Home Seller Tips
December 20, 2006 by Jay McGillicuddy
Filed under NH Real Estate
HOME SELLER TIPS
We reprinted some of the tips here as they are very timely considering that the New Hampshire’s real estate market is now a strong Buyers Market and sellers need to arm themselves with the latest information and sales stats. Need more info give us a call or e-mail .
National Association of REALTORS
� Know your home�s value.
Beware of companies offering to buy your home to save you the �hassle� of putting it on the market � these companies often profit at the seller�s expense. Ask several Realtors� in your area for a comparative market analysis, or CMA. These real estate professionals will analyze recent sales and market conditions to provide a realistic assessment of your home�s value, and can suggest strategies for the best sale.
� Protect yourself and your home.
Don�t allow random passersby into your home unescorted. A serious buyer will be working with a real estate professional or should be willing to contact your agent to schedule an appointment. Lock valuables away before an open house � the agent on site will be monitoring traffic, but it�s impossible to be everywhere at all times.
� Understand the purchase contract.
A Realtor� can help evaluate purchase offers and advise you on counteroffers and contract acceptance. It is important to know how contingencies such as appraisal, financing and inspections will affect the transaction, and understand their implications for you as the seller. Remember, a high price offer is worthless if the buyer never makes it to the settlement table.
� Hire the right real estate professional for the job.
Relying on the experience of a real estate agent makes financial sense. An NAR survey of recent home buyers and sellers found that the median home price for sellers who use a real estate agent is 16 percent higher than a home sold directly by an owner; $230,000 vs. $198,200.
NAR encourages innovation and competition, and recommends that home sellers interview at least three Realtors� to evaluate their qualifications and fit. Examine each professional�s level of experience and service, ask for referrals and talk to past clients. Don�t make an agent�s commission the sole deciding factor � you wouldn�t put your life in the hands of a doctor because he or she had the lowest fee; why would you want to do that with your largest financial investment?
HOW TO CHOOSE A REAL ESTATE PROFESSIONAL
The recent real estate boom has encouraged an explosion of real estate licensees. But getting a license and succeeding as a professional in the industry are two very different things. To find a true real estate professional � one who will represent your interests and provide valuable insight and advice regarding what is likely your biggest investment � follow these steps.
� Do your research.
Drive around your neighborhood or the area you�d like to live in, and make note of the active real estate agents in the area. Call local brokerages for agent recommendations, and specify whether you are buying or selling a home.
� Ask trusted friends and relatives for referrals.
According to the 2005 National Association of Realtors� Profile of Home Buyers and Sellers, 44 percent of all recent buyers were referred to their real estate agent through a friend, neighbor, or relative.
� Interview at least three agents.
Ask each about their business approach and philosophy (do they offer full service, or will you have to assume some responsibilities in the transaction); experience; designations and advanced training; and referral network (home inspectors, lenders, contractors, etc.). Home sellers should also ask about the number of homes sold in the past year, length of time on market, average sales price in relation to asking price, and the agent�s marketing plan.
� Make sure your agent is a Realtor�.
A Realtor� is a licensed real estate professional who is a member of the National Association of Realtors� and subscribes to its strict Code of Ethics, which obligates Realtors� to be honest with all parties involved in a transaction, whether it is the buyer, seller, or cooperating agent.
Through membership in NAR�s affiliated institutes, societies, and councils, Realtors� devote themselves to continuous study of the most recent trends in their fields to stay abreast of industry developments in their specialized areas and better address industry issues.
A real estate licensee has passed an exam; Realtors� are real professionals.
copyright National Association of REALTORS
New Hampshire Real Estate Market Update
December 8, 2006 by Jay McGillicuddy
Filed under NH Real Estate
The New Hampshire Association of REALTORS just released their market trend study. I’ve reprinted it below in it’s entirety as it has some very interesting data. Peter Francese does an awesome job with our Market Trends and in this issue he talks about some of the things that don’t show up in market studies and trends but that do dramatically affect us all.
While the story that our Market trends tells is definitely chilling… both for real estate professionals and home sellers but for buyers it’s some mighty fine news.
One interesting thing is that while our average sales price was virtually the same as it was a year ago the actual solds are significantly lower. The predictions however for our year end residential sales volume will be at least a billion dollars below last year. To quote Peter “That�s damn cold”.
November/December 2006
It’s been a cold year for real estate
by Peter Francese
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November may have seemed warmer than usual here in New Hampshire, but there�s a deep chill in real estate. Three of my neighbors perfectly illustrate how the sales statistics, unpleasant as they are, do not completely reflect just how hard this market shift has been on Realtors. Each of these three neighbors has put his or her house up for sale in the past year. There have been several open houses and dozens of showings, at no small cost to the Realtors involved. But none have sold, and now all three properties have been taken off the market. In at least one case, the reason was an unrealistic price expectation. None of these �No Sale� examples will show up in the statewide data, nor are the hundreds of unpaid hours the Realtors spent recorded anywhere. Such are the limitations of real estate information systems we have. What the data from the Northern New England Real Estate Network (NNEREN) and the New Hampshire Housing Finance Authority (NHHFA) does show is that when homes have sold, the average price was virtually the same as it was a year ago. But the number of homes sold is down significantly. During the first 10 months of 2006, according to NNEREN, the average residential sale price, not including condominiums, was $309,000, which was only $1,000 less than during the same period last year. But the number of units sold dropped 19 percent, from just over 14,000 to under 11,400, and sales volume fell by over $800 million. Condominium sales did not fare much better. The average sale price during the first 10 months of 2006 was $207,000, down just 3 percent from the $201,000 during the same period last year. But the number of units sold fell 18 percent, from 5,000 to about 4,200, and sales volume dropped by about $160 million. When 2006 is finally over, residential sales volume in New Hampshire will be at least a billion dollars below last year. That�s damn cold. The question is: What about next year? Next year�s sales may be better, but it will depend to some extent on an increase of jobs in our region (which have had virtually no growth in the past six months) and a continuing desire of Baby Boomers to own two or more homes. We may be in a situation where the lack of affordable workforce housing is having a significant impact on the ability of employers to find workers. This suggests that perhaps the prevalence of growth moratoriums in New Hampshire towns is having a negative effect on our workforce growth. As the table below shows, residential home sales, excluding condominiums, declined in every county for the first 10 months of this year versus last year. The average sale price rose in half the counties, but was flat or declining elsewhere.
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