Real Estate Blog for the Seacoast of New Hampshire

First Upward NH Sales Counts in 5 Years Just Released

2010-01-14T10:34:00.000-08:00

Finally! In Strafford County the 965 sales in 2009 counted for a 7.7 percent increase over 2008. Rockingham County saw a 4.3 percent increase with 2,399 home sales. The competitive prices are what primarily drove buyers out of the woods finally. The $8,000 tax credit was also an incentive. However, when all is said; it is a buyer's per month expenses that matter most. These were reduced with more realistic home prices as well as low interest rates. With supply and demand coming into play, we are seeing slight increases in home prices. This month’s sales in Rockingham and Strafford counties totaled 529, a 16.5% increase across the state over the same period last year. As long as we can keep the buyer's buying fire going, the 2010 market will fare the best of the last 5 years.

Photo: Winter camping in NH 2010

Latest Real Estate Statistics for Sales in Seacoast New Hampshire, Dover, Portsmouth, Lee, Somersworth, Newmarket, Barrington

2009-05-25T06:17:00.000-07:00

I was curious as to how much real estate has sold in this area since January 1st; How many houses are on the market now and how many have contracts with buyers on them? You hear from the media, the markets up, down, however they wish to spin it...but here are the facts for this area. You decide how the market is doing based on numbers; not just talk. I apologize that I did not include all the town in this data. It takes a fair amount of work to find the numbers so I chose several towns from both Rockingham and Strafford County. Let me know if this information is useful to you in a comment.

The closed sales info is based on the amount of closed properties since Jan. 1st 2009 to today. The pending data refers to homes that are currently under contract to close with buyers; ie currently not on the market or active.

Single family homes currently on the market, ie active listings:

Dover, NH: 171 Portsmouth, NH: 57 Barrington, NH : 135 Lee, NH: 38

Somersworth, NH: 57 Newmarket, NH: 81

Condos currently on the market:

Dover, NH: 74 Portsmouth, NH: 90 Somersworth, NH: 6 Newmarket, NH: 28

Single family homes pending, ie under contract with buyers

(does not include above numbers)

Dover, NH: 24 Portsmouth, NH: 11 Barrington, NH : 46 Lee, NH: 3 Somersworth, NH: 7

Newmarket, NH 24

Condos under contract with buyers;

Dover, NH: 6 Portsmouth, NH: 17 Somersworth, NH: 0 Newmarket, NH: 2

Single family homes closed, sold since January 1st 2009:

Dover, NH: 52 Portsmouth, NH: 38 Barrington, NH : 33 Lee, NH:3 Somersworth, NH: 24

Newmarket, NH: 18

Condos closed, sold since January 1st, 2009:

Dover, NH: 19 Portsmouth, NH: 20 Somersworth, NH: 0 Newmarket, NH: 1

This information was researched through the Northern New England Real Estate Network

Photo: Old Bridge over Bay from Dover NH to Newington NH This bridge is currently inactive to cars but still serves as a biking and walking path. It is also my favorite bridge in the Seacoast.

Finally! Activity in the Seacoast NH Real Estate Market

2009-04-04T07:54:00.000-07:00

In the last 2 weeks we are finally seeing more activity here in the Seacoast NH real estate market. The phones are ringing and that is a good sign. Granted it has been a long and slow fall/winter real estate season. Are you beginning to see more " under agreement " or "pending " signs in your neighborhood? More for sales beginning to merge as the snow melts? Let me know here in the blog with a comment.

We are encouraging would-be sellers to hold off on listing till their front yards are cleared of fallen limbs; deep mud etc. Remember, it is still a buyers market and if a buyer has so many choices, they will probably choose to see only the homes that look good on the outside from an initial "drive-by." I just met with a family who will be listing later in the season and encouraged them to map out on paper all the plantings, trees they invested in and put into a notebook. Same with sun room construction specs, dates of septic pumpings, additions, lists of home's updates, etc. The more detail and organization a buyer sees the more confident he/she is that the home has been maintained over the years. After seeing 10 colonials in one day, everything seems to look the same. However' if they can walk away from a showing with a detailed list of a homes updates, it is something they can refer back to later.

