Mortgage Rates Rebound

Informative and positive article on the rebounding housing market!!

Demand for purchase loans returns to year-ago level

By Inman News, Thursday, March 15, 2012.

Rates on 30-year fixed-rate mortgage averaged 3.92 percent with an average 0.8 point for the week ending March 15, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.

That’s up from 3.88 percent last week but down from 4.76 percent a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in records dating to 1971 of 3.87 percent during the first three weeks of February.

For entire article click here

If you would like more information on the Hanover and Lebanon NH homes for sale contact us at info@hs-re.com

Hi Everyone

The New Hampshire Housing Finance Authority will be hosting a FREE Home Buyer’s Seminar next week.  This two part seminar will be held at Lebanon College on Tuesday, March 20th and Thursday, March 22nd from 6:00 pm to 9:00 pm each night.   The goal of this event is to provide buyers with the information needed to be fully prepared when buying a home in the Upper Valley. If you are thinking about buying your first home I strongly recommend you attend this seminar.  There will be speakers providing valuable information in a variety of fields such as home financing, law, home inspections, and real estate.  Housing Solutions own Lynne Labombard will be the speaking about the role of a real estate agent.

Seating is limited so please call for reservations visit www.GoNewHampshireHouising.com  or call 1-800-640-7239 ext 7373. Hope to see you there!

For more information about buying a home contact us at: info@hs-re.com

Carol

Homes sales continue to improve in 2012. This recent article in DSNews.com actually goes as far as predicting that the housing crisis will end in 2o12! One of the reasons given is that banks are finally loosening credit standards.

Housing Solutions has seen buyer interest raise dramatically in January/February of 2012. If you are ready to start thinking of buying a home in the Upper Valley area of NH/VT contact Matt or Carol at: info@hs-re.com or call 603-643-4800.

642 Hanover Center Rd. Hanover NH (MLS 4041169) and 648 Hanover Center Rd. Hanover NH (MLS 4123003) were each built by the same guy, 642 in 1989 and 648 in 1990.  They are both very well built and well thought out homes, but what a difference the ownership cycle makes!  It is always interesting to see the differences in the care of a home throughout its ownership cycle; these two homes are a great example of how who owns a home matters and how differing opportunities result for Buyers.  In this case 648 is a single owner home and is in pristine condition, these owners have loved and cared for the home over its entire life.  On the other hand, 642 has had several ownership changes over its life and most recently has been used as a rental property – often the kiss of death for a homes condition, particularly with absent owners.

While they may look like very different homes from the exterior photos, it is really a matter of orientation of the home and a couple simple design choices.   While the photo of 642 makes the home appear small and boring, it is very similar to 648 when viewed from the garage side and is in fact quite large.   The placement of the classic “front door” in the home is what causes the look of the homes on approach to be so different, it also drives several interior differences as well.

If you are looking for a rural Hanover NH home for sale that has everything you need and requires little if any investment, you should consider 648.  Shelley Gilberts description of her listing is spot on and the home feels every bit as nice inside as she describes.  I would only add that at $549,000 it is in my opinion that it is priced aggressively, but time will tell.

If you are looking for a rural Hanover NH home that is truly large enough for a family with 3 or 4 kids and don’t mind spiffing up a home yourself, you should consider 642.  While this home can be comfortably lived in as is, it would benefit tremendously from some TLC.  Refinishing the hardwood floors, replacing the beat up carpets and a fresh coat of paint would make the home very comfortable to live in initially.  When you have the time, money and ambition – updating the kitchen and bathrooms would make it dreamy.  If you need quiet office space, the already heated finished space above the garage could quickly and inexpensively be whipped back into shape.  Priced at $429,000 this home is again somewhat overpriced given its condition in my opinion, but with the current owners having moved on with their lives I believe a deal could be made here.

Two very similar homes offering very different opportunities to Buyers, if you would like to see either one, give us a call at 603-643-4800 or email us at info@hs-re.com.

Thanks for checking out our blogs!

Matt & Carol

As an exclusive buyer agent, I am not easily impressed by the value offered by most homes on the market.  There are now several homes in Norwich, Vermont, that I think offer exceptional value for the buyer looking for the attributes they possess.

