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Hello. My mother currently lives in the UK (as do I) but she is considering moving to the USA to buy a house for my sister and her husband all to live in Exeter, NH. I have told her that right now this is not a good idea because the US economy is on the verge of a recession and that house prices in the area may be on the way down. Does anyone have any idea if houses in the Exeter area have increased a lot in the last 10 years and maybe in a bubble market? She is planning on buying cash with no mortgage, but if the house depreciates it will not be a good investment. Thanks.
I think you have a very generous & nice MOTHER! WOW! That is pretty cool!
You might want to type Northern New England Real Estate Network - Official Website of the Northern New England MLS, its a web site for properties in the New England area, and then type in the area you need, in this case choose EXETER. So, you can get an idea of how much things are going for now. If you read this forum, you will notice that properties are taking a longer period of time to sell, and they tend to sell faster in the spring & summer, before children start school. And things slow down a bit in the WINTER time...
Now supposedly we are in a BUYERS MARKET, obviously before we had a SELLERS MARKET, and people got an amazing amount of money for their homes. Now its the BUYERS turn Things always go up and then have to come down! HA HA HA!
It is hard to TIME things, however remember that we have elections coming up, another factor to consider...
There is a lady here in the NH forum that is in REAL ESTATE that will probably answer your question with more detailed information (her name is VALERIE C)
Anyway, read the forum, do research, get as much info as possible, before taking the plunge
Just my humble opinion
NH IS A GREAT PLACE TO LIVE!! AND THE PEOPLE ARE REALLY FRIENDLY! GOOD LUCK TO YOU!
Take good care,
CHEERS!
HAVE A NICE ONE!
COUNTRYLV22
Quote:
Originally Posted by smj2076
Hello. My mother currently lives in the UK (as do I) but she is considering moving to the USA to buy a house for my sister and her husband all to live in Exeter, NH. I have told her that right now this is not a good idea because the US economy is on the verge of a recession and that house prices in the area may be on the way down. Does anyone have any idea if houses in the Exeter area have increased a lot in the last 10 years and maybe in a bubble market? She is planning on buying cash with no mortgage, but if the house depreciates it will not be a good investment. Thanks.
Last edited by countrylv22; 08-04-2007 at 10:20 AM..
Reason: C
There are problems in the USA economy- thats for sure. And real estate is one of the main reasons- are we on the verge of a recession? Hard to say- one thing is for certain the economy is slowing. The drop in the stock market is likely to continue in the short term.
As far as buying a home in southern NH- I do not Think prices are likely to drop more then 7-10% in the next 2 years. Southern New Hampshire and all of New England did not see the rampant speculation, overbuilding and use of 'funky mortgages' that other regions of the USA did.
The economy may slow in NH- there could be a recession (but there could also be a global recession as well) But housing in NH is not priced into the stratosphere.
I doubt if she pays cash she would have problems. Housing prices in southern NH have risen by around 50% in the last 5 years.
Last edited by skytrekker; 08-05-2007 at 05:05 PM..
What a wonderful offer for your mother to make, relocate to another country and buy a home for the family. The Exeter area is beautiful, has well-recommended schools, and is convenient to the seacoast, also for commuters, close to NH's east/west route 101.
Your concerns are well voiced, and actually home prices have been declining over the last year or so. Market conditions are finally favorable for Buyers, after a 5 year run-up of prices and bidding wars. Banks have tightened up their lending standards, which limits what Buyers might be willing to pay, and also making it impossible for current owners to refinance out of their adjustable-rate mortgages, with rates that are increasing from the record lows from just a couple years ago. This is leading to foreclosures across the board, which trickles out to affect the rest of the economy.
Is it a good time to buy? It's a much better time to buy than it was in 2003, 2004 or 2005. Many Sellers are willing to make concessions such as paying for closing costs, taxes, etc. Will prices continue to decline? At least for the remainder of this year, yes. The housing market in the last quarter of ANY year will be predictably slower than at any other time of the year. There is so much speculation on what the Spring 2008 housing market will be like. However, the fact remains that people buy homes as their lives evolve. Children are born, grow up and relocate, people need to upsize and downsize, and life happens.
Countrylv22 shared with you the public access to the MLS database, a great source of information. If you need further detail, please feel free to get in touch, and I'll help in whatever way I can.
Have a great day
Quote:
Originally Posted by smj2076
Hello. My mother currently lives in the UK (as do I) but she is considering moving to the USA to buy a house for my sister and her husband all to live in Exeter, NH. I have told her that right now this is not a good idea because the US economy is on the verge of a recession and that house prices in the area may be on the way down. Does anyone have any idea if houses in the Exeter area have increased a lot in the last 10 years and maybe in a bubble market? She is planning on buying cash with no mortgage, but if the house depreciates it will not be a good investment. Thanks.
mate I'm from england manchester and live in america now NH is brilliant, any questions feel free to ask.
