Lakes Region of NH Real Estate Market Report – 3/6/08
No signs at this time…
Snow and more snow. The weather we have been experiencing has certainly slowed down buyers from looking at property here in the Lakes Region of NH. Everyone seems to be struggling with the effects of winter. Trying to stay up with keeping walkways, decks, and driveways cleared seems like a full time job. To me one good thing out of all this is that the snow seems to have obliterated the huge number of real estate directional signs poised on just about every street corner. Sellers see these signs as a beacon to help a stray buyer or two get to their property. But the sheer number of these signs, to me at least, doesn’t pass on a very encouraging marketing message to the public. If a serious buyer wants to find a certain property he will even without a directional sign—well maybe not right now, unless some snow melts in front of the house!
Rates were down and now they are back up a bit. They seem to change almost daily. Undoubtedly, there are buyers out there that have had preliminary talks with their lender, had gotten a rate quote, and then found that the rates were different when they found a property that they wanted to buy. Even rates quoted at the time of an application for a mortgage are not guaranteed at the time of closing unless the buyer “locks in” the rate. Lenders offer programs where buyers can lock in their rate for a specific period of time. These programs protect the buyer from having his rates increase any further. There are also options that allow a one time rate “float down” should interest rates drop so buyers can get that lower rate. There may be deposits, fees, or slightly higher rates associated with these types of programs depending on how long a rate lock you need. Some lenders offer free rate locks for 30 or 60 day periods. You can even find programs that allow buyers to lock in a rate and then go shop for a property. So check with the different lenders in the Lakes Region to see who offers the best program and the best deals.[table=11] Towns of Alton, Barnstead, Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, Moultonborough, New Hampton, Sanbornton, Tilton