In 2007, it was either a great year or horrible year for real estate depending on which end of the rope you held. With so much press on the real estate and mortgage industry here in NH, taking a look back can be frustrating for some and a relief for others.
It was a bad 2007 if you were pre-approved for a mortgage and found your dream home only to face the loan requirements increased unexpectedly and see your dream come to an end. It was also a bad year if your house payment increased due to taking out an ARM previously and not being able to refinance your current mortgage. An even worse scenario, if you lost your home due to foreclosure in 2007.
I personally have had a wonderful 2007. I’ve worked with many great people. It’s been a better than average year for Keller Williams even with the market reports being what they are.
It was a bad 2007 if you were pre-approved for a mortgage and found your dream home only to face the loan requirements increased unexpectedly and see your dream come to an end. It was also a bad year if your house payment increased due to taking out an ARM previously and not being able to refinance your current mortgage. An even worse scenario, if you lost your home due to foreclosure in 2007.
On the other side of the coin, many home buyers enjoyed the abundance of homes on the market in NH to choose from and the deals were often mind boggling. Home buyers walked into feasible mortgage payments on great homes due to the purchase price being lower than expected, and being able to buy more than they would have in earlier years. Low interest rates and FHA helped many achieve the opposite side of the newsworthy pitfalls. 30-year fixed rates with instant equity going in.
Many home buyers found the home of their dreams in 2007 and will continue to in 2008. Yes, the market is still slow for appreciation but while talking with many, they understand the reality of the market and will be residing in their new homes for years to come. To them, they have a great home at a great price and no worries about a higher payment in the future when interest rates may climb and home prices will gradually increase.
The real estate market in New Hampshire for 2008 is expected to stay pretty much the same. While steps are being taken to repair or at least attempt to slow foreclosures, my best advice is to keep your credit rating high, (or work on it)
your debt low, and save money for a down payment or repairs. There will be fabulous home buying deals to come this year. I personally have had a wonderful 2007. I’ve worked with many great people. It’s been a better than average year for Keller Williams even with the market reports being what they are.
Thanks to everyone involved with Keller Williams! I couldn’t work with a smarter, funnier, or a more determined group of agents.
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