $1,076,621. There were 7 homes sold at over $1 million with the highest sale being the property at 55 Broadview Terrace in Gilford that changed hands for a mere $6.5 million.  This is a 11,464 square foot, 6 bedroom, 8 bath home constructed in 2005 sitting on a 1.59 acre lot with 270 feet of frontage. Obviously, this is a fantastic home with all the amenities and quality one would expect at that price.

Year to date, there have been 55 waterfront transactions on the big lake at an average price of $960,961 with a total sales volume of $52.85 million. That represents about 40% of the total sales volume for all the residential properties in the towns that share the waterfront on Winnipesaukee. So how does that compare to last year? In 2008 there were 53 waterfront transactions over the same time period with an average price of $1,314,639 and a total sales volume of $69.68 million. That sales volume represented about 39% of the total sales volume for the same period last year. Pretty consistent.

Sales on Lake Winnisquam got off to a real slow start in the first six months of the year with only 2 sales. However, in the 3^rd quarter there were 9 transactions at an average of $529,667 and a total volume of  almost $4.8 million. The highest sale was at 87 Collins Brook Rd in Meredith at $740,000 for a 4,572 square foot, 14 room, 6 bedroom home, with 170 feet of frontage. The 11 transactions year to date on Lake Winnisquam came in at an average price of $495,409. That average is down from the $620,250 average posted in 2008 but the total sales are up from 8 sales in the first three quarters of 2008.

As with the residential market in general, the average prices on waterfront properties are down a bit signaling that there are some good deals out there for those buyers looking for their slice of the Lakes Region waterfront pie. Currently there are 27 properties available on Winnisquam ranging from $275,000 to just under $2 mil. On Winnipesaukee there are over 130 properties available where you can spend as little as $200,000 for an island property and just under $400,000 for a mainland direct waterfront access. So if you are looking for a waterfront retreat now is the time. I’d be happy to help, especially if you want to match that $6.5 million sale last month!

The Lakes Region of NH residential home inventory has ballooned to 1170 listings on the market as of June 1. Last June there were 1128 homes on the market. That’s bad enough, but when you look at the sales over the previous 12 months we are looking at a 21 month supply of inventory compared to 17.5 months last June. This is not good news if you are trying to sell your home in this market.Real estate is not a lot of fun for anyone right now including sellers, buyers, agents, appraisers, inspectors, or lenders. Mostly because there are so few buyers. Why are consumers staying on the sidelines rather than out there buying? And why do those that venture into the market have such a hard time? With a huge inventory to choose from, interest rates at historic lows, an $8,000 tax credit for 1st time buyers, and great bargains available right now it should be a perfect storm for buyers. But it is little more than a drizzle. This is my take on why many people aren’t buying.

You can blame the lack of sales on hard economic times, the uncertainty, or the daily dose of bad news coming out of the boob tube and you’d be partially right. No one feels good about the economy right now so it is tough to get the nerve up to buy something as huge as a new home unless a buyer feels like he is getting the steal of the century. But I think a lot of people aren’t buying because it is just not fun anymore. The market is very confusing right now and there’s a lot of conflicting data. It is hard to get excited about buying when you can’t figure out where the market really is. So it is not surprising that some buyers can’t recognize a good deal even when it whacks them in the face. Some buyers think that they should make ridiculous low offers on what are already reasonably priced properties just to be on the safe side. I’m not saying buyers shouldn’t get the best deal they can on a home. They should and it is their REALTORS® job to help them get it.

But buyers need to understand that they are buying the home, not the “deal”. It is almost like buyers have a misconceived notion, probably fueled by news reports from California or other hard hit areas, that all houses should be half price. REALTORS® need to do a better job explaining that home ownership is a long term investment and educating the buyers in the realities of pricing and values. The process would be a lot more successful and FUN if buyers were confident that they were purchasing the right home for them and getting a good value as well.

Think about how you’d feel when you go to buy that brand new, shiny, candy apple red convertible that you have always wanted (this is a guy thing mostly, so ladies stay with me here). Let’s say it is a Corvette (GM needs the help). You have always wanted one, you’ve studied and researched the options, the engine, and you know what to expect for a price. You shop and find two or three sitting at the dealerships and pick the one you like the best and buy it. There is excitement, anticipation, and you can’t wait to pick it up and go for a spin. You got want you wanted at a price that you knew was fair. Boy, this is fun! Now compare that to buying a 4 door sedan for your business and you have to concentrate on the deal only because the car doesn’t matter. It is only about the deal. Two total different experiences in buying. One is fun and fulfilling and will brings you joy and the other really means nothing other than you bought a car and you can say you got a good deal. Buying a home should be fun and exciting too! And it will be if buyers, with the help of their real estate agent, approach the process in the right frame of mind.

