Checklist for Buying Southern New Hampshire Homes

Searching for the right home takes time and patience. Before you start looking at Southern New Hampshire homes on the market, you need to know exactly what you want in your new home.

Create a list of the features you want in your new home, so you make the most of your time by looking only at Southern NH homes that meet your criteria. Here is a quick guide to help you create a checklist:

1.    Must Have. These are deal breakers; features that you cannot live without. Do you need a certain number of bedrooms? Do you work from home and need an office, or maybe even an outside entrance to your home office? Perhaps you have small children or large dogs and need a fenced yard. Decide now what you must have in your new home.

2.    Like to Have. Features you would “like to have” are those you prefer but are willing to sacrifice if the home is perfect otherwise. Maybe you’ve always dreamed of having your own swimming pool or cathedral ceilings or an oversized garage. Include on this list whatever you would like to have in your new home, as long as it doesn’t take away something from the “must have” list or go over your price range for Southern NH homes.

 3.    Can live without. Some features just aren’t as important as others. Knowing what you don’t really care about can help you stay focused on what really matters to you. Add to this list home features that aren’t important. If no one in your home ever takes a bath, you may not care if you have a whirlpool tub. Perhaps you don’t really want to take care of an oversized yard, so lot size many not be important to you.

Once you have your checklist compiled, share it with your real estate agent.  It’ll speed up your home buying process, reduce time and frustration and get you in a home you’ll adore.

Let me help you find your dream home. Call me today at 603-821-1134 or email me at Dave@DaveHeeter.com for more information.

When Southern New Hampshire Homes for Sale Don’t Fit the “In” Crowd

It’s time for some tough love, here. Your home doesn’t fit in with other Southern NH homes for sale. It doesn’t play well with others. When you put it on the market, you priced it more than 8% higher than the other Southern NH homes for sale. Frankly, it’s a market bully.

Look, I understand that you want to make the most out of your investment. Maybe you’ve done some serious remodeling that you feel warrants the price hike. I’m not putting any of that down, but I’d be doing you a disservice if I let you ignore the facts.

    * There is no longer a federal tax credit to entice buyers and motivate them to act quickly.
    * Your house is competing with several foreclosures – many of which are priced as low as the lender can handle.
    * The longer your house sits on the market, waiting for a buyer, the harder it will be to actually attract a buyer.
    * There is a very little incentive for buyers to go out and buy now, especially higher priced homes.
    * Mortgage rates are low, but lender qualifications are much tighter now.

Any seller hitting the market in today’s economy has two choices: wait or cut your losses. They aren’t pretty choices, but life is seldom convenient, no matter what commercials say.

If selling your home isn’t an absolute necessity (or at least an obviously positive move given your situation), consider the fact that it might serve you better to hang in there. If you don’t have a compelling reason to put it on the chopping block, don’t.

If you must sell your house, don’t let it be a market bully. Price it according to the local market, not the price of a home across the country.  In this case, you want your house to be part of the “in” crowd.  Listen to your real estate agent’s advice and use the data he or she provides in the Comparative Market Analysis to set the best price.  Pay attention to the feedback you get from showings and the amount of online interest in your home and adjust accordingly if necessary.

Although New Hampshire has a much lower unemployment rate than the US in general, the general economy is still down enough that you can bet that owners of competing Southern New Hampshire homes for sale are serious about selling.  The competition is tough, so, when pricing, be kind to your home and price it low enough to sell.

If you’re ready to sell your home, I can help get it sold. Call me at 603-821-1134 or email me at Dave@DaveHeeter.com for information.

4 Reasons You Should Buy Southern New Hampshire Real Estate in a Down Market

The national and Southern New Hampshire real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.

Here are 4 reasons why you should consider buying Southern New Hampshire real estate in a down market.

1.    Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.

2.    Negotiation. There’s a reason down markets are called “buyers’ markets.” Sellers want to sell their homes, and they are often willing to do whatever it takes. This means you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives like paying all or a portion of your closing costs.

3.    Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range than you can when the market is booming.

4.    Long Term Strategy. Even though doom and gloom is popular in a down market, your home will still most likely go up in value or at least retain its value in the next 5 to 10 years. Keep in mind that your home is your most personal investment. It’s a place where you will create memories and maybe even raise a family.  If you can settle down in one place, you can someday finish paying the mortgage and own your own home outright!  Now there's a nice feeling!

If you’re considering buying a home, let me help you find a wonderful home at a great price. Call me today at 603-821-1134 or email me at Dave@DaveHeeter.com.

