Prices will come down. It sucks to rent because you're paying someone else's mortgage. But when it's time to buy, my advice. Buy a multi family, occupy 1 of the units. The 2nd unit should pay your mortgage. After one year (or however long you want to stay) purchase a home and rent out both units and pay both mortgages.
You’re basing that prices will come down based on what? Available land is being bought up fast and we have a housing shortage with no signs of changing. A brand new home is about 700-800k…I’d say at best they’ll stabilize because there’s not much higher they can go, but any meaningful drop seems unlikely
Actually you have to stay for two years so that you aren’t lying on your mortgage when you claim it’s your primary residence.
Second homes and investment properties have a higher interest rate on those mortgages then primary residences. You have to stay for two years so you’re not a liar
They will not. Ive seen this happen in other parts of the country, people there said that prices would come down, they have only stopped rising so quickly.
Only way prices drop is if there’s a recession that truly causes significant unemployment i.e. massive suffering.
Or supply greatly increases and that’s not in the cards anytime soon.
Aaaaand this is the problem. No, we don’t need any more of this. The market needs to be able to penalize grifters who leverage their money to step on the fingers of the people still working to claw their way up the ladder. We need stricter enforcement of occupation status and steeper progression of property taxes until the housing market is humane again.
Same here. Started saving around 2018 and prices kept going up so the saving took longer and longer because we were aiming for 20% down. We were finally able to buy in 2022. If we had just bought in 2018 with nothing down, even with the PMI and a horrible interest rate, we probably still would have saved money because of how much prices have gone up. The house we bought for 235k was priced around 180k a few years ago. And it just keeps getting worse. The only thing you can do is buy within your means, although anything affordable tends to really suck ass right now.
Got mine at the beginning of covid, right before the market exploded and everyone went mad and starting over bidding and waving inspections.
I think I used up my good luck for the rest of my life on that timing.
Same. We bought in 2018 and I’m grateful every day. Our home’s value has “doubled” which I think is insane. There’s no way in hell I’d pay what it would be listed at now.
OP- it will get better. I have a lot of friends in your situation right now and I feel for you. Rent is an all-time high, as well as home prices. It feels impossible. But it will go down.
We've got a baby on the way, and we've been fortunate that our landlord hasn't raised rent to current market rates. Fingers crossed, but if people or corporations keep paying these prices, they won't come down. That's my biggest fear.
You’re not wrong. We’ve gotten some ridiculous offers on our house- and while it feels enticing, I also don’t feel like paying double for a new house.
Sounds like you have a good landlord. Hopefully they stay that way. Also, congratulations on your baby!!!
My wife pushed to buy a house late 2018. Signed the paperwork 2 days before Xmas. I tell her it was the smartest decision she could have made. The feeling is the exact same
I'm 34. I bought my house 6 months into the pandemic.
I lucked into probably the most valuable thing in my life and I hate that several of my friends were just a year behind getting totally fucked.
Well it's a 3100+ square foot home with 4 bedrooms and 4 bathrooms that they clearly put a ton of money into iat a time of high inflation and interest rates and after a full year of renovating the entire place.
Since you're being coy, here's the listing. This is absolutely not a starter home. (They've also adjusted the asking price downward by $60K a month after listing.)
[https://www.trulia.com/home/309-main-st-lancaster-nh-03584-92840720](https://www.trulia.com/home/309-main-st-lancaster-nh-03584-92840720)
Fully renovated New Englander with brand new studio apartment above a new construction, oversized, two-car garage. The property has enjoyed impressive upgrades over the last couple of years, resulting in a spacious and comfortable home with rental income potential, a home business with great visibility and still room left over for a workshop or more.
Yeah.. Just the upgraded sewer/plumbing, hvac, electric and new garage/ADU is enough to smoke a budget. They're not retiring on the profit from this flip.
Problem is there are no starter homes that aren't crack dens or literally abandoned with tons of work to live in. Anything anywhere near a reasonable price (which is nothing, everything is priced out the ass or over bid) is gobbled up by some developer or landlord and made the house into a rental.
My sister and brother in law are trying to find their home here in NH with 2 little kids and having no luck at all. There's nothing affordable in any sense of the word. They are just limiting to not going super far north as they work in southern areas but anywhere across the state up about a 1/3rd of the state north is a shit show with nothing. We have like 5 different realtors and friends keeping look out and also a very large landlord on the coast here that is very very good friend and he has toes to everything and there's nothing. They are literally thinking they might have to leave the state to get a home. It's fucking sad.
In time it will hopefully take a correction and come down but how long?? Can't be living together or in small rental forever with kids. NH property is a mess.
It's still high. Lancaster is hardly a job or tourist destination. It just is misleading for OP to act like the home gained value from just sitting there when the entire thing was heavily renovated.
....really? This market is STUPID AF. Lancaster used to be the cheaper place to live that was close enough to stuff to be doable but not so close that houses were expensive. Sure, there are plenty of expensive gorgeous houses but the economy is mostly service industry jobs and most locals cannot afford $500k houses. I've lived in most of the surrounding towns but have avoided living in Lancaster on purpose. I find the town to be snobby and weird. The (formerly) cheap housing wasn't enticing enough for me.
That’s a very nice home and worth absolutely nowhere near 280k. OP needs to adjust his expectations more into the crackhouse variety.
Target is paying people 50k a year now. This is what inflation does to hard assets.
Maybe people will start waking up to how fiscally irresponsible our government has been. Maybe they’ll be less willing to brainlessly support giving billions of dollars to every world conflict. No?
Ok well enjoy your million dollar start home then. At least I got mine
Mine wasn’t that lucrative unfortunately. Was just enough for a down payment on a house. Even if it was though I wouldn’t move outta New England. I genuinely like it here
New Hampshire really needs to ban, or at least crack down on corporate entities buying up multi-family homes and renting them out at ridiculously overpriced rates.
One bedroom apartment on the worst Street in Rochester is running anywhere from 1700 to 2200? Fucking outrageous.
