Real Estate Seacoast Blog

How about owning a business and having a career that you can never be laid off from and you are able to make unlimited income? Ever thought about getting your real estate license? You have been a salesperson for how many years? Or your friends are always commenting on how you understand everything about houses. Why not take the next step and insure your future in the real estate business. Or maybe you know of someone interested in getting into the business. There is a lot of opportunity in the industry right now for the right people. This is the licensing class for you. So what are the details?

Classes are starting in Portsmouth on January 11. Monday & Thursday nights from 5:30-9:30pm for 10 sessions. No class on 1/18 and 2/15. Cost is $349 with all books and materials included. This 40 hour class is required by the State of New Hampshire before you sit for the exam. Come spend a few evenings investing in your future and have fun in the process.

This is a great time of year to put your house on the market for sale. Everyone else is waiting for Spring to roll around and in the mean time inventory dwindles. So let’s get your house out there while there is less competition. At this time of year you don’t have to worry about keeping the lawn mowed around here, just keep the sidewalks cleared. Buyers are out there wanting to take advantage of the extended tax credit so now is not the time to stall. Sure there is the hustle and bustle of the holidays, but the Buyers are serious and don’t want to be kept waiting.

The holidays also brings us great decorating ideas to boost our curb appeal. A freshly painted door with a simple evergreen wreath can look dramatic and elegant. Just painting the front door can work wonders for a tired entrance. Could a red door be in your future? If your house would look just hideous with a red door choose a color that compliments your house. Dark colors like black, brown and red can make more of an impact on the visual appeal of your home. It won’t matter a darn how great your home is on the inside if you can’t get buyers past the front porch.

Reaching the front porch with ease and safety are top priorities in the winter months. Make sure your driveway and sidewalks are absolutely clear of all ice and snow. Buyers want to feel safe and you want them to feel your home is the safest and easiest to take care of around. Take a look at the bushes and trees around your walk and drive and trim them back. Put down a new heavy duty, thick, decorative mat in front of the door for Buyers to wipe their feet on before entering. I have even seen heated mats out there that stay free and clear of snow and ice that work well on stairs.

Check your lighting and increase the wattage of all outdoor bulbs. The dark comes on fast this time of year and a well lit entrance is so much more inviting. See if you can put these outside lights on a timer. If you can’t put them on a timer just leave them on- period. Consider adding solar powered lights to the front walkway. Now there is lighting and then there are Christmas lights. If you are on the market it is not the year to win the city wide house decorating contest by driving up your electricity bill to astronomical proportions. The blow up Santa carousel with all seven reindeer should stay packed this year and ready for your next home. Small white lights on the shrubbery are fine but you don’t want your home visible from outer space. The Clark Griswold version of merry is most people’s version of tacky.

Winter decorations that work after the Christmas season include simple wreaths with bright red bows. Evergreen wreaths are beautiful but a rustic grapevine wreath with red berries works well too. Sounds like a trip to the craft store to me!Just get out the glue gun and have some fun. A simple wall hanging or decorative flag with a winter motif will add quick pizazz to your doorway. Go bolder with color in the winter, it will really pop against the white backdrop. Use colors like burgundy, deep blue, forest green, bright red and classic black. Fill a planter with evergreen branches, twigs with bright berries, holly with small lights to add a touch of sparkle. A trio of potted evergreen plants can add the color you are looking for without too much investment.

A little planning will go a long way it shortening your marketing time. For your final step in making the perfect entrance to your home. Take a look at your street numbers on the house. Are they easy to see from the street? If you can’t see them then you need to replace them with larger numbers. Make your house easy for everyone to find. Curb appeal is everything when selling. Buyers do judge the book by its cover. So make sure your house looks like the sweetest spot on the street when selling.

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(c) Shannon Aldrich

Keller Williams Coastal Realty, Portsmouth NH

When I have visitors to my home they often wonder why the TV doesn’t go on when they push the power button or why is the microwave clock dark. The simple answer is - power surge strips. I use them all over the house to reduce ‘vampire energy loss’. All of those fabulous electronics that I absolutely cannot live without are constantly sucking up electricity when plugged in. Anything that is plugged in is probably drawing some small bit of current when we are not looking. And if there is a remote control that goes with that equipment you are guaranteed that there is electricity is being used up when the equipment is waiting for you to turn it on.

