Blog :: 03-2009

Market Recap

We were somewhat surprised that sales of existing homes fell 5.3% to an annual rate of 4.49 million in January, from 4.74 million in December. Much media lamenting was made of the fact that 45% of homes resold in January were short sales or foreclosures. But real estate is local. According to the NAR, these distressed sales accounted for four in five transactions in Santa Ana, Calif., but only one in five in Chicago. Short shrift was also given to the fact that the number of unsold homes on the market fell almost 3% last month to 3.6 million, the lowest inventory level in two years. A reduction in inventory of homes for sale will eventually result in rising property values a very good thing. As for new home sales, we weren't the least bit surprised. We knew sales would post lower, and they did, falling 10% to a seasonally adjusted annual rate of 309,000 in January from a revised 344,000 in December. It was the lowest level since the Census Bureau began keeping records in 1963. The decline in new home sales comes as builders continue to scale back construction and work off inventory. They appear to be making headway on the inventory front, given that inventory levels have fallen to 340,000 units, down from 357,000 at the end of December. And, as stated above, a reduction in inventory of homes for sale (whether new or resale) will eventually result in rising property values and thats something we all want. Looking ahead, economists predict that consumers and businesses may continue cutting back on purchases, which could make the first six months of this year rocky. How do they know that? Many are basing their prognostications on fourth-quarter gross domestic product numbers, which one media outlet noted contracted at a staggering 6.2% pace at the end of 2008. We don't know if the contraction in GDP was staggering, but it's worth remembering that last quarter's numbers have no predictive power for this quarter, much less this year. We're all familiar with the bromide talk is cheap. Maybe it's not so cheap, if we are talking ourselves into a state of despair. People everywhere are likening the current economic environment to the Great Depression, which followed the October 1929 stock market crash and lasted until the United States entered World War II. Revisiting the Great Depression might seem a logical consequence of our economic situation, but the constant comparison is contributing to current pessimism because too many of us are latching onto the Great Depression as a model of expectations. This latching on, in turn, is reducing consumers willingness to spend and businesses willingness to expand. There's no reason to go down that road. Yes, unemployment is approaching 8%. Yes, housing prices have fallen off a cliff in some parts of the country (but in fewer parts then most would expect). Yes, the economy has contracted (operative term being has contracted). But there are many bright spots as well: We have little inflation, a very resilient economy, rising wage rates (it's true), 30-year fixed-rate mortgages at 5%, and unbelievable values in the housing market. Yes, we can talk ourselves miserable, but why should we do that? This country offers too many positives and too much potential. Besides, isn't life just a little too short to be unnecessarily miserable?

Bridge Repairs on River Road in Conway, NH

The New Hampshire Department of Transportation announced that bridge repairs are scheduled to begin Wednesday. March 11th in Conway on the River Road Bridge that runs over the Saco River. The bridge and the rail work is expected to take four months to complete and will require single lane traffic controlled by a temporary signal.Motorists are urged to use caution when driving through the work zone and to use alternate routes if possible.

Sustainable Building in Mt. Washington Valley

North Conway NH Green Homes for SaleWhat is a North Conway, NH GREEN Home?

A green house, also known as a sustainable building, is a structure that is designed, built, renovated, operated, or reused in an ecological and resource-efficient manner. Green buildings are designed to meet certain objectives such as protecting occupant health; improving employee productivity; using energy, water, and other resources more efficiently; and reducing the overall impact to the environment. What Are the Economic Benefits of Green Buildings? A green building may cost more up front, but saves through lower operating costs over the life of the building. The green building approach applies a project life cycle cost analysis for determining the appropriate up-front expenditure. This analytical method calculates costs over the useful life of the asset. These and other cost savings can only be fully realized when they are incorporated at the project's conceptual design phase with the assistance of an integrated team of professionals. The integrated systems approach ensures that the building is designed as one system rather than a collection of stand-alone systems. Some benefits, such as improving occupant health, comfort, productivity, reducing pollution and landfill waste are not easily quantified. Consequently, they are not adequately considered in cost analysis. For this reason, consider setting aside a small portion of the building budget to cover differential costs associated with less tangible green building benefits or to cover the cost of researching and analyzing green building options. Even with a tight budget, many green building measures can be incorporated with minimal or zero increased up-front costs and they can yield enormousavings (Environmental Building News, 1999).

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For more than 30 years we have served the real estate needs of our neighbors and customers in:

Albany NH |Bartlett, NH |Brownfield Maine |Conway NH |Denmark Maine Eaton NH |Effingham NH |Freedom NH |Fryeburg Maine |Gorham NH Hales Location NH |Harts Location NH |Jackson NH |Madison NH Ossipee NH |Conway NH |North Conway NH

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Real Estate in North Conway NH- Stimulus Act of 2009

north conway nh and the stimulus act of 2009The Treasury Department has moved at record speed to implement one piece of the new American Recovery and Reinvestment Act of 2009 Act aka the stimulus act. The Department and the Internal Revenue Service which will manage it announced on Wednesday that forms and regulations are already in place for homebuyers who wish to claim the first-time credit enabled under the act. The credit is available to homebuyers who purchase a home before December 1st of this year. In an effort to make the effects of the credit felt quickly in the economy, homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008 return due in April. The tax credit represents 10 percent of the purchase price of a home up to a maximum of $8,000 or $4,000 for married taxpayers filing separate returns. The $7,500 credit that was authorized under earlier legislation last year was actually a 15 year loan; the new tax credit does not have to be repaid by the homeowner under ordinary circumstances. The credit does have to be repaid if the homeowner sells the home in less than 36 months or if the home ceases to be his principal residence during that time. For the purpose of this credit, a first time homeowner is defined as one who has not owned a home for the 36 months ending on the date of purchase. The credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000 for married taxpayers filing jointly. Above those income levels the credit is phased out gradually. Homeowners who purchased a house between April 8 and December 31, 2008 are not eligible for the new credit. They are covered by the earlier legislation and can claim the $7,500 repayable credit. Treasury Secretary Tim Geithner said in a press release from his department, "The expansion of the first-time home buyer tax break as part of the President's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers. We view our economic recovery plan, our financial stability plan, and now this homeowner affordability plan as three legs of the same stool - an integrated whole that represents our immediate response to the current crisis." Forms and instructions for claiming the credit on 2008 tax returns are available at www.irs.gov. The form number is 5405. Live where you Play and contact us for FULL SERVICE without hassle or pressure.

The Official North Conway NH Real Estate Website!

For more than 30 years we have served the real estate needs of our neighbors and customers in:

Albany NH |Bartlett, NH |Brownfield Maine |Conway NH |Denmark Maine Eaton NH |Effingham NH |Freedom NH |Fryeburg Maine |Gorham NH Hales Location NH |Harts Location NH |Jackson NH |Madison NH Ossipee NH |Conway NH |North Conway NH

Source: Mortgage News Daily