Photo: Newmarket NH Mills in Spring

Winter Recreation in Seacoast NH, Dover

2009-02-03T08:13:00.000-08:00

Here is one of our favorite spots to hike and cross country ski. The Bellamy River Wildlife Management Area in Dover NH features over 400 acres of field and open pasture. Trails zigzag across the area and run along the Bellamy. This is managed by the NH Fish and Game and is open also to hunters in season. Here is yet another get-away in our area. An easy communte from Boston as well, with Amtrack running to Dover, Durham and Exeter, NH. Bring your dog, skis , ect and enjoy this urban oasis. Directions: Old Garrison Road, Dover(from Back River Rd, turn left onto Rabbit Rd. Turn right on Old Garrison Rd. BWMA is ¼ mile down on left; follow dirt road to parking lot and kiosk)

Foreclosure Moratorium, Tax Credits, Lower Rates Proposal

2009-02-03T07:39:00.000-08:00

As the stimulus package moves to the Senate here are some of the housing recovery proposals:

1. Create a 4% mortgage. This would be a temporary provision to encourage lenders and thus home buyers with a low interest rate for a limited time. This rate would also be available to homeowners to refinance existing mortgages.

2. Increase the home buyer's tax credit. The proposal, unlike the last one, would include all home buyers, not just first-time home buyers. The credit may also increase to $15,000. There is still debate as to whether to remove the pay-back provision.

3. 90 day moratorium on foreclosures: Holding off on mortgage foreclosures might allow homeowners time to rework loans with their lenders.

We shall see how this all pans out and how it really effects the real estate market.

Dover NH Waterfront Development Project

2008-12-03T19:46:00.000-08:00

Here's another reason to want to live in Dover NH. Once again Dover is leading the forefront in city projects to benefit their community. The City of Dover owns nearly 30 acres of land north of Henry Law Park, along the Cocheco River that has not been producing any tax revenues. By selling this land to a developer, it can be used for a mix of attractive commercial and residential uses and may generate $600,000-$900,000 / yr in revenue to the city. Buildings would include shops, restaurants , offices and apartments. Out of the parcel will remain a significant public space. The buildings, parking and landscaping will occupy less than 1/2 of the parcel. Details of the project will include a public boat launch and marina, on-site parking, a new vehicular bridge linking the downtown to the waterfront, creation of an open community amphitheater and a riverwalk. Plans and guidelines can be viewed at the city's website at http://www.ci.dover.nh.us/ at the bottom of the home page under "Important Information."

Foreclosures: Show Us The Money??

2008-11-18T09:34:00.000-08:00

The Feds shifted gears again on the $700 billion dollar bailout. They are holding $350 billion for the next administration to work out. In the mean time the auto industry and the house are fighting over the 6 billion dollars that are left after this week approval of the bailout of 21 banks and AIG. The house called on US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to " do anything they can" to stop home foreclosures following Monday's meeting on how to use the money. See http://www.foxnews.com/story/0,2933,453684,00.html.

Share your opinions on how you think the 6 billion left from this administration's share and the remaining $350 billion for the next term should be used.

Photo courtesy of www. Flckr.com author Simon Davison

Newmarket NH Downtown Revitalization

2008-11-17T15:40:00.000-08:00

Downtown Newmarket is finally open to 2-way traffic. This phase of the Downtown Revitalization included the construction of sidewalks along the east side of Exeter Rd and Main St , the widening if the sidewalks on the west side, new crosswalks, ornamental lighting , new curbing, water and sewer lines and landscaping area. The parking garage for the Rivermoor Landing condos (of which I have one for sale!) is also finished. It will be good to see all those power lines and poles put underground eventually. Please make a special effort to visit the local businesses along the Main Street. Their parking spots are back and they need all your support. To see updates on the project and it's history visit: http://web2.newmarketnh.gov/downtown/index.htm

Photo: Piscassic River, Newmarket NH

Home Foreclosure Help on the Way? Local NH Foreclosure Results

2008-10-30T08:55:00.000-07:00

A plan is being discussed to provide federal guarantees to entice lenders to ease up the terms of troubled mortgages. Already rules are in effect in many areas to stall foreclosures to allow homeowners time to pull things together and work with lenders. Unfortunately, even though foreclosures are being stalled, lenders have been reluctant to work with homeowners to renegotiate loan terms. I have had a number of homeowners calling with frustration that they cannot even get their lenders to return their calls! Yesterday it was announced that US regulators are working on a federal program to guarantee up to $600 billion of home mortgages. The idea is to induce lenders to lower mortgage payments for approximately 5 years for troubled homeowners. The concern of course is will the lenders actually do it or will they not act to help these individuals, just as they are hoarding the $700 billion bailout funds they just received! What is going to keep other homeowners who really can make their payments from going to into default because everyone else was bailed out? Yes, I am frustrated with the current situation with these lenders as there are homeowners out there who just need minor loan adjustments to keep afloat and they are being ignored by their lenders. Instead, the local communities are suffering with the following record number of foreclosures from Jan-Sept 2008: Examples: Rochester: 78! , Dover 41, Farmington 24, Somersworth 22. I encourage your comments on this issue as it effects everyone as tax payers, homeowners, renters and buyers.

