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What are the numbers telling me about where my buyers will come from in NH

By
Managing Real Estate Broker with Alpine Lakes Real Estate Inc., NHRE# 02863

 

I have always thought you could massage the numbers to make them support your position. Looking for comps to get your home appraised is a real art. Most appraisers will not accept your “leg work” for determining values. I was recently trying to find where I should target my marketing budget for second home sales in the North-East. Basically where will my buyers come from given a 2+ hour drive and the areas that support the income to buy from with-in that distance (New England states being the target market).

The Raw income numbers New England Vs. the rest of the country

  Top 100 Counties for Per Capita Income in the United States (New England only).

   #6 in the U.S. Fairfield County Connecticut.

   #18 in the U.S. Nantucket County, Massachusetts

   #22 in the U.S. Norfolk County, Massachusetts

   #29 in the U.S. Middlesex County, Massachusetts

   #94 in the U.S. Newport County, Rhode Island

   #97 in the U.S. Rockingham County, New Hampshire

Note the highest by county income in Maine ranked #192 & Vermont #212

  *The raw numbers don’t tell the whole story…common sense still has its say

Here is where the numbers can play tricks on you: #6 Fairfield County, are folks that often commute to New York and – the New Yorkers go to the resorts in Vermont as it is easier to travel north directly to our Western neighbor. #18 Nantucket (and the Islands) also have a difficult commute and a small population to make good bang for your marketing buck.

Boiling it down to my best chances to sell properties to out of state buyers

From #22 to #97 is my target…big populations, easy access via the highway system and historically more inclined to head due north to New Hampshire, rather than Maine or Vermont. People go where they are comfortable going.

More research tells me even more than what is apparent on the surface.

Interesting note: While Middlesex County ranks #29 in Per Capita income in the U.S. It consists of over 40 towns…20 of which rank in the top 30 for highest income per tax return in the state of Massachusetts, and Middlesex county ranks 10th in the United Stated as having the highest concentration of Millionaires by county in the nation. Conclusion: Eastern Mass , the City of Boston, Southern NH and the sea coast of Rhode Island…are in my sights. Wealth by zip code reveals 40 towns from the north shore to Cape cod...where individual salaries "average" over $100,000 per year in Massachusetts.

 I heard a marketing “Guru” joke once “shoot first and identify whatever you hit as your target”. I have learned ammunition can be very expensive…the Minutemen of the Massachusetts colonies said “don’t shoot until you see the whites of their eyes”.  I want to know what I’m firing at is what I’m trying to hit.

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                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

                    steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

                        MLS search and Realtor web site: www.alpinelakes.com

                         My outside Blog: www.steveswhitemountainblog.com

                    Lincoln NH &  Local interest site: www.localism.com/nh/lincoln

    Grafton County NH MLS search

Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It is all about the numbers when it comes to marketing. Those are some impressive numbers.

Jan 18, 2011 12:41 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

All that research will pay off!

Jan 18, 2011 01:19 AM
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Excellent commentary on where to spend your marketing ammo Steve. Like Laura said above, your research will pay off.

Jan 18, 2011 02:16 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

It's interesting (and this does not specifically relate to your post but relates to massaging numbers) that in the investor/buy aspect of the distressed property market, the buys think that they can massage the numbers, but the bank will have nothing of it. And, yes, we all need to be careful and deliberate in where we spend our 'marketing 'ammo'.

Jan 18, 2011 02:56 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Steve, with all the vacatin homes that you have knowing where your buyers will come from is paramount in your marketing.  I do much of the same thing with the hunting and recreatinal lands we list.

Jan 18, 2011 03:44 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Laura & Craig, there is nothing more important than knowing where your buyers' are coming from, when determining where to spend your resources.

Jan 18, 2011 05:05 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Melissa, short sales and foreclosures are a different animal when the lender hires someone who doesn't know the market well enough to look at the true comps. I have had deals turned down at prices that were on target but the appraiser did a poor job on the comps.

Jan 18, 2011 05:10 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Steve,

Good points; I think the lack of "taking aim first and then shooting" is the reason many marketer's report poor results. Guru or no Guru...

Best,

Steve

Jan 18, 2011 06:21 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Steve..You will find them the home of their dreams..i am sure of that !

HelpfulHannah

Jan 18, 2011 07:00 AM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Steve...The broad picture can be a bit misleading if you don't dig a bit deeper...I hope to focus on the best possible returns.

Jan 18, 2011 08:51 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Steve, the nickname for Fairfield County in Connecticut is the Gold Coast.  Many of the people that live there have more than enough money to purchase those beautiful homes you have up there.

Jan 18, 2011 12:35 PM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

George, We have our share of Connecticut owners here but a much higher concentration of Ma. & RI. owners.

Jan 18, 2011 12:44 PM
Jane Cross
Homes By Cross serving Charlotte NC Real Estate Needs - Charlotte, NC

Steve, impressive research that you have spent hours and hours doing, and calculating. I think people look at that initial investment of time as too much, and fail themselves, right then and there. It is this initial work that will pay you dividends. Although, I think that if all else fails, and you hit something you weren't expecting to, then by all means, claim it as a target:) HA!

Jan 18, 2011 01:14 PM
Kim McMahon
Executive Realty Group - Skokie, IL

Great perspective!  Good luck

Jan 19, 2011 02:27 AM