Sales Are Up. Prices Still Have a Way To Go.

Posted: 15 May 2012 04:00 AM PDT

We believe the housing market is recovering. We believe that sales will be robust through the rest of the year. However, we also believe that the increase in demand will not impact prices in a big way as we think there will also be an increase in the supply of homes coming to the market. This increase in supply will offset the increase in demand. The increase in supply will be fueled by two categories of inventory:

  1. Foreclosures entering the market as a result of the National Mortgage Settlement
  2. Pent up supply of homeowners who have been unable to sell their homes over the last several years

There have been several recent headlines making strong statements about home values in the country. We must be sure to read the ENTIRE report – not just the headlines. Here are four headlines and the portion of the report that reflects the caution in their ‘cautious optimism’.

HEADLINE:

LPS Home Price Index Shows U.S. Home Price Increase of 0.2 Percent in February; Early Data Suggests Further Increase of 0.3 Percent is Likely During March

CAUTION:

“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost. As is true this month, those temporary increases were on low sales volumes – about 30 percent lower than at any point since 1998. Furthermore, the inventory of distressed homes remains high, which will continue to put a drag on prices.”

HEADLINE:

Foreclosure hotspots show signs of housing turnaround

CAUTION:

“However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed.”

HEADLINE:

Fiserv Expects Home Prices to Stabilize

CAUTION:

“On the other hand, nearly one-half of the metro areas, or 191, saw prices decrease by more than 2 percent, including double-digit losses in Atlanta (-12.8 percent), Reno, Nevada (-10.8 percent), and Tucson, Arizona (-10 percent).

In the fourth quarter of 2011, the average price of a U.S. single-family home fell four percent from the year-ago period, and Fiserv Case-Shiller projects a further decline of 0.8 percent by the end of 2012.”

HEADLINE:

Home Prices in March Show Monthly Gain: CoreLogic

CAUTION:

“Even with price gains above 5 percent for leading states and CBSAs, Capital Economics said in response to the CoreLogic report that over the year, prices are more likely to stabilize rather than make a dramatic climb.

“There are fears in some quarters, triggered by recent disappointing GDP and payrolls data, of a sharp slowdown in economic growth which could derail the fledgling improvement in the housing market,” said Paul Diggle, property economist for Capital Economics.”

Sales Are Up. Prices Still Have a Way To Go..

What Is QM and Why Does It Matter?

Posted: 02 May 2012 04:00 AM PDT

We often discuss the difference between the PRICE and the COST of a home. We want buyers to realize, in many ways, the cost of a home is more important to them than the actual price. Obviously, price is part of the cost equation. The other piece, available financing, is also crucial. Soon, there will be major decisions finalized by the government regarding house financing moving forward. These decisions could negatively impact many buyers.

“QM” is a new term which stands for qualified mortgage. The new Bureau of Consumer Financial Protection (CFPB) will be responsible for defining QM thereby setting the consumer guidelines banks and lending institutions must follow before issuing a mortgage.

Richard Cordray, the Director of CFPB, plans to finalize the definition this summer. The Center for Responsible Lending quotes American Banker on this timeline:

“The Consumer Financial Protection Bureau will issue a final rule by the end of June defining what constitutes a ‘qualified mortgage’ that will be exempt from new rules compelling lenders to verify borrowers’ repayment ability.”

The fear of many is that the definition will be too ‘narrow’ resulting in many purchasers not being able to qualify for a mortgage under the QM definition. In a letter to Director Cordray, several industry organizations talk to this issue:

“Most economists and housing market analysts in government and in the private sector agree that today’s underwriting standards are tight and are contributing to a slow housing recovery. Our organizations believe that an unnecessarily narrow definition of QM that covers only a modest proportion of loan products and underwriting standards and serves only a small proportion of borrowers would undermine prospects for a housing recovery and threaten the redevelopment of a sound mortgage market…

We are convinced that the choices around this important rule, including in large measure the breadth of the QM standard, will affect sustainable homeownership for generations to come.” 

What Could This Mean To a Home Buyer?

