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Portsmouth, NH Real Estate News

By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Housing Market Forecast: What’s Ahead For The Second Half Of 2024 access_timeJune 24, 2024personJim LeehomeBlog Home Edit As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales. Home Prices Are Expected To Climb Moderately Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry: The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains: “One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.” While inventory is up compa...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
It’s time for summer vacations but it’s important to take a few minutes to give your online security some thought and planning. The bad guys are out there worldwide just waiting for you to let your guard down so they can steal your identity or invade your bank account. Compared to last year your risk of being attacked online has increased 23.9%. 90% of global cybercrimes are social engineering attacks like phishing or scams There is a hacker attack every 39 seconds. Here are some tips on how to protect yourself while away from home. Update your devices. Make sure your software and apps are updated on all the devices you plan to take with you. This will keep you safer from viruses, malware, and other threats. Back up all your data. Losing your phone to a thief is no fun at all but if you...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
You need a REALTOR® on your side for your next real estate transaction, whether you’re selling, buying, or both. Here are 5 of the top reasonsREALTORS have local market knowledgeRealtors have access to a wealth of information about the local real estate market, including recent sales data, pricing trends, and neighborhood insights. This knowledge can help you make informed decisions about buying or selling a property. We live in Portsmouth and work in the New Hampshire Seacoast and Southern Maine markets daily. Our website has the most up-to-date listing data available. Sign up for updates on the areas you’re interested in.Negotiation SkillsWe are experienced negotiators who can help you get the best price for a property whether you’re buying or selling Having a skilled negotiator on yo...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Do you know how much equity you have in your current home?Your equity is the difference between your current mortgage balance and the price your home would sell for in today’s market. Over the years you gain equity as you pay down your mortgage and home values rise. According to CoreLogic, the average homeowner has $298,000 in equity.Do you know how to use your equity to fund your next home?Did you know the equity you have in your current house can help make your move possible?Once you sell, you can use it for a larger down payment on your next home, so you’re borrowing less. Or, you may even have enough to be an all-cash buyer. One huge benefit to making a large down payment is that if you can pay more than 20% your lender won’t require you to buy private mortgage insurance. That could...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Is there a small home in your future?Portsmouth, NH Real EstateIt’s a definite possibility. Over a third of builders surveyed said they built smaller homes in 2023. More than 25% plan to build even smaller homes this year. Here’s why.Here are the reasons whyThe top two home-buying generations are searching for smaller homes. Millennials are looking for starter homes Baby Boomers are looking to downsize Both groups for different reasons don’t require a home of more than 2,500 square feet. Many millennials are moving from either their parents’ homes or smaller apartments and do not need a large detached home as their first house . . . Similarly, baby boomers looking to move may be empty nesters wanting to downsize from their current homesSmaller households are increasing with the majority...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Navigating the world of real estate can be daunting, especially with the industry-specific jargon used by professionals. Whether you are looking to buy or sell a home, understanding common real estate terms is essential. As your dedicated real estate experts, we’re here to break down the most important terms you’ll encounter, ensuring you’re well-prepared for the journey ahead.  For Home Sellers 1. Listing Agreement: This is a contract between you, the homeowners, and a real estate agent (like us), authorizing the agent to represent you and sell your home. Let’s discuss how we can represent your interests.2. Asking Price: The initial price you set when your home is put on the market. It’s crucial to set a competitive asking price that reflects the current market conditions. We can provi...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
You may have heard about the recent settlement in the National Association of Realtors (NAR) case, and it’s stirred up quite a bit of talk. But let’s clear up some misconceptions. This settlement isn’t about reducing the value of what real estate pros bring to the table or making homeownership harder to achieve. Instead, it’s a chance to improve transparency, flexibility, and, most importantly, the overall experience for consumers in real estate transactions. Let’s dive into what this settlement means, focusing on the positives for consumers and how we, as dedicated agents, are pivotal in shaping this new chapter in real estate. The Reality of Broker Fees Real estate fees will stay the way they’ve always been – fully negotiable between the Realtor and their clients. Whether you’re buyin...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
