NH Business: NH median house sales price & apartment rents now so high, many buyers & renters don...

Published: Aug 24, 2024 Duration: 00:05:51 Category: News & Politics

Tags : home manchester buying housing apartment cost. price nh business realtors rent selling

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'S BUSINESS. I'M FRED COKER. IT'S PROBABLY NO SURPRISE THAT NEW HAMPSHIRE'S MEDIAN HOUSE PRICES AT HISTORIC HIGH THIS MONTH, AND NEW HAMPSHIRE'S MEDIAN APARTMENT RENT IS UP MORE THAN ONE THIRD. TAKE A LOOK AT THE NUMBERS IN THESE NEXT THREE GRAPHICS. NEW HAMPSHIRE'S REALTORS HOUSE DATA AND MEDIAN SALES PRICE IN JULY, 530,000 CLOSED SALES IN JULY, DOWN 10.5% FROM 2023. THE MEDIAN HOUSEHOLD INCOME IS JUST 57%7% OF WHAT'S NECESSARY O QUALIFY FOR A MEDIAN PRICED HOME, WITH CURRENT INTEREST RATES NOW, THE NEW HAMPSHIRE REALTORS ASSOCIATION MARKET REPORT INVENTORY INCREASED 29% TO 2002 28. IN JULY OF 24, BUT 10,000 FEWER HOMES THEN WERE ON THE MARKET, AND NEW HAMPSHIRE HOUSING RESIDENTIAL RENTAL COST SURVEY REPORT. THEIR MONTHLY AND MONTHLY RENT AND UTILITIES 1883, UP 36% FROM 2019. ONLY 13% OF TWO BEDROOM RENTAL UNITS ARE CONSIDERED AFFORDABLE. MEDIAN SALARY TO AFFORD A TWO BEDROOM APARTMENT. 73,300 WITH ME TO BRIEF US ON THESE HOUSING REALITIES ARE TWO NEW HAMPSHIRE REALTORS, JODY MCINTYRE OF COLDWELL BANKER IN CONCORD AND CURRENTLY PRESIDENT OF THE NEW HAMPSHIRE REALTORS ASSOCIATION, AND SUSAN COLE OF SUSAN COLE REALTY GROUP IN LEBANON. THE INCOMING PRESIDENT OF THE NEW HAMPSHIRE REALTORS ASSOCIATION. WELCOME TO YOU BOTH. NICE TO HAVE YOU. THANK YOU. HOW DID WE GET TO THIS POINT WHERE HOUSING IN THIS STATE IS OUT OF THE REACH OF MORE AND MORE FAMILIES, AND THEN THEY GO TO RENT AND THE RENTS ARE APPROACHING MORTGAGE MONTHLY COSTS AT THE SAME TIME, TONY, I WOULD I WOULD SAY THAT YOU SHOULD LOOK BACK TO 2008 AND THE GREAT RECESSION THAT STARTED THE THE ENDING OF BUILDING IN THE STATE OF NEW HAMPSHIRE. IT BECAME TOO EXPENSIVE, TOO EXPENSIVE, AND NOT ENOUGH PEOPLE TO BUY RIGHT? SO WE STOPPED BUILDING. AND AS A RESULT, INVENTORY HAS DROPPED EVER SINCE. RIGHT. SO YEAH, I AGREE WITH JODY. AND WHEN YOU LOOK AT THE NUMBERS, IT'S THE LACK OF INVENTORY HAS STEADILY DECLINED. AND THIS DEMAND FOR THE HOUSING HAS INCREASED. WELL, HERE THE NATIONAL I'M GOING TO KEEP THIS UP IN FRONT OF ME. SO I CAN DO THE NUMBERS. THE NATIONAL ASSOCIATION OF REALTORS REPORTS THE CURRENT 30 YEAR FIXED MORTGAGE RATE FROM FREDDIE MAC IS 6.49% AT 6.49%, WITH 10% DOWN THE MONTHLY MORTGAGE PAYMENT ON A $400,000 HOME IS $2,273. ARE YOU SELLING MANY HOMES IN THAT PRICE RANGE? WITH THAT KIND OF MORTGAGE? WELL, I WOULD