While working on a relocation package for my area I decided to add a little humor with a section called "How to talk Yankee" However, after reviewing it my business partner insisted it be removed.  It lowered the integrity of the piece and had to go, he said.  I reluctantly agreed, but I couldn't just delete it so here it is.  What do you think should I have left it in? 

 How to talk like an up north "Yankee"

Despite the fact that you are about to move to northern New England, the truth is unless your family has lived here for generations you'll never really be a true "Native".   When I go to Florida on vacation I'm almost always asked if I'm from Massachusetts because I "talk like a Kennedy".  I used to be offended by such ignorance but I quickly learned that these were the smart ones.  It's amazing how many Americans think New England is a state or a foreign country.  For fun one time I surveyed 10 or so seemingly inelegant people, wearing mouse ears, what the capital of New England was, 6 said Boston, 3 said where's New England and one said get away from me.

However, in an effort to help you fit in we've listed a few rules on how to speak Yankee like a true New Hampsharite or Vamonta.  Don't be confused; way down south in Massachusetts they speak a totally different dialect of Yankee.  They might say things like, cah for car or fah for far or my favorite "New England clam chowdah".  

#1 pronouncing the letters "R, ER or IRE" are optional or maybe replaced with the letter "a" as in New Hampsha, Vamont and Lobsta (Lobster)

#2 we also have a few words or gestures not normally found anywhere else, such as "Ayuh" which means yes.   When two gentlemen pass each other on the street only a quick nod is exchanged, this simple gesture means "Good morning, how are you, fine thanks, have a good day, nice talking with you, goodbye".  Women on the other hand are allowed to have long drawn out conversations about seemingly nothing at all.

#3 Terms of endearment: If you're from Maine, New Hampshire or Vermont anyone from Massachusetts, Connecticut or Rhode Island affectionately known as "Flat-Landers" because it's flat down there, conversely they tend to call us "Woodchucks" I ain't got know idea why?

#4 Special phrases only heard in "Northern New England" like "wicked good beha" which means this beer is really, really awesome!  "All used up" means, we are out of beer! And "Wicked bad" means, oh my God we're out of beer!

#5 don't actually try to speak like this; everyone up here will think you've gone a little squirley!

East Corinth Vermont, a rare opportunity to own a piece of the past, this two story charmer has everything you would expect from an antique Vermont home. Parlor w/wide Pine floors, Built-in cabinets, fireplace w/attractive woodstove insert, office, barn-garage, modern back-deck w/cabana & hot tub for entertaining. New water pump. Charming countryside views .  9 rooms 3+ bedrooms and office.  Plenty of room for everyone.  Easy commute to Hanover, Dartmouth College and DHMC.   Also, an easy commute to St. J and the Barre area of Vermont. 

Wow I recently sold another bank owned property for about 1/2 of what the previous owner paid for it.  Both buyers realized what a great deal they got.  What continues to amaze me though are all the other buyers who think they can purchase forclosed homes for 1/2 or even less than the currently low asking price.  I'm not sure if they are watching too many info-mercials about buying homes for $300.00 or what but I can't tell you how many buyers I've spoken with recently who want to make $20,000 offers on $100,000 listed forclosures that actually have a value of $175,000!  I even spoke to one buyer who wanted to make such an offer on a $500,000 forclosed home when I explained to them that even if by some weird fluke they did purchase the house how were they going to pay the $18,000 per year property taxes on their $29,000 income?

I'd like to say "stop wasting my time!" Don't you think, as a Broker in the business, if I knew you could actually get a $150,000 house for $20,000, I'd let a deal like that pass me by first?  Most REO's already prohibit the listing agent from purchasing at the already low price because "SHOCK" its already a good deal!  

Are we having fun yet?

Upper Valley Market Update

By Gerry Stark

01/15/2009  

2008 Trends

The number of home sales throughout NH dropped by 20% from 2007 and the Upper Valley followed suit with a 17% drop.   However, with its low unemployment and stable economy the Upper Valley should be one of the first areas to rebound.    Even though Forbes Magazine listed Lebanon, NH as one of the "Most Least Vulnerable Towns to be hit by the downturn" we are not completely out of the woods yet.   Statewide the average sales price dropped about 8%.  The good news is, in the Upper Valley we actually saw a 1% increase in the average sales price and an 8% increase in the median sales price.   However, a higher than normal inventory along with an increase of the "Days on Market", the average number of days it's taking a home to sell is a sure sign of a buyers market.    So you might ask, if the average sale prices have gone up, why can't I sell my house?  The answer is "asking price, time and the economy".  We must also take into consideration that right now in the Upper Valley those same homes took on average 5+ months to sell and almost all of those homes sold started at a much higher asking price.  When looking at homes buyers are being cautious and conservative, looking at homes priced well under what they can actually afford.   We also have buyers moving in from other areas who had to sell at a loss and can no longer afford a similar home in our area.  These people tend to rent or worse they decide not to move because they can't afford to live in the Upper Valley.

