About Merrimack County, NH

2009 is off to a great start! The ski area has had a lot of traffic and our office has been quite busy during what is typically a slower part of the year. One thing that I believe is really just starting to help our economy is how low interest rates are. I’m looking at refinancing and I should be able to get around 4.5-4.7% which will save me well over $200 a month!

Housing prediction–First off it would absolutely rock to have a crystal ball that told me everything, however the following is my best assumption of what the next year or so may have in store for us. I think that for the next few months we’ll see the Sunapee area real estate market continue to drop a bit lower but eventually start leveling out this summer and then staying level for much of 2010. As far the drop goes, I can’t see it being much more if even 2%.

Below is a chart with data for residential sales in the Sunapee Region. Compared to my previous posts, I have added the towns of Salisbury and Danbury which brings the total towns to 18.

For additional information on sales in the Lake Sunapee region please click through to my blog at http://sunapeeregionblog.com/2009/01/15/2008-year-in-review/

Source:
SunapeeRegionBlog.com

Christmas was a less than elaborate celebration!

I couldn't see the point of unpacking a whole bunch of stuff only to have to pack it up again!

We hired a professional mover. We figured 25 years in the same house there was a lot of accumulation in the attic, cellar and second floor of the garage! More than our ancient bones could handle! The Mover had a 10 day free storage policy that we figured would work out well if we didn't close on time on our purchase. All we had to do is find a motel that would take the dogs!

I was exceptionally proud of the "system" I came up with. I wanted to cut down on the time it took the movers so I not only labeled the boxes for content ....I color coded them for where they went. Green tape Garage, Red the shed, Yellow the living room and Blue...upstairs.

As time went on it became obvious we weren't going to close on the new house on the 15th. We were going FHA and that part was all set, the Foreclosures Seller agreed to the reduced price. but, now the MI company was reluctant to insure the loan. Our Broker researched another Company and still no go because we had been late (in the past two years) on one Mortgage payment. So we decided to go with 20% down so the insurance wouldn't be an issue.

The increased costs meant we had to cancel the professional mover so we hired a local guy and a helper....disaster!!

It was totally overwhelming....the stuff, the trash, the running out of boxes, the running out of bags, the having to rent a second storage unit, the pure exhaustion!! It was obvious that we weren't going to be able to be out by 11:00 the next day. The Sellers offered an extension till the next evening. If we weren't out we had to give them $725.

Well....you guessed it...we were an hour and 1/2 late getting out. And had to forfeit the money. I can look back now and see all the woulda, coulda, shouldas I should have done! but..working as my own agent I was just too close to the situation, too tired and too emotional to make good decisions!

Next Installment.....on to the Red Roof Inn!

Concord NH Realtors

Now that the Home Inspection had been signed off on ....we decided it was possible to see if we could find a new home an an affordable range that our new circumstances dictated.

Since we had a closing date of January 15th we figured we had about a week to find something. If that didn't happen we were going to rent for a while. So armed with our pre-quals...we headed off into the world of foreclosures!

I can't even describe some of the properties we saw. Most were either so old or in such bad shape...they weren't worth fixing up. The others had been "rehabbed" and the work had to be undone before you could....move on!

We had been looking at smaller homes but a Foreclosure with a price reduction came up on the MLS. Situated in the Village of Pittsfield NH, a Victorian Colonial (1865) In this style house the first and second floors are usually a mirror image. This would give us the option of doing over the first floor from scratch for us and making a second apartment for income on the second.

It had high ceilings, hardwood floors,baths up and down a beautiful lot and was within walking distance to the center of town!

We decided to make an offer. I will say I was pleasantly surprised at the quick responses with offer/counteroffer. We had a heating and plumbing contractor check the systems as best he could with all shut off and meters removed. The house had been winterized, but not properly, and there was pipe damage to the tune of $7,000. We felt the cost was worth the final product.

The hang up came with the appraisal. The appraisal came in at about 20 thousand less ($75K) than agreed upon Selling price ($93K).

I sent in an addendum for a commitment extension and a new price plus a copy of the full appraisal.

And so ....the waiting game began!

Concord NH Realtor

Preface: It is hard to believe that it has only been about six weeks since my last entry in this Diary. It has seemed like eternity

As a Realtor I have always found the home inspection to be the most dreaded part of the whole transaction.If something is to go wrong....that is where it will most likely be.

I was not overly concerned about our Home Inspection. I was reasonably sure there would be some minor issues, after all the house was built in '78, but we had just had the septic pumped that Spring and felt we had stayed on top of any repairs. The furnace had been cleaned and serviced, the roof was only about 10 years old and my husband had made pool repairs in the Summer.

As I sat chating with the Buyer's Agent the Buyer and his HI made the usual rounds...all seemed to be going fine. The septic company arrived for their inspection and after about a half hour the guy called us all outside.

The leach field was in failure. I was in total shock. We had had no indication, no sluggishness, no sponginess or gurgling.

The Buyers were very upset. Being on a septic system, to begin with, was a major concern. They had never had one before. The Buyers and their agent started talking about hooking up to the city system but I knew it didn't run down our street. As they left, their Agent said.....they'ed get back to us.

The next day we received our Addendum. The leach field was to be replaced and the electrical in the house and garage evaluated and brought up to code by a licensed electrician.

Up until this point I had been remarkably able to put on my "Realtor Hat" when needed. But all of that was about to change!

We were very anxious to sell....in fact it was imperitive that we did. We decided to swallow the cost of Septic and Electric, rather than risk them walking away.

The cost of replacing our system was $8,000. Because this occured over the holidays, for 6 days we couldn't do laundry and had to limit "flushing".It was loud and annoying, my yard was a mess and the poor dogs had to be walked on a leash.

Strangely enough...the incident that upset me the most...was when they left and pulled out the machine that had been parked outside my dining room window for a week, I saw what they had done to my Hydrangea that I planted 25 years ago. They had asked if they could "trim" it.

It broke my heart!

BEFORE

AFTER

Next installment....looking for a new place!

Concord NH Realtor

Hooksett's recent town wide real estate taxation revaluation is not without dispute. Informal hearings have begun with many homeowners with owners questioning their home's new value along with ammenity valuation. The new tax increase seems ill timed. With the holiday season just ending and with many residents loosing their jobs, the tax increase has met with increasing challenge by owners. The town has reported that more than 500 residents have debated the increase approximately 15% of Hooksett's population. For more information about revaluation or abatment go to www.nh.gov/revenue