Author Archives: Jennifer Cote

About Jennifer Cote

Real Estate junkie, appraiser, sell, buy, analyze, research,passion, invest, environmental, crunchy, municipal, planning, efficiency...everything real estate!

Government Sponsored Program Helps Families Buy a Home.

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The government has a sponsored program that can assist lower-income households purchase a home with a low or even no down payment.  One of my favorites is the Rural Development Loan program. 

Rural Development Loans are available in these New Hampshire communities: Amherst, Bedford, Brookline, Hollis, Lyndeborough, Mason, Mont Vernon, New Boston, and Wilton.  For a full list of New Hampshire towns, and income requirements, read the FACT SHEET.

The ineligible area list for NH is far smaller: Concord, Derry, Hudson, Keene, Nashua, Londonderry, Manchester, Merrimack, Portsmouth, Rochester, Salem, parts of Goffstown and Hooksett.

Not all lenders can do Rural Development loans.  Contact me for more information.


More information:

Federal Site: http://www.rurdev.usda.gov/rhs/

Local NH/VT office: http://www.rurdev.usda.gov/vt/

State by State: http://www.topnhhomes.com/FinanceAgencies

-Just my thoughts.

Jenn

www.TopNHhomes.com
www.JACoteAppraisals.com

*Information is from the rural development government websites listed above.  I am not a mortgage professional.  This is for informational purposes only and you should do your own due-diligence.  Contact me and I can guide you to the appropriate resources.

Time Off!

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2010 was the first time I was off the last week of the year. My reason was mainly for family, organizing my files, and gathering paperwork for tax time. I found an added benefit to having this week off: I was able to clear my mind and actually plan where I wanted to go in the new year.

I wish you all a happy and productive New Year!

-Just my Thoughts.
Jenn

www.TopNHhomes.com
www.JACoteAppraisals.com

Real Estate Prices to Fall in 2011?

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Just read this Inman News article by Steve Bergsman http://www.inman.com/buyers-sellers/columnists/stevebergsman/real-estate-prices-fall-least-5-in-2011. It had a great analysis of the housing market. We all want a recovery of the housing market, it is a key indicator to a healthy economy. But are we being too optimistic?

Reliable trend analysis can only be established with a large data set over a longer period of time: 1-3 years. I leave the “forecasting” to the economic experts…it is basically an educated guess. I am in the trenches and can come up with my own hypothesis on continued trends, but it is more specific to my areas of expertise…southern NH. Things have been fairly stable, entry level properties in good condition sell quick, investors are busy buying and flipping, the mortgage market is loosening up, and consumer optimism is increasing.

There are so many excellent points in this article, but every area is different. We are in the slowest time of year for southern New Hampshire real estate: winter. In areas with severe winter conditions the fluctuations between seasons can be large. Therefore short trend analysis is unreliable and possibly misleading and may or may not reliably indicate the future market trends. The coming spring market is just around the corner and without the artificial boost from last years tax credit we will get a more accurate picture of the real estate health.

So I am waiting until spring to give-up on my real estate recovery. Call me an educated optimist…

-Just my thoughts.

www.TopNHhomes.com
www.JACoteAppraisals.com

Is there a contaminated site next door?

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Would you?  Do you even know what that is?  How would you know?  When I do an appraisal I look at surrounding lots to determine the uses and influences that would affect the subject.  It could be conservation land, commercial or industrial businesses, high-tension power lines, or a Superfund site.  A Superfund site is a site that has been SUPER contaminated…my definition, not the actual one.

The site I dealt with did not have frontage on the street. I didn’t see any signs.

 

The typical buyer wouldn’t know how to begin a search on site influences other than what they see driving by.  Would your typical real estate agent know this information?  If they know, they should be disclosing it to you, but they don’t always know.   The appraiser would be reporting site influences in the appraisal report…you need to read that report thoroughly.  Unfortunately, by the time you get a copy of the appraisal you will be near your closing date, or worse, you find out after you move in!  In many cases these sites have been cleaned up, but it could affect the marketability long-term.

Whether it be buying a house, stocks, or even a Doctor’s diagnosis, you need to be your own advocate.  Do your own due-diligence.  Research, research, research…takes time and practice but the more you do it the better you get.  I happen to do it for a living, and my endless curiosity pushes me to take extra steps in researching a property…be it for an appraisal or a client.

The reason for this post is because I just finished an appraisal on such a property.   The state owns the property behind this lot, the tax records do NOT indicate it’s a Superfund site, but town has the owner as the State of NH, Dept of Environmental Services.  Hmmm, so I went on the EPA site and found out it indeed is a contaminated brownfield.  EPA website: http://www.epa.gov/swerosps/bf/index.html check it out to see what’s near you.

Subdivisions, Builders, and Appraisers.

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Subdivisions, builders, and appraisers. I’m putting out a plea…builders please befriend an appraiser! Seriously, find a knowledgeable local appraiser and set up a relationship.

Of course Realtors are an excellent resource as well, but you would need to find one that is experienced in subdivisions, one willing to figure out what options in new construction would bring the biggest return or help with shorter marketing times.

