Monthly Archive for February, 2011

The National Association of REALTORS® Reports another Month of Rising Sales Nationally

Published on February 25, 2011 in Sunapee Housing Market. 0 Comments Tags: , , , .

For the third month in a row, there has been an increase in sales of existing homes (which include single-family, condominium, townhomes and co-ops). For the first time in seven months, the sales activity has outpaced that of a year ago at 5.3% above the 5.09 million level in January of 2010.

“The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” said Lawrence Yun, NAR chief economist. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”  Yun added, “Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes.”

Prices, however, were still down with the national median existing-home price for all housing types at $158,800 for January, down 3.7% from the same time last year.  NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors.  “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”

With 3.38 million existing homes available for sale, total housing inventory represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. This is the lowest level since December 2009 when there was a 7.3-month supply.

Regionally, existing-home sales in the Northeast fell 4.6% to an annual pace of 830,000 in January from a spike in December and are 1.2% below January 2010. The median price in the Northeast was $236,500, which is 4.0% below a year ago.

Source:  National Association of REALTORS®

10 Home Improvement Projects that Might not be Worth Doing

Published on February 24, 2011 in Sunapee Housing Market. 0 Comments Tags: , , .

Not every renovation will necessarily add value to your home for potential buyers.  They may not like your choices. People also like to make their own renovations over time.  There are certainly some which are sought after, but there are definitely some which aren’t, including the following:

Swimming pools. In most instances, it’s unrealistic to think that the addition of a pool will increase your property’s chances of selling.

Over-improving for your neighborhood. If your renovations drive the price of your property well beyond its neighbors, you’re making a mistake.  Plus, you may well have increased the maintenance costs and taxes on your property, also unappealing to buyers.

Extensive landscaping. In general, adding a lot of landscaping (without specific purpose) is personal and may not appeal to a buyer.  Keeping your yard mowed and picked up and your bushes trimmed is a better choice.

Some High-end upgrades. Thing like imported tiles, fancy bath tubs, built-in Jacuzzis, hand-decorated wallpaper, Persian rugs, expensive light fixtures, etc., may be appealing to you, but they can be very personal choices which buyers would prefer to make themselves.

Wall-to-wall carpeting. Better to clean than replace which again allows for the buyers’ personal choices.  Don’t cover wood flooring.  It’s better to refinish it than cover it with carpeting.

Invisible improvements. Things like new plumbing and heating systems sound great on paper, but everyone expects there to be heating and plumbing in the house they buy.  Make sure it has been serviced recently and is functioning properly.  In general, buyers are more impressed by what they see.

A refinished or well-decorated basement. This is the type of improvement which might help clinch a sale to some buyers, but they still might not be ready to pay more for this feature. It’s unlikely that it will pay you back.

Building or upgrading a deck. Be sure that your existing deck is in good repair, but money spent on new or upgraded decks probably won’t make the difference in your selling price.

Patio frills. Water fountains, fish ponds, awnings, gazebos, or a multi-purpose playground are expensive “luxuries” which may or may not impress a buyer and may even help clinch a sale, but they too are not likely to increase the value of a home to the extent of their cost.

The addition or expansion of a garage or carport.  Garages are one of those things that, in our part of the country, people want and assume that most properties will have.  They might be willing to pay a bit more if the house has one, but, again, not perhaps as much as it cost you to add one.

This article was adapted from an article which appeared on Yahoo! Finance, on Wednesday, February 9, 2011.  It was written by Fred Fletcher, a Yahoo! Contributor.

Mount Sunapee’s Upcoming Events – Come Enjoy the Fun in the Snow!

Published on February 22, 2011 in Sunapee Activities. 0 Comments Tags: , , , , .

It is hard to believe that March is just around the corner, but snow is in the forecast for Friday.  March is probably the best month to ski or ride with warmer temperatures and plenty of snow on the trails. Plus, there are a host of entertaining special events this spring including Dummy Big Air, the Slush Cup, the Cardboard Sled Race and the O.A.R. Concert on April 2. It is shaping up to be one of the best spring skiing seasons in years. For those of you skiing or riding this week with your families, Wednesday is shaping up to be a beauty with sunny skies and highs in the low 30’s.