Photo: Isinglass River, Barrington NH good cold water fishing

One Level Living in Somersworth NH Just Listed

2008-10-12T06:49:00.000-07:00

I just listed this home on Lil-nor Ave in Somersworth NH. Do you know anyone who needs one level living?Look at these room sizes! This is a 2119 sq ft home all on one level plus full basement. Double lot, landscaped including fruit trees. The living room is over 23 ft long. Tremendous storage throughout, many closets. Granite fireplace with efficient insert in fam rm. Anderson windows, multi-zone heating, large bedrooms. The basement is ready for your finishing for a great room. Granite chimney and granite home exterior behind landscaping. Real plaster walls, whole house fan.....the best of materials were used to build this home.

Tips for Getting The Most Value for Your Property

2008-10-12T06:10:00.000-07:00

Tips for Getting The Most Value for Your Property
With the Least Amount of Work

When doing market evaluations of homes, my Seller’s often ask me “ What can I do around my house to increase the value with the minimum amount of expense or work?” Keep in mind that what may be a small defect in the Seller’s mind, such as flaking paint on the base of a garage door frame may add up to thousands less in what a Buyer may offer. Inspect the exterior of your property, especially the trim. The Buyer’s first impression of your house is going to be the exterior when they drive by after seeing an ad. Is there debris around the yard that may distract the viewer from the home. If the exterior appears to need a lot of repair; it is likely they won’t set up an appointment view the interior.
Next the interior. Buyers always want more space. To make rooms look more spacious: Ask yourself these questions: Is there furniture I could store or remove? Can I store away visible items from any open shelves and living room coffee tables? Keep photos and wall decoration to a minimum. Also, the lighter the rooms, the bigger they look. Pull back heavy curtains, use higher watt bulbs and make sure there are sufficient lights to turn on during showings. Glue back down any loose vinyl floorings. Has a pet chewed the rug next to a door opening. Consider installing a threshold to cover defect and better secure the rug. They may be obtained at any hardware store. The biggest value for your dollar is white paint, it is a neutral color and still the most desirable. Water stains on the ceiling? Provided you have repaired the leak in the past; brush on some Kiltz or a similar product. It comes in white and is really the only effective way to cover the iron that leaches from the stain. It costs about $10 a gallon, needs no prep work and covers any stain, even on glossy surfaces. It is also useful for painting dark covered kitchen or bathroom cabinets to give a new brighter look. Light scratches on dark wood trim or window sills? Ask your hardware store for a brown wax pencil or use a simple dark crayon to fill the marks. All these things cost very little but will bring you back thousands.

Pub Crawl in Dover Encourages Business

2008-09-28T07:01:00.000-07:00

Last weekend Dover, WHEB and Samuel Adams hosted the first Oktoberfest (yes, spelled with a "k"). Over 15 Dover pubs were visited by 2 crowds. Each establishment offered free appetizers demonstrating their menu. It was a great way to visit each of these pubs and taste their wares! Overfall it was a tremendous sucess, all tickets were sold out, the weather was perfect and a fun time was had by all. Looking forward to visiting some of these places and giving them our business in the future. Another reason to live in the Seacoast of New Hampshire!

Another Reason to Live in Newmarket!

2008-09-19T19:22:00.000-07:00

This weekend is the Newmarket Heritage Festival, Sept 19,20, 21st. Learn about the community, it's history, the waterways while enjoying our local musicians and artisans. There will be food, music, kayak trips, historic tours, hands on traditional crafting to participate in, and much more. My son and his father will be entertaining together as the Thomsons. Visit http://www.heritage-festival.org/ for all the details! If you want to get a taste of this great community and what it has to offer as a place to live this would be the time to do it.

What Does the Takeover of Freddie Mac and Fannie Mae mean to Homebuyers?