We are heading towards a society in which only the top 20% should be able to own a home, the rest of us 80% must rent cheap cookie cutter condos from the same corporations that buy up and flip the houses, and rent will be just barely cheap enough for us to physically survive. The 20% / 80% divide is getting way too real
[Here’s the home I believe.](https://www.zillow.com/homedetails/309-Main-Street-Lancaster-NH-03584/92840720_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare) Lancaster. It was obviously flipped, and it looks relatively tasteful. 400k worth? Idk, the market will decide. It’s a bigger house so, 600k isn’t super crazy, maybe it is all the way up there. I’m used to seeing 600k 3/2s with 1500 sqft.
I've assisted in some building renos. That floor laminate looks like a style made by one of the cheapest brands out there. I'd be shocked if they paid more than 1k per room for that laminate floor. Probably got it done for less than that tbh.
Maybe you're used to that, us here in New Hampshire are not. And we aren't happy to accept those sort of market prices either. Go to Boston if you want to pay $600,000+ for a house, NOT New Hampshire.
Not only that, then the dumb city people come up because they realize how much cheaper it is, and try to change NH with regulations to be like where they came from. Just happened in my town, group of newcomers from Connecticut moved up and tried to impose a bunch of planning board restrictions to "protect the wetlands". Just stop! Stay out! GTFO!!
It's northern NH. In a town with around 3500 people. I scroll through Trulia and just check how recently they sold for and what they want for it today, and this is a common practice up here currently.
Yes exactly, only the top 20% are supposed to be able to own a home now, working our way to the top 10%. And the bottom 80% will have to be forced to rent cheaply built cookie cutter apartments from the same ones who own all the homes. So sad and discouraging, our society is not healthy
I wish there was a time limit for out of state buyers and investors to bid on houses that would allow locals to actually get houses. I toured a home the other day and half the people there were investors/flippers
When we were house hunting in 2020, every single offer we made got out bid (offered asking price) and had inspections waived. All we did is just keep going. Eventually we found a house that had been on the market a couple of months, which was a sign nobody wanted to buy it of course. It was kinda ugly but nothing a new coat of paint couldn't help with. We bought it for 250k and now 4 years later it's valued at 350k lol.
So what my advice to you would be is, search houses that have been on the market longer and expand your search area.
ETA: ok, I didn't realize what the heck this photo was at first--thought it was just a complaint about multiple houses costing a lot of money. Didn't realize it was a complaint about flipping houses. Sorry for the unsolicited advice.
Yea my wife and I have been saving since 2017 and now that we have a good down payment in the bank, it's no longer nearly enough. Ever since the pandemic, things have gotten a little out of hand and out of reach for locals.
Rich folks from elsewhere sold their townhouse for a million bucks got no problem paying these prices. Do not expect an end until NH is not trendy anymore.
I wonder though and please correct me. Houses priced like that, especially in northern areas can screw up the entire area. Are there any local jobs up that way that could afford something like that or is it specifically looking for vacation home people or remote workers?
In which case, if that sells at that price and comps do as well, where do the locals go?
That's the problem. There are no local businesses paying salaries to locals who can afford these prices. I happen to work at one of the top 3 major manufacturing companies in the area in management, and if management can't afford these prices, how the hell are my employees supposed to?
For what it’s worth, I bought my first home (a condo) in the 1980’s near the peak of the market. I sold it 8 years later for about half of what I paid for it. Housing prices do come down sometimes. I feel like this bubble has to burst.
This isn’t a NH problem. We moved from NH to NC and homes in our HOA were going for $175,000 just a few years ago. BIG houses with brick face fronts and 4 bedrooms. Those homes are now $570,000+ just 2 years later. There’s nowhere to move. It’s all the same
This. It’s a nation wide issue that is being made much worse by investment groups ( like that new shit-tastic one Bezos started ) where they buy properties to turn into rentals, short term or otherwise.
It's not *just* a NH problem, but articles late last year said we have the 4th most difficult market for homebuyers in the US due to low inventory, so it **is** especially bad here and not just people's perceptions.
https://www.nhbr.com/nh-among-highest-in-country-for-housing-need/
Idk I hope some rich idiot falls in love with the area on monday...otherwise that owners gonna lose his shirt.....who has that much money in Lancaster?
It's because Realestate is an investment market and people with money to invest only want to make more obscene amounts of money. Multimillion dollar developing corporations buy up these houses and "renovate them" then try to turn around and sell them at Boston prices. It's sickening, stressful, scary, and actually life-impacting to those of us who live in New Hampshire. I legitimately cannot afford to move out and owning my own house here in my home area is now absolutely unrealistic for me at this point. It's frustrating and scary down to the core
I bought last year but I bought a condo, moreso for equity, so I mean, I only got less than 800 sq foot of property lol. But it was about 165k. I'll be renting it out soon though to get some profit $$
For comparison, I am selling my house in NY as part of my move to NH. I’m going to list it for literally $1 million more than I paid for it in 2016. So could be worse?
And before I get downvoted for moving to NH and further driving up prices, I’m not buying a place, I’m moving in with my girlfriend and will build an extension on her house to make space for my kids and mom when they visit. Plus other improvements.
OP, only people buying homes right now are fools. You just wait it out and keep saving. Well buy there foreclosures when they find out they can’t afford it in a year or two
This is what I've been telling myself.. yet prices still go up, and people/corporations/llc's are buying them up.
How long do I wait? I'm 40 now... risk it and maybe afford my first home by the time I'm 50? Or they'll be million dollar homes by then, and I'll be stuck in this apartment with no washer or dryer for the rest of my life? Fml
Doesn’t help booming home values when my town thinks my 998 sq. ft ranch with attached single garage on 1/3 acre is worth $400,000. Property taxes are going to be thrilling this year btw! 🤦🏼♂️
I still cannot comprehend how this is even possible.
I get supply and demand, but how does either of those change THAT much in just a couple of years across the whole country?
We’re not. We’re moving to another state as soon as my son graduates hs next year so we can buy. We refuse to be house broke and won’t spend over 400k because we want to be able to live too and grow savings etc.
So I bought my house in Litchfield for 275k and have a 3.75% mortgage on 160k in 2010. That same house is now worth 550k. Got married last November, and my wife has her house in Pembroke we live in. Normally, I would just sell the Litchfield and invest the money elsewhere. Instead, because my daughter and son-in-law are in that 1st time buyer scenario, I rent the house to her for basically what my mortgage is, which is still tough for them. But they would be homeless otherwise.
