A “Real Estate Spring” is in the air…

Funny how a little sunshine makes everyone feel so much better.

Today while working my floor time shift in our Londonderry Prudential Verani office, I watched as people came in and out of  the office singing and whistling. It was such a nice feeling, especially after the long cold economic winter we’ve had…the coldest in something like 34 years,  to see the signs of spring both in the weather and more importantly in the attitudes of the people.

Life sure is a cycle, winter, spring, summer and our hopefully bountiful fall harvest and so is real estate.

Housing has always lead the country out of recessions and I don’t think it will be any different this time. Once we stop getting nothing but bad news, yeah I know the  “if it bleeds it leads” mentality but really, focusing on nothing but doom and gloom just holds everything down.

We need to stop pushing out bad news and start looking at the good news.  And there is some good news out there.

Not only is the sun shining in New Hampshire but the pending sales figures are up! While it might not seem like much to most but to a REALTOR it tells an important story.

The last week in February our Londonderry office alone recorded 24 pending sales! 24 in one week not in a month. Over all the stats show pending sales are up 5.6%…this is very good news!

When you think about the fact that the median price of a single family home in New Hampshire in 1998 was $127,500 and then within six years that number doubled $255,000 in 2004 and then increased another 6% in one year alone to it’s 2005 peak of  $270,000 you know that a correction had to happen.

Those of us in the business back then saw it coming, after all conventional wisdom says that real estate does indeed double every ten years or so but New Hampshire ran a marathon course to escalating home prices and that pace could not be maintained.  So we had a wild seven year run and now we’re in year four of a down market or better yet a market correction.

The median home price in New Hampshire in the year 2008 was $235,000 that figure is near the 2003 figure of $229,900 but you must remember that buying a home is a long term investment and now more than ever home ownership is within reach.  Don’t let this opportunity slip by you as you don’t want to someday… when looking in the rear view mirror kick yourself for missing this golden buying opportunity.

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