2008-09-14T06:13:00.000-07:00

The big news in the real estate market has been the takeover of Freddie Mac and Fannie Mae. These 2 mortgage giants buy mortgages from other investors. If it were not for these 2 organizations most of the investors, ie smaller mortgage lenders would not even exist. Most of the loans in the United States are sold to Freddie Mac and Fannie Mae. The Wall Street Journal wrote an excellent article on the takeover and what it means to the real estate market at the following link: http://online.wsj.com/article/SB122079276849707821.html?mod=fpa_mostpop
The most immediate outcome is that the mortgage rates ought to fall below 6% soon.

Photo: From the steps of my listing at Rivermoor Landing in Newmarket. This leads right out to the bay, saltwater access. This waterfront condo in the historic mill has been reduced to $155,000. Visit http://www.rominyrealestate.com/ for more photos

How the Rockingham and Strafford County of NH Real Estate Market Trends over the Longterm

2008-09-10T17:21:00.000-07:00

The New Hampshire Association of Realtors is attempting to stress the importance of looking at long-term real estate trends, rather than the media-driven fascination with individual, year-over-year sales and price statistics. With that in mind, they compiled statewide and county data beginning in 1998, when the statewide median price for a single-family residential home was $127,500. That number rose to its peak of $270,000 in 2005, a remarkable 112 percent increase (a 16 percent per year average increase), since which time we've seen the modest median price declines (down 1.9 percent in 2006 and 1.6 percent in 2007) that seem more dramatic primarily because of the booming market in the seven years prior.
The information in the links below contains the statistics for Rockingham and Strafford County. We hope this helps to paint a picture of the market that is more encouraging for New Hampshire than what national headlines might lead one to believe, but most importantly it is a picture that is based in actual data rather than speculation. Click on the following 2 links for data: http://www.nhar.org/docs/2008/98-07Rockingham.pdf and http://www.nhar.org/docs/2008/98-07Strafford.pdf The above link's information was compiled by the NHAR with the information obtained from the Northern New England Real Estate Network.

Photo: Another great day at Hilton Park, Dover NH This is one of my favorite spots..I can kayak from the ramp easily, there is plenty of parking, facilities, striper fishing and it's all free to the public!

The Market is Relative to Where You Started

2008-03-09T12:27:00.000-07:00

Everything is relative to where you began. Yes, homes values have decreased in the seacoast area, but relative to 5 years ago when prices were unrealistically high. If you purchased in the last downturn when I began in real estate in 1987, you are probably in a good position to make a profit on a sale in this market. That is if you have not re-mortgaged your house to pay health care expenses, your child's education ect. I believe buyers were more frugal in their purchasing of homes in the late 1980's and early 1990's. In the latter 1990's however, we saw many young buyers, with dual incomes insisting on expensive new construction, pushing their mortgage qualifications to the limit. I believe the foreclosures in this area are not due so much in part to the nation's sub-prime lending crises as to the overspending on buyers parts in the beginning. Not taking into account what would happen if their incomes dropped, that they do not need 2 new vehicles or the costs of living would increase within their futures. Since then, local incomes have not increased, the cost of health care, gas, ect has dramatically increased, and some of those same buyers are now down to one income.

Every area in the nation is dealing with their own market trends. Homes are and will continue to take longer to sell, at least for the near future. It is therefore important to market your home that is based on the current market value not what may have been 5 years ago. Homes that are overpriced will linger till the buyers and real estate agents think that surely something other than price must be wrong with the home. It would be better to wait out the next market, till price trends change than to have a home on the market for a year. The longer a home is on the market, the less likely it will sell, even with continued price reductions. Price it right from the start.

Good News Bad News

2007-09-29T19:17:00.000-07:00

The good news is that mortgage rates continue to drop after the Reserve dropped the Prime Rate last week. That combined with a surplus of available homes for sale is also good news for Seacoast buyers.
The bad news for home sellers is obviously that it is taking much much longer for homes to go under agreement. It is clearly a buyers market right now. Some home owners needing to move on to other living situations before the winter are opting to rent their properties rather than leave them vacant over the the next months. This is only an option for sellers who already have a down payment available and who can balance more than one home.
If you are thinking of putting your home on the market now it is very important to price according to what the market can handle. Prices have come down this summer moderately. Unfortunately, many sellers who where advised as to the market value of their homes in the Spring of 2007 and chose to list far above that price are still on the market, continually dropping their prices and playing catch up. Buyers are also weary of these properties and why they are still on the market. Hence there is now a glut of homes in the Seacoast for sale. Let's hope for more realistic pricing in the Spring of 2008.