How to Set the Right Price for Southern NH Homes for Sale

Setting the asking price for their Southern New Hampshire homes for sale is one of the most important decisions homeowners have to make in the selling process.  Why is it so important?

    * You only get one chance to make a good first impression.  With so many competing Southern NH homes for sale, yours has to pop out immediately as a good value or buyers will move on, unlikely to return. You get one stab at your home's debut, and it's easy to blow it.

    * Set the price too high and you could hurt your chances of selling your home.  The amount of traffic a home gets in the first week on the market is about 5 times what it gets the following weeks.  The traffic continues to decrease every week. You might say, “Well, I’ll just lower my price.”  This can result in merely chasing the market down.  It conveys to buyers (the few who are still considering your home) that your home was overpriced and may still be.  Unless you drop the price to significantly below market value, you can be sure that you've missed your chance for getting an offer at your ask price, and the longer your home remains on the market, the more buyers will ask themselves "What's wrong with it?".

    * Setting the price too low is also risky. Buyers who are looking in a specific price range may not consider your home because of the low price tag.  They assume it will not fulfill their needs or worry that there’s something wrong with it.  If not enough buyers are aware of the deal you are offering, you won't get the benefit of competition to bring the price back up to it's highest market value and you'll likely end up selling for less than if you had priced it appropriately and competitively to start with.

How do you know what that magic number should be for your home?  Here are 3 factors to take into consideration when setting your asking price:

   1. Neighborhood sales prices:  Recent closed sales in your immediate neighborhood offer the most pertinent data for predicting the sale price of your home.  List prices of homes still on the market should be taken into consideration also, because they show the current pricing trend and they are the properties that buyers will be seeing and comparing yours too.  A professional real estate agent will do all this research for you as part of their services.

   2. Condition of your home:  If your home has been better maintained, is more up to date and shows better than the other Southern NH homes for sale, it will sell faster and for more money. Updates, even those as minor as having current paint colors, impact pricing.  Updated kitchens and baths are especially important to buyers. 

   3. Appraisal value:  As the seller, you can get an appraisal on your home before putting it on the market.  You’ll have to pay for it, but it may be worth it to get access to this pricing tool.

Ready to sell your home?  Let me do the research for you and help you set the best price to get your home sold.  Call me today at 603-821-1134 or email me at Dave@DaveHeeter.com.

Buying a Southern NH Home for Sale – Fixed or Adjustable-Rate Mortgages?

As soon as you decide to buy a Southern New Hampshire home for sale you’ll be looking at loans. You’ll see balloon loans, fixed-rate mortgages, adjustable-rate mortgages and a few others. Fixed and adjustable-rate mortgages are the most common, but why and what’s the difference?

The biggest differences are in cost and security. Fixed-rate mortgages can cost more, but have a measure of security. Adjustable rate mortgages, or ARMs, can cost less, but have less security.

As with all things, ARMs and fixed-rate mortgages have pros and cons. Here are just a few:

The Pros and Cons of ARMs
When you buy a Southern New Hampshire home for sale with an ARM, your payments will be lower than a loan with a fixed-rate mortgage. Because the payments are lower, you can afford to buy a more expensive home. As well, ARM payments are based, in part, on interest rates. When interest rates fall, your payments go down.  (It's not an immediate effect: the payments are recalculated at regularly scheduled intervals predetermined by the loan paperwork - could be every 2 years or 5 years, etc.)

The cons of adjustable-rate mortgages are just as big as the pros. For example, because they are based on whatever the current interest rate is, you can end up having a higher mortgage payment if interest rates rise over the term of your loan. If rates rise sharply and the cap on how much the rate can rise per adjustment is set high, a 6% ARM can turn into an 11% ARM within four years. Another negative is that because ARMs aren’t easy to understand, borrowers can be confused, which makes it easier for shady mortgage companies to trap them in a bad deal.

The Pros and Cons of Fixed-Rate Mortgages
With fixed-rate mortgages, your payment stays the same whether interest rates rise or drop. This makes budgeting easier and is a plus when interest rates rise. However, homeowners with fixed-rate mortgages have to refinance if they want to take advantage of dropping interest rates.

Likewise, because the payment never changes, fixed-rate mortgages cost more. Mortgage lenders don’t offer rate breaks on fixed-rate mortgages. The other con, which may be a big one to some, is that fixed-rate mortgages don’t vary from lender to lender. With adjustable-rate mortgages, the lenders are flexible and can customize the loan to your needs; this isn’t true with fixed-rate mortgages.