What is a bridge loan?A bridge loan is a temporary loan that helps “bridge” a gap for you. It can allow you to buy a new home before you sell your old one. You can borrow money based on the equity in your current home to use for the down payment on your new home. Then, when you sell your old home, you can use the money to pay off the bridge loan.How does a bridge loan work?A bridge loan works by providing short-term financing to help you buy a new home before you sell your current one. Here’s how one typically works: Application: You apply for a bridge loan with a lender, providing details about your current home, the new home you want to buy, and your financial situation. Approval: If approved, the lender will determine the loan amount based on the equity in your current home and other...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
We hear questions like this one often these days.“I’m thinking of selling my home in Portsmouth, but the value has increased substantially since we bought it. Will we have to pay a lot of taxes if we sell?”                            The best answer is maybe…….or maybe not. There are several ways for you to keep some or all of your profits if your home’s value has increased.First, let’s be clear on what a capital gain is.A capital gain is the profit you receive when you sell your house and pay off any mortgages and selling expenses. Here’s how a capital gain on the sale of residential real estate is calculated: Calculate the Cost Basis: This is the original purchase price of the property, including any additional costs such as closing costs, legal fees, and real estate agent commissions...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Buying a home is usually the largest purchase and financial commitment most people make in a lifetime. The process of finding and buying a home is both exhausting and complicated. For those reasons, you should find an experienced, local REALTOR in Portsmouth, NH, like Jim Lee and Ann Cummings from RE/MAX Shoreline, to guide you through the process, represent only you, and ensure your best interests are protected from start to finish. Here’s why Ann & Jim are your best choice. Source: NAR 2023 Profile of Home Buyers and SellersTypically there are two REALTORS involved in a real estate transaction.1. The Listing Agent works directly with the seller and represents them.2. The Buyer’s Agent works with the buyers and represents them.Both agents are legally bound to represent only the interes...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
No homes for sale? Look again. If you’re looking to buy a home on the New Hampshire Seacoast you need to have the latest information on the housing market. To help you make that possible, here’s an update on the supply of Seacoast homes for sale today. No matter if you’re looking to buy of sell, the number of homes available in your local market matters. See the chart below; there are currently 268 single family homes and condos available in the NH Seacoast, a 3.9% increase from the same time period in 2022. New Hampshire Seacoast single-family homes and condos for sale as of November 21, 2023Housing inventory is up in almost every state in the country. More homes for sale but are they selling? The answer to that question would be “yes”. Pending sales are sales that are in process but n...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
In today’s fast-paced world, the dynamics of family living have evolved.With changing economic landscapes and societal norms, multi-generational homes have become increasingly popular. A multi-generational home, defined as a residence where two or more adult generations live under one roof, offers many advantages. If you are considering buying a home in the charming city of Portsmouth, NH, or the New Hampshire Seacoast, exploring a multi-generational home might be the key to unlocking a convenient and financially prudent living arrangement.What is a multi-generational home?Financial Stability and Shared ExpensesBuying a multi-generational home can provide significant financial benefits. Shared living spaces mean shared expenses, from mortgage payments to utility bills. This collaborativ...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
The September market statistics are out for Portsmouth, New Hampshire. Read on to see the latest Portsmouth property trends. The average price for a Portsmouth single-family home in September was $628,156, that’s a 26.8% decrease from the same time period in 2022. The Portsmouth condo average was $$1,030,245, a 9.8% jump from September 2022. There were 25 closed sales of single-family homes and condos in September vs. 38 in 2022. That’s a 34.2% drop. Because Portsmouth is a fairly small market area, the short-term data shows some wide fluctuations but the overall, long-term pricing trend is very robustly up. What does the rest of 2023 look like for the Portsmouth NH real estate market? Total pending sales of both single-family homes and condos in September were 31, a 10.7% increase from...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Waiting to buy a home in Portsmouth, NH could prove to be a costly mistake.With prices projected to keep rising, it’s essential to act sooner rather than later if you’re considering purchasing a property in this vibrant coastal city.1. Rising Home Prices:Portsmouth’s housing market has consistently seen home prices on an upward trajectory. Demand for homes in this beautiful coastal city has outstripped supply, intensifying competition among buyers. Delaying your home purchase could mean facing higher prices, potentially making it more challenging to find a property within your budget.2. Limited Inventory:The availability of homes in Portsmouth is relatively low compared to the high demand from prospective buyers. This scarcity can further drive up prices. By waiting, you risk encounteri...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