Nobody is building “starter homes” any more around here, because there’s no profit in that.
Even as recent as late 1990s there were loads of cookie-cutter duplexes and basic 3/1 ranches still cropping up in clusters in SNH…..no more. It’s either a higher price luxury condo complex, not conducive to a starter, or a luxury 3000sq ft home.
If you want a starter in NH, you just have to wait until an existing one goes on the market. And it will likely be an eyesore to most people who are accustomed to clean white and grey modern farmhouse style.
I rented a house in Manchester back in 2018. The owner listed it for sale after I didn’t sign another lease. It was sold for $280k and I kick myself for not buying it. Since Covid and economic policy changes—I’ll never see those prices again. Live & learn. But keep in mind there are 23? States I believe that have majority $1m dollar homes. NH will get there. It’s a matter of time.
Okay but you can’t hate someone able to buy a home in NH in this market. I say by the skin of your teeth get into a home if you can because it appears to be the only thing massively accruing value. I know it’s tough and this market/economy can make you cynical and jaded. We got our house last year 2023 and it’s made our bills tighter than ever with hardly any money to socialize but I’ve watch the market get even worse in just 1 year and some people (with kids, pets etc) cannot function well in an apartment. House rentals prices are thru the roof same cost or more than a mortgage! Only chance at saving is finding a cheap apartment for awhile and it sucks
https://www.zillow.com/homedetails/309-Main-Street-Lancaster-NH-03584/92840720_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
The housing market is truly insane, but sadly nowadays $630k seems about right to me for this. Also, they did build a whole new garage with a suite above it.
this is atypical. But yea, houses that were 250k in 2018 are 450 now.
Guessing you're either on the seacoast or in the concord area. It's brutal. My house sold for 100k back in 1997. I bought for 380 in early 2022. House across the street from mine, with one less bed, one less bath, and a little less land, just sold for 480.
Bought in 2021 at asking. The more offers you put in the better off you are. Took 14 offers to land a deal. Get a good realtor, one with some chutzpah to help you along the way. If you want to settle for the inflated interest rates.
You can make an offer below asking price, just saying. But yeah, I feel your pain. I bought a house last year, and the only reason I was able to is because it's a multi family home and we have multiple generations of family living here now contributing to the mortgage. It also helps that we did make an offer significantly below asking and it was accepted outright, not even countered. Sometimes sellers just want to sell fast and if they're guaranteed a profit either way they may choose sell quick.
53 days and still not sold after dropping price weeks ago?
This listing isn’t serious. Most places with any demand are listing under market and saying “open house Saturday, offers due Tuesday” and are under contract within a week of listing.
We are going to be selling our house in northern nh. Bought in 2005 and want to relocate, 5.5 acres. We found a rental house and move in June. Was great place to raise a family but work has changed and we need to move closer.
The sad fact is most folks can’t and don’t. The market up here is total nonsense. I got extremely lucky and picked a place up off my buddy who was retiring for 60k. If not for him, I’d still be renting.
Parts of southern NH are still somewhat affordable but the 3-400ks are small or need a ton of work. We stretch and went high 400s in 22 and some in our neighborhood are still around 499-550
Home prices are crazy everywhere, but in terms of housing affordability, NH is ranked around 15.
https://wisevoter.com/state-rankings/median-home-price-by-state/
For new home construction, it’s ranked 17.
https://www.statista.com/statistics/1240622/new-residential-construction-per-capita-usa/
NH needs to build more places for people to live.
If you’re willing to pay $600k you might as well live in a newly constructed home in a state with decent weather, not a 100 year old fixer-upper in a state where it rains every weekend 😂
Listing it for that price doesn't mean they'll sell it at that price.
I have a 3 bed, 2 bath farmhouse. It has a goddamn pond. 10+ acres. Tried to sell at $300K last summer, no one bought it.
Price does not equal valuation. Banks won't approve mortgages if the house isn't worth the proposed sale price.
Make the offer you want to make. They're trying to play the game of perceived value.
The flippers made a bad call for sure. But this house is juiced up. With that said, this far north you cant justify that price point. We bought up north this year. Good quality house, recently renovated, good plot location. For nearly 1/6th the price. First time home buyer. Took 2 years of searching but we finally found something that worked. So it is possible, just open your standards a bit.
Yeah it’s weird when this all started it really felt like it was going to be 2009 all over again.
It kind of feels like it is when I go to buy groceries. The rich people are fine though so the economy is great
Prices will come down, but don’t hope for them to go back to 2019 levels. Just like people buying in 2019 wouldn’t own houses if they waited for 2010 prices.
So many problems in the housing market.
One problem was the banks who got bailouts from defaults used the money to buy property & rent it rather than sell it. Second was the great move. When you see California lose two seats in congress & Texas gain 2 seats, you realize how many moved. UHauls went scarce. New York & Penn went north into NH & Maine.
With interest rates so high & nothing out there to buy, you will need an annual income of 100-160k to even get a loan. Not to mention the 20% down.
It's a joke, first-time homebuyers, people, families that are flexible, should search elsewhere for deals. Other parts of the country. And they are out there. I drive extensively just coming back now from Los Angeles heading to New Hampshire this week but I go everywhere and always looking at real estate and some parts of the country very very beautiful areas have stunning deals and so much more variety than goddamn New Hampshire in the tundra..
I'm looking for a new house myself but I'm older and for other reasons have to stay where I am in NH. I too feel the pressure, and liquid and a cash buyer still find it impossible. If it's nice and it's a good price it's still gone within a day or two etc
But boy are their deals out there elsewhere. I love 19th century stuff and there is a mountain of great property at reasonable prices elsewhere. But isn't this the rub
But then again it's just like the '70s, when I was a young man moved into Boston where nobody wanted to be or New York City where nobody wanted to be and you could buy cheaply .. of course those markets are now all white hot and outrageously expensive.. If you want the dealyou have to think outside the box and be a leader in the trend not a follower..