How Does NH Compare to the Rest of New England?

2007-06-04T08:37:00.000-07:00

First, lets look at the trends here in the past: Between 1990 and 1994 it was not a pretty picture. Median home prices in NH dropped over 12 percent during that period. And it was not until 1998 that statewide median home purchase prices went over their 1990 levels. The last several years certainly look infinitely better by comparison. The lack of price appreciation in 2206 is in sharp contrast to the robust growth in the 2000-2005 period. But flat looks pretty good when compared to the early 1990s. And when compared to the recent steep declines in some markets in Florida ( up to 18% in some towns) and elsewhere ( a 9% drop in Reno, NV and a 5% loss in Worcester, MA) it looks even better. The combination of low interest rates, financially stronger lenders and more buyers here in our state means that 22997 real estate sales and home values are more likely to be an improvement over 2006 than a continuation of the 2005-2006 flatness. Perhaps the most important reason New Hampshire is likely to have more buyers and more price stability in 2007 then elsewhere in the region is very simply that economic conditions are much better here than in other New England states. The monthly report on New England economic conditions ( from the New England Public Policy Center) shows that New Hampshire is the only state in the region with job growth above 1%. Most of these positions are in the retail trade and services such as education, healthcare, leisure and hospitality.
No question about it, the weather has been a major factor in the Seacoast region real estate activity. The continuing rain through the last 2 months has slowed buyers..... and made sellers reluctant to put their homes on the market. When the sun shines, the phones start ringing again! Historically, in June, the market slows a little during th end-of school days and picks up the last week of the month. The sooner we dry out - the better.

Portions of this blog were obtained from the New Hampshire Association of Realtors, inc Market Trends newsletter 2007

Federal Reserve Warns against High Risk Buyers as Forclosures Increase

2007-03-05T16:50:00.000-08:00

Home-mortgage delinquencies and foreclosures are on the increase, especially for people who took out subprime mortgages during the housing boom of 2005. A subprime mortgage is a high-interest loan for those with blemished credit records or low incomes who are considered higher risks. You may have noticed the increased foreclosure notices in the Portsmouth Herald, Union Leader or Foster's lately. Also at risk are the 100% financed loans of buyers who have lost equity now with the softening seacoast home prices. I often warn my Sellers regarding these types of loans on a Buyer's offer to purchase as they are at risk of not appraising by their lender. Heap financed closing costs on top of that, and the home may need to appraise out for the purchase price plus closing costs. Because of the above risks, Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, yesterday called on lenders to exercise caution in making subprime loans and to closely evaluate borrowers' ability to repay them. This will result in fewer borrowers. Tuesday, Freddie Mac, the nation's second-largest financier of home loans, said it would stop buying the subprime mortgages that it considers most vulnerable to default and foreclosures. This comes as no surprise to me as a Realtor. I always felt that that the combination of over-inflated prices and 100% financing was a bad mix. In the mid 1980's I saw prices soar and the foreclosures increase over the next 2 years. Then; it was high interest rates combined with declining values. Now; although the rates are low; the 100% financing of the 2005-early 2006 buyers combined with the decrease in the housing market has resulted in a spike in foreclosures, especially in Rockingham County. In the 1980s we saw more investors and multi-units defaulting. Now, we primarily see single family homes and especially newly constructed homes under default.

Jan.-Feb Buyer activity increases in Seacoast. Why?

2007-02-14T17:49:00.000-08:00

There has been a marked increase in real estate activity in the Seacoast over the last 3 weeks. This is in contrast to one of the slowest Summer/Fall markets in 20 years . This includes both rentals and sales. Activity began shortly after the New Years, with the phones ringing for apartments. Then home buyers who had held off since the end of summer picked up where they left off. The media in the region had been predicting market values would plummet this winter; but they didn't. Rockingham County saw the largest value drops. This was due in part to overinflated prices over the last couple years. Strafford County dropped only slightly over the last 6 months. After speaking with some of these resurfacing buyers it became apparent that they held off for the last year, waiting for the bottom to drop out. Instead, they found that it was a very gradual decrease in pricing. After the holidays they decided it was not worth waiting any longer. We also had a very moderate start to the winter, making it easier to view homes. Winter, especially very cold temperatures like we have seen in the last 3 weeks encourages cabin fever. It will be interesting to see how the new snow and ice today effects this weeks activity. For listings, visit me at www.rominyrealestate.com