The popular Family Values On-Line Special will be available Monday through Friday February 28 through March 4. For each parent who purchases a full-price, all-mountain, full-day lift ticket ($66) Monday through Friday one dependent child age 6-18 can ski or ride all day for free. An on-line coupon is required. Visit their Online Coupon page for details.

The 5th Annual Dummy Big Air Contest is coming up Sunday, March 13. It’s time to start building your dummies. Over the past few years Governor Lynch, Sarah Palin, President Obama and even the Health Care Bill have inspired entrants. Use your imagination! All entry fees are used for cash prizes for most creative dummy, biggest air and best crash. Join the fun in what has become one of the most popular spring events. Click here for all the rules and details.

Saturday, Feb 26:
Andrew Pinard, Absolutely Magic, performing table magic in the Sunapee Lodge, 11:00am – 1:00pm.

Sunday, Feb 27:
“Big Steezy” Big Air Contest in the Bob Skinner’s 603 Terrain Park sponsored by Steez Magazine.
Jim Hollis performing in Goosefeathers Pub, 3:00 – 5:00pm.

Source:  Sunapee eNews

Still Renting? 7 Reasons to Own Your Home

Published on February 18, 2011 in Advice for Buyers and Sunapee Housing Market. 0 Comments Tags: , , .

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov .

Original source:  Realtor.org in REALTORMag, the Business Tool for Real Estate Professionals

Getting Ready for Ski Vacation Week? Here’s the Latest on Mount Sunapee, NH

Published on February 17, 2011 in Sunapee Activities and Sunapee Community. 0 Comments Tags: , , , .

The forecast is calling for generally dry weather for the next two weeks and highs each day in the upper 20’s and low 30’s—absolutely perfect weather for skiing and riding. A few scattered snowstorms next week add to the 80 inches of snow already received this year.  All 11 lifts will operate during the holiday week.

Now is the time to make reservations for any Snow Star or Mountain Explorer lesson you may need. Private lessons are also available if you are looking for some one-on-one instruction. It’s going to be a great upcoming holiday week so pick your day and join us for a great day of skiing and riding at Mount Sunapee.

Mountain Dew Vertical Challenge Comes to Mount Sunapee Tuesday Feb. 22nd

Next Tuesday, February 22nd, Mt. Sunapee will be hosting the Mountain Dew Vertical Challenge Race Series at Mount Sunapee. The Mountain Dew Vertical Challenge is a free, fun race open to all ages and abilities—so bring your friends, bring your family and join in the fun and the excitement of this race series. To save you some time during the race registration, visit this pre-register link to download and complete the form before arriving. Have fun!

This two-day event features the Reverb Eco Village (businesses and products that support a sustainable environment), all natural/organic food sampling, ski and snowboard demos and live music Saturday afternoon. Participants include SIGG, Burton, Nordica, Ramp Sports, EVOL Burritos, Tribe Hummus, Stonyfield Farm, Bare Naked Granola, Rustic Crust, American Flatbread and Specialized bikes. The Bud Light Concert Series will present Chris Velan live Saturday after-ski in Goosefeathers Pub along with a promotion with WBMX, Mix 104.1.

Upcoming Events:

February 22
MOUNTAIN DEW VERTICAL CHALLENGE
A fun, all-day event for the entire family, with a dual slalom race, prizes, giveaways, and après-ski awards party. This is a family party open to all that you won’t want to miss.

February 27
“BIG STEEZY” BIG AIR CONTEST
A big air contest in the Bob Skinner’s Six O’ Three terrain park sponsored by Steez Magazine.

Source:  Sunapee eNews

Keep Your Home Purchase on Track

Published on February 15, 2011 in Advice for Buyers and Sunapee Housing Market. 0 Comments Tags: , , .

By: G. M. Filisko

Published: March 30, 2010

You’ve found your dream home. Make sure missteps don’t prevent a successful closing.

1. Be truthful on your mortgage application

You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime.

2. Hold off on big purchases

Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan.

Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, wait until after the closing.

3. Keep your job

The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.

4. Meet contingencies

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

5. Consider deadlines immovable

Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing. Treat deadlines as sacrosanct.