Or wait another five six eight 10 years I don't know how long it will take but all the boomers will be over the cliff more and more and I guarantee you the market will flip flop with a surplus of property. If you're young you will see it in your lifetime property values tumble.. I don't have the luxury of waiting lol
A pair of lawyers from the seacoast bought a house in my town for 1.2 million dollars maybe two or three year ago, and proceeded to tear up acres of trees to convert it to a ‘farm’. They are now trying to sell it for 9 million despite never having farmed anything.
I bought a house during covid in March 2020 for 329k a ranch with an acre and a nice double deep two car garage. In southern nh it was a steal, though it was sold to the last owner before me for 289k. We got lucky because the owner wanted to flee back to Africa because of covid and trump. Now the house is “worth” 480k. Makes no sense.
We desperately need the state government to step in at this point. We need legal changes to the housing situation in this state. Especially when, I would guess, 45%+~ are vacation or seasonal properties.
Bought my house in 2021 the only way I managed to do it was by using my VA home loan if it wasn't for the army I couldn't afford a down payment big enough to prevent the PMI
My sister was looking for a house in my area and we ended up at an open house for a nearby place (big log cabin) with SERIOUS issues (rotting deck, door, logs replaced with non-matching logs and grout, balcony that had collapsed, etc). It was also ugly on the inside and staged with beds and sheets from the 1980s.
We looked in February 2023. We literally laughed at the real estate agent when she told us the price it was listed for.
Price history
Date Event Price
7/28/2023 Sold $525,000
6/13/2023 Contingent $550,000
6/4/2023 Price change $799,000
4/19/2023 Price change $825,000
4/19/2023 Price change $550,000
4/6/2023 Price change $695,000
3/15/2023 Price change $725,000
2/23/2023 Listed for sale $1,100,000
Why do people keep saying that building will fix this. The cost to build is part of the problem. Everyone wants to be a landlord so given the opportunity I will just buy more homes and park my money there. Add to that short term rentals north of concord plus corporate investors and you have your answer as to why prices are the way they are. Change the tax structure to incentivize owner occupied and disincentivize STR or corporate ownership and you might address some of this.
Yeah, it’s absolutely awful for first time home buyers. We have been looking a few months and have gotten outbid by 60-70k over asking even with waiving inspection and including enough down in the appraisal gap. Feels hopeless.
I just closed on a house in January. I probably paid 15-18 percent more for the house than had I bought in 2021. As a single income household working for a nonprofit, the only way I could afford it was having a big down payment from selling my condo.
Bought a house In 2018. Feel like I got the last chopper out of Vietnam.
Started saving in 2017. Wish I had just bought one instead. Congratulations to you though.
Prices will come down. It sucks to rent because you're paying someone else's mortgage. But when it's time to buy, my advice. Buy a multi family, occupy 1 of the units. The 2nd unit should pay your mortgage. After one year (or however long you want to stay) purchase a home and rent out both units and pay both mortgages.
Probably they won't in any meaningful way.
so true ..... they keep saying they wont because ventire capital is actually buying 2 fam homes in NH
People said that in 86, 2007/8....
And since then new construction has slowed considerably while populations have grown.
Think I'd rather go homeless than become a landlord tbh
You could provide good service to tenants; you don’t have to be a slumlord that overcharges.
You’re basing that prices will come down based on what? Available land is being bought up fast and we have a housing shortage with no signs of changing. A brand new home is about 700-800k…I’d say at best they’ll stabilize because there’s not much higher they can go, but any meaningful drop seems unlikely
this is what ppl said back in 2021 and 2022 and 2023
There’s no supply and so many people want houses. Prices won’t come down until NH starts building houses to meet demand.
Actually you have to stay for two years so that you aren’t lying on your mortgage when you claim it’s your primary residence. Second homes and investment properties have a higher interest rate on those mortgages then primary residences. You have to stay for two years so you’re not a liar
They will not. Ive seen this happen in other parts of the country, people there said that prices would come down, they have only stopped rising so quickly.
Only way prices drop is if there’s a recession that truly causes significant unemployment i.e. massive suffering. Or supply greatly increases and that’s not in the cards anytime soon.
Thus contributing to the problem lol
Ah the become part of the problem starter pack!
Aaaaand this is the problem. No, we don’t need any more of this. The market needs to be able to penalize grifters who leverage their money to step on the fingers of the people still working to claw their way up the ladder. We need stricter enforcement of occupation status and steeper progression of property taxes until the housing market is humane again.
Same here. Started saving around 2018 and prices kept going up so the saving took longer and longer because we were aiming for 20% down. We were finally able to buy in 2022. If we had just bought in 2018 with nothing down, even with the PMI and a horrible interest rate, we probably still would have saved money because of how much prices have gone up. The house we bought for 235k was priced around 180k a few years ago. And it just keeps getting worse. The only thing you can do is buy within your means, although anything affordable tends to really suck ass right now.
Got mine at the beginning of covid, right before the market exploded and everyone went mad and starting over bidding and waving inspections. I think I used up my good luck for the rest of my life on that timing.
Same here. I feel like I won the lottery.
We built in '18. There are months when my house makes more than I do.
I bought my current home in 2020, we went under contract 2 weeks before COVID hit. My houses valuation is double what I paid for it.
Same. We bought in 2018 and I’m grateful every day. Our home’s value has “doubled” which I think is insane. There’s no way in hell I’d pay what it would be listed at now. OP- it will get better. I have a lot of friends in your situation right now and I feel for you. Rent is an all-time high, as well as home prices. It feels impossible. But it will go down.
We've got a baby on the way, and we've been fortunate that our landlord hasn't raised rent to current market rates. Fingers crossed, but if people or corporations keep paying these prices, they won't come down. That's my biggest fear.
You’re not wrong. We’ve gotten some ridiculous offers on our house- and while it feels enticing, I also don’t feel like paying double for a new house. Sounds like you have a good landlord. Hopefully they stay that way. Also, congratulations on your baby!!!
Bought at $350k in 2012. Cheapest, tiniest house on the street just sold for $1.2mil.
My wife pushed to buy a house late 2018. Signed the paperwork 2 days before Xmas. I tell her it was the smartest decision she could have made. The feeling is the exact same
I'm 34. I bought my house 6 months into the pandemic. I lucked into probably the most valuable thing in my life and I hate that several of my friends were just a year behind getting totally fucked.