SAY THAT ANYTHING THAT'S COMING ON WE ARE SELLING WITH A MEDIAN PRICE IN THE STATE OF 530. IF WE HAVE A HOUSE THAT'S AROUND 400, WE HAVE REALLY GOOD ACTIVITY IN THAT HOUSE. SO UP IN LEBANON TOO. YEAH, YEAH, WE ARE SEEING THAT. I THINK WHAT WE'RE ALSO SEEING IS SOME HOMES ARE TAKING A LITTLE BIT LONGER TO SELL, JUST, JUST WHICH MAY BE NORMAL AS WE END THE THE SUMMER MONTHS. BUT GENERALLY SPEAKING HOMES ARE SELLING IT JUST MAYBE TAKES A LITTLE BIT OF PATIENCE. YEAH. SO JUST A NOTATION A 2000 TO 2200 HOUSE MORTGAGE IS ABOUT THE SAME. THESE DAYS AS THE COST TO RENT A TWO BEDROOM APARTMENT IN FOUR NEW HAMPSHIRE COUNTIES, WHICH IS AMAZING. WHAT HAS TO HAPPEN TO CREATE MORE AFFORDABLE HOUSING IN NEW HAMPSHIRE. SO I THINK IT'S GOING TO BE A LAYERED APPROACH. IT'S GOING TO TAKE SEVERAL DIFFERENT TACTICS. WEWE NEED TO REALLY LOOK AT OUR ZONING SO THAT IT MIGHT BE HELPFUL AND ENCOURAGING FOR BUILDERS TO BUILD. AND I THINK THERE'S GOING TO BE A LOT OF DIFFERENT FACTORS THAT WE NEED TO LOOK AT AND BE CREATIVE. JOHNNY. SAME QUESTION. I WOULD SAY THE SAME. I THINK WE NEED AN INCREASE IN INVENTORY. YOU KNOW, IF WE HAVE MORE, IF WE HAVE MORE SELLERS JUMP INTO THE MARKET, SELLERS ARE USUALLY BUYERS. SO WHAT WE REALLY NEED IS MORE INVENTORY AND AS SUSAN SAID, A LAYERED APPROACH. MAYBE WE CAN HAVE DETACHED ACCESSORY DWELLING UNITS BY RIGHT. THAT WOULD HELP. THERE'S NOT GOING TO BE A SILVER BULLET. ANOTHER THING WE TALKED ABOUT EARLIER WITH THREE ACRE ZONING SAY IF YOU COULD PUT THREE HOUSES ON THAT THREE ACRES, THAT COULD GO A LONG WAY IN IMPROVING THE INVENTORY. NOW YOU ALL ARE LIVING WITH A NEW RULE FROM THE NEW HAMPSHIRE NATIONAL ASSOCIATION OF REALTORS ON THE COMMISSION THAT YOU RECEIVE ON THE PRICE OF A HOME. I'M JUST READING HERE. IT COMES FROM THE SETTLEMENT OF A HOMEOWNERS LAWSUIT AGAINST THE NEW HAMPSHIRE NATIONAL ASSOCIATION OF REALTORS THAT SAY THE COMMISSIONS ARE DRIVING UP HOUSE PRICES. ARE YOU GOING TO BE ABLE TO LIVE WITH THIS NEW RULE ON COMMISSIONS, OR DO YOU ALREADY NEGOTIATE? IT'S ALWAYS NEGOTIABLE. IT HAS ALWAYS BEEN NEGOTIABLE. SO IN THAT SENSE, THERE'S NOT GOING TO BE A CHANGE FOR US. WE WHAT IS DIFFERENT AND WHAT ACROSS THE COUNTRY HAS TO HAPPEN. IF YOU ARE A MEMBER OF THE MLS, YOU NO LONGER CAN HAVE THE COMMISSION IDENTIFIED ON THE MLS. THAT'S BEEN REMOVED AND WE'RE OUT OF TIME. OKAYAY, I WANT TO THANK SUSAN CE OF SUSAN COLE REALTY, WHO JUST SPOKE AND JONI AND JONI MCINTYRE OF CALDWELL REALTY IN CONCORD. THANK YOU BOTH FOR BEING HERE. THANK YOU FOR JOINING US. AND IF YOU MISSED PART OF THIS BRIEFING ON HOUSING IN NEW HAMPSHIRE, YOU C

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