The exchange rate is really good for pounds to $ so you're making double your money.
out of curiousity why did you pick NH most brits head to florida?
My sister is having her second baby in October, and they are kinda saddled with a lot of credit card debt and don't have the cash for a house down payment. They used to live in Houston but her husband got a job in Ipswich, Mass and they are living near Salem right now. The taxes in Mass are too high for them. I spent roughly 14 years of my life living in Florida so I feel more comfortable in the USA than I do in the UK. I think my sister is taking advantage of my Mum by talking her into buying her a 300k house, but I guess its my Mums decision.
Has ya mam been to NH and what does she feel about the place also where in england is she?
Just wondering out of curiousityI'm from salford manchester
yea there's a few reasons why people are leaving that massachusetts and that's one liberal spending and taxes .
It's what I love about NH it's more of a conservative state and just hope those who move from massachusetts to New Hampshire don't change it.
NH is certainly much dfferent in attitudes,etc and I'm sure your mum would like it
There's a thread called transplants moving to NH which has a great deal of views and info on here.
You can still get a decent price for the money mentioned, val would know more than me on that
Wouldn't say the economy is anywhere near a recession, the markets have dropped but have broken record after record, unemployment is a record low though massachusetts is higher then the national average,
As living more comfortable in america than england I can understand that seeing as you've spent so much time in america.
Just saying on another post that england is not what it used to be, how the health care system is in shambles etcetc
I forgot to mention to you in my previous post,that if you want to contact the EXPERT in REAL ESTATE in the NH forum, if you put your mouse over her name VALERIE C, then you will notice a line that reads, SEND A PRIVATE MESSAGE to VALERIE C. ,then click on it.
The only reason I am telling you this, I noticed that you are new to this forum, and I remember when I started out, I did not know about that, until someone sent me a private message, HA HA HA!
And if I remember correctly, if you do not contact her, she will not try contacting you, because it may seem like she is trying to sell you a house(you know what I mean?...)
By the way, I do not work with Valerie in her office or anything else ( I do not get anything by telling you this, FYI ) I just think that she is very helpful, and seems to know her business well!
I hope this info helps!
And by the way, SKYTREKKER was right as well, you will probably not see more than a 7%-10% drop in prices in the future, because the area did not have the run up as places like California.
Anyway, you have received wonderful info from everyone, I hope that you will all be able to move to the area and enjoy NH!
By the way, I am also trying to move to NH, I am so excited for your sister!!
GOOD LUCK TO YOU!
Have a good one!
Take care,
Countrylv22
Quote:
Originally Posted by smj2076
Hello. My mother currently lives in the UK (as do I) but she is considering moving to the USA to buy a house for my sister and her husband all to live in Exeter, NH. I have told her that right now this is not a good idea because the US economy is on the verge of a recession and that house prices in the area may be on the way down. Does anyone have any idea if houses in the Exeter area have increased a lot in the last 10 years and maybe in a bubble market? She is planning on buying cash with no mortgage, but if the house depreciates it will not be a good investment. Thanks.
Countrylv22,
thank you for your kind words (blush blush!!!) I really enjoy the time I spend on this forum... never have I "met" so many helpful people, and I actually learn something every time I read and/or post here (my motto is to learn something new every day). Someone mentioned a gathering sometime of people on this board, when you and Kat get to NH we will do that! I used to belong to a chileheads list that scheduled get togethers every so often. In September they gathered in Indiana to pick chiles, New England chileheads would schedule "hotlucks" (sort of like a pot-luck, but everyone brought HOT food)
Well now I've taken this COMPLETELY off topic, but gives me reason to check on that group that I seem to have lost touch with. By the way, if anyone does like hot peppers, you can visit my HOT webpage for tips: Some like it HOT
Don't bother clicking on the picture of the peppers to get recipes, the link is wrong and I don't recall my password. The recipes are HERE: ChileHead Recipes and these pages haven't been updated since... 1999 or maybe 2000.... They will remain frozen in time forevermore...
Quote:
Originally Posted by countrylv22
HELLO THERE!
I forgot to mention to you in my previous post,that if you want to contact the EXPERT in REAL ESTATE in the NH forum, if you put your mouse over her name VALERIE C, then you will notice a line that reads, SEND A PRIVATE MESSAGE to VALERIE C. ,then click on it.
The only reason I am telling you this, I noticed that you are new to this forum, and I remember when I started out, I did not know about that, until someone sent me a private message, HA HA HA!
And if I remember correctly, if you do not contact her, she will not try contacting you, because it may seem like she is trying to sell you a house(you know what I mean?...)
By the way, I do not work with Valerie in her office or anything else ( I do not get anything by telling you this, FYI ) I just think that she is very helpful, and seems to know her business well!
I hope this info helps!
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HELLO smj2076!
I'm from salford manchester
