Upper Valley Real Estate

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  RE/MAX Upper Valley Real Estate | Lebanon, Hanover, NH | Norwich, Quechee, VT

Conveniently located on Route 12A
 in the heart of the Upper Valley
(603) 298-8900
toll free (800) 925-9310

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RE/MAX Upper Valley Real Estate

Market Trends


 
Upper Valley Market Update
By Gerry Stark
07/31/2009

Click here to view 2009 Sales data.

How’s the Market?

Are we at the Bottom yet? My gut tells me not quit, but I see light at the end of the tunnel. After reviewing the sales statistics through the end of July 2009 the trend is still downward. However, the number of day’s it’s taking to sell a home has remained steady. This indicates that sales could be starting to level off. However, all the other indicators continue to point downward with an unlucky “13” across the board. Units sold down 13%, average sales price down 13% and median sales price down 13%

So how do you sell your house when it must sell now? PRICE IT RIGHT! If you must sell you need to have a professional Realtor complete an in-depth market analysis of your home that is clear to understand on how they arrived at the value proposed. I guarantee you the number will be less, sometimes much less than you thought your bottom line would ever be. However, it’s time to take off the rose colored glasses and arrive at the reality that the market is down and the price is the price. Pricing your home more than 5% above the current market value is a recipe for disaster!

Buyers Market: I commented back in 2005 during the last Sellers market how little sellers were doing to sell their homes. Many at the time would refuse to make repairs; some wouldn’t even mow the grass as they knew there were plenty of buyers willing to pay even more for their homes, as is. However, this trend has curiously shifted to buyers. We are now seeing buyers making ridiculous request of sellers. It’s always been common for buyers to ask for major repairs to be made after an inspection but we are now seeing buyers walk away from buying because the seller wouldn’t fix minor items, usually less than a few 100.00 dollars. We have also started to see buyers asking for the seller’s personal possessions, lawn mowers, snow blowers and even furniture to be included in the sale.

Improving Economy “ripples in the water”: We are lucky in this area not to be affected as much by the recession, however, we are not immune. Trends seem to always start in more populated areas like FL or CA, and we seem to always follow those trends about 12 to 18 months after but usually just not to the same extent. Think of it like this. If you drop a stone in the water the center has a violent splash, however, the farther away from the center not much happen. By the time the ripples have reached us the center has calmed and like those other parts of the country FL and CA are back on the road to recovery while we are still feeling the effects. I firmly believe that sales prices will begin to level off and an improving economy will support a healthy real estate market in the Upper Valley starting near the end of this year and increasingly improving in the years to come.

RE/MAX 2010 Housing Market Outlook Report


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.

Sincerely,

Gerry Stark
Principal Broker/Co-Owner
(603) 298-8900

Click here to view 2009 Sales data.

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.
 

For a FREE market opinion of your home email freecma@uvmaxre.com or give us a call at 603-298-8900.

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RE/MAX Upper Valley Partners

120 South Main Street
West Lebanon, NH 03784

(800) 925-9310
Equal Housing Opportunity Realtor

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