Southern NH Real Estate Answers

Real Estate Auctions

"I’m interested in buying a home that’s coming up for auction. I have seen it in the paper, so I know the date and time. What else do I need to know?"

 

First, I strongly suggest that you seek the professional advice and council of a Realtor. A Realtor can help you discover information about the property that you may or may not have access to. You should definitely have someone representing you; there are no second chances when it comes to an auction. As the gavel comes down, and you are the top bidder, it is yours with no contingencies! A good buyer broker who specializes in foreclosures is your best bet.

 

It is important that you preview the property before the auction, paying close attention to the big ticket items such as the roof, cellar, kitchen, bathrooms, foundation, wiring, plumbing, etc. You may want to bring someone knowledgeable about building systems and repair costs.

 

It will also be important to check with the town hall, pull the tax card, making sure that there are no back taxes, fines or outstanding fees associated with the property. You should also perform a title search, to see if there are any liens or second mortgages. If the property has city water and sewer, check to see if there are outstanding balances due there as well. As these unpaid charges against the property will become the responsibility of the winning bidder.

 

At an auction, a realtor is not required. However, you must know the value of the property, and you must know the rules and process. Realtors can discover the minimum price that a bank will more than likely set for the property at auction. So to win the bid over the bank, you will have to pay more than the bank. You would want to be aware of all factors surrounding the purchase including the value of the property before and after the sale.

 

You can find better opportunities with far less headaches and liability by working with a buyer broker to find you the properties you want as they appear for auction or as they are listed on the market for sale.

 

 

 

State Of the Market

As a Real Estate Professional I know how vital it is to know your market.  I keep track of my market's statistics on a regular basis.  This not only allows me to better inform my clients on what to expect when buying or selling, but also allows me more successfully guide them through the whole process.My advice: Know the State of YOUR Market... Information is a POWERFUL tool for success   State Of The Market * As of April 1st 2009
Active on Market	373
Average List Price	$267,925
Average Sale Price	$247,399
List to Sell Ratio	94.5%
Average DOM Market Time	134 days
Number of Sales YTD	84 homes
Number of Expired YTD	109 homes
Depreciation 1st Q	4%
Number of Pending	128
Avg List Price on Pending	$219,206
Avg DOM for Pending	102
Avg DOM for Sold	103

*Information is for the Manchester, NH .  Subject to errors and ommisions.

As a Real Estate Professional I know how vital it is to know your market.  I keep track of my market's statistics on a regular basis.  This not only allows me to better inform my clients on what to expect when buying or selling, but also allows me more successfully guide them through the whole process.My advice: Know the State of YOUR Market... Information is a POWERFUL tool for success   State Of The Market * As of April 1st 2009
Active on Market	373
Average List Price	$267,925
Average Sale Price	$247,399
List to Sell Ratio	94.5%
Average DOM Market Time	134 days
Number of Sales YTD	84 homes
Number of Expired YTD	109 homes
Depreciation 1st Q	4%
Number of Pending	128
Avg List Price on Pending	$219,206
Avg DOM for Pending	102
Avg DOM for Sold	103

*Information is for the Manchester, NH .  Subject to errors and ommisions.

What can I expect to pay for home improvement expenses after I buy a home?

 

First, let’s get our definitions straight:  Home maintenance and repair projects are projects that need to be done to maintain the integrity of your home.   They include areas like roofing, furnace maintenance, windows, exterior painting and electrical. These projects need to be addressed first in order to efficiently run the home without jeopardizing safety or energy use.  Once these projects are taken care of, it is then time to take a look at home improvement projects in other areas in the home.  By definition these projects include anything done to improve the look or function of your home, but are not strictly necessary for its maintenance, integrity, or occupancy.

 

Kitchens and baths are among the top rooms people consider for remodeling first, and are often improvements considered as buyers shop for a home.  Buyers also often explore the possibility of making smaller rooms bigger, or making other additions on to the existing structure.  In the warm weather months or climates, improving the landscaping is another high priority for many new home owners.  All of these improvements are personal choices, not necessary changes, that were most likely planned on or made prior to a home purchase – but what is a reasonable amount of money to spend making a home “your own”?

 

The National Association of Realtors Profile of Buyers has gathered data to best help answer the question of what to expect for home improvements once the home is purchased.

·         The typical buyer spent $4350 on home improvement projects within the first three months of their home purchase.

·         Repeat buyers typically spend more than first time buyers; $5330 compared to $3070.

·         28% of first time buyers spend less than $1,000 on home improvement projects.

·         Buyers who purchase new homes typically spend slightly more than those who purchased previously owned homes.

·         Home buyers who plan to stay in their homes for one year or less spend the most money on home improvement projects within the first three months, $5830.

It would be prudent to examine your list of desired home improvements and identify those that may qualify for a tax credit.  Tackling these projects first may help you have the necessary money to tackle other projects in the future.  Please consult your tax accountant before expending any money – you may even find that you can afford to tackle a project that you would have thought too expensive, or even become aware of improvements you could make that would save you money in the long run.  For example, new laws provide tax credits for making your primary residence more energy efficient. You may want to consider these improvements as an advantage over others that do not qualify in the same manner.

Ultimately, what you spend on home improvement projects is a personal decision - but a little homework can let you know if the changes you may make to a newly purchased home are reasonable as compared to market trends.  You may also save yourself some money by prioritizing projects for maximum tax benefits, or even energy efficiency.

 

 

Suzanne Damon

Member of the Greater Manchester-Nashua Board of Realtors