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New Hampshire - Have We Hit Bottom Yet? ... What Buyers and Sellers Want to Know

By Joan Whitebook

Real Estate Agent with BHG The Masiello Group

April 21, 2009 05:52 AM

hit bottom steve parker

It seems that not a day goes by that someone asks me, "Hey Joan, has the housing market in New Hampshire hit bottom yet?

I always reply "It is impossible to know when the housing market has reached the bottom until things start to go back up... If I knew the answer to THAT question, I would be making the big bucks.. like the pundits on CNN"

There is good news for New Hampshire home buyers...

According to Peter Franchese, a well known demographer for the State, New Hampshire is close to or at the bottom. Franchese agrees that it is impossible to call the bottom, but in a press conference last week he indicated that he was reasonably comfortable in saying that a house will be worth about the same or more in a year.

Figures recently released from the New Hampshire Association of Realtors® indictred the statewide median sale price was $195,000 in the first quarter of 2009, which is $40,000 less than the first quarter one year ago.

Franchese uses a ratio that compares the median home sale price to the average household income. Franchese concludes that homes are affordable and people who would have been priced out of the market are now able to buy a home.

This is good news for homebuyers. There are a lot of reasons to buy a home in New Hampshire.

Home are more affordable.
Interest rates remain at an historic low.
First time home buyers may be eligible for the $8000 First Time Home Buyer Tax Credit. However, only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for the Tax Credit.
The First Time Home Buyer Tax credit may be used along with New Hampshire Housing Financing Authority loans and grants.
There are green and energy tax credits available to buyers.
New Hampshire does NOT have a state income tax.

New Hampshire is a great place to Live... and It is a Great Time to Buy!

Find out why New Hampshire recently was chosen as the Most Livable State in America! and the Third Healthiest State in America.

Photo Courtesy of: Stever Parker_FLICKR, creative commons

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Disclaimer: Information herein may come from various sources, some of which may not be reliable and may change without any notice. Joan Whitebook does not guarantee or is any way responsible for the accuracy of the information in this blog and information provided is without warranties of any kind, either express or implied. Information on this blog represents the opinions and ideas of the author; comments by others may not express the views of the author.
Copyright © 2009 By Joan Whitebook, all rights reserved.*Copyrights "Have We Hit Bottom Yet? ... What Buyers and Sellers Want to Know"

Information used with permission of Peter Franchese and NHAR.

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Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Gita ~ I think everyone is glad to see the winter at an end and the beginning of spring and the sprin home buying market. Wishing you wll in Bucks County, PA.

Apr 21, 2009 11:24 PM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Buyer interest is sickening here and inventory levels have dropped to a normal level. The moratorium thing scares me with too much inventory coming online BUT (yes but) I hear short sales are getting approved left and right.

Apr 22, 2009 04:11 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Renee ~ It is so interesting to hear about what is going on with the various markets. I hope that there are not too many more short sales and foreclosures! We all have had some trying times these past few months. Here is to a productive spring for all of us.

Apr 23, 2009 06:39 AM

Diane Aurit

LKN Realty, LLC - Mooresville, NC

Lake Norman Real Estate

Joan, What great information. I do hope you are at or near your bottom. We started late so I'm afraid have a long way to go before our inventories get back to normal. Once we see that I will predict a bottom here. I have a client moving here from New Hampshire so hopefully her home will sell quickly!

Apr 25, 2009 05:56 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Hi Diane -- There certainly are a lot of mixed messages in the media these days. I was glad to see these press conferences reported in our local papers. I think this type of new will make buyers more confident about buying. I hope this really is a trend! Hope your New Hampshire people find a great new home; I know they are in good hands. The trick for selling in NH is like almost everywhere else, pricing the home correctly from the start. Good luck to you and your NH buyers.

Apr 25, 2009 08:14 AM

Gail Robinson

William Raveis Real Estate - Southport, CT

CRS, GRI, e-PRO Fairfield County, CT

I have investor clients who have picked up some fabulous bargains during this downturn. Now they are pestering me for more great buys, but I haven't been able to find them. over the past month. Perhaps we have hit bottom here and are on our way back up again in my market. Time will tell.

Apr 25, 2009 12:57 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Gail ~ I think the next few months are going to tell us a lot about where things are going. I think some of the areas hit less hard be the mortgage crises are starting to see some significant changes. Good luck to you.

Apr 25, 2009 01:25 PM

Janice Roosevelt

Keller Williams Brandywine Valley - West Chester, PA

OICP ABR, ePRO,Ecobroker

Joan: insightful post but I have to say the bottoms up photo was THE BEST!

Apr 26, 2009 11:43 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Janice~ I LOVE that little bottoms up photo! Now that is what I call "downward dog"! Hope you are doing well.

Apr 27, 2009 02:14 PM

Not a real person

San Diego, CA

We might be at the bottom here. Prices have been stable for three consecutive months, and home sales have been skyrocketing for nine consecutive months.

Apr 28, 2009 12:25 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Russell ~ Thanks for the update on the San Diego real estate market. It is interesting to see how things are going in different parts of the US. San Diego is such a wonderful place to live. and I am glad to hear how well it is doing. Hope you are enjoying spring. It must be quite nice in San Diego.

Apr 28, 2009 02:05 PM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

Start spreading the news~~~

Great one Joan! I desire normality back in my worklife. I hope that is where we are headed!

Apr 28, 2009 02:22 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Hi Renee -- This market has been anything but normal. But I agree that there is a lot of good new to spread out there. We are certainly seeming some promising activity.

Apr 29, 2009 09:55 AM

Wendy Welborne-Kimery

Keller Williams-Lake Norman Mooresville,NC - Mooresville, NC

I don't think we'll know we've hit bottom until we've started back up. At that point it is too late. The buyer's will then have to chase it back up. Be sure to buy so you aren't chasing the mkt back up.

I love your photo.

Apr 29, 2009 10:49 PM

Lynn911.com ~ Dallas Real Estate Agent Top Team

Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Joan the visual of the dog will be in my head all day I am still laughing about it.... great picture match remainder of the blog. Have a great and successful week.

May 03, 2009 03:35 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Wendy ~ You are correct. If all is in place, then it is time to buy now. I agree that we will only know for sure when the market hits the bottom.. when it is on the way back up.

Lynn ~ I love THAT photo. It really makes me laugh too! I appreciate your stopping by and commenting. This was a post I enjoyed doing. I have so many people ask me if we have reached the bottom. Let's see what FIDO says!

May 03, 2009 10:10 AM

Virginia Hepp - Mesquite NV REALTOR

Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV

Mesquite NV Homes and Neighborhoods - Search MLS

Joan, I don't know if we are at the bottom here in Mesquite, but I have been busy and our sales board is almost full, too. Really good signs and buyers are coming off the fence, it seems.

May 03, 2009 02:52 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Virginia There certainly seem to be significant changes happening in most of the real estate markets. I am cautiously optimistic that we are getting back to a more balanced market. The unemployment figures keep climbing, so I don't know if we are out of the woods completely.

May 04, 2009 12:59 AM

Jim Frimmer

HomeSmart Realty West - San Diego, CA

Realtor & CDPE, Mission Valley specialist

We might have hit bottom here a few months ago. Home sales have been up for nine consecutive months, and prices have either been stabilized or up for four consecutive months. In fact, the median price jumped a whopping $43,200 April or March.

May 19, 2009 03:39 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Jim -- This is remarkable. I am glad to hear that things have picked up in San Diego... and then a median price jump of $43,200 is certainly indicative that things are changing... hopefully, it will mean we are heading toward a recovery.

May 20, 2009 04:11 PM