Experts estimate that you can save from 5-10% off your energy bill by getting unplugged. For most of us that translates in $130 dollars in instant savings. A study at Cornell University put the average savings at a whopping $200 per household. The Department of Energy estimates that stand by power can be up to 20% of the total home energy use. Even your little tiny phone charger is bleeding energy and money from your wallet when it is left plugged in.

Along with the money there is the reality of using less energy and leaving a smaller carbon footprint in our wake. You can help save the environment without barely lifting a finger. Many of my strips are on the floor and I turn them on and off with my foot. But seriously, there are even smart power strips on the market that actually turn off appliances in vampire mode or turn of all appliances when the motion detector built in says no one has been in the room for an extended period of time.

When buying new toys (and we all need more toys - I currently have my eye out for a larger monitor), look for the Energy Star rating. Computers with this designation use 70% less electricity than a model without the designation. Back in the old days we were all told never to turn off your computer because it would not last as long. This is an “Old Wives Tale” that comes from the time before current time when mainframes roamed the world. So go ahead and turn off the computer. Push the power button and free yourself from the constant hum of the machines.

Visit the Department of Energy for more energy saving tips

Home Energy Saver - The first web based do it yourself energy audit from the Department of Energy

Energy Savers Booklet - Tips of Saving Energy and Money at Home 

Shannon Aldrich (c) 2009

Keller Williams Coastal Realty  Portsmouth NH

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Moody’s Analytics economists report that the Great Recession is technically over. Good news even if many of us are not feeling the effects quite yet. New Hampshire is so lucky to have 92.8% employment and real estate transactions have begun to rise over 2008 during the past five months. Even home prices are starting to stabilize and the prediction is that home prices will actually rise in 2010. New Hampshire has been way luckier than most states in the region in loss of value in homes. Several states have seen the value of their real estate decrease by a whopping 50%. Here in New Hampshire prices are expected to bottom out at about 20 to 25% below the peak prices of 2005.

The expanded tax credit has a lot to do with this recovery. For home sellers the extension of the credit signals it is time to sell that home you have been living in for the past 5 out of 8 years and step up to a new one. And for first time home buyers it signals a time to buy when prices are at their most affordable and interest rates are still low. And for both sellers and buyers this signals that owning a home in New Hampshire is an investment in granite. 

Average selling price in Rockingham county is now $295,194 and properties are selling with 95% of list price. Nationally 60% of all sellers took at least one price reduction according to the National Association of Realtors 2008 Profile of Home Buyers and Sellers. And average days on market to sell those homes was 130 days. 2,073 single family homes have been sold in Rockingham county between 1/1/09 and 11/19/09. That’s 2,073 homes in 323 days or 6.4 homes SOLD every day!

And in Strafford county is $207,280 is the average selling price. Single family homes are selling within 96% of list price in an average of 139 days. During this same time frame, 738 homes have sold or 2.27 homes SOLD every day this year!

The real estate market in New Hampshire is becoming robust again but in the mean time understand that people are buying and selling homes every day! So why not get into the game and start pursuing your real estate dreams. Let’s keep the granite state rock solid. The Real Estate Seacoast Team is ready at any time to get you moving in to the right home.

(c) Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH

Join our enewsletter by emailing saldrich@kw.com

View the 2009 Seacoast Sold Report at www.RealEstateSeacoast.com

When Congress expanded the Homebuyer Tax credit to redefine eligibility it opened the doors to Sellers. The new definition says ‘you must have used the home sold as a principal residence consecutively for 5 of the previous 8 years.’ All current home owners who purchased prior to November 6, 2001 are now able to move up to a new home and get a $6,500 tax credit to boot. This is in place today but it ends April 30, 2010.