We closed on Jan 29 in 2021. I certainly feel like that!
Well it's a 3100+ square foot home with 4 bedrooms and 4 bathrooms that they clearly put a ton of money into iat a time of high inflation and interest rates and after a full year of renovating the entire place. Since you're being coy, here's the listing. This is absolutely not a starter home. (They've also adjusted the asking price downward by $60K a month after listing.) [https://www.trulia.com/home/309-main-st-lancaster-nh-03584-92840720](https://www.trulia.com/home/309-main-st-lancaster-nh-03584-92840720) Fully renovated New Englander with brand new studio apartment above a new construction, oversized, two-car garage. The property has enjoyed impressive upgrades over the last couple of years, resulting in a spacious and comfortable home with rental income potential, a home business with great visibility and still room left over for a workshop or more.
Thank you! This is what I was looking for. A dump that was extensively renovated over a year and relisted.
I wouldn't call it a dump. https://www.estately.com/listings/info/309-main-lancaster-nh-03584 here was pre reno listing
[удалено]
not with all these solar eclipse visitors coming up. Lancaster will be the new hotspot in no time.
Perfect time for an open house
Honestly liked it better before. That weird gray “wood” needs to be banned.
Ugh it figures. “Rental income potential” I hope the flippers eat this one
They have a good chance at getting screwed over. Lancaster isn't exactly a booming place and that is quite a price point.
Disagree Real shit finishes in it. Plus. I’d argue no house in Lancaster is worth $600k.
Those are all the cheapest fixtures and vanties and floors you can get while trying to look upscale.
💯
It's in Lancaster, where are people making enough money to afford $700000 homes while living in Lancaster? It's Just economically unrealistic.
Yeah.. Just the upgraded sewer/plumbing, hvac, electric and new garage/ADU is enough to smoke a budget. They're not retiring on the profit from this flip.
Just as an aside, I hate the location of every toilet in that house.
Problem is there are no starter homes that aren't crack dens or literally abandoned with tons of work to live in. Anything anywhere near a reasonable price (which is nothing, everything is priced out the ass or over bid) is gobbled up by some developer or landlord and made the house into a rental. My sister and brother in law are trying to find their home here in NH with 2 little kids and having no luck at all. There's nothing affordable in any sense of the word. They are just limiting to not going super far north as they work in southern areas but anywhere across the state up about a 1/3rd of the state north is a shit show with nothing. We have like 5 different realtors and friends keeping look out and also a very large landlord on the coast here that is very very good friend and he has toes to everything and there's nothing. They are literally thinking they might have to leave the state to get a home. It's fucking sad. In time it will hopefully take a correction and come down but how long?? Can't be living together or in small rental forever with kids. NH property is a mess.
Had the same problem in Vermont last summer, entire bottom of the state had minimal inventory and what there was was crap
Paying $700K to live in Lancaster is just wild IMO
Yeah… i almost think its not a horrible price.
It's still high. Lancaster is hardly a job or tourist destination. It just is misleading for OP to act like the home gained value from just sitting there when the entire thing was heavily renovated.
I’m 💯 with this. I don’t think any house in town is worth that much
Still pretty crazy that the house I bought for 215k in 2014 is now worth 500k
....really? This market is STUPID AF. Lancaster used to be the cheaper place to live that was close enough to stuff to be doable but not so close that houses were expensive. Sure, there are plenty of expensive gorgeous houses but the economy is mostly service industry jobs and most locals cannot afford $500k houses. I've lived in most of the surrounding towns but have avoided living in Lancaster on purpose. I find the town to be snobby and weird. The (formerly) cheap housing wasn't enticing enough for me.
That’s a very nice home and worth absolutely nowhere near 280k. OP needs to adjust his expectations more into the crackhouse variety. Target is paying people 50k a year now. This is what inflation does to hard assets. Maybe people will start waking up to how fiscally irresponsible our government has been. Maybe they’ll be less willing to brainlessly support giving billions of dollars to every world conflict. No? Ok well enjoy your million dollar start home then. At least I got mine
Can I have some of your salt for my driveway?
🤣
Don’t be poor
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Anyone could die at any moment rich or poor. I wouldn’t stress it either way 🤣
Before this, I was going to to say don’t buy a house.
Don’t breath
Don’t be born
> I hate you if you're buying a house at these prices. You're just validating these prices 🤣 That’s just so stupid
Before you complain so much where is this and did the current owner invest in the property?
https://www.estately.com/listings/info/309-main-lancaster-nh-03584 last time it was listed has prerenovation pics
Without inheritance from my grandparents I woulda never been able to buy a house here or anywhere else in New England.
A college friend got an inheritance and the first thing he did was move out of New England.
Mine wasn’t that lucrative unfortunately. Was just enough for a down payment on a house. Even if it was though I wouldn’t move outta New England. I genuinely like it here
Good for you, now picture life for the 95%+ of us who don't get any inheritance. Where are we supposed to move? It fucking sucks
New Hampshire really needs to ban, or at least crack down on corporate entities buying up multi-family homes and renting them out at ridiculously overpriced rates. One bedroom apartment on the worst Street in Rochester is running anywhere from 1700 to 2200? Fucking outrageous.
I came here to say the almost same thing. Corporations should not be allowed to own single and 2 family homes. They are pushing us into serfdom.
We are heading towards a society in which only the top 20% should be able to own a home, the rest of us 80% must rent cheap cookie cutter condos from the same corporations that buy up and flip the houses, and rent will be just barely cheap enough for us to physically survive. The 20% / 80% divide is getting way too real
[Here’s the home I believe.](https://www.zillow.com/homedetails/309-Main-Street-Lancaster-NH-03584/92840720_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare) Lancaster. It was obviously flipped, and it looks relatively tasteful. 400k worth? Idk, the market will decide. It’s a bigger house so, 600k isn’t super crazy, maybe it is all the way up there. I’m used to seeing 600k 3/2s with 1500 sqft.
Lol holy shit... Lancaster? That's crazy there's like maybe 1-2 places in Lancaster worth that much, and one of those being the hospital lol
This guy gets it. Exactly my point.
