Archive for the 'Real Estate News' Category

October is here, which means that our busiest season is wrapping up and we have a better handle on how the market is going so far in 2011. The good news is that properties are selling! This year so far in Carroll County, there have been 774 housing sales, compared to 754 by this time in 2010, almost a 3% increase. The residential home market has said goodbye to 541 homes this year, compared to 508 sold homes by this time last year, a 6.5% increase! Condo sales are up, but not by very much. There have been 96 condo sales this year, a small 2% increase from 94 sales last year.

The not so good news? The properties that are selling are priced pretty aggressively. The average sale price so far this year has been $238,981. At this time last year the average sale price was $240,505. So while properties are selling, they are selling for less money.

For more details about the current market statistics, see the chart and please, as always, contact us with any questions you may have about specific property in your neighborhood!

— By Peter Francese

Here are three things New Hampshire REALTORS® can celebrate this spring:

• Home sales are up 13 percent, condo sales are up 30 percent, and prices are up over the first quarter of 2009;
• New Hampshire non-farm employment is rising: we’re only state in region to see an increase; and
• Our state still leads region in the key index of economic activity, and it is also rising

Not only are New Hampshire home sales up over the first quarter of last year, but median home prices have also risen 6 percent statewide and are up in seven of our state’s 10 counties. Condominium prices are also 4 percent above the first quarter of last year.

Half the counties in our state saw double digit home sales increase over last year, which suggests an awfully fast start for the year, no doubt aided by the homebuyer’s tax credit. But economic indicators in our state are so much better than other New England states that tax break or none, we are likely to fare better than they will in terms of home sales, unless we choose to follow their lead with expanded gambling.

New Hampshire’s unemployment rate was 7.1 percent in February (the latest numbers available), which was more than two points below the national rate and the second lowest in New England (Please see charts below). But the unemployment rate only looks at the small part of the picture.

The full part is measured by total non-farm employment, which in New Hampshire has been increasing since the middle of last year. Since then, 11,000 more people are working in our state, and we’re the only state in the region where that’s happening.

These indicators of New Hampshire’s economic health both point in the same direction. Our state is on track to lead New England out of this awful recession, and our real estate market is also likely to recover faster than other nearby states.

New Hampshire was again voted as the safest state in the nation, and we are still ranked fourth in terms of economic activity index. That index is also rising and is up almost three points since mid-2009. Again, we are the only New England state where that measure of our economic well-being has increased since then.

On nearly every measure of quality of life, as well as many other indicators, New Hampshire leads the nation and all other New England states. But our longstanding New Hampshire advantage is being threatened as never before by the rush to permit slots and casinos. To lose our substantial advantage would be an irreversible tragedy.

Here’s just one example: Property taxes per person in 2007 in Connecticut were $2,313.42, compared to $1,917.83 in New Hampshire (17 percent less than Connecticut), according to the Census Bureau. Adding lots of gambling venues certainly hasn’t done much to lower Connecticut’s property taxes.

The bottom line is this: Both demographic and economic trends are quite negative for the Southern New England states. Income taxes and sales taxes, along with slot machines and casino gambling, have not improved either their economy or their demography. Do we really want to do what they have done and go where they have gone?

Table I: New Hampshire unit sales and median price first quarter 2010

Merry Christmas to you! The developers of Beechwoods at Intervale are offering a holiday special. Buy lot 18, currently priced at $59,000 and close before Christmas Day 2009 to receive a $10,000 discount at the closing!

Highwoods at Beechwoods is Intervale’s newest and most convenient address. Here you can enjoy all the seasons have to offer with sweeping views of the Mount Washington Valley while living in a well thought out neighborhood of 33 lots and homes. Build your own home or have the developer do it for you. 15 acres of common land for walking, hiking and snowshoeing are yours to enjoy. Town water and underground utilities. You deserve to have it all!

For more details on this development go to www.BeechwoodsAtIntervale.com.