There is no time  like the present to move up to your next home or downsize into your dream home. The cost of the new home can be up to $800,000 and still qualify. Plus they have increased the income limits! You qualify as a single person earning up to $125,000 and $225,000 for married couples. That’s a $50,000 increase for singles and $75,000 for married. So now your income to buy that next house is in line for the credit.

So there is no better time to get your home on the market. You need to get moving if you are going to take advantage of this offer. But I hear you saying -(or maybe screaming) “THE HOLIDAYS! I just can’t do it over the next two months. Won’t it be better to wait until Spring? There aren’t any serious buyers in the winter.” Of course there are going to be buyers, they are out there wanting to take advantage of the tax credit too. So what needs to happen - Sellers need to go on the market now so there are home to buy. Sounds pretty simple doesn’t it. Well that’s because it is.

This is a great time of year to sell. Let’s look at the positives - the house is decorated, if you have a live tree the smell of pine is delicious, we are burning wood in the fireplace, baking cookies, etc. All very homey and enticing. Everyone is cleaning up to get ready for the onslaught of visitors and family. You know that any Buyers coming to see your home are serious and ready to buy. It is too busy a time of year to just be out looking around.

Here is what you don’t have to do - move over Christmas. Nothing is instant. The marketing of a home takes a few months, so that is why we need to get working right now to get you to the goal by April. You must have your new home under contract by April 30, 2010 and close by July 1, 2010. You want to be available now in order to take advantage of the tax credit. And if you get a chance - thank your local Congressman or Senator!

(c) Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH

Join our enewsletter by sending an email to saldrich@kw.com

Visit www.RealEstateSeacoast.com for the latest Seacoast Sold 2009 Report online

The Portsmouth NH real estate market is chugging right along. Along with our photographic waterfront, Portsmouth NH features a multitude of restaurants, cultural events, theater and family events. Portsmouth is a destination spot for tourists and locals alike.

 Currently there are 68 Single Family Homes for sale with 11 under contract. A total of 108 homes have sold this year giving us an absorption rate of 10.8 months. This puts Portsmouth in a strong buyer’s market.

To calculate absorption rate you divide the number of homes currently on the market by  the average number of homes sold per month. This tells you how long it would be to sell all the homes currently for sale. Less than 6 months is a seller’s market and more than 6 months indicates a buyer’s market.

This is a once in a lifetime opportunity to establish your home base in historic Portsmouth NH. Home prices for sale range from $194,900 to $8.5M. There is a wide variety of housing stock in this seaport town. There is also a strong condominium market with dizzying choice of styles, amenities and prices. Portsmouth NH is in a class by herself, with upscale shops, world class area hospitals, gourmet dining, and a fine arts community.

Let me know when you are ready to start looking for a home in Portsmouth NH. The Real Estate Seacoast Team can start you off with receiving complete listing information in real time via email saldrich@kw.com

 Secoast Sold Report 2009

All information deemed reliable and collected from the Northern New England Real Estate Network for the time period listed.

To view market updates on single family home sales for the following towns simply register here with the Seacoast Sold Report 2009.

In alphabetical order - Berwick ME, Brentwood NH, Dover NH, Durham NH, Eliot ME, Exeter NH, Farmington NH, Greenland NH, Hampton NH, Kittery ME,  Lee NH, Madbury NH, New Castle NH, Newfields NH, Newington NH, Newmarket NH, North Berwick ME, North Hampton NH, Northwood NH, Nottingham NH, Ogunquit ME, Portsmouth NH, Rochester NH, Rollinsford NH, Rye NH, Somersworth NH, South Berwick ME, Stratham NH, Wells ME, York ME

 Sign up for our monthly enewsletter by emailing saldrich@kw.com

Are you thinking about selling your home or vacation property? What is the right price can be a very tricky question. We all want to have a successful transaction, that earns the most money for our seller, takes the least amount of time and has few inconveniences.

Price it too high and not enough buyers will see that your property is even for sale. You might say “I am leaving room for negotiation.” But setting a price that is even 10% over fair market value means 30% fewer potential buyerswill even look at your home on the Internet. That will get you fewer offers, decreased activity and potentially lower net proceeds. On the flip side, you don’t want to price it too low and leave hard earned money behind.So where does this leave us? A little research will gives us the answer? First let’s look at factors that don’t influence the price you are going to set for your home.