If a buyer does not qualify under the new ‘QM’ rules, the cost of financing a home will increase. As the letter mentioned above states: 

“A narrowly defined QM would put many of today’s loans and borrowers into the non-QM market, which means that lenders and investors will face a high risk of an ability to pay violation and even a steering violation. As a result of these increased risks, these loans are unlikely to be made. In the unlikely event they are made, they will be far costlier, burdening families least able to bear the expense.”

Securing a mortgage before these new guidelines take effect may make sense to many buyers.

What Is QM and Why Does It Matter?.

Short Sale Percentages by State

Posted: 27 Apr 2012 04:00 AM PDT

 InfoGraphic

 

176 Echo Acres Bank Owned North Conway NH Home

North Conway NH Real Estate – Bank Owned property

$227,900!! I have the file and offers are coming in on this North Conway NH foreclosed home. call me fast to get in on this foreclosure opportunity with a huge view! This is what you search for in North Conway NH real estate for sale.

 

We're sorry, but we couldn't find MLS # 4090071 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

3 Bedroom 1.5 bath home with garage and outstanding views!

Echo acres interior of foreclosed North Conway NH home

Listing Price: 227900
Address: 176 Echo Acres Rd.
City: North Conway
State: NH
ZIP: 03860
MLS # (if any): 4090071
Square Feet: 1733
Bedrooms: 3
Bathrooms: 1.5
Basement (full, 1/2, finished, unfinished): full unfinished

Single Women Buy North Conway NH Real Estate

Single women buy more North Conway real estate than single males

The figures keep arriving in! Record numbers of single women are making the choice to purchase a home today. The good news for single females is that rates are low and inventory is high in the North Conway NH real estate market. Right now one can choose from a lot of housing choices in a lot of regions for the smallest price obtainable in years. As with a lot main financial investments, timing is almost everything. Now is the time to buy housing. Glimpse around the community wherever you lease, check out vacation spots like North Conway NH real estate, find a residence the place you find the value is worth the cost and buy it.

Women home buyers come from all walks of life and history. These folks are, never betrothed, divorced, children, no children, dog fans, cat people, and so on. Real females want real homes. All people has various needs and wishes they want achieved via their house. Not everyone must own a flat in Boston when they can rent in-town and own a holiday residence in the North Conway NH area, which they get away to 1 or 2 instances a month. Females are leading the initiative far more now than ever to own their piece of the world. In reality, the Joint Center for Housing Studies has documented a trend that since 08 two times as many single females are buying houses than single men. In urban and suburban markets over 1 in 5 house prospective buyers is a solitary female .

Vacation ownership is the key gem of property investing. As mentioned in the instance above, many non-traditional homeowners are taking benefit of purchasing low in a lower real estate climate. North Conway NH Real estate

The advantage of use of the property increases it’s value to the home-owner while the values recuperate over the next 5 – 10 years, following the historical cycles of the property market. Proximity to city markets gives a safe advantage to 2nd residence possession for women by providing income potential for leases and short driving times from the population centers. Recreational areas have traditionally came about as they have in the Northeast U.S. regional North Conway NH real estate market, just 2 hrs. drive by car north of Boston. A lotof main metropolitan regions will also possess a similar destination, just a couple of hrs drive time away.

Regardless of whether it is a getaway home in North Conway NH, Bartlett NH or Jackson NH or if you prefer the Ossipee Lake NH region or the nearby hills of Shawnee Peak in Bridgton Maine and the beautiful slopeside log homes we offer there or nearby in Knight’s Hill,or a primary residence, condo or log home, most solitary females buying homes are using financing. Low price and low finance charges equal low cost. The unspoken hazard which lurks in the cost is the pattern of the finance rates. What seems like minor changes to extremely low rates has a direct correlation to the value. For instance, a 5% drop in the price tag of a $200,000 residence is speedily offset by a 1% increase in the interest rate. Because the rate is so low and has been for so long, a lot professionals say the only way remaining to go is “up”. So far more single women are purchasing now to benefit from the low rates AND the timing.

Single females have the access to same accomplishments as their male counterparts. This includes satisfying the dream of house ownership and the experience of control of one’s own destiny. In truth, the desires and the aims haven’t changed much. As a substitute, what has changed is the method that a solitary woman can now reach those objectives and go after her desires.

