Listed below are my crystal ball predictions for the residential real estate market for Sullivan County in New Hampshire.
The residential real estate market will remain slow in growth with most values remaining fairly stable. There is still an over abundance of properties listed for sale with a shortage of active buyers. Foreclosure properties and sales of REO properties will remain active and steady due to rising interest rates, higher taxes, higher health care costs and little or very slow job growth. All these tend to put a downward pressure on values which will offset the slow rise in the economy. This rural market area will not have the potential steady rise in values that more urban areas may experience. Rural market areas tend to lag 6 to 9 months behind more urban compact market areas and this will continue in the near term future. Job growth needs to occur at a larger pace with unemployment falling more quickly for values to rebound in a more steady positive direction. Until this happens, real estate market values will remain fairly stable with some slow growth possible if and when the economy and job market improves at a faster pace.
The above are only my predictions and readers may believe this will happen at their own risk. I make no guarantee that any of this will take place. (Must have a disclaimer).
Brian Paul Lessard, IFA
This is my crystal ball look at the single family real estate market for Sullivan County NH for 2012. None of this may transpire; however, it is fun to see how well I do in predicting how the single family real estate market will turn out for 2012. Much of this is based upon my experience as a certified residential real estate appraiser for the past 23+ years and analyzing real estate trends for that period.
Currently the real estate market is very slow for sales with values remaining relatively stable for the past 15+ mos in most market segments. Values below $100,00 are mostly driven by bank foreclosures or resale of properties which were purchased at foreclosure by investors or such and fixed up and resold for quick sale purposes. This segment of the market will remain very active and may increase for the first two quarters of 2012 and begin to taper off as the real estate market begins to firm up with a slowly improving economic market.
Values in the $100,000 to $ 150,000 price range will see little change for the first two quarters of 2012 and may begin to see a slight rise in value towards the end of 2012 as the foreeclosure market inventory begins to shrink and downward pressures begin to ease.
Values in the $150,000 to $200,000 price range will be fairly stable and sales still very slow for most of the year as buyers will be looking for good deals as the real estate market slowly improves.
Values in the $200,000 to $250,000 price range will be stable with sales remaining very slow with a slight improvement during the summer selling season and slowing back down during the winter months at the end of 2012. Buyers in this market segment tend to be the professional working class and upper management professionals. These people tend to be two income homeowners who are in the peak earning years of their occupations.
Values in the $250,000 to $350,000 price range will see slow sales growth beginning early summer thru the fall timeframe with no increase in values anticipated. Much of this market is tied to seasonal properties around the lakes and ski areas. Until the economy shows good job growth and improvement, this market segment will tend to remain very slow.
Values above the $350,000 price range will be remain flat with inventory slowly increasing as the economy improves as sellers will want to move on as buyers begin to return to the market with the improving economy.
A strong theme in the above predictions is a slowly improving economy and jobs market towards the second part of 2012. No sharp improvement is expected since this is an election year and politics tend to impede any change in policy which would greatly help the economy.
It will be fun to analyze how I did when 2012 comes to a close. I can only hope for a better economy and jobs market and faster improvement than I predict.
Just when everyone thought interest rates could not drop any further, they have!!!!!! Interest rates are at historic lows and now may be your best time to refinance or utilize a home equity loan to your advantage. Call or email my office if you have any questions and we may be able to help you save money.
Brian
The real estate market for residential properties remains very soft and fluctuating in many segment areas throughout the country. Until the backlog of foreclosed properties is cleared, the market will remain depressed and will not begin to recover. Interest rates remain at very low levels; however, they have begun to climb in recent weeks.
If you plan on refinancing or getting an equity loan, now may be a good time. First, you need to have equity in your home to be able to take advantage of the low rates. Having a licensed or certified residential appraiser perform a market analysis on your property to determine if you have equity in your home may be a good first step. This typically costs less than a full bank appraisal and will save you the hassle of filling out all the loan forms for no reason.
Contact my firm if you have any questions or need a market analysis performed on your property.
NH & VT Certified Residential Appraiser
A market analysis appraisal performed by a licensed or certified appraiser to set your listing price can be a very valuable tool. An appraiser is an unbiased professional who can help you in determining the correct listing price for your home. An appraiser is not motivated by selling price or commission so you get a more accurate value for your home. By having the correct listing price, you can maximize your profit and ensure your home is competitively priced so it will sell in the current marketing timeframe. You can be assured that when the buyer applies for a loan, the appraisal will come into value so they can get their loan.
An appraisal can also help you in your negotiation with the potential buyer because you can show them the appraisal performed by an appraiser which you utilized to set the asking price. This will help you avoid the back and forth changing of offering price.
Selling your home can be a very stressful time and by utilizing an appraiser to help you set your listing price, you can reduce your stress in knowing that the listing price is correct and you can maximize your profit.
Please contact my office if we can be of any assistance or if you have any questions.