The price you paid for it. It doesn’t matter if it was 3 months, 3 years or 30 years, the price you paid for it has little relation to its price today. It is what the market will bear today.

The improvements you made. You can expect that replacing a roof, updating a kitchen or adding another bath will increase the price of your property over what it would have been before these improvements. You might just be bringing the property “up” to current fair market value for other similar homes. Keep in mind that one man’s treasure is another man’s trash. What is gorgeous to you may be in poor taste to the next person.

How much money you need. The market is unforgiving in what it will and will not accept. It cannot be reasoned with. All it knows is what a current buyer is willing to buy at. You may have already spent the equity in your property by taking money out through re-financing. You may have already spent future profits from the property through re-financing. You may need to look seriously at whether or not you can afford to sell at this time. But if you are in a position where you have to sell for any reason - relocation, divorce, death - you must be strong and look at what the market is saying today.

What your neighbor sold for. Although this is a good indicator of what your home may be worth, it is not the only factor in pricing. When did it sell for that price? 1 month, 6 months, 2 years ago? Did the neighbor make any concessions to the buyer? What were the terms of the contract? Is the condition of your neighbor’s house exactly the same as yours?

So what can influence price?The housing market fluctuates to the universal principle of supply and demand. Lots of houses + fewer qualified buyers = Longer marketing time + Lower values. Or Fewer available houses + more qualified buyers = Shorter marketing time + increased prices. So types of financing available is the crucial factor affecting buyers. How many buyers are qualified for financing. What types of incentive programs are available. The current tax credit has been very beneficial in bringing buyers into the market.

So where does this leave you when pricing?In general the best indication of price is what comparable properties have recently sold for and are currently selling for. You have to look at what is currently on the market to gauge your competition. You want to be selling your property not the one down the street. Overpricing your property will just make your competition look good. You need to evaluatue your home to others on the market based on simple factors. How many bedrooms? bath? total square footage? garage? lot size? type? Ask your real estate professional to create a Comparable Market Analysis (CMA) with information on properties currently on the market, under contract and recently sold.

The right price on a property results in more interest from real estate professionals, greater exposure and increased buyer activity. So set a price that reflects current fair market value and you will be rewarded with a faster sale, higher net proceeds and the fewest inconveniences. Who knows you might even trigger multiple offers!

Join the Real Estate Seacoast enewsletter by emailing saldrich@kw.com

(c) Shannon Aldrich, Keller Williams Coastal Realty 2009

What is a cloud on the title? A cloud is any condition that affects the clear title to real property.

I have seen many different examples of title defects in my years of practicing real estate. Properties that were held 1/2 in trust and 1/2 by an LLC. Where the previous sale only transferred 1/2 of the property even though both the trust and the LLC were the same person. Septic systems on the neighbor’s property. Mortgages that have been re-financed 6 times but the discharges were not recorded properly. Floor plans on condominiums not recorded with the declaration. Whole condo communities where the deeds are not properly referencing the unit we are selling. The list goes on and on.

Clouds come in many forms

• Fraudulent Conveyance - they didn’t have the right to sell the property.
• Interests of Missing Heirs - maybe there was no will. There could be parties with rights to the estate
• Encumbranceslike liens or undischarged mortgages - IRS taxes, mechanic’s or materialman liens, pay off of the mortgage was never recorded properly.
• Boundary Lines - can come into play on many lots or maybe there is an adverse possession issue.
• Encroachments- the neighbor garage or the properties garage is built over the property line.
• Incompetent Grantor- mental capacity or not of legal age.

As you can see there are various types of clouds that can affect a title’s marketability. Many title companies are willing to do a preliminary title abstract prior to listing your home for sale. This will often come up with the most glaring title defects so that they can start correcting them immediately.

Are you starting to sweat the move? Does the thought of packing boxes put you in a state of paralysis? You bought/sold the house now what are you going to do with all your stuff? Have you stopped enjoying the thought of that fabulous new home?

