Stephanie's Blog

I recently read an article originally printed by the Associated Press and printed in the Keene Sentinel called "A home's new owner should ask seller for lowdown".  Of all buyers, especially, first time buyers would benefit from this experience.  It's easy to forget the newness of home ownership and what it was like that first year of owning your first home.  Not knowing what new things you hadn't thought to ask about your home, what new challenges you faced in figuring out your home with each seasonal change.  Getting to know your home is a 12 month process, and sometimes longer.

Here are somethings first time buyers should think to ask before or during the closing of their home:

1. Is anything under warrenty still? Where are the docs for this?
2. When was your last chimney and furnace cleaning? Who did it?
3. Are there any boundary disputes between your neighbors?
4. What do I do with trash, recycling, leaves?
5. What contractors have worked on the house in the past, who knows the home?
6. How do you care for the outdoor landscaping?
7. How do you operate all of the lights and what are some of the homes idiosyncracies?
8. If you left for a week, what would you need to tell your house sitter (that could be beneficial to us?)
9. Where are the children on the street?
10. How do the systems work (pool especially) and what annual mainenance tasks should be kept up?

These are the top questions on my list though any agent could add to this list.  During times like this when sellers often have not lived at the property (bank owned) it becomes especially crucial to hire the right inspector and to take your time at the home inspection.

 No one knows for sure what will become of the buyers who missed out on the tax credit offering.  Will it be extended or modified to incorporate all buyers? Who knows but for one, I wonder if we will become a JCPenney's country where sales, discounts and incentives are expected for consumers to purchase anything?  If I were a buyer right now, missing the tax credit, I'd certainly be waiting to see what next offering will come to "encourage me" to buy a home. 

I feel we could see a bit of a lull if buyers do wait this winter for another incentive, but hope I am wrong!! 

See what this article predicted after the 2008 tax incentive...

If you're a first time buyer hoping to tap into the tax credit this year, you already know you need to close on or before November 30, 2009.  For many who require an FHA loan, it's just about the last week to make an offer on a home and get the process started.  This is because of the length of time it will take to process the loan, oftentimes 45 days. 

For those first time buyers who are fortunate enough to obtain conventional financing, there is still some time to shop, and SELLERS this is a great time to list at the RIGHT PRICE if you want a chance at selling before winter!  The conventional loan process takes closer to 4 weeks and is a lot more flexible than FHA financing. 

Appraisers, too, are feeling the pinch! They are forced to turn over their appraisals at record speed these days to help buyers meet the tax credit deadline.  Everyone is working double time on behalf of the buyer and, in the end, the buyer receives their credit that will hopefully help stimulate the economy during the year's most challenging time- winter.

10/17/2009

65 Broad Brook Rd, Winchester-  1:00-3:00

28 Owens Drive, Swanzey- 10:00-12:00 (please note new open house hours)

270 Wentworth Rd, Walpole- 2:00-4:00-New Price!

33 Richmond Rd, Troy- 10:00-12:00

51 Summit Ridge, #51, Keene- 3:00-4:30

81 Summit Ridge, Keene- 2:00-3:30

155 Roxbury Street, Keene- 12:00-1:30

26 Red Oak Drive, Keene- 10:00-11:30

18 Balsam Street, Keene- 12:30-2:00

10/18/2009

634 Rte 10, Gilsum- 12:00-1:30

28 Skyline Drive, Keene- 12:00-2:00

28 Owens Drive, Swanzey 11:00-1:00 & 10/21 (Weds) 4:00-6:00

I'm often asked the question "How's the market?" at house parties, when meeting new people or when getting together with family.  My answer always reflects my own personal experiences, which doesn't necessarily represent the broader view of the market. 

My own niche (the first time buyer) did quite well this year, despite the lower income I earned based on lower selling prices:) I have had more first time buyers this year then in the past 8 years of my business selling real estate. Very few of them purchased homes that had an actual seller residing in the home ready to move up and make another purchase.

