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Cape Cod Homes: Economical and Efficient Today, like They Were 400 Years Ago

11/17/2017

 
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Cape Cod style homes were first built by early settlers who had two important concerns that persist for homeowners to this day: affordability and energy-efficient protection from harsh New England winters. Nearly 400 years after the first homes of this style were built, those characteristics continue to make Capes a great option for 21st century homebuyers.

Designed to be cozy, Cape Cods make excellent starter homes for first-time home buyers seeking affordable properties, and they are also an attractive option for retirees and empty nesters who are seeking to downsize, minimize stair climbing, and stretch income and savings as far as possible.
A style that endures for a reason
Though the style seems quintessentially American, Capes originated with English settlers in the 1600s, inspired by English thatched cottages and the “hall and parlor house,” a small, affordable, two-room style of home. In New England these homes were adapted with local building materials to keep out the winter cold.

The term “Cape Cod House” wasn’t coined and popularized until the 19th century when the book Travels in New England and New York was published.

The style’s popularity waned for a time, until a Boston-area architect reintroduced the Cape in the 1920s as a contemporary housing option that retained historical exterior features with modernized interiors.

In the mid 20th century, the Cape Cod style became highly popular with suburban developers who planned communities designed to supply inexpensive homes for the young families of World War II veterans.

Affordable, built for function before form, and efficient to heat and clean, these American classics are still great options for today’s military veterans.

What makes a Cape Cod a Cape Cod?
A Cape Cod house is a compact, one to one-and-a-half story frame building often featuring:
  • a steeply pitched gabled roof that allows snow to slide off easily
  • a centrally located chimney and front door flanked by multi-paned windows
  • wide clapboard or shingles on the exterior and the roof to help cut the cold
  • small rooms with low ceilings, making them easier to heat
  • a main bedroom on the lower level
  • sleeping rooms located in the attic space above
  • a narrow “captain’s stairway”to second floor rooms (which were often kept for seafaring boarders), designed to maximize first-floor space
  • flooring comprised of softwood or hardwood such as heart pine, chestnut, or oak planks
  • “gunstock” corner posts; frame construction named for the tapering shape of a rifle stock
  • exposed, rough-hewn beam ceilings that add to the home’s rustic charm
  • wainscoting designed to cover the lower part of walls as both decoration and protection against dampness
  • in New Hampshire, Capes often feature granite steps and foundations

After nearly four centuries, Cape cods continue to appeal to homeowners for both aesthetic and practical reasons including affordability and energy-efficient protection from New England winters.

I have an adorable circa 1820 Cape Cod with classic wood shake exterior, granite steps, exposed beam construction, hardwood flooring, gunstock corners, historic wainscoting, and plenty of storage and workspace listed for sale at 264 South Main Street in Laconia. Please contact me if you’d like to schedule a showing.

Brent Metzger is a sales associate at Roche Realty Group in Meredith, NH. Brent can be reached on his cell phone at (603) 229-8322, at the office at (603) 279-7046, or by e-mail: brent@rocherealty.com.

Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.



Surfing the Seller’s Market

11/17/2017

 
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If you’re considering selling your Lakes Region home, you’re like a surfer. You’re studying the swells, eager to catch the next big wave at its crest, so you can get the best ride, the best return for your money.

Both nationwide and statewide data show a tide of steadily swelling home prices that are being buoyed by a variety of factors including the following…
  • a strengthening economy
  • low national and statewide unemployment
  • healthy consumer balance sheets
  • low mortgage interest rates
  • a low supply of homes
  • sustained high demand from buyers

Prices are swelling, like waves
Peaking prices suggest that now might be a great time to be prepared to sell your Lakes Region home… before the wave breaks, the market shifts, and the best opportunity passes you by.

A real estate data firm, CoreLogic, recently reported that home prices rose seven percent nationally in September 2017, compared with September of last year.

According to the New Hampshire Association of REALTORS® (NHAR), “The New Hampshire residential housing market again showed a dramatic monthly median price increase in October.” NHAR reports that:
  • last month, the median price for single family homes in New Hampshire was up 6.9 percent from October, 2016, to $265,000, the highest median price for any October since 2005
  • year to date, 2017 home sales are behind by just 0.1 percent (only 15 sales) from last year, in which New Hampshire saw the most single family home sales ever
  • year to date sales volume is up more than 6 percent over year to date last year, the highest dollar volume in New Hampshire history
  • the amount of time it takes to sell a single family home in New Hampshire continues dropping, as October saw an average of 67 days on the market, a 15 percent decrease from last year
The nonprofit organization also reported that the Granite State’s condominium prices were up 5.2 percent from last October, to a median price of $197,500.

