Real Estate Seacoast Blog

Ever thought about becoming a real estate salesperson?

Maybe you just want to know more about real estate to become a more savvy investor.

Or do you already have a real estate salesperson license and are interested in taking your broker’s test?

Come take class with me and The Real Estate Learning Group!

$249.00 all books and materials included

Monday & Thursday nights 5:30-9:30pm

Starting 9/4/08 through 10/6/08

All classes held at 501 Islington Street Second Floor Training Room in Portsmouth NH

Click here to sign up on line 

How frustrating to put your home up for sale and nothing happens. No showings, no offers, no quick sale. You thought you would have moved on by now but it’s already been six months. Now your asking yourself - “Now What Do I do?”

Well, first find out if you have been on the market too long or not. This is easy - all you have to do is ask your agent to give you a report of what has sold in the area and how many days they were on the market and how many days under contract before they closed. If you have been on the market two months and the average is 6 months, you simply need to be patient. While you are being patient make sure you do everything possible to make your house the best buy on the block. This can mean a lot of cleaning up and cleaning out both the inside and outside of your home. I know it is hard to keep up but it can mean more cash in your pocket on the other end.

Has the property been exposed to the market well enough? I am not talking about putting an ad in the “paper” every week but what has your agent done to sell your home to all the other agents in the area. After all 95% of sales are between two agents. I always say “You have to sell a house 4 times - First to all the other agents in the area, second the buyer who comes with the agent, next (the most important one) to the appraiser, who in turns sells it to the bank for the loan”

Where are you on the internet? It’s not just entering the home into MLS anymore. There are lots of other tools including Craig’s List, Zillow, Trulia, and more. Buyers are out there looking on line every night. You want your home noticed so that they will call their Buyer’s agents to set up the appointment. How many pictures are on line and what quality are they. Do they show your home from all the best angles? Are there more than 6 photos? Check it out by asking your agent to send to a full listing sheet with all photos attached.

But the most important factor of all is price! Are you priced right for the neighborhood you are in? What has your competition been selling for? I know it is hard to face that your precious abode is not worth as much as you would like it to be, or how much you have put into it, or even what you paid for it 2 years ago. But price is everything. You have to take the emotion out of it and look at the hard, cold numbers of what similar properties are on the market for and recently sold for. It’s natural to overestimate the value of your own home but you are better off to stick with the market facts. Ask your agent to give you the information to come up with a reasonable price. You may have to postpone selling and possibly risk losing more in the future or bite the bullet now and get on with the sale!

Walking is one of my all time favorite activities. I am blessed to have lived in downtown Portsmouth for 20 years. Portsmouth is the ultimate walking town on the Seacoast. From my current home I can walk to the office, church, the library, dozens of restaurants, 2 theaters, Prescott Park, Hannaford’s Supermarket and 2 pharmacies. There is never a dull moment living in Portsmouth. On any given nght you can find live music, dancing, buskers on the street, fishing off the piers, darts, pool, movies, book groups and more.

My all time favorite walk is, of course the Downtown Loop. Coming in on State Street by the John Paul Jones House and the Rockingham Hotel go all the way down to the end - to the right is Marcy Street and Prescott Park and to the left is Bow Street and Daniel Street. The Park is a great place for a stroll amongst the gardens and fountains. For a long walk down by the river - don’t forget the Eastern Trail out on Pierce Island.

If you follow Bow Street it will take you past the Seacoast Repertory Theatre and into the heart of the decks along the river and the tugs on Ceres Street. At the end of Bow Street hang a left onto Market Street and within a couple of blocks you are in the heart of Market Square in front of the North Church.

If you are looking for more of a walk along the ocean there are two to choose from that I recommend. The first would be Odiorne Point State Park. There are very well marked trails all through the area. Forests, tide pools, vast ocean vistas, and a freshwater marsh are great for exploring, meandering and bird watching.

The second ocean walk would be the sidewalk path that goes from North Hampton State Beach to the Rye Beach Club and back. Metered parking at the North Hampton State Beach during the season. So be prepared with quarters. This walk is about 4 miles round trip directly along the coast.

