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Hello, there! I was wondering how NH was faring in terms of the housing crisis, credit meltdown, recession, or whatever you want to call it. I live out in Oregon, and it looked like we were going to dodge the bullet, but it has finally hit us-- we were just behind the wave by about a year. Right now, my area is frozen solid-- very few buyers out there. Any signs of life out your way? TIA!
Hello, there! I was wondering how NH was faring in terms of the housing crisis, credit meltdown, recession, or whatever you want to call it. I live out in Oregon, and it looked like we were going to dodge the bullet, but it has finally hit us-- we were just behind the wave by about a year. Right now, my area is frozen solid-- very few buyers out there. Any signs of life out your way? TIA!
Hi Scone - We're in northern NH and according to a realtor I spoke with last week (we're not selling, I was just chatting with him!), houses are still selling in our area, although somewhat slower than previously. Evidently this area didn't have the skyrocketing prices of homes like a lot of areas did, so there was no huge rise in prices, everything pretty much stayed the same. The foreclosure rate is also about the same as it has been for four or five years. I'm just going by what he told me - we've only lived in NH for 2 years.
There aren't as many help wanted signs in windows as previously, but that may be because people who have a job are staying put, so to speak. There's an employment agency that is on the radio every morning and they always seem to have a ton of openings....of course up here, they don't pay much.
We have a new store going in, Tractor Supply, I think? Tractor something anyway and a food co-op that will hopefully be up and running soon. There was a Brooks Drug store in town that is now vacant since Brooks was bought out or merged or whatever with Rite-Aid and supposedly something is in the works for that vacant building.
I guess, basically things up here are pretty stable, for now at least....and from what the realtor told me. Other parts of NH may be different, so hopefully people from other areas will chime in for you!
Hi Scone
Here in southern NH, foreclosure numbers are up from where they were a couple of years ago, but as Dare noted in her post, we didn't have the huge run-up of property values that many parts of the country (that are now in crisis mode!) had. Prices are down, and homes are routinely selling for less than the town assessed value, a direct reversal from just a couple years ago. It's a necessary (but painful) part of the cycle of real estate...
On a side note, if it's priced right, it will sell. I showed property last night in Manchester, and learned this morning that there are EIGHT offers on the home (listed 5 days ago). OTOH, there are houses out there that have been on the market for months and months...
Valerie, any idea from your crystal ball (or your proffessional experience) how the market will be in about a year? We keep seeing some awesome deals but just aren't in a place to be buying right now. We need to get this wedding out of the way and let the dust settle, but I don't want to miss out either.
I've been watching the nnern listings for my area and have noticed a slight drop in prices....but nothing that makes me run out to the mortgage office. Lots of houses have been sitting for quite a while though too.
It'd be nice to time it just right before interest rates rise again and move when prices totally bottom out.
I was going to ask a similar question to this so I figure it's time for a bump!
The economy has gotten even worse since this thread was started so it'd be interesting to find out what kind of home inventory there is right now and if the sharp decrease in values elsewhere has managed to make it to NH.
We purchased our home in southern NH in November. House sales here are VERY slow. Anecdotally and from the realtors I spoke with, pretty much everyone selling right now HAS to sell - they've taken a job out of state or something like that. Anyone who can avoid selling will and a lot of people have pulled their houses off the market. Lots of buyers are looking, but will wait for prices to drop further (all indicators say they will) before making any serious offers. If we hadn't been in a hurry for various reasons, we would have waited and I feel very confident that the house we bought would still be on the market and we could have gotten it for less.
One point that a realtor brought up was that although southern NH didn't have the crazy run-up that the MA suburbs did, there were people who couldn't afford to buy around Boston who moved here instead. Since those buyers can now afford to buy closer to Boston, realtors here (according to her) aren't seeing as much interest from them. Since (for better or worse) new residents bring their lifestyles with them, this affects not only prices but also area amenities - those are the people who want the fancy markets, etc.
My personal belief is that there is no corner of the country (world?) that won't be affected by this recession.
I was going to ask a similar question to this so I figure it's time for a bump!
The economy has gotten even worse since this thread was started so it'd be interesting to find out what kind of home inventory there is right now and if the sharp decrease in values elsewhere has managed to make it to NH.
It really depends on the owner, the location, and even the equalized tax rate the town has. Most houses that have been up for sale have dropped in price, but some areas (especially around the Lakes Region) seem to not be dropping nearly as much.
We are in about the 4th inning of a 9 inning recession. At least one more year of house prices falling, though more like two IMO. My guess is another 15% dip in NH.
We bought in June in Hollis, way above assessed value...but the home had 4 other offers... We're still not sure if we got a "steal" or "ripped off"; but we love the house, so whatever.
I'm in the midst of a refinance, so I should be hearing something on the current "appraisal" rate within the next couple weeks. I have to admit I am really curious how my house has withstood the rollercoaster ride. Since I have waterfront property, I'm hoping that has helped keep the value solid. (I bought for $15K under the appraised value at the end of 2005 - the homeowners had to sell due to a job relocation... my good luck)
Fingers crossed!
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), houses are still selling in our area, although somewhat slower than previously. Evidently this area didn't have the skyrocketing prices of homes like a lot of areas did, so there was no huge rise in prices, everything pretty much stayed the same. The foreclosure rate is also about the same as it has been for four or five years. I'm just going by what he told me - we've only lived in NH for 2 years.
