Property in Keene, NH are selling rather quick these days, under 31 days is quite common for property under $200,000. But what are buyers getting for the price in this market?
Below is a list of what I've discovered about property in this price range
from working with several first time buyers recently:
1. Between $139,900 and $149,900 you can get a decent little home in average to very good condition typically with 2 bedrooms and one bathroom. What's the catch? Small rooms, small yard, or poor location. For a single buyer this is often a great value if they are able to wait for the right one to come along and, yes, make a near full price offer. These properties are very affordable for a large pool of buyers right now so it's important to find out if there are other offers on the table before making yours.
2. Between $170,000 and $189,900 you can often find a home that is much larger and offers 3 bedrooms and possibly 2+ bathrooms. Often you'll find a home whose condition has been left to deteriorate over several years. When set in a great neighborhood and offering room to grow into, this is an ideal starter home in Keene, NH- in my opinion. If you work with your lender to qualify for an FHA 503K loan (to pay for any necessary repairs) this could really help you get into a decent home for your family. You might even have a garage and a large enough yard for a garden and the pets at this price. A smaller sized home in this price range may be found in very good condition, whereas a larger home in this price range will typically have more deferred mainanance.
3. Between $200,000 and $219,900 you often find homes that are very desirable for a small family and would have sold for significantly more 3 1/2 years ago. Now's your time to move into a desirable neighborhood if it's in your future plans. With interest rates as low as they were at the peak of the market 3-4 years ago, this is the best of the best time to buy in all of the 8 years I've been in real estate. At this price you can expect 2 bathrooms and usually a garage and three + bedrooms. The quality of the home is typically greater and it's likely to have been remodelled more recently.
**Sellers in distress: If you are viewing a home that is likely to be a short sale or pre-foreclosure property, there are other factors to consider which could alter the offer officially accepted. It is important to speak with an agent to help you navigate through the complexities of todays market challenges, and there are many!