The Urban Forestry Center in Portsmouth boasts a 4 mile network of trails including a 1/4 mile fitness trail with 14 fitness stations. The paths take you through a mixed deciduous forest, northern hardwood, saltmarsh wetlands, red pine plantations and a stand of mature blue spruce. This is also a great area to do some cross country skiing in the winter. Some walkways are wheelchair-accessible and there are several gardens.

And finally the Great Bay National Wildlife Refuge out at the Pease International Tradeport features two trails that are ripe with wildlife sightings. Peverly Pond Trail is 1/2 mile long takes you through the forest to Peverly Pond. Along the way look out for beavers, turtles and migratory birds. The Ferry Way Trail is a 2 mile loop to Furber Strait where Little Bay enters Great Bay. Along the shore line you might spot osprey, red tail hawks, kingfishers and possibly even a bald eagle. White tail deer and turkey are also out in this area.

So there are five of my favorite walks. Hope you get out and enjoy one or all of them.

Well, let’s take a look at the numbers to see what has been happening in Portsmouth for single family and condominium sales:

2008 Q2

Total Sales 74 - Average Sale Price $351,409 - DOM 121

2007 Q2

Total Sales 106 - Average Sale Price $336,922 - DOM 133

The obvious is not as many homes sold this year compared to last year. Our total units sold is down 30.18% but lo and behold our sales price is up by 4.19% and days on market have reduced by 12 days or 9%.

2008 January 1-June 30

Total Sales 143 - Average Sale Price $337,129 - DOM 120

2007 January 1-June 30

Total Sales 167 - Average Sale Price $330,577 - DOM 122

So, overall Portsmouth is not doing badly at all. Our total units sold is down by 15% but our home values are holding steady and even rising by 1.9%. Now is a great time to invest in Portsmouth. There are 173 properties in inventory - something for everyone. Come take a look at living in Portsmouth!

Shannon Aldrich, Keller Williams Coastal Realty

Join our Real Estate Seacoast enewsletter for up to date real estate information and area happenings by emailing saldrich@kw.com. Your privacy is important to us - we will never share or sell your contact information.

Everyone wants to get as much for their home as possible when putting it up for sale. Often I hear Sellers say they “Want To Try It Out At X Price” or “We Need Room to Negotiate”. Both of these thoughts can cost a Seller thousands of dollars in wasted time and lost dollars in the final sale price. The temptation to test the market can be great, but over pricing, and even accepting a bid at an inflated price, has a definite downside.

Overpricing Leads to Diminished Interest - Two things bring this about. First all the Agents in the area recognize it as an over priced listing and are reluctant to bring their Buyers to the party. These agents are not going to risk their credibility with their Buyers by showing them properties not worth the price. And secondly, an over priced home becomes stale on the market. Sitting while the initial 3 weeks of interest fades and costing the owner in holding costs and delays in their move.

Overpricing Leads to Fewer Offers - Buyers told want to insult a Seller with a “low ball” offer. They feel very uncomfortable submitting a realistic bid when there is a large difference between asking price and market value.

Overpricing Leads to Financing Problems - If we can’t get it to Appraise we can’t sell it in today’s tightened market. No underwriter is going to take the risk plus Appraisers are clamping down on their valuations to avoid getting caught in a declining market.

Overpricing Leads to the Wrong Buyers - Buyers will be comparing your home to all the other on the market in the same price range. Those that are properly priced at market value will make your house look like a dissapointment and waste of time. The other properly priced homes will have more amenities, better conditions or updates. The Buyers who are qualified for your home will never see it on the internet because it will be too far out of thier price range. And when you finally drop the price they may have already bought.

“Price it High To Start and Then Drop It” is a strategy full of risk.  When you finally do drop the price the potential Buyers and Agents can smell desparation and need to sell. Or they will think something is wrong with the property. Eventually your property will sell but at how much of a loss when you take in to consideration carrying costs and time lost. Are you now carrying two mortgages, paying ongoing expenses like property taxes and slowly losing a potential profit.

How do you keep from overpricing a property - stick to the facts and dump your emotions out of it. Ask your professional real estate agent what has sold that is similar to your home as it is. That’s what the Appraiser’s are going to be looking at. Just the numbers and the facts are all that really matter. Work with your agent to develop a comprehensive marketing plan that will generate interest from the moment your home hits the market. Try to stay unbiased and realizes that selling a home is business not feelings. The first three weeks are crucial so don’t let the temptation to overprice seduce you away from getting a high price, quickly.

Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH

www.RealEstateSeacoast.com

Join our monthly enewsletter for updates on area real estate and local happenings by emailing saldrich@kw.com Your address will never be shared or sold.

With gas reaching $4 a gallon there must be ways to use it more efficiently. Re-thinking the way we drive can be a challenge in our hurry up world but I have found several ways to save gas while driving.

Start with a fuel efficient vehicle. An increase in 10mpg fuel economy rating can save you $5,000 in fuel cost over five years, based on $4 per gallon.

Limiting the amount of time my car idles - Idling more than 10 seconds uses more fuel than restarting the engine. Turn your car off when parked or stopped for more than 10 seconds, except, of course, in Traffic!

It is not hard on the engine to turn it on and off. Frequent restarting has very little impact on the starter motor and battery.

Excessive idling can damage the engine. An idling engine isn’t operating at its peak temperature, which results in incomplete fuel combustion. This leaves fuel residues that can contaminate oil.

Engines don’t need more than 30 seconds to “warm up”. Maybe this was true in the past but today’s modern engines are ready to go.

Drive up windows are a waste of gas! Park your car and go inside when running errands at the bank, pharmacy, coffee stop and fast food dinner.

Take out the remote starter (or at least don’t use it). How often have you forgotten and discovered the car has been running for 10 minutes or more. If it’s winter - put on more clothes vs. expecting a toasty interior.

Don’t be a Jack Rabbit! When starting from a dead stop, accelerate slowly.

Traveling at 55mph gives you up to 21% better gas mileage. Over 40mph the car has to overcome tremendous wind resistance.

Plan out your trips in advance. The most practical trip goes in order and in a straight line. Know where you are going and plan your trips that way.

Remove all the stuff from your back seat and trunk. Lighten the load that you are hauling around with you every day to save gas.

Keep your car well maintained. Check the tires for proper inflation; get filters and oil changed regularly. Keeping you car washed and waxed actually improves the aerodynamics and fuel savings.

Go at a slow and steady pace. No tailgating, no revving the engine at stops; no aggressive driving that cause you to drive the brake. Remember it was the turtle who won the race not the hare.

The price of gas isn’t going down anytime soon, if ever. So let’s use this resource wisely and the most cost effectively possible. No reason to stay at home but gallons of reasons to think it through before getting behind the wheel.

Real Estate Market Update Update 24 For April 27-May 2, 2008

Rockingham County, New Hampshire

Single Family Homes

• Total Listings Available 2,340 (Last Report 2,340)
• Price Range $54,900-$9,500,000
• Total New Listings This Report 104 (Last Report 144)
• Price Range $54,900-$1,450,000
• Total Pending This Report 30 (Last Report 49)
• Total Withdrawn This Report 19 (Last Report 25)
• Total Expired This Report 75 (Last Report 30)
• Total Sold This Report 72 (Last Report 48 )

Condos

• Total Listings Available 933 (Last Report 950) 
• Price Range $58,000-$1,250,000
• Total New Listings This Report 39 (Last Report 46)
• Price Range $80,000-$1,250,000
• Total Pending This Report 21 (Last Report 21)
• Total Withdrawn This Report 10 (Last Report 7) 
• Total Expired This Report 31 (Last Report 8 ) 
• Total Sold This Report 18 (Last Report 25)

Shannon Aldrich, Keller Williams Coastal Realty Portsmouth, NH

Join the monthly e-newsletter for featured listings, area happenings and updated real estate information at saldrich@kw.com I respect your privacy and will never share your email address.