Don’t miss the wave
Timing real estate is like timing a big wave. No one can say for sure when conditions will reach their absolute peak, but one thing is certain: real estate is cyclical and it comes in waves, with many ups and downs.
There are several major factors on the horizon that could lead to a potential downturn in home values.

First, low interest rates could see an upward turn. That will certainly impact values negatively. Swells in interest affect mortgages and make already peaking home prices even less affordable for buyers, dampening demand.

Second, the record stock market gains over the past nine years could reverse trend and negatively impact real estate values, because many times these two markets go hand in hand. REITS (real estate investment trusts) are already seeing some effects.

Third, proposed major tax reform is on the immediate horizon. While the process is still being filtered through, there are proposals to eliminate the second home interest deduction and property tax deduction. And for primary homes, the interest deduction proposed is less than half of what was originally allowed. Also, a cap of $10,000 on property tax deduction, or possible elimination, is being proposed.

It’s been decades since we had a major tax overhaul in this country, but the last overhaul did have a major impact on home values.

Finally, the adage “what goes up must come down” applies to real estate. The increases we have seen during the last nine years could be heading to a peak. If you’re looking to catch the wave at its perfect moment, now would be the ideal time to explore your options and receive some estimates on the value of your property. You might be pleasantly surprised how your value has risen.

It is said that “time and tide wait for no man.” If you’re seriously considering selling your Lakes Region home please contact me for a complimentary market analysis on your home.

Feel free to contact me with questions about buying or selling residential real estate in the Lakes Region. Your questions may be the subject of a future article!

Brent Metzger is a sales associate at Roche Realty Group in Meredith, NH.  He can be reached on his cell phone at (603) 229-8322, at the office at (603) 279-7046, or by e-mail: brent@rocherealty.com
​

Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

Thousands of reasons to be thankful for New Hampshire

11/16/2017

 
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It has been said that the three most important words in real estate are “location, location, location.”

As I write these words, my eyes are drawn from the computer monitor to a local view too dazzling to ignore. Puffy cumulus clouds afire with orange, pink and purple hues are scuttling across a slate gray sky while the sun sets majestically behind tree-lined mountains on the far side of the lake.

I am so grateful for scenes like this, and for all of the natural beauty that surrounds us in the Lakes Region. But we have many more reasons to be thankful as residents and homeowners in our beautiful location, the Granite State. Here are a few:

Quality of Life
  • New Hampshire has been ranked America’s “Most Livable State” eight times since 2004, according to Morgan Quitno Press, a research and publishing company that ranks U.S. cities and states.
  • In 2017, S. News and World Report named New Hampshire the number one state in the nation for opportunity, number two for best state overall, number three for education, and number four for health care.
  • New Hampshire was rated the number one state for “quality of life” for those considering moving to the United States, according to BritishExPats.com.

Employment and Earnings
  • New Hampshire had the highest median household income in the nation in 2016, according to the U.S. Census Bureau.
  • In October 2017, New Hampshire’s unemployment rate was 2.4 percent, which is the fourth lowest in the United States, according to the Bureau of Labor Statistics.

Family and Education
  • This year New Hampshire was rated the best state to raise children, according to a report published by the Annie E. Casey Foundation.
  • Also in 2017,S. News and World Report ranked New Hampshire as the number one state in the nation for Pre-K through 12 education.

Retirement
  • In 2017 New Hampshire was Bankrate.com’s top pick for the best state to retire.
  • New Hampshire was also chosen as the number one state for retirement by moneyrates.com. This ranking was based on cost of living, unemployment rate, tax burden, average climate, violent and property crime rates and life expectancy.
  • The Lake Winnipesaukee area was rated the number one retirement place in the country under the category of “leisure living for recreational and cultural opportunities” by MacMillan Travel’s Fifth Edition of Retirement Places Rates.

These ratings give us some great reasons to be grateful we live here, but there are many more. New Hampshire has nearly 18 miles of ocean coastline, 40,000 miles of rivers and streams, and 1,300 lakes and ponds, including the “Tahoe of the East,” Lake Winnipesaukee.

The Granite State also boasts 182 mountains over 3,000 feet, and, with over 87 percent of the land covered by forests, including 760,000 acres of National Forest, New Hampshire is the second most forested state in the nation.
When it comes to “location, location, location,” New Hampshire is a hard place to beat, and I am sincerely thankful to live full time in a state whose beauty draws millions of worldwide visitors each year.

Please contact me if you would like help buying or selling a home in the Lakes Region. I also welcome your questions about buying and selling residential real estate.

Brent Metzger is a sales associate at Roche Realty Group in Meredith, NH.  He can be reached on his cell phone at (603) 229-8322, at the office at (603) 279-7046, or by e-mail: brent@rocherealty.com
Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

Nation’s Natural Disasters will Affect New Construction In New Hampshire

11/2/2017

 
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The nor’easter that just hammered New Hampshire damaged or destroyed numerous homes and cottages across the state, from Allenstown to Bartlett, Dover, Epping, Gilford, Thornton and Warren.
While the local property losses are costly and heartbreaking, the good news is that the Granite State has fared far better than other parts of the country.

For example, when Hurricane Harvey hit Houston in August, it damaged more than a quarter of a million homes and completely destroyed more than 15,500.

In September, Hurricane Irma invaded the Florida Keys, damaging 90 percent of homes there, and demolishing one in four. Overall, about 675 residential and commercial structures were lost.

In October, Hurricane Maria pummeled Puerto Rico with 155 mile per hour winds, resulting in the destruction of hundreds of properties. Also last month, wildfires charred northern California, incinerating more than 8,400 homes and other buildings.

While recent storm damage in New Hampshire was small by comparison, natural disasters elsewhere can directly impact the real estate market here in the Lakes Region.

Nationwide recovery will elevate new construction costs
Massive efforts are currently underway to repair the cumulative property damage in Texas, Florida, Puerto Rico and California.

The simultaneous repair and reconstruction of hundreds of thousands of homes and buildings will require massive amounts of lumber, shingles, sheetrock, copper, plumbing, plywood, concrete and other building materials.
Further, skilled construction workers are attracted by work opportunities like moths are attracted to flame. Many will relocate—at least temporarily—to storm-struck areas.

The spike in demand for building materials, combined with the potential shortage of skilled workers, will likely cause new construction costs to rise nationwide, including in New Hampshire, just as costs rose in the aftermath of Hurricane Katrina in 2005.

For many home buyers, the likelihood of rising new construction costs will make existing properties an affordable, attractive alternative.

I asked my principal broker, Frank Roche, who played a critical role in the original development of Lakes Region communities including South Down Shores, Long Bay, Grouse Point Club, Samoset Condominiums, and Broadview Condominiums what his thoughts were.

Frank said, “There’s no question that the best home values out there right now are on resale product. There is a wide variety of existing home choices ranging from planned communities to condominium developments to water access communities. And think about it… many of these communities were developed during the go-go years in the 1980s. Land and construction costs back then were much, much more reasonable.

“So many people today think new is better,” he added. “But if you’re looking for value, look for quality existing communities and focus your attention on upgrading some of the functionality of the home.

“New kitchen updates, bathroom upgrades and flooring choices can make something used look new. But most importantly, you can buy into the communities that are considered prime locations because they were built at a time when there were many more choices, and they were much more affordable for developers.”

He noted that while some of the newer condominium developments around the Lakes Region have been selling for up to $318 per square foot, buyers who are open to older, existing properties can find more favorable costs.

For example, I have a single-family, four-bed, two-bath home listed at 39 Old Hubbard Road in Meredith that is valued at about $257 per square foot. Because the home was built in 1968, it offers an incredible value at Winnipesaukee Beach Colony Club, one of most sought-after water access communities in the Lakes Region.

The home features a beautiful post and beam living room with a cathedral ceiling that is just as majestic today as it was nearly 50 years ago when the property was first constructed.

To further illustrate the value of existing homes, for less than the cost of new construction, this property includes a deeded 24’ dock, and access to the small community’s large, private, sandy beach and 600 feet of shorefront, which are just a few hundred feet away from the front door.

While recovery from natural disasters will likely cause new construction costs to rise spike, the inventory of existing homes like this one in Meredith continue to offer affordable, attractive alternative for home buyers.
Feel free to contact me with questions about buying or selling residential real estate in the Lakes Region. Your questions may be the subject of a future article.

Brent Metzger is a sales associate at Roche Realty Group in Meredith, NH.
Brent can be reached on his cell phone at (603) 229-8322, at the office at (603) 279-7046, or by e-mail: brent@rocherealty.com
Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.

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    Brent Metzger is actively licensed as a sales agent (# 072494) with the New Hampshire Office of Professional Licensure, Certification/NH Real Estate Commission, and is affiliated with brokerage Roche Realty Group / 97 Daniel Webster Highway Meredith, NH 03253 / office: (603) 279-7046
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