Even though the economy is tough these days, there is opportunity for some of us! If you’ve kept your job at roughly the same pay and hours, and there’s no reason to expect any changes , you may be able to get a great deal on a more substantial home in the White Mountains of NH or Western Maine. If you own a starter home, or a home in the best selling range of our area, you’re in an excellent position to “move up”. Many homes in the mid range market are just sitting, waiting for a buyer. Opportunity knocks!

First, determine how much more you may be able to afford. Interest rates are at historic lows. If you haven’t refinanced in several years, you may be able to get more home for the same money you’re presently paying now. Interest rates are currently at about 4%. If your current loan is at 6% or even more, that could make a big difference in your current borrowing power . A $200,000, 30-year loan costs $1,199/month at 6 percent interest. At 4 percent, that same loan only costs $954. That’s nearly $250 less per month. You could actually buy a home for $50,000 more with a slightly lower monthly payment than you currently have now . Of course, if you don’t want to move, you might want to consider a refinance of your current home.

Another housing expense you want to take into account are your real estate taxes on your current home . From town to town in our valley real estate taxes can vary to a considerable degree. Taxes in the Mount Washington Valley and Western Maine can range from $9.15 per 1000 dollars evaluation to as much as $ 21.78 dollars per thousand . On a $200,000 home, taxes alone could range from $1,830/year to $4,500 /year. If you live in a town with the highest tax rate, you’re paying $2,526 more per year, or over $200/month more than the town with the lowest rate. That can give you a lot more borrowing power without increasing your monthly housing expenses. Compare the homes first, then compare the taxes.

Moving up doesn’t necessarily mean buying a larger home. You could buy a home in a more convenient location for your family needs, or have a mountain view, more privacy, better amenities, or a higher quality home. In our valley mid-range homes have been discounted substantially more than starter homes and there is a better selection too. In a stronger market, mid-range homes sell for substantially more. Moving to a home in the $225,000 and up range in this area generally means a substantial discount in value when compared to starter homes.

To take advantage of the opportunities in a down market, it’s time to look at your loan, your taxes, and properties that are in slower moving price ranges 225K to 400K . It’s the same opportunity you’ve always heard: “Buy when everyone’s selling. Sell when everyone’s buying.” As you can see, our present real estate market may provide you an opportunity to improve your long term equity position and have a nicer home to enjoy too, especially if you have an older loan and live in a higher tax-rate area. Even if you don’t, there are plenty of deals out there.

When buying a home, you should be aware of some of the changing factors that add value to a home. Energy efficiency is becoming very important and quality has become more important than size. These homes can save you money in heating, cooling and maintenance costs, as well as improving the comfort of your new home. Is it time to start looking at your options?

We’re often led to believe that the median sales price in any given area is a reflection of home values. Most economic reports and local housing indicators use this number to determine market conditions. The median home sale price is actually the point where half of all homes sold above a certain price, and half sold below. It is reflective of sales trends, not home values.

When the median homes price is low for any given area, there are many potential causes that are unrelated to true home values. For instance, during a slow market, or season, most sales may occur in the entry level range of homes. Just because a large number of fixer uppers, foreclosures and mobile homes have sold during a given period does not mean that the average family home has lost substantial value. It means that most buyers are looking for low end properties. Again, the median sales price reflects a trend, not the value of any particular home.

Similarly, when a high number of upper end home sales occur in a particular area, that does not mean that prices have gone through the roof. It simply means that more people have bought higher end homes.

Do not, however, ignore median home price trends. If most sales are on the lower end of the spectrum, that generally means there’s less competition for mid-range and luxury homes. For example, if there are 20 homes on the market in the $300,000 price range, and 2 buyers per month purchase a home in this price range, then it will take an average of 10 months to find a buyer, given that all of these homes are of the same general quality. Those who need to sell will reduce the prices on their homes, or improve the value. The best valued homes will sell first. The least valued homes may not sell at all. Sellers must compete for buyers.