In Vermont vacation home sales have slowed to a crawl most likely due to the stock market collapse, although home prices in these sectors have not fallen nearly as far as other second home communities in New England.    New construction has also stalled; the high cost of materials and permitting has forced these homes to be priced well out of the range of the typical Upper Valley home buyer.  

 The foreclosure phenomena!

 My biggest concern going into 2008 was the potential that foreclosures would have a wide spread negative impact on the overall market.  State wide foreclosures more than doubled in 2008, which sounds horrific, until you realize this translates to only about 1% of all homes in NH.  Still, foreclosures will continue to have a strong impact on home sales and pricing well into 2009.    First time home buyers predominately made up of buyers looking for homes priced in the $100,000 to $200,000 range are increasingly inquiring about foreclosed homes.   RE/MAX Country Properties of Amherst NH recently reported that 90% of the registrants on their web site specifically asked for more information on foreclosed homes.    Although, the central core of the Upper Valley, Lebanon/Hanover/Hartford has not seen a great number of foreclosures we are not immune to its effects.  Nor are we immune to buyers who want the perceived great deals they can get buy purchasing such a home.    Unfortunately, many of these buyers learn quickly that they are not going to get a $500,000 house for $100,000.  The majority of foreclosed homes are being sold in "AS IS" condition and usually wouldn't make the cover of Better Homes and Gardens.  Typically these homes are winterized with no running water or electricity and unless you are willing to pay to have the utilities turned on you won't know much about the house until the day you buy it.   So depending on the buyer a foreclosure may not be such a good deal in the end.  A strong housing market will not return until all of these homes are sold and the perception of a revitalized economy has returned in the eyes of the public.

Opportunities, opportunities! 

Rumor has it that only the wealthy with platinum credit scores and 20% down are able to get a loan in today's real estate market.  While it is true that you need decent credit above 580 there are tremendous opportunities for buyers.   FHA has programs requiring as little as 3.5% down with fixed rates at or below 5% with plenty of money to loan out.    The Federal Housing Assistance Tax Act of 2008 is a great incentive for first time homebuyers which give tax credits of up to $7500.   Sellers are still allowed to participate with paying some of the buyers closing costs even if the property is a foreclosure. 

Self Directed IRA.  A little known investment tool called a self directed IRA is an excellent method for investors who are shell shocked from the stock market and are sick of getting a meager ½% return from their IRA money markets.   The self directed IRA allows you to take advantage of the current low real estate prices by investing in real estate.   In many instances without the need of mortgage your money can earn anywhere from 5 to 10% depending on the property.  These investments are a little complicated but well worth it so if you are interested please schedule an appointment with one of our professionals.

The Luxury Market

The graph below shows the trend in homes selling above $750,000 has dropped to just below the 2004 levels.  However, it is still very strong as compared to the beginning of the decade.  The blue line is the number of homes sold in this category, the black line is the "trend line".  The data used for this graph is for Grafton and Sullivan counties in NH and Windsor and Orange counties in VT.  Currently there are 203 homes for sale in this price range which represents about a 3 year supply.

What was the highest MLS Sale Price in all four counties combined?

 Answer:  $3,000,000 for a 28 room colonial on 84 acres in Barnard VT originally listed at $3,600,000 it took 23 months to sell.

So what's going to happen in 2009?

What goes up must come down.  So, how far down is down?  The first quarter appears to be poised for a continuation of 2008, however, I'm extremely optimistic that with the spring will come an increase in consumer confidence and with it a more stable and predictable real estate market.   I'm not foreseeing, nor do I really want to see, the rapid uptick in home prices we had in 04 and 05.  Instead, after the dust clears I'm counting on a leveling of the market.  Unfortunately, home sellers are constantly playing catch-up, starting high with a series of price reductions until finally selling their homes.   In most cases, I've found if sellers priced within the range that the market dictated in the very beginning they just might have beat the declining market and got more for the house in a much shorter time.  However, I've been preaching this since 1987 and very few have heeded my advice.  