Subdivision Plan

Subdivision Plan

Check out another of my posts on new construction:

www.jennifercote.info/development-projects-gone-bad/

Every town, sub-market (entry-level, green, luxury, etc.), and style property will have different factors that affect value. Appraisers do this all the time, and they typically cover a wider geographic area than a Realtor.

The reason for my plea is I’m working on an appraisal in a new subdivision and I wonder why this subdivision is even here? This little town is still plagued by foreclosures, geographically ill-placed on the southern border of NH with only one main road in, and low-end inventory. I should first say the surrounding towns are beautiful quintessential New England communities that are far more desirable, in which market conditions have been fairly average over the past year and with good road access. The market for the past 12-18 months (in most areas of southern New Hampshire) has been for entry-level properties that are either in great condition or of investor interest.

I’m sure the land was cheap for the builder and construction started well over a year ago, but the conditions even then were not so hot. The house is over sized for this town at 2,200SF with 4-bedrooms and 2.5 baths and has been on the market for over a year. Your typical home in this town is about 1,500SF and the median price over the past year was $160,000.

A good thing is the builder has only built 3 homes in this 12 lot subdivision so changes can be made…I wonder if the Realtor will help guide the builder into constructing smaller houses until the market improves. Anyway, the house is selling for far less than it should at $207,000 because it’s over built, and currently there is little interest for real estate in this town.

So I make this plea…get acquainted with a local appraiser. I’m sure appraisers could learn quite a bit from you too!

Just my thoughts. -Jenn

www.TopNHhomes.com
www.JACoteAppraisals.com

CHANGE: Threatening, Encouraging, or Inspiring.

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Change has a considerable psychological impact on the mind.

-To the fearful it is threatening: things may get worse.

-To the hopeful it is encouraging: things may get better.

-To the confident it is inspiring: the challenge exists to make things better.

Beautiful drive through Deering, NH makes for a great photo.

-My thoughts: live outside your comfort zone…it’s a confidence builder.

www.TopNHhomes.com

How skewed can the market data be?

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Every market has submarkets, so when you watch the news about double digit declines- it’s all the markets combined. A cookie-cutter subdivision with a price point of $350,000 and up may show a larger decline than an entry-level subdivision. A contemporary home on a lake may show no decline. Bank-owned properties would most likely show the largest decline. All this within the same timeframe/market. They are examples of submarkets…move-up (mid level), entry level, standard cookie cutter, vacation, lake front, bank-owned, or unique style properties. So depending on what submarkets posted the most sales it would skew the overall market data. Knowing this you can now postulate that these huge declines are due, in part, from most sales being bank-owned or entry-level in the past 6 months so it is a false representation of the market.

-Just my thoughts.

www.TopNHhomes.com

www.JACoteAppraisals.com

Top Towns In A Declining Market

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Something I noticed in the recent real estate debacle was that more “desirable” areas fared better overall. They were the last to start declining and they were the first market areas to stabilize. This may not be news to everybody but I thought it was rather interesting to point out.

-Just my thoughts.

My iPad and Me

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What can I say, it’s intuitive, it’s productive, and better yet…it’s fun. Unbelievably awesome. I’m not one to pick up every new technology, but I was already considering picking up an iPod touch. I could see how the bigger screen would expand the uses for work and play.

I’m typing this blog while driving down Route 8 in Connecticut. I was on Twitter a minute ago and realized I haven’t done a post since picking up the iPod. I have the time on this long drive down to Virginia Beach. My laptop is in the backseat, but it’s rather bulky and cumbersome for a car ride. The digital keyboard is very functional…I’ve been typing with my thumbs while holding the iPad vertical. It keeps up nicely with my fast typing and I love the self-correcting feature. I’m using the Pages application.

Last week I was doing a showing, and my client wanted to see another house close-by. I was able to log on to MLS (thanks to my PalmPre hotspot) and show him the interior pics before we decided to schedule the appointment. Then I set up the showing online. This could all be done with my laptop, but the iPad is far easier to carry and handle, the resolution is beautiful, and let’s face it…it’s cool!

-Just my thoughts.

www.TopNHhomes.com

My Very Own Portable WI-FI Hotspot!

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My PalmPre Hot Spot saves the day! I went to a listing appointment in Mason, NH wanting to show my client some comparable listings she may be interested in. My client only has a dial-up connection. Being a tech goddess I took my laptop, my 19″ flat-screen monitor, and my PalmPre Plus cell phone. Mind you, deciding to bring all these things was a last minute thing, but easy enough to pack.

My mobile hotspot on the Pre is one of the BEST tools I have. I logged onto the hotspot and wa-la…WI-FI hotspot, for up to 5 computers, at my clients home. She enjoyed looking at all the listings….and on a large screen. Just imagine the possibilities with your own wi-fi hotspot and a laptop.

My initial purchase of the Palm Pre Plus was to use on my new iPad that should arrive April 3rd. Check out my blog on my decision to purchase the iPad at: AppraiserJenns Blog

I will be using these tools for both my work as a Realtor and Appraiser.

-Just my thoughts.

Www.TopNHhomes.com