Some Stats:

The Cheshire County (Keene, NH are surrounding towns) region has seen a dramatic change in average listing and selling prices of homes sold during the 08 and 09 months of September.

September 2009 Cheshire County had 67 closed residential sales (as listed in the MLS) with an average days on the market of 153. The average listing price at time of an accepted offer is $214,231 and average accepted and closed price of $204,315.

September 2008 Cheshire County had 74 closed residential sales (as listed in the MLS) with an average days on the market of 106. The average listing price at time of an acepted offer was $250,616 and average accepted and closed price was $238,906.

Wow, what a downward shift in prices we saw this year and so many of them reflect the foreclosures and short sale prices bringing apparent values of "normally selling" inventory down with it.  I'm hopeful the first time buyers will continue to experience incentives towards their purchase in the upcoming year as they are purchasing in price ranges which seriously need fixing up.  The boost in our local economy is helpful as contractors receive work and new furniture and home appliances are purchased.  I wish I were a first time buyer this year!!

Last Sunday I spent the afternoon raking leaves of all colors (but blue, as I'm reminded by my 5 yr old) and building a huge pile.  The day was crisp and dry(ing) from our rain on Saturday. The kids were fresh and extra wound up from a long, busy week. It's time to let loose.

I turned around and closed my eyes, jumped high and leaned back. Leaves cradled my freefall and wrapped me up so I couldn't be found and I lay there in silence for a moment or two, thinking...

What life this time of year gives me.  New England autumns are full of family, friends, harvest socials and cheery pumpkins.  People are feeling good, set aside a sniffle or two.  I lay in the leave pile feel warm fuzzies as memories of my childhood returned.

It's times like these when I'm loving life and feeling so connected to the natural world around me that I'm feeling my best.  Life is about having fun which is needed to balance the everyday stess. Do something different and sit in it for a while, remember your childhood and be greatful for it.

Assuming that first time buyers are the ones who start the chain of real estate transactions so move up buyers can move out, do we track and measure the number of first time buyer home sales to determine that housing sales are on the upswing?

What about when the first time buyer purchases a short sale or a foreclosured property and the money stops in those hands? With the high number of foreclosures and short sales, sellers in move up housing (usually priced higher than a typical entry level home for your region) are still not budging too rapidly.

"Look instead at the sale of the first- and second- move-up homes .... when that increases it will be an indication that the food chain is really going and that the bottom is real" says Doug Poretz of Seeking Alpha . So who really holds the title of the plankton in this market?

Saturday, October 10^th

28 Owens Drive, Swanzey- 10:00-12:00 (Please note the new schedule)

97 Fox Run Rd, Swanzey- 11:00-1:00

2 South View Drive, Keene- 11:00-1:00

19 Iceland Circle, Keene- 2:00-4:00

84 Kendall Rd, Keene- 11:00-1:00

5 Surry Hill Drive, Keene- 11:00-1:00

104 Merriam Rd, Walpole- 12:00-2:00

36 Concord Hill Dr, Keene- 11:12:30

629 Glebe Rd, Westmoreland- 12:00-2:00

3 Forestview Rd, Keene- 10:00-1:00

Sunday, October 11^th

28 Owens Drive, Swanzey- 11:00-1:00 (also scheduled for Weds from 4:00-6:00)

135 #4 Rd, Fitzwilliam- 11:30-1:30

8 Kapper Drive, Winchester- 12:00-3:00

23 Kapper Drive, Winchester- 12:00-3:00

154 Walpole Valley Rd, Alstead- 1:00-3:00-New Price!

103 Richmond Rd, Winchester- 11:00-1:00

Keene's Annual Pumpkinfestival is less than 2 weeks away. The best kept secret is one that involves children and, surprisingly, not everyone with children who attend are aware of this. National Grange Mutual (NGM) actually has the best kept secret, in my opinion. What do they do for the children at the Pumpkinfest?