Home Buyers Tax Credit Extension

With the passing of the extension of the first time home buyer program, I thought we may all like to know the rules before we play the game. It is easy to follow, and with a bit of help from a Realtor, Tax Attorney and Mortgage Broker, getting the credit is a piece of cake!

See below for some excellent information regarding the guidelines for getting your rebate.

General Rules for the first-time home buyer tax credit:

• A “first time home buyer” is defined as someone who has not owned a home in the last three years. If you are a “first-time home buyer”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $8,000.
• A “long-time resident” is defined as someone who has lived in the same primary home for 5 out of the past 8 years. If you are a “long-time resident”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $6,500.
• The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it
• The home must be purchased for less than $800,000 before May 1, 2010. If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
• You cannot purchase the home from a related party like a spouse, direct ancestor, or direct lineal descendant (child or grandchild); however, you can still qualify for the credit if you purchase a property from siblings, nephews, nieces, and others.
• If you are married, both spouses must qualify for the credit.
• If more than one unmarried individual is buying the property, the credit can be split up among all the individuals who qualify.  However, the total credit taken cannot exceed $8,000 (or $6,500 for “long-time residents”).
• Alternatively, if only one of the unmarried buyers qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit.
• The credit applies even if you have co-signers on your mortgage loan.
• The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others.

How does Home Buyer Tax Credit work?

A tax credit is like a gift certificate that you can use to pay your taxes – it reduces your income tax bill on a dollar for dollar basis.  Imagine paying your bill at IRS Restaurant, and then later getting an IRS Restaurant gift certificate. Normally, you would need to go back to IRS Restaurant and buy more food in order to use your new gift certificate. But what if IRS Restaurant allowed you to just turn in your gift certificate for cash? That’s how the home buyer tax credit works! All you need to do is file a form with the IRS after you buy your new home and they will send you a refund check for $8,000 (or $6,500) – just like the example of IRS Restaurant that allows you to exchange your gift certificate for cash! Remember though, you’ll receive the $8,000 (or $6,500) from the IRS AFTER you purchase your new home, so you cannot use the funds to help with your down payment.

For more information about the home buyer tax credit or other recent updates to the mortgage and real estate markets, just give me a call (603-356-7200 ext 31) or send me an email.  I would be happy to assist you with everything you need to purchase your new home!

Tax credit extension and expansion passes House;

President’s signature expected before weekend

The Unemployment Insurance bill, including the homebuyer tax credit extension and expansion, has passed the House by a vote of 403-12, after passing the Senate Wednesday night, 98-0.

The new provisions will take effect as soon as President Obama signs the bill, which is expected to be before the weekend.  Included here is a link to a side-by-side comparison and Q&A to help answer some of your questions about the provisions.

And click here to see the Washington Post story published this afternoon.

Thanks to everyone for their hard work over the last month.  With over half a million letters to Congress sent from Realtors across the country, there is no doubt that the grassroots effort has paid off.

A Message from the New Hampshire Association of Realtors

October 29, 2009

Close, but tax credit extension not yet passed

Please take note of the recent e-mail from the National Association of REALTORS®.  While there is encouraging news regarding the potential for an extension of the homebuyer tax credit, until the appropriate legislation is passed REALTORS® should operate with the understanding that it expires on November 30, 2009. 

If you have not already, we encourage you to respond to the Call For Action or contact your members of Congress directly.  See below for the NAR correspondence:

FROM: Charles McMillan, NAR President
Jerry Giovaniello, NAR Senior Vice President Government Affairs
RE: Tax Credit Extension and Expansion

Senate leaders of both parties and key Senate Finance Committee members and staff, and tax credit sponsors Dodd-Lieberman-Isakson have agreed on extending and expanding the housing tax credit.

However, there is no agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement on another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill.

And after Senate action, the tax credit must go to the House of Representatives for action.

REALTORS® should keep responding to our Call For Action by calling and writing their members of congress to support the tax credit extension.

NAR will continue to update you as developments warrant.