"ALL REAL ESTATE IS LOCAL!"
Prices Increase!
While the rest of the country faces increased foreclosures and dropping home values, NH pulls out of the free fall. The median price of a home in New Hampshire has increased in each of the last four months. In some resort and retirement areas the increases have been substantial as baby boomers looking for deals start buying up properties.
Higher mortgage qualifying standards do not seem to effect this prosperous group of buyers. Vacation and second homes now require a minimum of 25% down, verifiable income and a strong credit score.
Statewide the inventory of avalible homes has remained steady at approx. 12,000 units for sale. That number may seem high, but consider that it is approximatly one years inventory. Even with the depressed market at the end of 2007 and the first half of 2008, 10,108 homes sold in New Hampshire in the past 12 months. The fact that the number is not increasing is a very good sign for Sellers.
Buyer's should consider this Summer as a buying opportunity. We are forecasting prices to increase a modest 3.0 - 4.5% by the end of the year and inventories will drop as re-sales are scooped up and new construction is slow to respond.
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