How do we sell in today's market?

There are two essential skills required to sell real estate in the future:  One being an effective marketing plan the other is the strategic use of the internet.    Innovative marketing is the key in today's changing real estate environment.   The trend for many companies has been to cut marketing while history has shown us that companies that strategically increase marketing are best poised to help their clients and customers.  At RE/MAX Upper Valley we're committed to increasing our marketing by investing in the internet and providing superior customer service.    REMAX.com and Realtor.com are the top two real estate web sites nationally; along with our own site UvMaxRe.com we are continually trying to showcase our listings on the net.  Namely with professional photography, paid internet advertising, virtual tours, mapping and other tools which will provide the buyer with everything they need to make an informed decision.   Of course we are not abandoning our traditional methods of print marketing, just enhancing our services so that our clients and customers receive the highest level of marketing and representation possible.

If you are considering the sale or purchase of a home in 2009 please call one of our sales representatives for a no obligation buyer or seller consultation.  

Gerrry Stark, Principal Broker/Co-Owner

RE/MAX Upper Valley Partners

Gerry has been a Realtor for more than 22 years.  He is the 2005 Upper Valley Boards "Realtor of the Year" and teaches the Realtors ethics course.  He is the 2010 President Elect of the Upper Valley Board of Realtors and is licensed as a real estate Broker in both New Hampshire & Vermont.  Designations include the Certified Buyers Representative, a certified mentor for the Buffini & Company, A member of the Lebanon Chamber of Commerce, the NH Better Business Bureau and a NH Notary Public as well as the past Chairman of the Enfield Zoning Board. 

I was pleasantly surprised after completing a market survey as of July 31, 2008.  The average sales price in the 20 or so Upper Valley communities that we look at has actually gone up 6% as compared to the same time period in 2007.  Also, the median sales price, a much more realistic number has also gone up 13%.  The time it takes to sell a home is continuing to rise resulting in an increase in inventory however that seems to be easing as the number of single family residential homes sold is up 7%.   

This seems like really good news so why does everyone have such a pessimistic attitude regarding the real estate market?   One reason is the public including the media tends to focus on unsold homes and the state of the real estate market in other parts of the country.  

Unsold Homes:  Frankly a lot of sellers have priced their homes far beyond what buyer's are willing or even capable of paying.   It's very possible that some of these homes would have never sold for there current asking prices even if we had the same real estate market conditions we enjoyed back in 2005.   One explanation for prices being so high was the huge number of folks who refinanced there low mortgages over the past few years trying to capitalize on the increase in their homes value, many financing 100 or even 125% of the appraised value.  Unfortunately, the appraisal given at the time they refinanced may have been overly optimistic.  Without an actual buyer with cash in hand, there was no true gauge of their homes value.   Home owners had no problem with these values increasing beyond what some even thought was realistic at the time but seem to find it impossible for their homes to go down now.

 Out side Market Conditions:   It's true; there are parts of the country that have been hit hard with over building and poor lending practices.  Florida, Nevada, California and Ohio have seen huge losses in their homes values.   Poor economic conditions combined with poor lending practices in these areas are feeding upon themselves.   People who never should have received a mortgage in the first place are now feeling the pressure.   Adjustable or teaser rates are now increasing the monthly payments, combined with inflation many are finding it impossible to make their payments.  Faced with feeding their families or making a house payment some of these people are just walking away from their homes.  Creating an unprecedented number of foreclosures which sell at rock bottom prices continuing to feed the flames of a falling market.

What does all this mean and how does this help me sell my home in the Upper Valley?

While a 6% gain is impressive it isn't enough to counter the losses we sustained in 2006 and 2007 combined with high inventory and inflation.  Sellers need to take the following steps if they want to sell this year.

1.  Realistically price your home.  Always get 3 Realtors price opinions and toss out that appraisal you got back in 2005 its yesterdays news.  If you don't really need to move than consider withdrawing your home from the market until there is a more favorable selling environment.

2.  Location, location, location.  With high inventory, homes that have less than good locations, busy roads or address that starts with "Sewer Treatment Lane" are going to be much harder to sell.  You'll have to be priced under value to compete, as there will always be a similarly priced home in a better location.

3.  Keep your home clean and well maintained.  Since there are too many homes to choose from the ones that look there very best we'll be perceived to show the most value.

