Economic Recovery Good News And Bad News

By
Real Estate Agent with The Bean Group

The Economy of New Hampshire Real Estate is on track for real equity gains because prices are so low but the recovery of the "The Great Recession" is slow.

This is good news for home buyers and especially first time home buyers of New Hampshire Real Estate. The painfully slow recovery has resulted in a leveling of home prices.  Looking at home sales data for the first quater of the last four years, we are seeing average sales prices in Strafford County at $230,037 in Q1 2008, $176,526 in Q1 2009, $194,711 for Q1 2010, and $188,199 for Q1 2011.

 

 

Here's the bad news:  

Interest rates for a 30 year fixed rate mortgage were at the lowest in October of 2010 at 4.23%, 4.69% in December of 2010, 4.76% in January, and today's rate is 4.84%.  If we hold a monthly mortgage payment steady at $1,000, for every 1/4% interest increase we observe an $8,000 drop in purchase power.

Solution?  Donald Trump was asked by the Wall Street Journal "What is the quickest way to build real wealth?".  The Don's answer: "Buy Real Estate Now!"  Buyers should understand the slow economic recovery has presented them with an opportunity of a lifetime.  New Hampshire Real Estate has good inventory, reasonable home prices, and low interest rates giving buyers more purchase power.  That power erodes with interest rates on the rise.

BUY REAL ESTATE NOW!  Waiting will only lessen your purchase power.

About the Author:  Marty Patrizi is a Realtor with Virtual Homes, Inc.  Marty has been buying, selling, building, and renovating properties since 1988 and he can help you acheive your New Hampshire real estate objectives efficiently.  Marty can be reached at 603-781-4099 or by email marty.patrizi@virtualhomes.com

For FREE ACCESS to search all homes for sale in the NH MLS, visit TheNHRealtor

                                       

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marty patrizi
nh homes
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Rainmaker
802,653
Paula McDonald
Chevaux Group, PLLC - The Woodlands, TX
CHEVAUX Group ~ The Woodlands, TX 936-203-0279

Yes, buy now and reap the rewards of owning property - I concur!  Line em up and let's get rolling!

April 28, 2011 08:33 AM #1
Rainmaker
1,362,568
Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The news is different if you live in an area with real estate prices that are not six digits. Maine is the 46th lowest for FSSR (foreclosure, short sale, repossession) and it's a whole different local landscape with the real estate market than say California, Nevada, Florida, Michigan. The average readers, news watcher/listener or blog follower can be lulled in to Chicken Little sky is falling easily if everyone is preaching gloom and doom. It's not like that here.

April 28, 2011 08:34 AM #2
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Marty Patrizi

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