Better here than in other parts of the country is the answer! Again we have the news that all real estate is local - there is no "National Market". We don't have a National Weather Report because we know that weather is a very local occurrence. Well, we know the same about real estate. All markets are local and there are micro-markets within each town based on the neighborhood. The first thing most of us learn in real estate is "Location, Location, Location"! The Seacoast of New Hampshire is a great location to live and it is showing in the stability of our market.
The Seacoast Board of Realtors just hosted its third "State of the Seacoast Housing Market" address to Realtors and the media. This session the panel was made up of Jim Lyons, President New Hampshire Board of Realtors; John Rice, President for the second year Seacoast Board of Realtors; Peter Stanhope, General Appraiser; and Jay Gibson, President Piscataqua Savings Bank.
Peter Stanhope reported that Portsmouth has only a 4.7 month inventory of homes where inland 30 minutes away in Derry there is an unhealthy inventory of homes sitting at 17.1 months of inventory! Stanhope said "Would I buy a house now? The answer is 'Yes' providing you plan to live in the home for at least three years, now is the time to buy."
Consumer confidence effects the market and with the National media turning out negative stories and following the doctrine "If it bleeds, it leads" way of reporting hurts local markets. Jay Gibson, Piscataqua bank stated that during the sub-prime era "In New Hampshire lending practices were generally more traditional and prudent." "Furthermore, we had not built a large inventory of speculative housing, so there was less demand for sub-prime product." Jim Lyons was bullish on the housing market saying "The market is ripe for activity for people with good credit. There are houses out there and interest rates are low."
Good news for all - Agents, Buyers and Sellers. We are the leading edge of bringing of the housing market back around - as usual! May the rest of the country/state/region follow our lead and see stabilization and increased sales.
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