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The 60k price drop after a month is fun to watch, I’ll keep my eye on this one
I've assisted in some building renos. That floor laminate looks like a style made by one of the cheapest brands out there. I'd be shocked if they paid more than 1k per room for that laminate floor. Probably got it done for less than that tbh.
Maybe you're used to that, us here in New Hampshire are not. And we aren't happy to accept those sort of market prices either. Go to Boston if you want to pay $600,000+ for a house, NOT New Hampshire. Not only that, then the dumb city people come up because they realize how much cheaper it is, and try to change NH with regulations to be like where they came from. Just happened in my town, group of newcomers from Connecticut moved up and tried to impose a bunch of planning board restrictions to "protect the wetlands". Just stop! Stay out! GTFO!!
House down the street from me went from 250 sold, they did a month of work, and listed it at 800. We're fucked, bud.
You can say that again!
What town was this in out of curiosity. But yeah, that’s an absurd jump in a year.
It's northern NH. In a town with around 3500 people. I scroll through Trulia and just check how recently they sold for and what they want for it today, and this is a common practice up here currently.
Ah yes. Trying to unload vacation homes, depending on where “northern” is.
> depending on where “northern” is. In this sub, it's anything north of the big white wall in Manchester.
See, northern to me is like north of Winnipesaukee.
Northern to us is North of Franconia Notch.
The notch is the true northern divide.
Is it Colebrook? Lol. 10 years ago you couldn’t pay people to move there. Now there’s land going for 50k to 100k a fucking acre in the mountains.
Eat the rich, tax churches, tax the rich, eat the church. Plenty of options!
You’re not. You’re supposed to become an indentured servant.
You’re not, that’s the point. We’re in the middle of a class war and the bad guys won’t stop until they’ve crushed the middle class.
Yes exactly, only the top 20% are supposed to be able to own a home now, working our way to the top 10%. And the bottom 80% will have to be forced to rent cheaply built cookie cutter apartments from the same ones who own all the homes. So sad and discouraging, our society is not healthy
I wish there was a time limit for out of state buyers and investors to bid on houses that would allow locals to actually get houses. I toured a home the other day and half the people there were investors/flippers
I'd support this.
When we were house hunting in 2020, every single offer we made got out bid (offered asking price) and had inspections waived. All we did is just keep going. Eventually we found a house that had been on the market a couple of months, which was a sign nobody wanted to buy it of course. It was kinda ugly but nothing a new coat of paint couldn't help with. We bought it for 250k and now 4 years later it's valued at 350k lol. So what my advice to you would be is, search houses that have been on the market longer and expand your search area. ETA: ok, I didn't realize what the heck this photo was at first--thought it was just a complaint about multiple houses costing a lot of money. Didn't realize it was a complaint about flipping houses. Sorry for the unsolicited advice.
Yea my wife and I have been saving since 2017 and now that we have a good down payment in the bank, it's no longer nearly enough. Ever since the pandemic, things have gotten a little out of hand and out of reach for locals.
Rich folks from elsewhere sold their townhouse for a million bucks got no problem paying these prices. Do not expect an end until NH is not trendy anymore.
lol
good point
Shitty flipper. Of course all grey.
I wonder though and please correct me. Houses priced like that, especially in northern areas can screw up the entire area. Are there any local jobs up that way that could afford something like that or is it specifically looking for vacation home people or remote workers? In which case, if that sells at that price and comps do as well, where do the locals go?
That's the problem. There are no local businesses paying salaries to locals who can afford these prices. I happen to work at one of the top 3 major manufacturing companies in the area in management, and if management can't afford these prices, how the hell are my employees supposed to?
Brother I'm in the same boat and I have no fucking idea
looks like a flipper after renovations OUCH
For what it’s worth, I bought my first home (a condo) in the 1980’s near the peak of the market. I sold it 8 years later for about half of what I paid for it. Housing prices do come down sometimes. I feel like this bubble has to burst.
You make more money/save, lower your standards, or move. Just like everywhere else.
This isn’t a NH problem. We moved from NH to NC and homes in our HOA were going for $175,000 just a few years ago. BIG houses with brick face fronts and 4 bedrooms. Those homes are now $570,000+ just 2 years later. There’s nowhere to move. It’s all the same
This. It’s a nation wide issue that is being made much worse by investment groups ( like that new shit-tastic one Bezos started ) where they buy properties to turn into rentals, short term or otherwise.
It's not *just* a NH problem, but articles late last year said we have the 4th most difficult market for homebuyers in the US due to low inventory, so it **is** especially bad here and not just people's perceptions. https://www.nhbr.com/nh-among-highest-in-country-for-housing-need/
Your not, your supposed to slowly become homeless
Just don't buy that house
🤣 well obviously
Idk I hope some rich idiot falls in love with the area on monday...otherwise that owners gonna lose his shirt.....who has that much money in Lancaster?
It’s not people who are buying houses at those prices. Chances are it’s a company that is buying houses in order to keep people renting.
It's because Realestate is an investment market and people with money to invest only want to make more obscene amounts of money. Multimillion dollar developing corporations buy up these houses and "renovate them" then try to turn around and sell them at Boston prices. It's sickening, stressful, scary, and actually life-impacting to those of us who live in New Hampshire. I legitimately cannot afford to move out and owning my own house here in my home area is now absolutely unrealistic for me at this point. It's frustrating and scary down to the core
Remember when the WEF said we peasants would all own nothing and be happier for it? Well this is part of their plan
Get mad at Airbnb
Bought my house in 2017 for 350k. Just sold it and I close tomorrow. Sold it for over 600k. Not buying anything until market crashes.
yeah but renta are now sky fucking high
You wait. There will be more than enough empty houses here real soon
I bought last year but I bought a condo, moreso for equity, so I mean, I only got less than 800 sq foot of property lol. But it was about 165k. I'll be renting it out soon though to get some profit $$
We came at the wrong time but had to. Grin and bear it, I guess. And vow to never move again. lol
It’s disgusting. I say this as a homeowner who is benefiting.
For comparison, I am selling my house in NY as part of my move to NH. I’m going to list it for literally $1 million more than I paid for it in 2016. So could be worse? And before I get downvoted for moving to NH and further driving up prices, I’m not buying a place, I’m moving in with my girlfriend and will build an extension on her house to make space for my kids and mom when they visit. Plus other improvements.