In a recovering market, where most entry level homes have already sold, there’s generally a push to move upward, into a more substantial home. Many families have either outgrown their home, or have made improvements over time and would like a better home. This increases the demand for mid-range and luxury homes, and is an indicator of the market heating up. When selling a mid-range or luxury home, after this point and before the peak of the market is the best time to sell for those who plan to downsize, or rent. In contrast, if your plan is to move up to a larger home in the same area, a slow market may offer better opportunities as most buyers are competing for entry-level homes. You’ll have greater bargaining power if you’re moving into higher price range.

Another commonly used measurement of market trends is the Average Sales Price. This is where the total dollar amount of sales is divided by the number of homes sold. This can be skewed as well. If, for instance, the multi-million dollar mansion in town that sells every 20 years or so is sold during a given period, the average home sale price will be very high.

Several factors can have a very distinct effect on the value of homes in a given market. Employment and incomes have a direct influence on home values. High employment increases value. High income levels increase values even more. As you’ve always heard, location has a direct influence on value. Homes by the ocean, lakes, mountains, and many urban developments are often in greater demand and command more value. Where location is the driving influence, everything counts: excellent schools, low crime, desirable locations and neighborhoods.

To get a realistic idea of the value of your home, a real estate agent will conduct a Comparative Market Analysis (CMA). This will compare your property to homes that have already sold. This is important because you may need this information if an appraiser comes up with a lower figure for the value of your home. In a CMA, your property will also be compared to similar properties that are currently on the market. This will give you substantial insight into the properties your home must compete with.

If you’re looking to get a true reflection of your property’s market value, contact a Realtor. Realtors rarely charge for a Comparative Market Analysis when you’re looking to put your property on the market. If the price meets your needs, and fits into your plans, your agent can usually get your property on the market very quickly.

“To buy or to rent?” Recent graduates, young couples, relocating professionals and others have all asked themselves this question at one point or another. While each option has its benefits, the decision to purchase an apartment, condominium or house as opposed to renting, is complex and based on a number of factors. According to a survey from October 2010 from the National Association of Realtors, nearly eight out of 10 respondents believe buying a home today is a good financial decision  The question that remains is whether or not now is the right time to purchase a home for you.

For most people, deciding to purchase a home is the largest financial decision of their lifetime. Before making the jump into homeownership, potential home buyers should consider the “soft” lifestyle issues as well as the “hard” financial ones. The professionals at Coldwell Banker Wright Realty have provided the following four financial and lifestyle questions to consider when determining if buying a home is the right decision for you:

1. Do you have a steady income? At or near the top of every potential homebuyer’s mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. The “Affordability Radar” tool on coldwellbanker.com is a great way to begin this planning and assess “how much home you can afford.  Don’t hesitate to speak with a real estate professional even before you’re ready to buy a home. Along with a financial planner, a real estate professional can help you answer and uncover questions about the cost of homeownership.

1. Do you plan to stay in a home for an extended period of time? With proper planning, a home purchase has historically proven to be one of the strongest investments one can make. Along those lines, it’s imperative to understand that investing in a home is much different than investing in a stock portfolio. Homes typically appreciate in value over time while the owner builds his or her equity through monthly mortgage payments. If you anticipate staying in a home for only one or two years, it doesn’t necessarily mean buying is not for you, but you are less likely to see a significant financial return on your investment.

1. Do you plan to sell a house in order to buy a house? A local real estate professional can help you understand current local market conditions and will help you make smart decisions when listing a home on the market. If you do not currently own a home that needs to be sold prior to purchasing a new one, now is a particularly smart time to buy. Even with lenders becoming increasingly more thorough in their approval process, mortgage financing is still widely available for those with a steady income and solid credit. High inventories and low interest rates give first-time homebuyers a tremendous amount of opportunity and flexibility in markets across the U.S.

1. How do your other options compare? For renters, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities. The calculation gets a bit more complicated when considering the monthly cost of owning a home. A real estate professional can help you understand a range of financial considerations from annual property taxes to the tax incentives for owning a home.

