Outlook Grim For Home Builders

Home builder confidence continues to drop according to a recent study by the National Association of Home Builders (NAHB). The Housing Market Index (HMI) index has now plummeted to the lowest level since 1991.

With the lagging market and slow down of new home construction, builders are being forced to drop prices and find creative ways to lure in potential buyer as was noted by NAHB Chief Economist David Seiders "builders are actively trimming prices and offering buyer incentives to work down their inventories, but meanwhile there is a large supply of vacant existing homes on the market, and affordability problems persist despite efforts to attract buyers."

"In spite of these challenges, we expect to see home sales get back on an upward path late this year and we expect housing starts to begin a gradual recovery process by early next year. At that point, this market will be operating well below its long-term potential, providing plenty of room to grow in 2008 and beyond."

So if you're considering a new construction, keep your eyes open for enticing builder incentives (cash back, swimming pool, etc.) and home upgrades (appliances, flooring, fixtures, etc.).

Labels: real estate news

posted by B. Samii @ 8:18 AM 1 comments

Homestead Protection

If you live in MASSACHUSETTS courtesy of www.lowelldeeds.com
Massachusetts law allows a homeowner to protect the equity of the family home by recording a Declaration of Homestead at the Registry of Deeds. The recording fee is $35 and the Homestead becomes effective immediately upon recording.

How does the Homestead work?By filing a Declaration of Homestead, you exclude up to $500,000 in the value of your personal residence from creditors. You still may incur debts and, if you have other assets like bank accounts or a vacation home, they can be seized to satisfy your debts, but your home would be protected for as long as you continued to live in it.

When should I record a Homestead?As soon as possible. The Homestead only protects you from debts that come into existence after the Homestead has been recorded. When you need the Homestead, it's too late to record it. (Although most attorneys advise clients to record a Homestead even after a debt has come into existence since it might provide some protection).

What's the downside of a Homestead?There isn't one. Having a Homestead does not prevent you from selling or refinancing your home. It does not harm your credit report. It just protects your home.

Does a Homestead replace insurance?Absolutely not. You should still carry adequate insurance on your home, car and possessions. The Homestead is in addition to insurance.

My spouse and I both own our home; do we both sign the Homestead form?No, the Homestead law specifies that only one spouse may file a Homestead, but that Homestead protects the family home against creditors of either spouse. If you or your spouse are 62 or older, however, you may both file a Homestead form.

My brother and I jointly own our home; do we both file Homesteads?
If two or more people jointly own a home, every joint owner who lives in the house should file a separate Homestead.

May I file a Homestead on my vacation home?
The Homestead only applies to your primary residence.

Will a Homestead protect me from nursing home costs?
Not really. Technically, if you go into a nursing home as a private pay resident and accumulate substantial charges that you cannot pay, the nursing home would be your creditor and could sue you for the amount owed. In this case, the Homestead would work. But the great majority of people in nursing homes have their bills paid by Medicaid (i.e., the Commonwealth of Massachusetts). The value of Medicaid benefits you receive are not covered by the Homestead.

I signed a deed transferring an interest in my home to my daughter; do I need a new Homestead?
Yes. If you already have a Homestead and then sign a deed transferring an interest in your home to someone else - even if you keep an ownership interest in the home and still live there - you must record a new Homestead to be protected. Signing a new deed automatically dissolves an existing Homestead.

If you live in NEW HAMPSHIRE
CONGRATULATIONS! Nothing further than your Deed needs to be recorded for homestead protection in New Hampshire. It is automatically vested by Statute. However, it is important to make sure the person selling you the home releases their homestead rights within the Deed. The protection in New Hampshire is $100,000.00 per person.

posted by Attorney Pete Smith @ 5:23 AM 1 comments

A Day In Portsmouth New Hampshire

Hands down, Portsmouth NH is the spot for summer. As New Hampshire 's second oldest city (settled 1623), Portsmouth NH is a very charming and desirable city in New England. Originally a major harbor and center for fishing and shipbuilding, the charm and appeal of its history still exists in this quaint community. Lots of beautiful parks, brick walkways, historically preserved buildings, and scenic waterfront views, Portsmouth New Hampshire is truly a remarkable place to be.

If you like to eat (or drink for that matter), Portsmouth is the place. It's hard to go wrong. Fresh seafood restaurants, Mediterranean, Italian, Thai, French, Japanese... the downtown area is packed with a wide array of culinary offerings and great establishments, all within a half-mile radius. Just park the car, walk, and pick a restaurant.

