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A Bit of Optimism in the Air

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Posted 01-06-2012 at 07:46 PM by Roy Sanborn

The New Year always seems to start off with a big drop in inventory due to many listing agreements expiring at the end of the year. For the communities listed in this report, we went from 1168 single family homes on the market as of December 1 down to 943 listings as of January 1, 2012. This represents about a 14.5 month supply of homes for sale which would be a much more manageable and healthy inventory level if we could stay there but many of these listings will be renewed or re-listed with another agency and work their way back into the system. Last January 1st we similarly had 940 homes available and the inventory was back up to almost 1,300 homes for sale by June 1. The median price point of the homes currently on the market is $249,000 which is down from $279,000 last January indicating that we have more lower priced homes on the market.

With 2012 underway, there appears to be a bit of optimism in the air. Showing activity seems to be up a little after the holidays and we are getting lots of property inquiries. People are out shopping for homes and it feels good. I do think that 2012 is going to be the Year of the Buyer. As I said last week, there is no better time to buy than right now. First of all, buying a home now means you will only have to make eight to ten payments before the world ends on Dec. 21. That leads me to believe that vacation home sales in warm areas will spike shortly. But just in case we are all still here on the 22nd, you will most likely have gotten a property at a greatly reduced price compared to just a few years ago. You will also have a loan with an unbelievably low interest rate around 4%. Remember when we thought a 6% or 7% rate was fantastic?

There were 180 homes listed in the towns in Belknap County (plus Moultonborough) that have an asking price that is less than 90% of the property’s assessed values. Seventy of those homes were priced under 70% of assessed value and some were as low as 30%. On the lower end many were bank owned, but quite a few weren’t. Just because a house is priced under assessed value doesn’t necessarily mean that it is a good deal, but it is a good place to start for the bargain hunters. Here are a few “non-bank” owned homes that would be worth checking out if you are in the market:

Up at 361 Ladd Hill Road in Belmont there’s an open concept, 1,512 square foot, two bedroom ranch built in 1987 on .95 acres. It is priced at $140,000 or 69% of its assessed value of $203,200. A 1,654 square foot, three bedroom ranch built in 2007 on 1.4 acres at 279 Horne Road also in Belmont looks like another possible good deal. This property is a short sale and is on the market for $185,000 which is 71% of the assessed value of $262,700. Over in Center Harbor at 256 Waukewan Road there is a 1,672 square foot, four bedroom, two bath cape built in 1980 on 5.75 acres of land that offers privacy and good upside potential. The property also has an 800 square foot barn, a 1,200 square foot garage/workshop, and an in-ground pool. This property is listed at $199,000 or 62% of assessed value of $318,900. Seems like it could be a good deal. You’ll have to go and check it out.

If you are looking for a Gilford property with some great potential, check out the house at 259 Morrill St. This 1970’s vintage, 2,252 square foot, three bed, three bath cape has large rooms and an open floor plan and sits on a beautiful 7.6 acre lot that has subdivision potential. While the home needs some updating, it is reasonably priced at $219,000 which is 77% of the taxed assessed value of $282,150. For more privacy take a look at the property at 140 Hermit Woods Road in Sanbornton. This 2,369 square foot contemporary was built in 1980 and has three bedrooms, two baths, an open floor plan that features a large living room with cathedral ceilings, loft area, and wood stove/hearth. It sits on a secluded 10.65 acre lot with 100’ of frontage on Hermit Lake. This home is priced at $349,000 which is 64% of the assessed value of $543,900. If a Winnipesaukee waterfront is in your future, you should look at the property at 48 Little Road in Meredith. This 5,827 square foot Adirondack home was built in 1982 and has five beds, six baths, and a separate guest apartment. There’s a three car garage and a two bay boat house to hold all the toys. The home sits on a 2.52 acre lot with 265'of shorefront and crystal clear waters. This property is offered at$1.495 million which is 72% of the assessed value of $2.085 million.

See, you don’t have to be a “one percenter” to get a great deal on real estate and feel like a millionaire. All you need is to get your REALTOR® to help you find your home before the world ends...

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