There were indications late in 2015 that we were going to see a great beginning to the 2016 season, and from what I have observed and heard from area agents, this is holding true.
It was not until late January into early February that we began to breathe a sigh of relief that this winter may not be a repeat of last year. There were no crippling snows, home inspections got done, closings were happening, etc. Then we began to feel the crunch of a low inventory. Sellers were not listing. Not only is this a local trend, but it is national as well. Multiple offers, something not even in our vocabulary for the last eight years, are resurfacing.
The blame can’t just go to sellers. Spec houses, houses built without a particular buyer in mind or under contract, but designed to appeal to the maximum market possible, have not reappeared to the levels prior to 2008.
A few examples of the upturn: In the Contoocook Valley region, a sampling of seven towns shows that from January to April 9, 2015, 63 homes closed. In the same period this year, 99 closed. Pendings were at 88 last year, and are at a whopping 124 year-to-date for 2016.The state shows the same, with a first quarter increase over 2015 of 27 percent closed, and up 28 percent pending.
Inquiries continue to come to us from the major metropolitan regions of the Northeast. Connecticut in particular seems to be sending many more buyers in our direction. One reason is the favorable retirement tax climate New Hampshire offers over Connecticut. Another reason is to remain connected not too far from family. Of the second-home buyers I have worked with recently, many plan to make it their primary residence once fully retired.
In order to service our aging population, we must work to encourage young people to move to the area,and also encourage those who grew up here and went off for higher education, to come back.
The Contoocook Valley Board of Realtors recently sponsored a round table discussion with area leaders interested in a sustained, healthy growth of the region. “The lack of broadband”, a major subject of the discussion, is going to sound like a broken record if something is not done to improve it throughout the region.
Today’s young buyer is willing to forego some conveniences when relocating to this wonderful area, but broadband is not one of them. Many jobs today afford the opportunity to work from home. That cannot happen without good broadband. For students, homework and other activities revolve around having good Internet. The nicest home on the market, with everything in place from curb appeal to everything else in between, will have a problem selling without broadband.
David Orgaz, of Greenville, has been with BH&G The Masiello Group for 11 years. A native of Keene, he is currently serving as 2016 president of The Contoocook Valley Board of Realtors.