There are too many great restaurants for us to list here -- but take a look at all the outstanding eateries with the interactive map put together by the people from portsmouthnh.com: >>Portsmouth Restaurants Interactive Map

The bar scene in Portsmouth is always lively and there's just about something for everyone. It's not uncommon to find a mix of locals, college kids, and retired elderly couples all in the same bar -- normally this doesn't always work but there seems to be a good coexistence and a 'leave-your-attitude-at-home' type of atmosphere in most places. Although, there are a lot of great bars to choose from, here are a couple favorites worth checking out:

Press Room - The Press Room is the spot to go if you enjoy live music. Somehow there is an impressive schedule of bands and musicians every night of the week. Yes, every night of the week.


Red Door - Great loungey bar, not always a lot of room but a lot of atmosphere. Oh, and the best mixed cocktails and martinis you can find.


Gas Light - Great summer time bar that includes a huge outdoor area with live music most nights. There is also an upstairs area which is Portsmouth's only effort of a 'nightclub-like' establishment. Watch out, there's even a dresscode -- no, that's not a joke.


Spring Hill Tavern - Another great local bar (downstairs of the Dolphin Striker) with live music acts Tuesday through Sunday evenings. Get there early to grab a table because it can get crowded.

The 'Decks' - More of a low-key (umm, usually) string of outdoor bar/restaurants on the waterfront. No music, but great place to enjoy a sumer night outside with drink in hand.


Besides the fantastic restaurants and bars, Portsmouth also offers a variety of things to do that appeal to people of all ages. From the Children's Museum, to the Repertory Theater, to the Music Hall and Stawbery Banke, there are many family-oriented attractions, fairs and great events planned during the summer. Make sure to check out some of the free outdoor concerts and local live music acts, as well as the theater productions in Prescott Park.

If you're looking for shopping, Portsmouth will keep you busy. Downtown offers lots of great boutiques and shops -- jewelry, clothing, wine, and various craft shops. There also some extraordinary art galleries in town.

If shopping is not your thing, then enjoy a coffee or dessert at one of several cafes in town (Breaking New Grounds, Popovers, Aroma, Cafe Kilim, Starbucks). The tiramisu at Aroma Cafe is not shabby.

Here are a few images of what you might see if you go to Portsmouth this summer:

Prescott Park Flower Garden:
Strawbery Banke:

Popovers on Congress Street:

Street Music:

Good Eats at the Decks:
Narrow, Brick Walkways:
Market Square:

Shopping in Downtown:

Labels: portsmouth new hampshire

posted by B. Samii @ 12:55 PM 2 comments

New Hampshire Real Estate Sales Data June 2007

Here is a snapshot of real estate sales data for New Hampshire homes and condos for June 2007 as obtained from the New Hampshire MLS (multiple listing service).

Homes:
The following is data regarding New Hampshire home (single-family) sales activity:

Nashua Homes
Number New homes - 100
Number Sold homes - 66
Average Days on Market - 77
Average Listing Price - $304,838
Average Price Sold - $297,668

Manchester Homes
Number New homes - 109
Number Sold homes - 71
Average Days on Market - 77
Average Listing Price - $258,342
Average Price Sold - $253,992

Portsmouth Homes
Number New homes - 31
Number Sold homes - 26
Average Days on Market - 89
Average Listing Price - $412,950
Average Price Sold - $399,073

Concord Homes
Number New homes - 48
Number Sold homes - 40
Average Days on Market - 131
Average Listing Price -$300,448
Average Sales Price - $291,

Condominiums:
The following is data regarding New Hampshire condo sales activity:

Nashua Condos
Number New condos - 74
Number Sold condos - 39
Average Days on Market - 87
Average Listing Price - $225,419
Average Price Sold - $222,003

Manchester Condos
Number New condos - 65
Number Sold condos - 50
Average Days on Market - 93
Average Listing Price - $176,270
Average Price Sold - $172,636

Portsmouth Condos
Number New condos - 19
Number Sold condos - 19
Average Days on Market - 143
Average Listing Price - $240,642
Average Price Sold - $233,600

Concord Condos
Number New condos - 17
Number Sold condos - 20
Average Days on Market - 49
Average Listing Price - $148,727
Average Sales Price - $147,164

Labels: new hampshire, new hampshire real estate

posted by B. Samii @ 3:23 PM 0 comments