 There is no one right decision when it comes to renting versus buying a home.Each individual should take the time to look at their personal and financial situation to decide what will work best for their needs and lifestyle.

The statistics for existing homes sold in Carroll County in New Hampshire and the towns we serve in Western Maine are now available for March through the Northern New England Real Estate Network (NNEREN).

The two best selling price ranges were $120,000 – $139,999 and $250,000 – $299,999.  This would suggest that first-time homebuyers are becoming very active in the low range. Move up buyers are becoming most active for homes just under $300,000. In the luxury homes market, the $700K – $800K range was most active.

More than half of all homes sold used conventional loans. Just under 1/3 of all existing home sales were cash deals, which is quite a high percentage. Just a few homes sold with VA, FHA and other loan types.

There are plenty of things to do to make your home more sellable. One of the most important things you can do is to de-clutter your home and get the details right. Realtor Magazine has a great article on getting your home ready to sell, Finishing Touches by Melissa Dittman Tracey. According to Tracey, if you’re planning to sell you can stage your home, or use some elbow grease. Here are some fantastic tips from her article:

Box it up. Most people pack up after they sell the house, but why wait? Sellers should start packing as early as possible—ideally, before they put the home on the market.

Show off the laundry space. Buyers will be impressed if the laundry room is fresh, inviting, and organized. Make sure light bulbs are working, and hide soaps in a cupboard or line them neatly on a shelf.

Focus their attention. Pick a focal point for each room. For example, the focal point of a bedroom is usually the bed, and for a music room, it’s the piano. If a room is mostly empty, you can help draw attention to a corner with a plant or mirror.

But there’s much more. Tracey gives expert advice on:

• Floors
• Lighting
• Painting

Here’s the full article. If you are all ready, fill out our form where we sell New Hampshire or Maine real estate.

It’s hard to believe. Especially since there were no automobiles here 150 years ago. According to AAA in their Northern New England Journey quarterly magazine, the original road opened on August 8th, 1861. And, ”Freelan O. Stanley and his wife, Flora, made the first motorized ascent of Mount Washington on August 30, 1899, in his Stanley Locomobile.”

We thought there was something strange about it being called the “auto” road way back when. It was originally called the Mount Washington Carriage Road. For more information about the “auto road” and the 150 year anniversary, visit mtwashingtonautoroad.com.

Both New Hampshire Homes and Maine Homes are forecast to rise in value during 2011 according to HousingPredictor.com. Maine is expected to do slightly better. HousingPredictor.com wrote: “Healthy employment, fewer foreclosures and distressed properties are producing a better housing market in Maine as the state recovers from the real estate crash and financial crisis. Maine ranks in the five lowest states in terms of foreclosed properties.” In fact, they predict Portland, ME to be the top market in the country this year.

New Hampshire will fare well also according to HousingPredictor.com: “Stoked by better employment than in most other areas of the country and record international exports, the New Hampshire economy is eyeing the New Year with an optimism not seen in many areas of the U.S. That’s not to say the state is out of the woods yet in the financial crisis, but it’s driving a recovery in housing markets.”

All in all, it looks like the White Mountains and Western Maine will see a turnaround this year if HousingPredictor.com is on the money.

AARP magazine has just published an article, Vacation Like a Vanderbuilt, America’s most lavish vintage resorts can be surprisingly affordable, by Bill Newcott. They make mention of a recent $60 million expansion and renovation. AARP has rooms listed as available for $199 per night. Among guests, 3 presidents have visited the hotel. The A-list of guests, according to AARP include Babe Ruth, Winston Churchill, and Princess Margaret. The Omni Mount Washington Resort is listed 4th in the series of affordable, lavish hotels.

If you’re looking for a luxury mountain home to buy in the Mount Washington Valley, here’s the perfect place to stay and set the tone.

It’s not surprising New Hampshire won the top spot for retirees to live. New Hampshire has a fantastic climate, low crime rate and has been a vacation destination for families from all over the Northeast.  AARP and money-rates.com rated the top states to retire based on Economics, Climate, Crime Rate, and Life Expectancy.