More from HouseLogic

How maintenance adds to home values

Reducing closing stress

Other web resources

More on calculating closing costs

More on the closing process

G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

7 Steps to Take Before You Buy a Home

Published on February 11, 2011 in Advice for Buyers and Sunapee Housing Market. 0 Comments Tags: , , .

By: G. M. Filisko

Published: February 10, 2010

By doing your homework before you buy, you’ll feel more content about your new home.

1. Decide how much home you can afford

Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop your home wish list

Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select where you want to live

Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start saving

Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.

However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.

Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.

5. Ask about all the costs before you sign

A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area—including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get your credit in order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get prequalified

Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

More from HouseLogic

Learn how Fannie Mae and Freddie Mac mortgages can help you save on financing

Learn more about the costs of homeownership

Other web resources

Homebuyer counseling resources

Get a free credit report from each of the three credit reporting bureaus

G.M. Filisko is an attorney and award-winning writer who has thrice survived the homebuying process. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit Houselogic.com for more articles like this.  Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Olympic Gold Medalist Coming to Mt. Sunapee, NH

Published on February 10, 2011 in Sunapee Activities. 0 Comments Tags: , , , .

2010 Olympic Gold Medalist and 2009 Overall World Cup Champion freestyle skier Hannah Kearney will be at Mount Sunapee Resort on Saturday, February 12 courtesy of Dartmouth-Hitchcock. Hannah and staff from Dartmouth-Hitchcock will be in the Spruce Lodge lobby from 11:30am until 3:00pm interacting with guests at the resort. Hannah will have her Olympic Gold Medal with her and guests can get autographs and photos with Hannah. She will also be presenting the awards for the Tecnica Cup that will be held at Mount Sunapee on Saturday for Senior, JI and JII alpine racers.

8 Tips for Finding Your New Home

Published on February 8, 2011 in Advice for Buyers. 0 Comments Tags: , .

By: G. M. Filisko

Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

1. Know thyself

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

More from HouseLogic

HOAs: What You Need to Know About Rules

A Financial Plan for Your Home

When It Pays to Do It Yourself

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Visit Houselogic.com for more articles like this.  Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Looking for the Best Snow Skiing Around? Visit Mt. Sunapee Resort, Newbury, NH

Published on February 4, 2011 in Sunapee Activities and Sunapee Community. 0 Comments Tags: , , , .

We received another 12 inches of snow Tuesday and Wednesday. We have received measurable snow just about every three days for the past two weeks bringing our seasonal snowfall to almost 80 inches. This storm had a little more moisture in it than previous storms and the glade skiing is fantastic right now. Just an insider’s tip: Most big storms are northeasters and the wind comes up out of the Sunbowl, over the summit and down the front of the main mountain. Generally, Summit Glades and Ridge Glades are the big winners. We now have 60 features in our three terrain parks with a few more features to go in the Bob Skinner’s 603 Terrain Park. Looks like a great weekend, with another snow delivery scheduled Saturday night.            (Picture taken in Summit Glades)

Grom-A-Thon Every Sunday through March 27

Our Grom-A-Thon series is underway in the Bob Skinner’s 603 Terrain Park every Sunday and will continue through March 27. Designed for young skiers and riders who want to try an event, the Grom-A-Thon is centered on one small or medium feature in the park with the emphasis on fun and camaraderie. There is a $5 entry fee and every competitor receives a goody. The event starts at noon and registration is at the park shack. Release forms are required. The winner each week will be posted on the Terrain Parks page on the Mount Sunapee website.

Weekend Happenings:

Saturday, Feb 5:

Andrew Pinard, Absolutely Magic, performing table magic in the Summit Lodge, 11:00am – 1:00pm

WFNX Radio promotion in Goosefeathers Pub, 3:00pm – 5:00pm. Music, games and prizes

Sunday, Feb 6:

WZID Radio Promotion in Sunapee Lodge, 1:00pm – 3:00pm. Music, family games and prizes.

Pete Merrigan & Roger Bartlett perform in Goosefeathers Pub, 3:00pm – 5:00pm.

Source:  Sunapee eNews 2/3/11