4.  Finally, List your home with REMAX Upper Valley! "Yes, a self serving plug, it is my blog after all!"

For a FREE market opinion of your homes value, email FreeCMA@UvMaxRe.com or give us a call at 603-298-8900.

There's been a lot of talk about younger folks fleeing New England for the bright lights and night life of the bigger towns.  While that may seem like a good idea to a 20 year old, let me tell you that when it comes time to settle down there's nothing that can beat a small New England town. 

I recently attended my daughters "Awards night" this is where they give away scholarships etc. to graduating seniors.  It had the usual pomp and circumstance, a few goofy kids with long hair wearing shorts and sunglasses.  At one point during the program they had every senior file past the podium to receive a small gift.  As they passed the class president announced their names over the speaker.  This may not seem too significant to you, but, what struck me was he new each and every one of them by name.  He needed no notes, no list as they walked up he clearly announced each name.  True, the class has only 96 graduates, yet how many of you reading this graduated from a class so large there's no way you could possibly know each student by name? 

So, go out and see the world, but when it comes time to settle down, there's no place better to grow up in than a small New England town. 

Don't be deceived, this home is larger than it looks. With 3bdrms,21/2bths,a lrge kitch w/cherry cabinets &an attractive breakfast bar. Living room has sliders to a large deck that is tree screened from rd.Lower level has family/theater room that includes a projection TVw/scr,office,&bonus room.SELLERS TO PAY BUY-IN FEE,& 1yr of ASSOC.DUES  $329,000

Eastman is an exceptional, four-season recreational and residential community located minutes from Vermont and just two hours from Boston, in the dynamic Dartmouth-Lake Sunapee region of New Hampshire.

Eastman's 3,600 environmentally-protected acres of woodlands offers families, second-home owners and retirees hideaways for homes, condominiums, and several yet-to-be developed sites. Eastman's amenities include a two-mile lake, six beaches, an 18-hole, championship golf course, 14 tennis courts, and 17 miles of cross country ski, snowshoe and hiking trails.

Thanks to Monika, and Mr. Turners tutorials.  I've come a long way on Active Rain.  I've got my header in place, widgets on the sidebar, logos, and a bunch of other good stuff.  Active Rain has increased my Google Rankings to #1 for my personal name and along with my own web site has put my name in the top 7 positions on a Google Search.  It has also increased my main web site rankings dramatically.   Along with some SEO changes, we are moving up fast.  Pretty good for a web site that did not go on-line until last October 2007!   Blogging is fun, you guys have all been great, most of you anyway.  I'd especially like to thank Monika McGillicuddy for all her great support!

Well, after 20+ years I have a new one.  I was standing in the parking lot of my new listing waiting for the cooperating Realtor and her buyer to arrive.  They pull up, a little late, and start to get out of the brokers very nice car.  The buyer has her hand wrapped around the door frame and the open window as she's getting out.  However, when the car is shut off, the windows start to shut trapping her fingers in the closed window.  She started to scream at the top of her lungs, the other Realtor started the car but no matter what we did the window would not go down.  She continued to scream and the other Realtor started to scream too!  I haven't heard a woman scream so loud since my wife gave birth!  I don't know why the window wouldn't go down, so I decided there was only one thing I could do.  I reached into my truck, grabbed a metal bar I use for the hitch and smashed the window.   Glass went everywhere, but the screaming stopped.  After putting her fingers under cold water and ice she went home with some very swollen fingers. 

Needless to say, I don't think she is going to buy the house. 

Friday Night at Fenway Park was Unbelievable!  I had great seats Loge Box 141 looking over Home Plate.  The game started out a little slow Texas had one run, after 3 innings the Sox didn't seem to have their momentum.  Then, a few base hits, a walk and the next thing you know Big Popi is walking up to the plate with the bases loaded.   I had just stuffed the last bite of my Fenway Frank into my mouth leaned over to my friend and said wouldn't it be great if Popi hit it out of the park.  I wasn't the only one thinking the same thing, the whole crowd rose to their feet to cheer on the big guy.  He's got one of the lowest batting averages in the League, .111.  I don't even think the crowd was ready when he swung at the first pitch, the ball rose as if in slow motion, you could hear a pin drop, up up towards the Green Monster, WOW! The whole park irrupted into cheers of Popi, Popi a grand slam.  The Big Guy is Back!  The rest of the night was more of the same, final score Sox 11 Rangers 3, I celebrated by splurging on some ice-cream in a bowl shaped like a batters helmet!