If you are interested in going after home ownership, speak to a housing agent. Ask the sponsor of this article. Regardless of whether you are looking for real estate in North Conway NH or anyplace in the world I am positive they are prepared to assist you tolocate a professional that can work for you.

 

5 reasons why now is the time to buy or sell in NH real estate

The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price, especially in a wintery market like North Conway NH real estate. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why?

While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market in NH. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.
North Conway NH real estate drain

Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010 in the US.

* February – 3,531,000
* March – 3,626,000
* April – 4,029,000

We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.

There is mounting evidence that buyers are coming out earlier this year in the North Conway real estate market. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early here in the North Conway area.

Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time to buy your vacation or primary home in North Conway NH.

116 Ludwig Strasse Bartlett NH Ski Chalet

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North Conway NH Real Estate Search

Powered By Bill Barbin, Broker Associate at Badger Realty LLC

3358 White Mountain Hwy North Conway NH Commercial Lease

North Conway NH Commercial Retail space for lease – Super Visibility and an in-town location that is close to all North Conway NH commercial real estate and other local businesses. High Traffic Count. Gallery Quality Retail space for rent. [Read more...]

Current North Conway Real Estate For Sale under $200,000

This is a favorite search for North Conway NH real estate. For full search functionality in a MAP BASED search window please go to the Full NH Property Search page or the Full Maine Property Search page.

Showing properties 1 - 10 of 128. See more North Conway NH real estate under $200,000.
(all data current as of 5/21/2013)

  1. 3 beds, 1 full bath
    Home size: 1,301 sq ft
    Lot size: 18,295 sqft
    Year built: 1948
    Parking spots: 1
    Days on market: 1
  2. 2 beds, 2 full baths
    Home size: 2,200 sq ft
    Lot size: 16,552 sqft
    Year built: 2010
    Parking spots: 6
    Days on market: 5
  3. 2 beds, 2 full baths
    Home size: 1,064 sq ft
    Year built: 1994
    Parking spots: 2
    Days on market: 5
  4. 1 bed, 1 full, 1 part baths
    Home size: 1,848 sq ft
    Lot size: 1.50 ac
    Year built: 2011
    Days on market: 5
  5. 3 beds, 2 part baths
    Home size: 1,536 sq ft
    Lot size: 29,620 sqft
    Year built: 1973
    Parking spots: 6
    Days on market: 5
  6. 3 beds, 1 full bath
    Home size: 1,300 sq ft
    Lot size: 1.32 ac
    Year built: 1975
    Parking spots: 6
    Days on market: 5
  7. 2 beds, 1 full bath
    Home size: 924 sq ft
    Lot size: 2.00 ac
    Year built: 1986
    Days on market: 5
  8. 3 beds, 2 full, 1 part baths
    Home size: 2,146 sq ft
    Lot size: 19,166 sqft
    Year built: 1900
    Parking spots: 2
    Days on market: 6
  9. 2 beds, 1 full bath
    Home size: 1,728 sq ft
    Lot size: 20,908 sqft
    Year built: 1977
    Parking spots: 3
    Days on market: 6
  10. 3 beds, 1 full bath
    Home size: 1,190 sq ft
    Lot size: 43,560 sqft
    Year built: 1977
    Days on market: 7

Listing information deemed reliable but not guaranteed. Read full disclaimer.

This search represents North Conway NH properties and NH real estate for sale in the Town of Conway. North Conway NH is a community within the Town of Conway NH. Many people have differing opinions of what “North Conway real estate” means to them. This North Conway real estate is defined as the Mt. Washington Valley area towns.

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Bill Barbin, Residential and Commercial Real Estate Broker with Badger Realty of 2633 White Mountain Hwy. North Conway NH 03860 - Office: 603-356-5757 Cellphone: 603-986-0385

Copyright 2013 Northern New England Real Estate Network, Inc. All rights reserved.

This information is deemed reliable, but not guaranteed

The data relating to real estate displayed on this web site comes in part from the IDX Program of NNEREN

Data last updated 5/21/13 11:07 AM PDT


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