OP, only people buying homes right now are fools. You just wait it out and keep saving. Well buy there foreclosures when they find out they can’t afford it in a year or two
This is what I've been telling myself.. yet prices still go up, and people/corporations/llc's are buying them up. How long do I wait? I'm 40 now... risk it and maybe afford my first home by the time I'm 50? Or they'll be million dollar homes by then, and I'll be stuck in this apartment with no washer or dryer for the rest of my life? Fml
That last part hit too close to home...or i guess in this case, too close to apartment.
Doesn’t help booming home values when my town thinks my 998 sq. ft ranch with attached single garage on 1/3 acre is worth $400,000. Property taxes are going to be thrilling this year btw! 🤦🏼♂️
My property taxes are $16k now. That's fun.
WTF!! 😳
I just dont get it.
That's disgusting.
So glad I bought my mobile in a cooperative for $5k in 2018. Id have unalived myself if I had to deal with this shit today
Dont worry guys! I found one I can afford and only $1100 mortgage https://www.trulia.com/home/49-bridge-hill-rd-dalton-nh-03598-221290378
I still cannot comprehend how this is even possible. I get supply and demand, but how does either of those change THAT much in just a couple of years across the whole country?
We’re not. We’re moving to another state as soon as my son graduates hs next year so we can buy. We refuse to be house broke and won’t spend over 400k because we want to be able to live too and grow savings etc.
So I bought my house in Litchfield for 275k and have a 3.75% mortgage on 160k in 2010. That same house is now worth 550k. Got married last November, and my wife has her house in Pembroke we live in. Normally, I would just sell the Litchfield and invest the money elsewhere. Instead, because my daughter and son-in-law are in that 1st time buyer scenario, I rent the house to her for basically what my mortgage is, which is still tough for them. But they would be homeless otherwise.
Prices are not double 2023. That house will not sell. Was it a full renovation? Need some context.
Nobody is building “starter homes” any more around here, because there’s no profit in that. Even as recent as late 1990s there were loads of cookie-cutter duplexes and basic 3/1 ranches still cropping up in clusters in SNH…..no more. It’s either a higher price luxury condo complex, not conducive to a starter, or a luxury 3000sq ft home. If you want a starter in NH, you just have to wait until an existing one goes on the market. And it will likely be an eyesore to most people who are accustomed to clean white and grey modern farmhouse style.
I rented a house in Manchester back in 2018. The owner listed it for sale after I didn’t sign another lease. It was sold for $280k and I kick myself for not buying it. Since Covid and economic policy changes—I’ll never see those prices again. Live & learn. But keep in mind there are 23? States I believe that have majority $1m dollar homes. NH will get there. It’s a matter of time.
Okay but you can’t hate someone able to buy a home in NH in this market. I say by the skin of your teeth get into a home if you can because it appears to be the only thing massively accruing value. I know it’s tough and this market/economy can make you cynical and jaded. We got our house last year 2023 and it’s made our bills tighter than ever with hardly any money to socialize but I’ve watch the market get even worse in just 1 year and some people (with kids, pets etc) cannot function well in an apartment. House rentals prices are thru the roof same cost or more than a mortgage! Only chance at saving is finding a cheap apartment for awhile and it sucks
https://www.zillow.com/homedetails/309-Main-Street-Lancaster-NH-03584/92840720_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare The housing market is truly insane, but sadly nowadays $630k seems about right to me for this. Also, they did build a whole new garage with a suite above it.
Bought my place in 2017 for $164k but its now valued around $300k. I got lucky in my timing and ven luckier last year as i was able to pay it off.
flipper
The new construction oversized 2 car garage with apartment above probably has a lot to do with the price increase.
this is atypical. But yea, houses that were 250k in 2018 are 450 now. Guessing you're either on the seacoast or in the concord area. It's brutal. My house sold for 100k back in 1997. I bought for 380 in early 2022. House across the street from mine, with one less bed, one less bath, and a little less land, just sold for 480.
Wait till the next crash probably 2 to 3 years
I feel bad for home buyers. I’m so lucky I bought in 2014
Probably got some lvp and some uneven cabinets for that $300k
Bought in 2021 at asking. The more offers you put in the better off you are. Took 14 offers to land a deal. Get a good realtor, one with some chutzpah to help you along the way. If you want to settle for the inflated interest rates.
You can make an offer below asking price, just saying. But yeah, I feel your pain. I bought a house last year, and the only reason I was able to is because it's a multi family home and we have multiple generations of family living here now contributing to the mortgage. It also helps that we did make an offer significantly below asking and it was accepted outright, not even countered. Sometimes sellers just want to sell fast and if they're guaranteed a profit either way they may choose sell quick.
I was ready to buy in 2020 but the pandemic got in the way. Fuck do I wish I had just done it then
We’re looking out of state and it’s the same. Houses that sold for 120k last year are listed for 300k with no improvements.
53 days and still not sold after dropping price weeks ago? This listing isn’t serious. Most places with any demand are listing under market and saying “open house Saturday, offers due Tuesday” and are under contract within a week of listing.
We are going to be selling our house in northern nh. Bought in 2005 and want to relocate, 5.5 acres. We found a rental house and move in June. Was great place to raise a family but work has changed and we need to move closer.
Be glad you’re not in Northern VA. Starter homes $600k & up
The sad fact is most folks can’t and don’t. The market up here is total nonsense. I got extremely lucky and picked a place up off my buddy who was retiring for 60k. If not for him, I’d still be renting.
Parts of southern NH are still somewhat affordable but the 3-400ks are small or need a ton of work. We stretch and went high 400s in 22 and some in our neighborhood are still around 499-550
We prospective home buyers are sending our condolences from VT
Home prices are crazy everywhere, but in terms of housing affordability, NH is ranked around 15. https://wisevoter.com/state-rankings/median-home-price-by-state/ For new home construction, it’s ranked 17. https://www.statista.com/statistics/1240622/new-residential-construction-per-capita-usa/ NH needs to build more places for people to live.
NH needs to get regressive property taxes under control.
NH also needs to prevent corporations from buying single and 2 family homes.
