Archive for the 'Exclusive Buyer Agency' Category

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

In reviewing the NNEREN statistics for the same period for ’09,’10 & ’11 1/01 – 11/21 (today) the outlook for homes sales in Hanover looks much more positive than all the grim news you hear in national news!
Homes sold YTD in ’11 is up 11% (82) from ’10 (73) and down 3.5% from ’09 (85).
Average Days on Market (DOM) however has gone up a whooping 23% in ’11 (146) from ’10 (112) and 9.5% in ’09 (132).

So while the numbers look okay it is still a long way off from the peak year of ’05 when 112 homes sold YTD and Average DOM was 66/Median DOM 31…….

This tells me that though the number of homes selling is up from ’10 they are staying on the market longer. This could be for a number of reasons but most likely it has something to do with seller’s not recognizing the correction in the market and taking time for them to reduce the pricing to a point where buyers are willing to make an offer.

The average selling price of a home in Hanover went down but only by 1.5% in ’11 ($519K) from ’10 ($527K)…..however it is up dramatically 22% from ’09 (406K). Median selling price is up 4% in ’11 (($475K) from ’10 ($449K) and again a big increase of 18% in ’09 ($385).

Some conclusions that could be drawn are that in ’09 and ’10 the 1st time homebuyers credit was in effect and many new buyers came into the Hanover market but with limited purchasing power. Also, in ’10 and ’11 more buyers came back in the $500K and up market, which took a beating in ’09 and early ‘10 after the October ’08 crash.  However, the homes that are selling in the upper end of the market are taking much larger hit in the list/sell ratio – 7% in ’11 and 8% in ’10.

So, it seems that Hanover and the Upper Valley area continue to feel the effects of the current economic circumstances but in relation to a large part of the United States we continue to be more insulated than most.

Happy Thanksgiving, Carol

As we looked at the Lebanon market this spring it looked like it was off to a good start, but with pending sales down it was questionable if the momentum would be maintained as the season progressed.  In a nutshell using NNEREN numbers, the story remains the same as we look back over the last 9 months, it has been a good year for Lebanon home sales, but momentum again is slowing as indicated by pending sales.

85 homes have sold through October 11, 2011, this is on the low side compared to the years of 2003 – 2008, but is nonetheless a respectable number when compared over the last decade.  Pending sales ytd of 53 homes however have only been lower once at this point in the year and that was 2009.  Again the market has cooled as the season has progressed when compared to the past decade.   Surprisingly, with inventory of new listings at a historically high number of 156 units, days on market is respectably low at 85.  This seems to be the result of motivated Lebanon home sellers realistically pricing their homes to compete in the 2011 market.  The average sale price of $221,442 in Lebanon has only been lower in the past 10 years during the years of 2002 & 2003 when it was $197,600 and $219,175 respectively.  Median sale price reached its ytd peak in 2007 at $265,400.  In comparison median sale price ytd in 2011 stands at $210,000, that implies that 50% of homes sold ytd have sold for on average $50,000 less then they did 4 short years ago!

With homes selling at historically low prices, unit sales at respectably high levels and days on market declining, it seems Buyers are once again finding value in Lebanon single family homes.  When you factor in today’s low interest rates, it is clearly one of the best years in the past decade to buy a home in Lebanon.  If you are thinking of buying a home in Lebanon, remember we are the areas only real estate agents who work only for Buyers.  We would be glad to help you indentify a home you will love to live in and then help you develop a strategy to buy it at the price you want.

Matt & Carol

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As we enter the fall season, enough time has elapsed to gain some additional insight into the 2011 Hanover real estate market dynamics using NNEREN data.  After a slow late winter/early spring season, activity clearly picked up with a total of 49 homes closing in Hanover by the end of August.  This homes sold number is strong when compared to the last ten years for the same period; only the boom years of 2005-2007 exceeded this sales pace.

Pending homes however are at historically low levels for the period at 29 through August this year.  Only two of the last 10 years have shown lower pending numbers for the period, 2009 & 2010 at 28 and 22 respectively. Prior year ranged from 42 units pending in 2008 to a high of 75 units in 2005.  With average days on market for single-family homes at a ten year high of 137 for the period, homes are spending an extra month or two on the market when compared to the pre-recession years.  This seems to indicate that the market has cooled significantly this year as the selling season has progressed relative to past years.

Median and average sale prices however stand at $607,573 and $525,000 respectively; these values have only been exceeded in the years of 2008 and 2010.  Homes in Hanover are selling thus far in 2011 at historically high average and median prices as compared to pre-recession years.

So what does this mean?  It seems to me that with sold prices and total units sold at historically high levels, Buyers have been there in 2011 for Hanover homes that offer the quality they require and the value they seek.   Yet with inventory and days on market at historically high levels and pending sales at historically low levels, it seems to follow that a significant number of Sellers are not offering their homes to Buyers at the value required today relative to the attributes of the home.