Consider hiring a professional mover. I have done the move it yourself and hired professional movers. Now that I have had others pack for me, I will never go back. Yes, I do spend a lot of time clearing through the clutter of items that are mine in advance. But why kill yourself when moving is rough enough already. Having a professional pack and move your belongings allows you to concentrate on the positive aspects of your move. The important thing is to do your homework first.

Not all movers are alike, save yourself stress and broken dreams by investigating each potential moving company to be sure they are reliable and reputable. Ask everyone who they have used and had good luck with - your real estate agent, friends, neighbors, family. Check the Better Business Bureauto see if there are any complaints against them. Google them and see what comes up.

Once you have narrowed down your selection ask some important questions:

1. How long have you been in business?
2. How long has the estimator been in the industry?
3. Is the company insured?
4. How does this insurance cover your belongings?
5. Do they have worker’s compensation? (You don’t want to be liable for any accidents)

Next get an estimate of what it will cost for the move at least 6-8 weeks in advance. Local moves are usually figured out by the number of movers and truck multiplied by the hours on the job. Long distance moves your costs are mainly charged on the weight of your stuff and how far they have to go. In both cases there can be extra charges figured into the costs. These include the boxes, bubble wrap, special handling of antiques/art, etc. Have the estimator come to your home and look at how much stuff has to be moved. Then get a written copy of their estimate.

Written estimates are key in making this decision. First it protects you from surprise expenses and second you don’t want someone to understate the fee just to get your business. After the estimate you want to get on their schedule no less than 2 weeks before the anticipated move. The earlier the better is my rule of thumb. Try to remember that May and September are the busy months for movers.

Finally make sure the mover gives you an estimated time of arrival so you can have someone at the new house to accept your household goods otherwise the items could be put into storage which will cause delays and storage fees.

Now that you have the right professional on your side you can sit back and enjoy the moving day and the new start in a new home!

(c) Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH

You are ready for closing and you look at the settlement statement to check where all your money is going. One cost stands out becuasue you can choose not to pay it - owner’s title insurance. However, hidden risks of defects in the title can cost you thousands in legal fees not to mention the stress, frustration and time to correct. The best way to protect yourself is to purchase owner’s title insurance. Notice I am saying  owner’s title insurance  not lender’s title insurance. If you have a mortgage on the property the bank will require you to buy the lender’s policy. This covers their interest in the property not yours. The owner’s policy is optional and many buyer’s think they can save some money by passing it by. This is not a good plan. Even the most meticulous search of the public records by a title attorney can miss hidden defects. The owner’s title insurance policy pays the legal fees to defend your title in case of something missed. It is a one time charge that you see on the HUD at closing. Don’t pass it up because it can protect you from the following errors -

1. Forgery
2. Fraud in connection with the execution of documents
3. Undue influence (pressure) on the grantor (seller) or executor of a will
4. False impersonation by those puporting to be the owners of the property (This is why we bring licenses to the closing - are you really who you say you are when signing that deed? Or are you pretending to be the wife/husband and are really the girlfriend/boyfirend)
5. Incorrect representation of marital status of a grantor (Saying you are single when you are married)
6. Undisclosed or missing heirs
7. The will was not properly probated
8. Mistaken interpretaion of wills and/or trusts
9. Mental incompetance of grantors (Not all there in a legal sense)
10. Conveyance by a minor (Under 18)
11. Birth of heirs subsequent to the date of the will (The parent died before the baby was born and the will wasn’t updated)
12. Inadequate surveys
13. Incorrect legal description
14. Non-delivery of deeds
15. Unsatisfied claim not shown on the record (A lien that was not discharged)
16. Deeds executed under false poer of attorney
17. Confusion due to similar or identical names (Very common with juniors)
18. Dower or curtesy rights (homestead) of ex-spouse or former owner
19. Incorrect indexing of public records
20. Clerical errors in the recording of legal documents
21. Delivery of deed after the death of a grantor (Death stops everything)

Don’t pass up owner’s title insurance. Being penny wise and pound foolish could be a costly error when buying a house.

(c) Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH