Portsmouth NH Homes Condos Real Estate

         Portsmouth New Hampshire Real Estate -  Market Activity for January 2008:

  

Portsmouth NH Homes   -  January 2008

    Homes Newly Listed:                   15
    Homes for Sale:                           58
    Average Listing Price:                  $617,656
    Average Days on Market:            141 days  

    Homes Sold:                                 6
    Average Listed Price:                   $290,200
    Average Sold Price:                      $278,775
    Average Days on Market:             149 days
    List-to-Sell Ratio:                          96.1%

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Over the last few weeks, I've gotten a number of questions about buying bank-owned properties because they have such great prices on them.  Potential buyers here in the Portsmouth area are drawn to the attractive prices of those properties, without realizing the probably issues with those types of properties.

Foreclosures, which are pretty much the same as bank-owned properties, are also listed in the Multiple Listing Service (MLS) as well.  Banks most often use agents to sell their properties, and those will also show up on the sites and the various MLS sites.   Here in New Hampshire, all of the properties for sale around the state, including Portsmouth NH real estate, will be listed in that system for all of us to have access to.


There are usually inherent problems with bank-owned properties that many times potential buyers don't think about until they actually go view a bank-owned property. 

The people who had owned that now bank-owned house fell seriously behind in their mortgage payments because they didn't, for whatever reasons, have the money to make those payments.  Typically that also means they didn't have the money to take care of the house either, which means that needed repairs and/or improvements were not done as well as no payments being made.

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Portsmouth NH Homes | Portsmouth NH Condos

We've all heard the latest news about the Federal Reserve dropping rates by 75 basis points. And I know there are plenty of home-buyers out there wondering just what that means to them at this point.


Interest rates are now the lowest they've been in the last three years - how great is that??!!?


Plenty of buyers have been trying to time the market, and that is a VERY difficult thing to do. Are the prices going down more, will the interest rates go down any more - what should I do...these are things we know buyers are thinking right now because we get the phone calls and emails asking just that.

The plain and simple answer is - we just don't know! We can make predictions based on facts and figures from the last few months, and those can indicate trends. But at best, those are educated guesses.

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