What would explain this?  I did a quick random survey of homes currently on the market in Hanover and found several homes that are now priced at or near what the homeowner paid for the home.  Obviously the prices paid in the boom years are haunting the market now, some Sellers are just not able or willing to adjust pricing to the levels required to obtain a sale today.  Another factor seems to be that qualified Buyers now are just not willing to deal with issues a home may have and some Sellers are slow to recognize this change in Buyer behavior.  It is what I’ll call the Goldilocks rule – if it is too hot or too cold Buyers will keep looking until they find the home that is just right.  As a result homes on busy streets, homes that are dated or that have other challenges will not sell until the defects are adequately compensated for in the price – period.

If you are considering buying a home in Hanover, we would be glad to help you through the process.  We have the experience, patience, perspective and data to help you find the home that is just right for you in this turbulent market.

Matt & Carol

This past Saturday was the annual AVA silent auction in Lebanon. If you have not been to this event, be sure to make it next year.   It is a great opportunity to support the local art scene while having a great time. The folks at AVA really know how to throw a benefit.  Great food and wine, live music and hundreds of interesting people to mingle with make this one of my favorite events each year.  The point of course is ART, and dozens of local artists contribute a wide array of art in all its forms for the community to bid on.  Local merchants also contribute to the cause; items for bid range from dinners at local restaurants to items sold by local craftsmen: a ceramic vase by ShackletonThomas of Bridgewater, VT. .    So think of AVA next spring as you try and think of ways to beat the mud season blues.

I was scrolling through the news this morning and I came across a good article from the National Association of Exclusive Buyers Agent (NAEBA) with 5 good tips for homebuyers so they can confidently shopfor their new home.

1. A short sale can be a long process. In a short sale, the property is sold for less than the outstanding loan balance. In this economy, short sales have received a lot of attention but many buyers may not realize that short sales may in fact be a lengthy, complex process requiring multiple approvals.
2. Set a realistic budget. Low housing prices make it even easier for home buyers to stay on budget. Rather than shopping at the upper end of your budget, go a little lower to allow you to comfortably afford your home in the event that you experience a reduction in income.
3. Buy with a long term view. If you plan to sell your home in a year, you risk losing money, even if prices rise slightly. Buy with plans to stay put for a few years to maximize your investment.
4. Don’t skip the details. In addition to reading the fine print and researching the neighborhood, get a home inspection to ensure that you are not later surprised with unexpected repair costs.
5. Choose a representative that will advocate for your needs. Exclusive Buyer Agents (EBAs) only work with home buyers and always represent the interests of the buyer throughout the entire real estate transaction.

Some good stuff to think about if you are planning on buying real estate in Hanover, Lebanon, Norwich, Hartford, or any other town in the Upper Valley.  If you have any questions you just let Housing Solutions know.

Be sure to check out the Housing Solutions bulletin board at DHMC.  The board is located on the second level in the mezzanine, directly above the help desk.  The board features some of current rentals, as well as some for sale by owner homes.  There are listings from Lebanon, Hanover, Enfield, Norwich and Hartford.  If you work at the hospital or if you’re on the interview trail and want to get a feel for what’s out there, our bulletin board is a great place to start.

Chris

As summer comes to an end, another school year is set to begin.  The Upper Valley has some great schools. High Graduation rates, great attendance, great test scores, and a low student to teacher ratio, makes these schools some of the best in the region.   For this post I pulled together some statistics from a few of the larger high schools in the UV.  The schools I’m going to take a look at are Hanover High School, Lebanon High School, and Hartford High School.   The statistics were pulled from publicschoolreview.com.

Hanover High School is a part of the desirable Dresden School District, which includes the towns of Hanover,Norwich VT, and Lyme. The Marauders of Hanover High have just fewer than 750 students.  The student to teacher ratio is 13 to 1.  And the expenditure per student is $25,457, which is the highest in the state of New Hampshire.  Hanover ranks as one of the tops in the state when it comes to state testing, last year ranking 3^rd in English and 1^st in Math.

Lebanon High School is part of the Lebanon School district.  Lebanon High lays claim to about 760 students from Lebanon, West Lebanon, Plainfield, and Grantham.   The student to teacher ratio is 13 to 1 and the expenditure is $15,315 per student.   The Raiders of Lebanon High did pretty well in last year’s state testing, ranking 24^th in English and 26^th in math. Lebanon boasts a graduation rate of 98 percent.

Hartford HighSchool is located just across the river in White River Junction Vermont.  The  Hurricanes of Hartford High are members of the Hartford School District which features roughly  690 students from the surrounding towns of Hartford, West Hartford, White River Junction,    Quechee, and Wilder.  Hartford has an amazing student to teacher ratio of 9 to 1.  The district  expenditure for Hartford is $15,209 per student.

Hopefully this was somewhat helpful for those you looking to relocate to the area, or for those who might just be curious.  If you are, however, looking to relocate to the area and have a question about a particular school or district, just let us here at Housing Solutions know and we’ll be happy to help you out.

Here are some statistics I’ve pulled together using the Northern New EnglandReal Estate Network. These are the YTD (year to date) figures ending August 5^th for each of the last three years.  You can see how Lebanon, Hanover, and Norwich have fared.  For the most part things are looking pretty good.  Take a look and see what you think. If you have any questions or comments please let us know.

Chris

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