Even though it really hasn't felt very summery so far this year, it actually is summer and the summer real estate market is under way. The initial flush of spring buyers has now morphed into more of a steady trickle of buyers entering the market after feeling that the bottom has probably been reached. Meanwhile, properties are pouring onto the market at a pace more reminiscent of early spring. So buyers are enjoying a wide selection of homes to look at except for the $150K and under price-range. The influx of first time buyers into this pool of properties has decimated an already thin supply leaving only some pretty chancy selections, i.e. houses that need a lot of work or located in a less than desirable spot.

Sellers are waiting longer and taking less pretty much across the board. Financing is possible but aggravatingly nit-picky. It would be so nice if lenders could achieve some consistent lending policy that is somewhere between giving everyone a loan regardless of their qualifications and making it impossible for anyone who actually needs a mortgage to get one and then stick to it for a while. I know it sounds controversial and out of the mainstream to suggest a fair, consistent, and defensible lending policy, but it would sure make life easier for buyers, sellers, brokers, and everyone else associated with the real estate industry.

But, enough whining!  There are plenty of bargains to be had and a load of good properties for sale at prices not seen in many a year. Patience seems to be the most necessary quality these days. Sellers patiently waiting for a buyer; buyers patiently waiting for prices to hit the bottom, and everyone waiting patiently for lenders, underwriters, loan committees, appraisers, and attorneys to review, review again, delay, and delay again and finally close a few transactions.

        

With all of the hoopla surrounding the government's various stimulus packages, much of the hype has been dedicated, second only to the 1rst time buyer tax credit, to new (really not very new) FHA and Rural Development Loans for home buyers without much cash. The difference for lenders being that these loans are insured by the government, which makes them a little more palatable to now-cautious lenders.<< MORE >>

Hi Folks - For general info on the 2008  1rst Time Home Buyer Tax Credit as promulgated by the National Association of REALTORS, please click the link below:

1rst Time Home Buyer Tax Credit

Check back often for changes or updates on this very beneficial program!

        

Well - it's official. The business leaders of the Upper Valley have declared that the real estate market has "hit bottom" with only minimal damage in terms of sales prices and days on the market. It seems according to one leader that, "We're rolling again!" While I would love to leap onto the band wagon and in fact, I admit that activity has certainly been good given the negative press and the economic bad news on almost every other front; I have to ask for a pause in the euphoria long enough to make a couple of observations. Mine are ...<< MORE >>

Well, it's happening again. A real estate allegory snatched from the headlines. By now, we've all heard about the BBC talent show sensation and viral YouTube star, Susan Boyle, whose claim to her fifteen or slightly more minutes of fame is that she is able to carry a tune on pitch with a very pleasant singing voice and a positive stage presence. I also might mention that she is apparently even more famous for what she is not. That is, she is not a half-dressed, tattooed, pierced, bleached blond, no talent, rock star wannabee like most of her competition. << MORE >>

I guess this entry is only peripherally about real estate. but it's been a long winter and we don't get much irony in these parts, so I couldn't resist sharing a thought that struck me this morning as I watched the news on TV. Of course, the media are full of the story of an American flagged ship being attacked by pirates, the ensuing fight to overcome the miscreants  and the captain being taken hostage. All of these things are clearly criminal acts and deserving of a strong response and stern punishment. ...<< MORE >>

Spring has officially begun and the real estate buying season is off and running. In the Upper Valley, the phone is ringing often and buyers are looking around a lot. Sellers are listing their properties in spite of the national hype about the market and, in fact, properly priced properties are selling. Buyers are taking their time and negotiating hard. Rates are at historic lows and, in spite of tighter credit restrictions, qualified buyers with some cash to put down are receiving mortgage loans and, combined with lower prices, are saving a ton of money.<< MORE >>

Hi Friends - In an attempt to broaden the spectrum of ideas on this blog, I have recently begun presenting materials supplied by others from time to time. The following is another example of that and I hope you will find it useful. Many homes built before 1980 likely have asbestos insulation in them. When homeowners remodel, they may expose themselves to asbestos, which could lead to the deadly cancer called mesothelioma. There are many environmentally safe and healthy ways to insulate your home and this article, written by Joe Lederman of Asbestos.com explores them. Happy reading - Barney << MORE >>

Hi Friends - I was given this piece by Ian Davis, which I found thought-provoking and just about dead on. I wonder what the "New Normal" will be for real estate?? If you have an opinion, please comment. I will speak to that question next time. Thanks - Barney<< MORE >>

Spring is not quite here weather-wise, but it's beginning to feel like spring in the real estate business. Loads of properties are being introduced to the market every day and the phones are ringing as buyers realize that opportunity is knocking louder than it has in a very long time. The current combination of large inventories, low interest rates and general gloomy news about the economy has produced potentially the best time to purchase a new home ever.<< MORE >>