27 Stagecoach Rd. (MLS 4027483) now priced at $539,000 is a great home for Buyers who are looking for plenty of space on visually appealing land with views, lots of sun and is 10 minutes to Dartmouth/DHMC.  This home had a well thought out addition added in 2002, which creates abundant bedroom/office space with two master suites to choose from.  It is a home that would perform very well for a large family or folks who have frequent longer-term guests.  The open kitchen/dining area with the high wood ceiling and exposed beams is one of those spaces that feel great to be in and allow for easy entertaining.  As with any home, it has its challenges as well – in this case most buyers will be spending some money to spiff up the kitchen, the appliances are particularly tired.  But with Sellers who are aggressively pricing their property, my sense is that the ultimate purchase price will make up for this minor issue.

1508 New Boston Rd (MLS 4043829) priced at $449,000 is another home that offers exceptional value to a Buyer who appreciates what it has to offer.  The original owner built the home in 1970 to have the look and feel of an antique cape built 200 years earlier.  It is situated on a 20 acre lot with a barn and a couple sheds surrounding it that truly give you the sense that you are driving into an old Vermont farmhouse.   Inside the home the kitchen area is open to a space most people would use as informal dining that features a large brick fireplace fitted with a glass front woodstove.  This gives the space a very cozy feel while also providing an exceptional efficient and aesthetically pleasing heat source.  A large addition that is built directly off the kitchen space provides a “great room” to the area.  If you were interested in raising some decorative cattle, horse or chickens you would have the barn to do it in and complete the 1770’s farm theme on some great land.  On the “every house has its challenges” side, the master suite has a very low ceiling, maybe 6’4” and most people would find they would be spending some real money to figure out a way to raise it up without ruining the lines of the home.  There is also a large parcel of land above it that is for sale that will eventually be built on that has a right of way through the property.   The ROW is not obtrusive to the home so it is really not that big a deal, but it will take some of the fun out of hiking out your back door to enjoy the views from the top of the hill.  This home could not be built for what its sale price is by a long shot.  If you like the look and feel of an older farmstead and are not intimidated by a dirt road and an uphill driveway, you should have a look at this place.

A third Norwich home that is worth consideration if you are a family looking for Norwich/Dresden Schools is 1024 New Boston Rd. (MLS 4094038) at $429,000.  With 3 bedrooms and 4 bathrooms this home is well suited to fit the lives of a busy family.  The kitchen has great natural light flowing through a skylight in the cathedral ceiling and opens onto a private back deck.  There is a great little swimming pond in the front to cool off in during the hot summer days.   With travel time to Norwich/Hanover in the 5-7 minute zone, it is also close enough to make the trips in and out with the kids manageable.  As far as negatives, I really don’t have any – a rare thing for me!

If you’re interested in visiting any of these properties in person, we’d be happy to schedule a tour.  You can call our office at (603) 643-4800 or reach us through our website to make an appointment.

4^th Quarter 2011 sales  for homes in Lebanon NH rose substantially over the same period in 2010 according to statistics provided through Northern New England Real Estate Network (NNEREN). 19 homes closed in 2011 compared to 12 in 2010 which is a gain of 37%.

Pending Sales rose substantially in the 4th quarter of 2011 from 2010 (17 in 2011 compared to 9 in 2010), a difference of 47% in favor of 2011.

New Listings were up from 2010 by 32% – 31 in 2011 compared to 21 in 2010. Another note of interest is that the list price of these homes is down from an average of $297K in 2010 to $278K in 2011 – a 5.5% decrease.

Average List Price was also up substantially from 2010 ($250K in 2011 compared to $218K in 2010), a difference of 13%.

Average Selling Price saw even more of an increase from 2010 ($240K in 2011 compared to $204K in 2010), a difference of 15%.

Average Days On Market for the 4^th quarter was substantially down from 126 in 2010 to 79 for the same quarter in 2011 – a big difference of 37.5%

The Year End sales numbers look very different from the 4^th quarter numbers!

Total homes sold in 2011 was up 13.5% from 2010 (103 in 2011 compared to 89 in 2010)

Average List Price dropped a bit from $242K in 2010 to $232K – down 3%

Average Selling Price was also down from $230K in 2010 to $223K in 2011– down 3%

Average Days On Market in 2011 was substantially down from 2010 (80 in 2011 compared to 107 in 2010), a 25% decrease!