New Hampshire has low tax rates. There’s no employment tax, and sales taxes are related to dining and lodging. In our area of the White Mountains, check our list of Mount Washington Valley property taxes by town to determine what it would cost to live in a private residence.

If you love the 4 seasons, they’re spectacular here in the White Mountains. Many people work throughout the northeast and vacation in the White Mountains with the hopes of either moving or retiring here someday. It’s definitely an enviable location and environment with clear air, clean lakes and rivers, and the type of scenery they makes you feel alive.

In most of these towns, the crime rate is extremely low. Some towns don’t even have a local police station, relying on neighboring towns and county sheriffs instead.

And life expectancy? We live forever up here. Must be something in the relaxed pace, the mountain air, and the beauty we find throughout the entire area. Yes, it’s a fantastic place to retire. Retirees would be wise to invest their money in New Hampshire real estate.

Thinking of selling your North Conway home? Before you place the “For Sale” sign in front of your house, there are a few things you should consider in order to maximize your home value and make the sales process smooth and efficient.  Be prepared to discuss the following subjects with your real estate agent when you’re ready to sell your home and you’ll be one step ahead in the market.

1) Best Time of Year to Put Your House on the Market
Conventional wisdom dictates that spring is the best time for selling a home.  The weather is getting warmer, the school year is coming to an end, and people who have just received their tax refunds may now have extra cash to use for a down payment on a home.  However, since not everyone can sell a home in the spring, here are some other seasonal factors to consider. According to annual home sale data from the National Association of Realtors, the slowest selling months of the year are typically January and February, since fewer home sales occur during the holidays.  In spite of this, with less competition in the marketplace, you may be able to ask for a higher price for your home, or a quicker closing.  Additionally, temperate locations like Florida and California don’t see the seasonal fluctuations in the housing market, where house-hunters are almost always looking.  And a late winter or early spring in the Northeast may extend the typical “selling season.”  These seasonal variations, as well as a variety of local factors, will all influence the housing market in your area.  Be sure to talk to your real estate agent regarding the current state of the market and how it will affect the sale of your home.

2) Open House Strategy and How to De-Clutter
At an open house, first impressions count, so you’ll want to enhance your home’s perceived value. Make your home inviting by taking care of bothersome minor repairs; clean bathroom and kitchen counters and clear them of dishes and clutter. Arrange storage areas neatly and put unused items in a closet. If you have pets, consider having a neighbor watch them for the duration of the open house. It’s a good idea for you to be absent during the open house, also. If you must be present, let your agent do the talking.

Decorate your home to sell by arranging the furniture to look as spacious as possible. Add color and fragrance to any room with fresh flowers. Lastly, don’t forget the outside of your home. Put away all gardening equipment and neatly arrange outdoor items like firewood or furniture. Even take a hard look at your mailbox and make sure it reflects the value and character of your home.

3) Features to Accentuate
While you may have long determined which aspects of your home you love, having a fresh set of eyes assess its best features is a smart idea. If you’re considering selling your home, take the time to walk through it methodically with your real estate agent. Together you can determine which features of the home should be accentuated.  Does your home have a wonderful view? Make the most of it by sprucing up window treatments and arranging furniture to draw the eye toward the windows. Perhaps the location of your house is truly incredible. Your real estate agent can help accentuate this feature in sales and marketing materials.

4) Desired Price and Bottom Line Price
It’s great to shoot high, but when determining your home value, it’s also important to identify your bottom line. By assessing recent home sale statistics in your area, your real estate agent can recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well as privately determine the absolute lowest price you would comfortably accept for selling your home. By crunching the numbers and setting parameters early on, you can avoid emotional rollercoasters during the process of receiving, countering and accepting offers.

5) Disclosures
When selling your home, you may be obligated to disclose problems that could affect the property’s value or desirability. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a basement that floods in heavy rains. And many states now require sellers to take a proactive role by making written disclosures on the condition of the property. Ask your real estate agent for the particular laws of your state.