Market Trends
How’s the Market?
As expected the market continued to decline in 2009. However, I'm very optimistic about 2010. I don't foresee much more of a slide as units have held up rather well and are increasing nationally and the Upper Valley tends to trend 6 months to a year behind the major markets. I don't see any price increases in 2010, most likely stable or a slight decline. First quarter should be a little better than last year and I fully expect a terrific 2nd. and 3rd qtr in 2010.
There will be bump in the road around May/Jun nationally when the "Alt-A" mortgages reset. These where low interest rate loans, Teasers, 3%, 4% loans that will soon reset to 7% or 8% The majority of folks who had these types of loans have already refinanced to fixed rates. I expect the ones who have not can't and most likely will slip into foreclosure next year unless they can afford double mortgage payments.
Mortgage companies and banks are also stockpiling their inventory of foreclosed homes. Some people are worried that they intend to dump them all on the market in the 2nd. quarter, however, we've been advised that the banks are finally smartening up and are planning on slowly putting these homes on the market throughout the year so not to saturate the market with foreclosed homes.
Locally, there are many more foreclosed homes than I'd like to see, but, for the most part they've been good bargains for first time home buyers, many selling for 1/2 of what they did in 2005/2006 The price range of $300 to $700 continues to be slow but lately has started to see some life and I expect this market to increase in 2010, low interest rates and stabilizing employment should be a factor in this market.
If you are considering the sale or purchase of a home in 2009 please
call one of our sales representatives for a no obligation buyer or
seller consultation.
Gerry Stark, Principal Broker/Co-Owner
RE/MAX Upper Valley Partners
Gerry has been a Realtor for more than 22 years. He is the 2005 Upper
Valley Boards “Realtor of the Year” and teaches the Realtors ethics
course. He is the 2010 President Elect of the Upper Valley Board of
Realtors and is licensed as a real estate Broker in both New Hampshire &
Vermont. Designations include the Certified Buyers Representative, a
certified mentor for the Buffini & Company, A member of the Lebanon
Chamber of Commerce, the NH Better Business Bureau and a NH Notary
Public as well as the past Chairman of the Enfield Zoning Board.
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Archived Market Trends
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