So start your day of home searching by doing something like going to have ice cream at Ben and Jerry’s (preferably with your agent) to set the proper tone for the day. Then go look at the properties that really fit your needs and your pocketbook. Focus on finding the house that excites you the most and that you’ll be happy in for years to come rather than just finding a deal. That sounds a lot more like fun!

Residential Homes Available June 1, 2009

Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton and is complied using NNEREN MLS data.

First Quarter Lakes Region Residential Sales Results

As billed, March did indeed go out like a lamb weather wise and sales wise with only 44 residential homes sold in the Lakes Region of NH. That total is 24% off from last March’s tally of 58 homes. The average price of the homes sold in March was also down from $330,774 last March to $218,530 this March. The major reason for the drop in the average sales price is the fact that far fewer high end homes are selling. Of the 45 homes sold in March, 18 were bank owned properties and 3 were short sales.

The numbers for the 1^st quarter of the year show that we are down about 11% from last year with respect to the total number of residential sales: 112 so far this year compared to 126 last.  The average sales price for the 1^st quarter came in at $237,480 compared to $356,812 last year. Again, this drop seems to be a function of fewer high end home sales. In the 1^st quarter of 2008 there were nine homes that sold over $1 million compared to just two for the same period in 2009.  The total gross sales volume in 2008 was $44.96 million compared to just $26.6 million this year. One good sign is that the average days on market has dropped from 132 last year to 112 this year signifying that some properties are moving just a little quicker.

A quick look at the 1^st quarter condo market shows that there 19 units changed hands with an average sales price of $223,550 compared to 35 units sold in the 1^st quarter of 2008 at an average sales price of $196,735. So even though the sales numbers were off 45%, the condo average sales price has held up better than the residential sector so far this year. There were only two bank owned condos sold and one short sale so far this year which seems to indicate that far fewer vacation home owners are in trouble. The same scenario holds true in the mobile home market where 1^st quarter sales dropped from 13 in 2008 to 9 in 2009 but the average sales price rose from $33,262 to $43,332. 

The Lakes Region Residential View contest is underway so if you live in a home with a view send a photo of  it along with your contact information to my attention at Roche Realty Group or email me at rsanborn@rocherealty.com. Yes, waterfront views are also views! I’ll post them at http://www.lakesregionhome.com/ and on May 13^th an independent panel of  judges (I promise, no tax assessors) will pick the best view submitted.  The winner will receive $100.00.

Residential Homes Sold March 2009

Report covers the towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton

A short sale just may be the answer…

You might be able to put lipstick on a pig, but that won’t change the fact that the number of homes sales are down and that things are pretty quiet in the real estate world right now. If there was ever a year where we need to get the elections behind us so the country can get back on track this is definitely it. There was a total of 69 residential homes sold in September in our Lakes Region towns. That is down from the 88 transactions last September and 85 in September 2006. Looking at the whole year thus far, a total of 508 homes were sold during the first three quarters of this year at an average price of $361,817. That puts us 22% off last year’s total of 652 units for the same period. Not great, but it could be worse. If there is any good news in these numbers it is that we are only about 8% off last year’s average sales price of $394,915 for that nine month period. I don’t know about you, but to me that sounds a whole lot better than the percentage the stock market is down!

Unfortunately, these tough economic times are forcing a number of homeowners to sell their homes.  Even more unfortunately, because of the recent decline in real estate values many homeowners won’t find a buyer at their current asking price.  It goes without saying that any homeowner would like to sell his property at a price that covers his current debt. So usually he sets the asking price based in part on that mortgage payoff amount. But if the homeowner owes more on the house than what it is worth in today’s market he is not likely going to be able to find a buyer. One solution to this seemingly “no-way-out” situation is the short sale.  A short sale is when a lender agrees to accept less than what is owed on a property so that the property can be marketed and sold at a price more in line with current values. If a recent hardship has resulted in the inability of a homeowner to keep up with the mortgage payments, many times the lender is willing to negotiate a reduced payoff rather than going through a costly foreclosure process. More importantly, the short sale process is a solution for the homeowner that prevents a foreclosure or bankruptcy situation that would damage his credit rating even more.  If you need assistance in understanding the short sale process, requirements, documentation, and time lines please feel free to call me at anytime for more information.

