Archives for March 2009

Real Estate Buyers – Is Now THE Time to Buy?

Thinking about getting into the real estate market??  There may never be a better time to buy homes or condos than now!

With the Fed’s most recent actions regarding interest rates and home mortgages, the home mortgage rates available now and for the foreseeable future are basically rock-bottom!  This truly is what could be considered a ‘perfect storm‘ for home buyers.

If you’ve been sitting on the fence about whether to buy now or wait a bit, take advantage of what’s there just waiting for you –

  • amazingly low interest rates,
  • lower prices on Portsmouth NH homes and condos, and
  • interesting negotiating opportunities.

When you see that home or condo in the Portsmouth area real estate market that’s perfect for you, snap it up because if you don’t, there will be other buyers looking at the same properties you are, and it may just be perfect for them as well.

This video from “Good Morning America” talks about home mortgages and where rates are headed for now – “Good News For Homeowners“.

Interest rates are already, as of today, in the 4’s percentage-wise.
How awesome is that???!?!?!?

Are you looking to buy or sell real estate here in the Portsmouth NH area?  If so, send me an email or give me a call – I’d love to talk to you about the real estate market and your interest in buying or selling here in the Portsmouth NH real estate homes market!

Call TODAY and let’s get started finding you that perfect home or condo!

Click here to search homes and condos for sale in NH and Maine
Contact Ann Cummings New Hampshire REALTOR View Featured Homes and Condos For Sale in the Portsmouth NH Area Check Out My Monthly Real Estate Newsletter - Ann Cummings

Click here to see all things real estate and community info for Portsmouth NH Area - Ann Cummings NH and Maine REALTORFollow Ann on Twitter!

Servicing the New Hampshire towns of Portsmouth, Newcastle,
Rye, North Hampton, Hampton, Stratham, Exeter, Greenland, Newington,
Dover, Durham and surrounding areas, and the Maine towns of Kittery,
Kittery Point, Eliot, South Berwick, York, and surrounding areas.
Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!

Portsmouth NH Homes – An Insulated Real Estate Market

Portsmouth New Hampshire real estate has fared far better than most of the country when it comes to foreclosures and median sales prices.

The years 2006 through 2008 have shown very little change in the number of foreclosures in Portsmouth NH, and has shown fairly stable median selling prices as well.  Several towns in the immediate Portsmouth area have actually shown an increase in the median sales prices in that time frame.

“Portsmouth is unique to the area.  It has pretty much remained strong throughout all of this.  They suffered a little, but for the most part Portsmouth is sort of an anomaly.  They set their own trends.”

This was quoted from the Portsmouth Herald, in an article in today’s Sunday Portsmouth Herald, “Portsmouth Bucks Nationwide Foreclosure Trend“.

Portsmouth NH’s unemployment rate has remained low, compared to unemployment rates around the nation.  The January rate was 4.8%, and the state rate was 5.7% with the county, Rockingham County, showing an unemployment rate of 6.1%.  The nationwide unemployment rate was 8.5%.

The foreclosure numbers for homes in Portsmouth were as follows:

  • 2006   10 foreclosures
  • 2007   14 foreclosures
  • 2008   13 foreclosures

The median sales prices for Portsmouth NH homes for 2006 and 2008:

  • 2006    $327,500
  • 2008    $325,000

The above numbers are sourced from The Portsmouth Herald, and the City of Portsmouth.
These numbers show that those who live in Portsmouth NH have fared better than most not only in the nation but around the state as well.   We do live in a fabulous place!
Are you looking to buy or sell real estate here in the Portsmouth NH area?  If so, send me an email or give me a call – I’d love to talk to you about the real estate market and your interest in buying or selling here in the Portsmouth NH real estate homes market!

Click here to search homes and condos for sale in NH and Maine
Contact Ann Cummings New Hampshire REALTOR View Featured Homes and Condos For Sale in the Portsmouth NH Area Check Out My Monthly Real Estate Newsletter - Ann Cummings

Click here to see all things real estate and community info for Portsmouth NH Area - Ann Cummings NH and Maine REALTORFollow Ann on Twitter!

Servicing the New Hampshire towns of Portsmouth, Newcastle,
Rye, North Hampton, Hampton, Stratham, Exeter, Greenland, Newington,
Dover, Durham and surrounding areas, and the Maine towns of Kittery,
Kittery Point, Eliot, South Berwick, York, and surrounding areas.
Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!

Home Mortgage Modification Information

Portsmouth NH Homeowners – Looking for Mortgage Modification Information?


Homeowners in the Portsmouth NH area, and all across the country, in need of some relief on their mortgages may find some hope and help in the latest housing plan to come out of the “Making Home Affordable” program.

If you find you can’t afford your home  mortgage, you may be eligible for modification of your home/condo mortgage.  There are qualifications to be eligible, and you don’t qualify if you can afford your home mortgage and just are looking for help to get a lower rate.

Some of the criteria used to determine eligibility are as follows:

  • The mortgage must be on your primary residence;
  • You must live in your home;
  • The balance on your mortgage must be less than $729,750 for a single family home or condo;
  • If you’re already in foreclosure proceedings, you may still qualify.

To read more about the eligibility details, read this article on the ‘Making Home Affordable Plan”.

Once it’s been determined you’re qualified for your mortgage to be modified, the mortgage servicer will then determine what it will take to be able to reduce your monthly mortgage payment to 31% of your monthly income.

The lender involved in working with you to adjust your monthly housing payment will do what it takes to get your payment to that 31% payment.  Your housing payment includes the principal, interest, property taxes, homeowners insurance payment, and any condo or association dues.  If you have a mortgage insurance premium payment in your current payment, that portion will not be included in the new payment plan.

Lowering the monthly payments to the 31% level will be accomplished in a variety of ways – lowering the interest rate to as low as 2%, stretching out the length of the mortgage to as much as 40 years, or restructuring the principal amount so that only part of it has interest being paid on it.

No matter how the payment is reduced, it will not alleviate the amount you actually owe.  This housing plan is reducing your payments for you for five (5) years, not the life of the loan.  That part of the plan doesn’t get talked about as much as the other parts of the plan have been.  At the end of this five year term, the rates increase by 1% each year until the rate is about equal to the current rate at that time.

If you’re interested in finding out if you qualify for a mortgage modification, contact your mortgage lender directly.

Are you looking to buy or sell real estate here in the Portsmouth NH area?  If so, send me an email or give me a call – I’d love to talk to you about the real estate market and your interest in buying or selling here in the Portsmouth NH real estate homes market!

Click here to search homes and condos for sale in NH and Maine
Contact Ann Cummings New Hampshire REALTOR View Featured Homes and Condos For Sale in the Portsmouth NH Area Check Out My Monthly Real Estate Newsletter - Ann Cummings

Click here to see all things real estate and community info for Portsmouth NH Area - Ann Cummings NH and Maine REALTORFollow Ann on Twitter!

Servicing the New Hampshire towns of Portsmouth, Newcastle,
Rye, North Hampton, Hampton, Stratham, Exeter, Greenland, Newington,
Dover, Durham and surrounding areas, and the Maine towns of Kittery,
Kittery Point, Eliot, South Berwick, York, and surrounding areas.
Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!

Portsmouth NH Homes Sales – 10 Year History

Portsmouth New Hampshire Homes Activity from 1998 through 2008 – A Look Back

For those who like to keep on top of the pulse of the local Portsmouth real estate market, looking back at the total sales for each of the last ten years will be interesting.

This chart shows the total  number of homes sold in Portsmouth NH during each of the last 10 years.

portsmouth-nh-homes-sold-1998-through-2008-ann-cummings-copyright1

Charts are more visually appealing for many people, and you can see from this chart that the total number of Portsmouth homes sold last year, 2008, is lower than any other year in the past 10 years.

The average sales price during those 10 years varies widely.

  • 1998      197 homes     $181,645
  • 1999      211 homes      $213,247
  • 2000     183 homes     $258,756
  • 2001     196 homes      $278,421
  • 2002     197 homes     $296,840
  • 2003     208 homes     $324,168
  • 2004     192 homes     $387,491
  • 2005     182 homes     $436,140
  • 2006     143 homes     $375,035
  • 2007     175 homes     $369,899
  • 2008     128 homes     $354,976

Price-wise, the average selling price of Portsmouth homes is back to the late 2003 and early 2004 selling prices.  If you see a home today that you love and would like to own, this may just be the perfect time for you to get out there in the market.  Take advantage of today’s pricing and  the low interest rates!

Send me an email or give me a call – I’d love to talk to you about the real estate market and your interest in buying or selling here in the Portsmouth NH area!

Click here to search homes and condos for sale in NH and Maine
Contact Ann Cummings New Hampshire REALTOR View Featured Homes and Condos For Sale in the Portsmouth NH Area Check Out My Monthly Real Estate Newsletter - Ann Cummings

Click here to see all things real estate and community info for Portsmouth NH Area - Ann Cummings NH and Maine REALTORFollow Ann on Twitter!

Servicing the New Hampshire towns of Portsmouth, Newcastle,
Rye, North Hampton, Hampton, Stratham, Exeter, Greenland, Newington,
Dover, Durham and surrounding areas, and the Maine towns of Kittery,
Kittery Point, Eliot, South Berwick, York, and surrounding areas.

Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!