What this seems to indicate is that Lebanon homes sales had a big push at the end of the year and ended the year with a respectable increase.  Another positive note is that the DOM is down substantially, both in the 4^th quarter and year-end. This indicates that sellers were pricing their homes more aggressively and though Average Selling Price for year-end remained about the same as 2010, the 4^th quarter saw a rather encouraging increase of 15% over the same quarter in 2010.

Also, the strong finish in the 4^th quarter gives hope that high rents and low interest rates are bringing potential buyers back into the market with a greater degree of confidence going into 2012 than going into 2011.

More to come!

Carol

4^th Quarter sales for homes in Hanover NH rose substantially over the same period in 2010 according to statistics provided through Northern New England Real Estate Network (NNEREN).  15 homes closed in 2011 compared to 8 in 2010, which is a gain of 47%.

Average Days On Market for the 4^th quarter was substantially down, from 117 in 2010 to 79 for the same quarter in 2011 – a big difference of 32.5%

New Listings were up from 2010 by 55%: 11 in 2011 compared to 5 in 2010. Another note of interest is that the list price of these homes is also up from an average of $375K in 2010 to $600K in 2011 – a 47.5% increase.

Average List Price remained about the same ($458K in 2011 compared to $444K in 2010), a difference of only 3%.

Average Selling Price also saw very little change ($429K in 2011 compared to $427K in 2010), a difference of only .5%.

Pending Sales rose substantially the 4th quarter of 2011 from 2010 (10 in 2011 compared to 4 in 2010), a difference of 60% in favor of 2011.

The Year End sales numbers look very different from the 4^th quarter numbers!

Total homes sold in 2011 was down 7% from 2010 (118 in 2011 compared to 127 in 2010)

Average List Price dropped a bit from $647K in 2010 to $610K – down 6%

Average Selling Price was also down from $611K to $570K – down 7

Average Days On Market in 2011 was way up from 2010 (135 in 2011 compared to 84 in 2010) a 48% increase!

What this seems to indicate is that the higher-end of the market in Hanover is still soft with Sellers struggling with setting their prices appropriately to meet Buyers’ expectations.  However, the market between $300 – 450K is still very strong.

Also, the strong finish in the 4^th quarter gives hope that high rents and low interest rates are bringing potential buyers back into the market with a greater degree of confidence going into 2012 than going into 2011.

More to come!

Carol

More good news for the housing market!

Bottom Line – Pending-home sales up by most in almost a year

bottomline.msnbc.msn.com

Pending sales of existing U.S. homes surged in October by the most in nearly a year as Americans took advantage of low interest rates for mortgages, data from a real estate trade group showed on Wednesday.

Housing Solutions – Hanover NH

Positive note for new and existing home sales for October ’11!

New-home sales edge higher

money.cnn.com

New home sales rose to an annual sales rate of 307,000 new homes last month, up 1.3% from a revised rate of 303,000 homes in September, the Census Bureau reports.

Looking again at statistics provided through Northern New England Real Estate Network (NNEREN), I checked out the Lebanon NH homes sold market YTD!

The last couple of years show slow BUT SURE growth in the number of homes sold in Lebanon – ’11 (126) is currently showing a 4% growth from ’10 (121) which was up about the same percentage from ’09 (116)…. Coming off a high in ’07 with 158 homes selling YTD.

Average DOM is starting to come down from 118 in ’10 & 111 in ’09 to 96 in ’11 – this is down by around 20%. Median DOM in ’11 (50) is down around 17% form ’10(60) & ’09 (59).

The average selling price which was the same in ’10 & ’09 ($215K) has gone down in ’11 to 200K which is around a 7% correction in the market. Median selling price has gone down 3% in ’11( $194K) from ’10 ($200K) and around 8% from ’09 ($211K).

This is good news for the Lebanon NH housing market in that more homes are selling and in a shorter period of time than any time since the ’08 crash. It seems that seller’s are more realistic about pricing their homes and buyers are are seeing value in purchasing instead of renting with the current low interest rates and price corrections!

MORE ON THE RENT VS. BUY MARKET NEXT WEEK!

Cheers, Carol