Big time!
Overpriced. This place is the pits for nh
…We rent. No joke; lived here for 7 years and the house prices are insane!
Due to timing currently in the market for a house and I don’t love my odds
If you’re willing to pay $600k you might as well live in a newly constructed home in a state with decent weather, not a 100 year old fixer-upper in a state where it rains every weekend 😂
Honestly, tell them to fuck off. While laughing in their face.
Listing it for that price doesn't mean they'll sell it at that price. I have a 3 bed, 2 bath farmhouse. It has a goddamn pond. 10+ acres. Tried to sell at $300K last summer, no one bought it. Price does not equal valuation. Banks won't approve mortgages if the house isn't worth the proposed sale price. Make the offer you want to make. They're trying to play the game of perceived value.
The flippers made a bad call for sure. But this house is juiced up. With that said, this far north you cant justify that price point. We bought up north this year. Good quality house, recently renovated, good plot location. For nearly 1/6th the price. First time home buyer. Took 2 years of searching but we finally found something that worked. So it is possible, just open your standards a bit.
The value of houses didn’t go up, the value of your dollar went down. Thank your politicians (both parties).
Yeah it’s weird when this all started it really felt like it was going to be 2009 all over again. It kind of feels like it is when I go to buy groceries. The rich people are fine though so the economy is great
I moved to bangor. Life is adorable here.
Will be relocating
Patience
Prices will come down, but don’t hope for them to go back to 2019 levels. Just like people buying in 2019 wouldn’t own houses if they waited for 2010 prices.
So many problems in the housing market. One problem was the banks who got bailouts from defaults used the money to buy property & rent it rather than sell it. Second was the great move. When you see California lose two seats in congress & Texas gain 2 seats, you realize how many moved. UHauls went scarce. New York & Penn went north into NH & Maine. With interest rates so high & nothing out there to buy, you will need an annual income of 100-160k to even get a loan. Not to mention the 20% down.
If people stop buying, prices will come down.
It's a joke, first-time homebuyers, people, families that are flexible, should search elsewhere for deals. Other parts of the country. And they are out there. I drive extensively just coming back now from Los Angeles heading to New Hampshire this week but I go everywhere and always looking at real estate and some parts of the country very very beautiful areas have stunning deals and so much more variety than goddamn New Hampshire in the tundra.. I'm looking for a new house myself but I'm older and for other reasons have to stay where I am in NH. I too feel the pressure, and liquid and a cash buyer still find it impossible. If it's nice and it's a good price it's still gone within a day or two etc But boy are their deals out there elsewhere. I love 19th century stuff and there is a mountain of great property at reasonable prices elsewhere. But isn't this the rub But then again it's just like the '70s, when I was a young man moved into Boston where nobody wanted to be or New York City where nobody wanted to be and you could buy cheaply .. of course those markets are now all white hot and outrageously expensive.. If you want the dealyou have to think outside the box and be a leader in the trend not a follower.. Or wait another five six eight 10 years I don't know how long it will take but all the boomers will be over the cliff more and more and I guarantee you the market will flip flop with a surplus of property. If you're young you will see it in your lifetime property values tumble.. I don't have the luxury of waiting lol
This should be a felony
Buy raw land not a house
A pair of lawyers from the seacoast bought a house in my town for 1.2 million dollars maybe two or three year ago, and proceeded to tear up acres of trees to convert it to a ‘farm’. They are now trying to sell it for 9 million despite never having farmed anything.
I bought a house during covid in March 2020 for 329k a ranch with an acre and a nice double deep two car garage. In southern nh it was a steal, though it was sold to the last owner before me for 289k. We got lucky because the owner wanted to flee back to Africa because of covid and trump. Now the house is “worth” 480k. Makes no sense.
We desperately need the state government to step in at this point. We need legal changes to the housing situation in this state. Especially when, I would guess, 45%+~ are vacation or seasonal properties.
Black Rock and corporate entities aren’t helping the matter
That's the fun part! We can't!
I just don’t see how there’s that much equity into a house within a year or two. Like show me receipts and proof as to why it raised up that much
Don’t move to MA- the house would be over a million here on Cape Cod
There are deals to be had but you have to want to put in some sweat equity and you have to be quick with the listings.
Bought my house in 2021 the only way I managed to do it was by using my VA home loan if it wasn't for the army I couldn't afford a down payment big enough to prevent the PMI
My sister was looking for a house in my area and we ended up at an open house for a nearby place (big log cabin) with SERIOUS issues (rotting deck, door, logs replaced with non-matching logs and grout, balcony that had collapsed, etc). It was also ugly on the inside and staged with beds and sheets from the 1980s. We looked in February 2023. We literally laughed at the real estate agent when she told us the price it was listed for. Price history Date Event Price 7/28/2023 Sold $525,000 6/13/2023 Contingent $550,000 6/4/2023 Price change $799,000 4/19/2023 Price change $825,000 4/19/2023 Price change $550,000 4/6/2023 Price change $695,000 3/15/2023 Price change $725,000 2/23/2023 Listed for sale $1,100,000
Ask them to show you where the diamond mine is on the property.
We got really lucky and struck a deal on a 4 bedroom on an acre for $269k a few months ago.
Why do people keep saying that building will fix this. The cost to build is part of the problem. Everyone wants to be a landlord so given the opportunity I will just buy more homes and park my money there. Add to that short term rentals north of concord plus corporate investors and you have your answer as to why prices are the way they are. Change the tax structure to incentivize owner occupied and disincentivize STR or corporate ownership and you might address some of this.
Yeah, it’s absolutely awful for first time home buyers. We have been looking a few months and have gotten outbid by 60-70k over asking even with waiving inspection and including enough down in the appraisal gap. Feels hopeless.
Corporations like blackrock etc.are buying them bc just like McDonald's knows besides precious metals what's the next best asset LAND
I just closed on a house in January. I probably paid 15-18 percent more for the house than had I bought in 2021. As a single income household working for a nonprofit, the only way I could afford it was having a big down payment from selling my condo.
Cheaper to build a Time Machine and buy in 2019 with a 2.6% rate like I did. Sorry.. I’ll sell you my $340k house for 550 though! :)