NGM sets up a tent in their courtyard just off West Street near Central Square.  Though not broadly advertised, this little secret is great fun for children and completely free.  Their volunteers (maybe their staff?) sit under the tent offering arts and crafts, Halloween activities, and games and prizes for the children whose parents have discovered the tent during their tour of the Pumpkinfest.  Whenever I've asked parents if they knew about this they've responded "no" but once they've been they return year after year just for the children!

Last year's event was a perfect combination of weather, jacks and entertainment.  Hope you'll attend! We usually plan to go once during the day and once at night for the effect of seeing all 20,000+ of the jacks lit up on Main St. and a fireworks ending. Who cares if a record is broken or not, it's great fun and truly wel

I recently closed on three short sales including one with TD Bank and two with Wells Fargo.  I was surprised by the vast differences between the level of service from the short sale departments of each bank, which varied from transaction to transaction. 

During my TD Bank short sale, the sellers had developed rapport with the bank for several months and were on good terms (despite their many personal setbacks, modified payments and- towards the end- no payments made on their mortgage).  The bank was well aware of their circumstances and the sellers took my early advice on how to proceed with the preliminary preparation for their short sale.  This was my easiest short sale transaction this year.

The TD Bank negotiator assigned to them was in touch with the sellers regularily and they were given some counseling prior listing their home from both myself and the negotiator.  I have to commend TD Bank for Ryan Foss's great work on making this the smoothest short sale ever!!

- THREE WAY COMMUNICATION IS KEY! -

 The negotiators for my other two recent short sales wanted no contact with the sellers after the offer was submitted.  This is not as ideal because I become the "middleman", however...

PARTIAL COMMUNICATION IS SECOND BEST

and I'll take that over

SPORATIC OR NO COMMUNICATION- WHICH PRETTY MUCH DOESN'T MAKE SENSE TO ME.

Yes, one transaction we had so little communication from the short sale department that the poor first time buyers on the other end were left to deal with all the normal emotions a regular first time buyer would experience during a purchase, PLUS the added stress of just plain old NOT KNOWING WHERE THEY STOOD DURING THE ENTIRE TRANSACTION. In this case, I thank heaven for strong buyerS who's persistence and determination kept them in the long and wait-ful game.     

Disgust!

It truly disgusts me to know that we, as agents, could have completed this transaction simply and smoothly (not to mention it could have closed months ago saving the bank some time and money) had the communication been better.  I can not go into more details about this transaction but this did close finally, after practically twisting the short sale department's arms (after days of trying to reach them by phone) just to get their final approval on the final HUD submitted 48 hours prior closing. To this, I commend our wonderful team here at the office who worked diligently to make this happen.  Listing agent Bill Arnott was diligent and extremely smart in his manner for approaching the bank.  The Great East Mortgage and Title team who provided service at the speed of lightening to close this transaction when the short sale department finally approved the sale but imposed near impossible closing dates. Phew!

It's time we are given a voice about this because we as agents can provide valuable feedback to the banks that could be used to modify thier processes and procedures.  It's not ok to leave people hanging for 6 weeks before telling them whether or not you will review or accept their offer.

COMMUNICATE BETTER AND LISTEN TO THE "PROBLEMS" WE'RE HAVING WITH SOME OF THE THE SHORT SALE DEPARTMENTS AND BANKS WILL LOSE LESS MONEY.

10/3/2009

193 Mountain Rd, Spofford 11:00-1:00

28 Owens Drive, Swanzey 10:00-12:00 (also on Sundays 11:00-1:00 and Weds 4:00-6:00)-NEW HOURS

100 Forestview Drive, Chesterfield 1:00-3:00

46 Arlington Ave, Keene 11:30-1:30

162 Talbot Hill Rd, Swanzey 1:00-3:00

185 River Street, Keene 10:30-12:00

175 River Street, Keene 10:30-12:00

19C 20 Gates Rd, Marlborough- 12:30-2:00

54 Pine Avenue, Keene- 10:30-12:00

519 North Shore Rd, Spofford 11:30-1:00