The biggest question to ask yourself when considering an ARM or fixed-rate mortgage is, “Can I afford my home if interest rates spike?” You could start paying $875 a month, and, with a quick rate rise, end up paying $1,514 within four years.

My Advice
With interest rates as low as they are right now, I see no value in getting an adjustable rate mortgage.  As long as interest rates are in the 6% and under range, I would ignore the adjustable rate option and stick with the security of the fixed rate mortgage. 

When considering which type of home loan to use for buying a Southern New Hampshire home for sale, don’t be afraid to ask a lender to explain the pros and cons of each type in depth. Don’t ever consider signing the contract if you aren’t sure what you’re signing.

If you’re looking for a great home to buy, I can help. Call me at 603-821-1134 or email me at Dave@DaveHeeter.com for more information.

Seller’s Disclosures: What Do You Have to Tell about Your Southern NH Real Estate?

There was a time when Southern New Hampshire real estate was ruled by the phrase “buyer beware.” This meant the seller did not have to share any information about defects in the home. Today, however, more than two-thirds of all states in the U.S. require some form of seller disclosure. This means that sellers are required to share certain information with potential buyers. What do you have to share when selling your Southern NH real estate?

●    Lead-based paint. For all homes built before 1978, a disclosure is required. This gives the buyer 10 days to have the home inspected for lead-based paint. Some real estate brokers require this disclosure for all homes because some lead-based paint was still sold and/or kept in storage for later use after the cutoff date.

●    Material facts. Material facts are items which may affect a buyer’s decision to purchase a property. What material facts are required varies from state to state, so talk to your local real estate agent about the laws for your state. Material facts can include any of the following:

     ○    Death in the home. Some states require sellers to disclose if anyone died in the home, though usually only in the case of violent death. Buyers may be uncomfortable buying a home in which someone has died.

     ○    External issues. You may need to disclose issues that could affect the property, like earthquakes, zoning changes, flood zones and pollution.
     ○    Foundation problems. Damaged slabs and accompanying moisture problems may need to be shared with the buyers.
     ○    Repairs. You don’t have to disclose every repair you’ve made to your home, especially since a repair means the problem has been taken care of. However, you can let buyers know when you had a new roof put on or the air conditioner replaced.

Don’t go through the process of selling your home on your own. Call me today at 603-821-1134 or email me at Dave@DaveHeeter.com for more information about what you have to disclose when selling your home.

Foreclosures in Southern New Hampshire: A Great Investment or Bad Disaster?

With all the talk of the great deals you can get on foreclosures in Southern New Hampshire, you may be tempted to step into the investment market. Or, you may get the idea that buying a foreclosure is your best bet for a great deal on a home. Well, it’s possible, but remember that the foreclosure market is full of perilous pathways and competitive investment pros who know what they’re doing.

Whether you’re considering purchasing foreclosures in Southern New Hampshire as investments or as your personal residence, here are a few tips that will help you get a great investment and avoid a bad disaster.

●    Gather a Team of Professionals:  Your team of professionals should include a home inspector, a real estate agent and an appraiser.  You may also want to include a professional repairman, if you’re not handy. With foreclosures, you often have to be ready to move on the home immediately, so establish relationships with these professionals ahead of time.

●    Buy a Pre-foreclosure:  According to the experts, pre-foreclosure is one of the best times to buy. The seller will probably be more willing to accommodate you because they want to avoid ruining their credit. Which means you’ll have a much better chance of getting a good deal – something more than the seller owes the bank, but less than market value.  The variant of this where the seller owes more than market value on the property (a short sale) can also be a better option than bank owned, though it takes considerably longer.  Look for properties noted as 'preapproved' short sales.

●    Skip the Auction:  While going to foreclosure auctions is another possibility, it isn’t for the beginning investor. You may find that you’ve done a whole bunch of research for nothing, because the auction was cancelled. You may end up with a trashed property because the previous owners didn’t want to move, or because the house has been empty for a long while.

●    Be Careful Buying Bank-Owned Properties:  This option is seldom as great as it sounds. Not all banks price homes at fair market value. Many of them are trying to get their money back, which, with current depreciation, could be much more than the home is currently worth.  Also, with the current uproar about improperly handled foreclosures, there may be more risk involved in buying from a bank than previously thought. 

If you’re considering buying foreclosures in Southern New Hampshire as an investor or a homebuyer, I can help.  Call me today at 603-821-1134 or email me at Dave@daveheeter.com for more information.