This information for Rockingham and Strafford counties is compiled through NNEREN, Northern New England Real Estate

Real Estate Market Update Update 23 For April 19-26, 2008

Rockingham County, New Hampshire

Single Family Homes

• Total Listings Available 2,340 (Last Report 2,340)
• Price Range $54,900-$9,500,000
• Total New Listings This Report 144 (Last Report 117)
• Price Range $109,900-$2,975,000
• Total Pending This Report 49 (Last Report 32)
• Total Withdrawn This Report 25 (Last Report 28 )
• Total Expired This Report 30 (Last Report 34)
• Total Sold This Report 48 (Last Report 43)

Condos

• Total Listings Available 933 (Last Report 950) 
• Price Range $58,000-$1,250,000
• Total New Listings This Report 46 (Last Report 33)
• Price Range $79,000-$795,000
• Total Pending This Report 21 (Last Report 18)
• Total Withdrawn This Report 7 (Last Report 17) 
• Total Expired This Report 8 (Last Report 14) 
• Total Sold This Report 25 (Last Report 16)

Shannon Aldrich, Keller Williams Coastal Realty Portsmouth, NH

Join the monthly e-newsletter for featured listings, area happenings and updated real estate information at saldrich@kw.com I respect your privacy and will never share your email address.

This information for Rockingham and Strafford counties is compiled through NNEREN, Northern New England Real Estate

Real Estate Market Update Update 22 For April 11-18, 2008

Rockingham County, New Hampshire

Single Family Homes

• Total Listings Available 2,340 (Last Report 2,230)
• Price Range $54,900-$9,500,000
• Total New Listings This Report 117 (Last Report 302)
• Price Range $88,900-$2,250,000
• Total Pending This Report 32 (Last Report 91)
• Total Withdrawn This Report 28 (Last Report 57)
• Total Expired This Report 34 (Last Report 119)
• Total Sold This Report 43 (Last Report 84)

Condos

• Total Listings Available 933 (Last Report 950) 
• Price Range $58,000-$1,250,000
• Total New Listings This Report 33 (Last Report 121)
• Price Range $58,000-$379,900
• Total Pending This Report 18 (Last Report 25)
• Total Withdrawn This Report 17 (Last Report 22) 
• Total Expired This Report 14 (Last Report 69) 
• Total Sold This Report 16 (Last Report 32)

Shannon Aldrich, Keller Williams Coastal Realty Portsmouth, NH

Join the monthly e-newsletter for featured listings, area happenings and updated real estate information at saldrich@kw.com I respect your privacy and will never share your email address.

This information for Rockingham and Strafford counties is compiled through NNEREN, Northern New England Real Estate

The summer season is almost upon us. The snow has finally melted and the sun has come back out. Vacation time on the coast of New Hampshire and Maine is about to go into full swing. What would be better than having a place of your own to enjoy and possibly rent out when you are not there! You don’t have to be a financial mogul or Hollywood star to own multiple homes. Many people escape the oppressive heat of Florida and the South to enjoy the temperate climate of the North East.

Second home ownership is an extremely popular trend in today’s real estate market. Why? Well, demographics, technology and prices are converging to provide a historic opportunity for Buyers to enter this market. Baby Boomers are rushing toward retirement and second homes offer you an opportunity to ready for that day when you want to live in warm weather year round. Experts are predicting that millions of Americans will buy second homes in the next few years.

Thanks to technology, second homes have become a place to work as well as play. Tele-commuting has come a long way in the last few years. High speed internet and FIOS connections are available everywhere on the Seacoast. How you use your second home is up to you but if it something you have dreaming of, now is the time to get the information you need to make an informed decision. Working with a professional real estate agent who is up to date on 1031 exchanges, summer rentals and the financial considerations is the way to go. You may even be able to use the equity in your current home to finance the purchase. A vacation home can even be an income property when not in use. Peace of mind comes with using a professional to sort out all the details.

Married couples, generally over 35, with or without children are almost twice as likely to own second homes as single persons. And the fastest growing segment of second home Buyers are between ages 35 to 54 without children at home. Some of the best locations are usually within 2 to 3 hours of your year round home. People from Boston, New York and Canada can find the Seacoast of New Hampshire and Maine the ideal location for vacation homes.

What makes for an ideal location for a vacation home? Natural beauty is top of the list but other activities, arts, popular sports and theater are also on this list. With second homes being a discretionary purchase, everyone wants quality of life and security to be tops. You will get the most enjoyment out of your second if it is within an area you can get too relatively quickly and can use more often. Make sure you look at any property with an eye towards tomorrow  because the best value and most likely to appreciate are the ones that Boomers can play in today and retire in tomorrow.