What is property fraud and how can I avoid it?Property fraud is when someone uses a false identity to change the ownership of a property from your name to their name. Once they have the property in their usually false name, they can use the equity in your property as collateral and get as many loans as possible using your property as security. This goes on behind the scenes and victims usually have no idea it’s even happening until they start getting past-due notices and calls from creditors looking for repayment of their loan.What about those “title protection” services? You may have seen or heard advertisements from companies advertising “Title Lock” protection or similar wording. They often pay celebrities big bucks to advertise their products while using scare tactics to frighten yo...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Why Median Home Sales Price Is Confusing Right NowThe National Association of Realtors (NAR) is set to release its most recent Existing Home Sales (EHS) report tomorrow. This monthly release provides information on the volume of sales and price trends for homes that have previously been owned. In the upcoming release, it’ll likely say home prices are down. This may seem a bit confusing, especially if you’ve been following along and reading the blogs saying home prices have hit the bottom and have since rebounded.So, why would this say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each one. NAR reports on the median home sales price, while some other sources use repeat sales prices. Here’s how those approaches dif...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Housing Market Forecast for the second half of 2023We’re over halfway through 2023 now so let’s take a look at what’s happened in the first half of the year and make some predictions for what the Portsmouth, NH housing market for the rest of the year might look like.Home price Forecastfor single-family homes and condos in Portsmouth and the New Hampshire Seacoast continue to appreciate and I note that Portsmouth crossed the million-dollar mark for average sales price in July for the first time ever. That figure was driven by several multi-million dollar sales of single-family homes and two large new homes developments coming on line with million-dollar price points. On the bright side, there are still some relatively reasonable prices for single-family homes and condos to be found in Po...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Here’s why waiting to buy a home is a bad idea.Portsmouth, New Hampshire, and NH Seacoast home prices are projected to continue to rise, and the longer you wait, the more you’ll pay. If you’re considering buying a home in Portsmouth, New Hampshire, it’s essential to act sooner rather than later. The real estate market in this vibrant coastal city is thriving, and waiting could prove to be a costly mistake. Here’s why delaying your home purchase in Portsmouth, NH, could result in higher prices and missed opportunities.Portsmouth’s housing market has seen a consistent upward trajectory in home prices.With demand surpassing supply, the competition among buyers has intensified. If you wait to buy a home, you may face higher prices, making finding a property within your budget more challengi...
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
Don’t miss our latest market minute video.If you're considering buying a home in Portsmouth, New Hampshire, it's essential to act sooner rather than later. The real estate market in this vibrant coastal city is thriving, and waiting could prove to be a costly mistake. Here's why delaying your home purchase in Portsmouth, NH, could result in higher prices and missed opportunities. #annandjim #lifeontheseacoast #buynow #video #realestate  
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By Jim Lee, REALTOR, CRS, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
 Now is a great time to sell your house in Portsmouth, NH, and the surrounding New Hampshire Seacoast area. The supply of Portsmouth, NH homes is low; low inventory means less competition for your house. You’ve probably heard about the intense competition and bidding wars that characterized the housing market over the last few years. While the peak of that frenzy may be behind us, it doesn’t mean you’ve missed your chance to successfully navigate the real estate waters and sell quickly for the best price. In fact, there are still plenty of opportunities to be found in this thriving market.Watch Our One Minute Market UpdateTo understand the current state of the New Hampshire Seacoast housing market, let’s look at a graph that illustrates the trend in the supply of homes for sale. This me...
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