Residential Homes Sold September 2008

Report covers the towns of Aton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, and Tilton

Price Well, Sell Soon 

Unfortunately, the month of April won’t be remembered as the month that things turned around in the Lakes Region of New Hampshire as far as home sales go. The sales that closed in April were a result of buyer activity in February and March so it isn’t very surprising that the numbers came in so low. Most REALTORS® in the Lakes Region will attest to the fact that there really wasn’t much going on in those two months other than shoveling and cleaning up after seemingly endless snow storms. April’s total of 46 residential sales in the twelve towns listed was 30% lower than April of 2007. For the first 4 months of the year we stand at 172 sales which is about 25% of the total for the same period last year in these same towns. The average sales price has also dropped for the same period from $402,478 in 2007 to $373,502 so far this year or about a 7% drop from last year.

There were four homes that sold this month exceeding the $1 million mark and the Town of Moultonborough gets the top honors with total of 7 sales with an average sales price of $1.029 million. The highest sale was for a $3.1 million to be built, 4,300 square foot, 13 room, 5 bedroom waterfront home on Eagle Shore Road in Moultonborough.  

Reports from across the country show that average sales prices for homes are down. We may still see some downward movement on pricing on some properties here in the Lakes Region, but for the most part I believe that home prices have pretty well bottomed out.  It seems like housing might be the best bargain out there right now given the fact that just about everything else seems to be going up in price. The real encouraging thing that I have noticed is there have been a lot more homes going under contract over the past few weeks. Our office had four properties that came on the market recently that were priced well and showed real value to potential buyers. Those four listings were on the market for 5, 18, 20, and 37 days!  That proves that buyers are out there and they are paying attention. It also proves that if a homeowner is willing and able to offer his home at the correct price point it can sell pretty quickly!  What a great concept…

RESIDENTIAL HOMES SOLD APRIL 2008

For the towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmantion, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton

Staying Warm
 
Everyone is feeling the pain at the pump these days as gas prices escalate almost on a daily basis.  Here in the Lakes Region of NH, like just about everywhere else that is cold, we are also faced with higher home heating costs and it is taking a big bite out of everyone’s wallet no matter how they choose to heat their homes. I think it is pretty safe to say that the home of the future around here won’t be the huge, open concept, McMansions with two story foyers and soaring ceilings. We might be headed back to something more akin to our parents three bedroom and one bath ranch. Or at least something far more energy conscious. The EPA has established standards for what is called an Energy Star Rated home.  Energy Star Rated homes use  20%-30% less energy than a regular home.  These homes feature tighter construction to eliminate energy wasting drafts, efficient insulation, high performance windows, more efficient and properly sized heating systems, and energy efficient lighting and appliances.  This focus and attention on energy use coupled with a somewhat smaller size structure and perhaps some alternative energy sources will help offset the future’s higher energy costs. Check out http://www.energystar.gov/ for the info on Energy Star homes. There is also a lot of tips and info there for homeowners that have older homes that would like to take steps to lower their heating and energy bills.
 
A “Not So Big House” is a smaller scale, high quality home featuring much more efficient use of space. The “Not So Big House” concept comes from author/architect Sarah Susanka and is also the title of a series of books. She promotes building homes for everyday living with a focus on quality over quantity. A “Not So Big  House” offers comfortable, efficient living spaces, attention to detail, character, and quality of construction.  By eliminating square footage in the form of rooms that just aren’t used as much in today’s modern lifestyle, such as formal living rooms and dining rooms, these homes also promote energy savings.  You can visit www.notsobighouse.com or Google “Not So Big House” to learn more of this design concept.  Just as smaller more fuel efficient cars will replace many of the gas guzzling SUV’s, home building trends will also move toward smaller more energy conscious homes. And who says that just because we may have to think smaller and more energy efficient it doesn’t mean we still can’t enjoy the ride. Just as you can get all the bells and whistles in a smaller car, you can put plenty of high end amenities in a smaller, energy efficient home for far less than the cost of a McMansion. 

RESIDENTIAL HOMES AVAILABLE AS OF MAY 2, 2008

 Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, Northfield, Sanbornton, and Tilton

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

Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton