On July 1, 1973 the Current Use Law became effective in New Hampshire. The Current Use law was designed to keep New Hampshire’s rural character in tact while allowing owner’s to use the land quoting from the preamble to the law itself: “It is hereby declared to be in the public interest to encourage preservation of open space, thus providing a healthful and attractive outdoor environment for work and recreation of the state’s citizen’s, maintaining the character of the state’s landscape, and conserving the land, water, forest, agricultural and wildlife resources.”
The effect of the Current Use law has been to provide a lower tax rate on larger tracts of land so that property owners would not be forced to subdivide and sell off their property in order to cope with large property tax bills. By keeping land in an undeveloped condition family farms have been preserved as well as woodlands, wet lands and other tracts that might well have been lost over the last thirty-nine years.
Over half on the land in New Hampshireis enrolled in the Current Use program and it has been the foundation of the State of New Hampshireprivate property based land conservation program.
The following are characteristics of the State of New Hampshire’s Current Use Program:
Generally speaking a parcel must be of at least ten acres, exceptions to this are wetlands of any size, tree farms of any size and parcels of less than ten acres that produce more than $2,500 in agricultural products. Open undeveloped land that is less than ten acres as well as any area covered by buildings does not qualify for Current Use.
If an owner acquires abutting parcels of less than ten acres the additional parcels can be added and would qualify for Current Use or if an owner has a number of abutting parcels of less than ten acres each but the entire contiguous amount owned is ten or more acres then the property is eligible for Current Use.
What is a contiguous parcel? Contiguous parcels under the Current Use Law are defined by the NHSPACE.org website as “more than one parcel of land, which is connected, even if a highway, rail bed, river or water body divides it. This means land that touches any of your property boundaries, or is across the road or on the other side of a pond, stream or river, on both sides of railroad tracks, or across a political boundary.”
If a property owner enrolls his property in Current Use it does not mean his land is now “Open to the Public”. When a property owner enrolls his property in Current Use it is still private property – remember the focus of this law has been keeping New Hampshirelarge undeveloped tracts in private hands – the property owner still has the right to determine how his property will be used just as he would if it were not in Current Use.
For more details on New Hampshire’s Current Use Law visit NHSPACE.org
By Dick Thackston CRB, ABR, ABRM
Broker NH, MA & VT
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By Dick Thackston
2012 is likely to be defined, in the real estate world, by three “E’s”: Expectations, Employment and Europe/Economy. No matter what your political belief system is, no matter how much or how little money you have, these three factors will permeate American life and the economy more than any others in the next eleven and a half months.
Expectations: In the world of sales there is an old truism, “To live with the classes sell to the masses!” those will be the watch words for real estate this year. 2012’s real estate will almost certainly only be about first time buyers and large volumes of REO properties being sold to investors. Both first time buyers and investors have some striking similarities: both groups feel they are buying at the bottom of the market and both groups have an expectation of housing prices increasing over the next three to five years and both groups have an expectation of rents remaining and going higher. (Personally, I agree with both groups.) First time buyers not only have the family formation/nesting instinct driving them into purchasing, but they have the ever increasing cost of renting versus home ownership. Most first time home buyers are renters now and are looking at homes that will have monthly mortgage payments 15-20% below their current rent. Landlords/Investors are looking at the exact same equation from the other side and seeing that almost anything they buy now will have positive cash flow of at least 10% and often up to 20%. The group that is melting away at this time is the investors looking to buy, fix and flip, the risks are too great of carrying a vacant property or over improving and taking a hit in what is in fact a flat market, and of course move-up buyer’s remain effectively locked out of the market for the foreseeable future. Until move up buyers can sell and move there is likely to be no updraft in the real estate market, but when it does begin it will be huge.
Employment: In New Hampshirefor sure, the Northeast in general and for the nation probably, employment getting better.New Hampshire has experienced job creation. Not dramatic but some. GivenNew Hampshire’s favorable tax and business environment it’s not really surprising that it would be one of the first parts of the country to recover. New England more generally seems to be getting better although not at the same rate as New Hampshireand the nation, well let’s face it would be hard to screw things up much more – which is a perverse kind of improvement actually. So as workers become more secure in their outlook on employment, they become more confident that they can cope with a mortgage payment and the other cost associated with home ownership, and are feeling much better about leaving their apartments and Mom’s basement. This is having a very noticeable effect on stabilizing the market at the bottom.
Economy: The macro-economic environment remains dicey. I almost headed this section “Europe” as my third “E” but really it’s bigger than all that. The United Sates is no longer insulated from the rest of the world economically. I doubt that this was ever really true, but we felt it was true and we certainly acted as if it was true. The United States remains the world’s largest economy however it remains subject to outside shocks: Tsunami & nuclear disaster in Japan, economic slowdown in China and most dramatically European debit crisis – country by country bad news out of Europe send shocks through our financial system and impacts our banking sector. The largest of these in public perception is Europe which is unlikely to be resolved anytime soon and will continue to drag on the world economy. China seems to have better managed its financial affairs – easier in a totalitarian state – and seems likely to have a softer economic landing than Europe.
What’s the take away from all this? Housing is stabilizing now; sales volume is likely to increase significantly; good deals from a buyer’s perspective are likely to remain the norm for the next eight to twelve months; no real appreciation in real estate as an asset class is likely and value added efforts for renovations will remain high risk till after the end of 2012.
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Keene - R.H. Thackston & Company REALTORS with offices in Keene, Bellows Falls and Winchester announced the following personnel updates.
Dick Thackston, the company’s principal broker, received special recognition from the New Hampshire Association of REALTORS Honor Society. Earlier this year Thackston was made a lifetime member of the New Hampshire Association of REALTORS Honor Society. Every year the New Hampshire Association of REALTORS Honor Society recognizes the REALTORS within individual local REALTOR Boards for their outstanding participation in both civic and REALTOR affairs by using a points system for the various activities that individual members participates in over the course of a year. Thackston was recognized by the Honor Society as the highest number of points earned for any member of the New Hampshire Commercial Investment Board of REALTORS, (NHCIBOR) were he is a primary member. Thackston has been a member of NHCIBOR for several years; this is his first year as NHCIBOR’s high point winner for the Honor Society. Thackston is also a member of the Monadnock Region Board of REALTORS were he has also been recognized for earning the highest points in the past. Thackston will be serving as Treasurer of the Monadnock Board of REALTORS in 2012 and is a member of the New Hampshire Association of Realtors, the National Association of REALTORS, National Council of Residential Brokers and Real Estate Buyer’s Agents Council. Thackston is an accredited real estate instructor by the New Hampshire Real Estate Commission and a licensed real estate broker in New Hampshire, Massachusetts and Vermont.
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The Great Recession that has shaken the American Economy and Housing Market over the last five years has taken many would be home buyers out of the market and loaded the Home Buyer psyche with skepticism however it has not generated an increase in the demand for buyer brokers. In fact if anything the willingness of buyers to contract with Buyer Brokers appears to be in decline and the willingness of agents and agencies to provide buyer brokerage services appears to have declined.
Buyer Brokerage, properly understood by the consumer and properly handled by the Buyer Broker is an excellent program and an excellent service for any home buyer in today’s market.
The top ten things when getting involved in Buyer Brokerage follow:
# 1. Find a Buyer Broker that you feel you can know like and trust. This person is going to need to have both your attention and confidence. Remember you’re not hiring them to be your best friend you’re hiring them to help you make solid business decisions.
# 2. Understand that you are HIRING the Buyer Broker which means you will be responsible for PAYING the Buyer Broker. Most agents will be happy to accept as compensation whatever fee is offered through their local MLS however sometimes listing brokers will not pay a fee or will not pay a reasonable fee and it will be your responsibility to handle this cost. Discuss this in detail when you hire the Buyer Broker.
#3. ONLY HIRE A BUYER BROKER WITH TRAINING IN BUYER BROKERAGE. Lots of agents and agencies will agree to be paid as a buyer broker but very few have actually training in Buyer Brokerage. The top level of training for a Buyer Broker is an Accredited Buyer Representative Manager a designation offered exclusively through the National Association of Realtors, Real Estate Buyer Agent Council.
#4. Have some idea of what you want and were you want to live. It’s the Buyer Broker’s job to help you figure out the best value for you but you need to understand your own needs and wants so the Buyer Broker can help you figure things out.
#5. Listen to the Buyer Broker. Most Buyer Brokers can send you to good service providers: Loan Officer’s, Title Companies, Home Inspectors etc and do so to help you get good service – no other reason, really.
#6. Find out if your chosen Buyer Broker requires a retainer and how that’s handled. Many Buyer Broker’s require a retainer when you contract for services. Most refund that after a successful closing, some do not establish how this item is handled when you sign your contract.
#7. Establish the level of service you expect and the level of service your Buyer Broker is ready willing and able to provide. Some buyer brokers will check zoning, building permits and title issues; some will not work with For Sale by Owner and non-MLS listings be clear about how these issues are handled.
#8. Establish an exit plan. Sometimes relationships just don’t work out or sometimes your situation will just change. Be clear at the beginning of your relationship with the Buyer Broker how things can be ended if you don’t feel the relationship is working out.
#9. Understand the agency laws in your state. Every state has different rules governing the actions and relationships of the real estate agents with the public – no two are exactly the same.
#10. Make sure you know who the boss is. When contracting any licensed professional for services make sure you know who they report to and who regulates Buyer Brokerage in your state. There is NO STATE where Buyer Brokerage is regulated by the REALTORS.
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RE/MAX Predicts Increased Home Sales in Coming Months
By: Heather Hill Cernoch 10/20/2010
According to RE/MAX’s monthly National Housing Report, the housing market is attempting to return to traditional seasonal trends after a slow summer following the spring rush to qualify for the government’s homebuyer tax credit.
September sales were 6.4 percent below those in August and 20.6 percent below sales in September 2009.
RE/MAX also cites stabilization in prices due to a drop in the inventory of homes for sale.
“We anticipated the drop in home sales this summer due to the tax credit, and we usually see sales in September fall below August levels, but we’re encouraged by reports of signed contracts in the field,” said Margaret Kelly, CEO of the Denver-based RE/MAX, LLC.
“An increase in signed contract activity should translate into increased home sales in the coming months,” Kelly added.
RE/MAX attributes September’s 20 percent drop in sales from the previous year to homebuyers buying early to take advantage of the tax credit; sales in the spring were much higher than normal. Of the metro areas surveyed, only Miami reported higher September sales from a year ago with a 3.2 percent increase.
Despite the drop in transactions, September’s home prices were relatively stable with 33 metro areas showing a year-to-year increase in home sales prices. Overall, prices were down 2.7 percent from August but up 0.9 percent from a year ago. Prices are higher than 2009 in California cities and in the South and Midwest.
According to the report, the months’ supply of inventory, which indicates how long it would take to eliminate the current inventory of homes for sale at the current rate of sales, was 9.8, which is higher than the 9.1 supply reported in August and the 7.1 month supply in September 2009.
The RE/MAX National Housing Report is distributed each month and based on MLS data in approximately 54 metropolitan areas. It includes all residential property types and is not annualized. This month’s results are based on sales contracts signed in September.
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Keene – The National Association of REALTORS, REALTOR University has awarded Dick Thackston, Managing Broker of R. H. Thackston & Company REALTORS, the designation of Accredited Buyer Representative Manager, ABRM.
The designation of ABRM is only awarded to those REALTORS who have significant experience and specialized training in managing buyer’s representatives. The ABRMSM is the only buyer-representation designation for managers, brokers and owners affiliated with NAR. To earn and use this designation, you must complete all four (4) requirements: completion of the ABRM Designation Course; Successful completion of the ABRM challenge exam; documentation of a minimum of two years experience managing buyer’s representatives and membership in the Real Estate Buyer’s Agency Council and the National Association of REALTORS.
Thackston’s Professional Memberships and Recognitions include licensed real estate broker in New Hampshire, Massachusetts and Vermont; Council of Real Estate Broker Manager’s; Monadnock Region Board of REALTORS and Contoocook Valley Board of REALTORS. Thackston is a licensed real estate instructor in New Hampshire for the Academy of Professional Real Estate Training in Keene.
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It seems hard to believe that some of the best deals in the home buying market can’t be purchased by the average person who would use them as a home for their family. Because of condition a substantial portion of Lender Owned Homes can’t be financed. This has been true for years.
Hope is now on the horizon with foreclosure filings at record levels — default notices, scheduled auctions and bank repossessions were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008 – the government through the Federal Housing Administration, FHA, has taken positive action.
FHA is ramping up its 203K program for the first time in years. The FHA 203K program allows homebuyers to finance a home that is at least one year old and get additional money to fix it up and bring it up to standards. The FHA doesn’t just give borrowers a blank check however, what it does is provide a system of draws against work calculated into the original mortgage when the home is purchased.
If you’re buying a bank owned or other property that will need substantial repairs the 203K process allows you to obtain bids and calculate approximate needed repairs prior to purchase and then after closing use the money to pay licensed contractors. It’s important to note that the program is not designed for “do it yourselfers” since in the process you will be expected to get real bids from real contractors. Helping you in negotiations for a Lender Owned Home and finding financing that will work well in the sale is just one of the critical ways Dick Thackston and his team can help you.
Helping buyer’s find and purchase, defaulted properties, REO’s, has been a big part of Dick Thackston’s business since – well it feels like forever! Dick works with the other 34 New Hampshire, Vermont & Massachusetts agents in his 3 offices helping buyers find and close on Short Sales and REO properties. To see all the homes on the market today in New Hampshire, Vermont & Massachusetts visit www.dickthackston.com or give him a call today at 603.283.0622.
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Sadly the question “What do you mean I don’t own my house anymore?” is being heard more and more by real estate agents and property managers around the country and through-out our region as well.
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008, according to the RealtyTrac U.S. Foreclosure Market Report. One in every 136 U.S. housing units received a foreclosure filing during the quarter — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008.
Often homeowners are shocked to find that they have become part of the statistics above and the home has been taken and they no-longer own the property. Realistically no one has a greater interest in working out a short sale than the homeowner. Just because a house has an offer on it does not mean that the lender will stop the foreclosure. Helping you in negotiations for a short sale is just one of the critical ways Dick Thackston and his team can help you.
The opportunity exists for homeowners to move on with their lives a maintain and strengthen their credit ratings if a short sale is handled correctly putting them in a far better position than they will be if they allow their home to go to foreclosure and become a statistic.
Defaulted properties, REO’s, have been a big part of Dick Thackston’s business since the S&L Crisis of the early 1990′s. Short Sales are already having a major impact on real sales in the region. Dick works with the other 34 New Hampshire, Vermont & Massachusetts agents in his 3 offices helping property owners complete short sales and buyers find Short Sales and REO properties.
Helping you in negotiations for a Short Sale is just one of the ways Dick Thackston and his team can help you when they help you buy a Lender owned – REO property. To see all the homes on the market today in New Hampshire, Vermont & Massachusetts visit www.dickthackston.com or give him a call today at 603.283.0622.
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Dick Thackston, Managing Broker of R. H. Thackston & Company REALTORS with offices in Keene, Winchester & Bellows Falls, attended the Five Star Default Servicing Conference in Fort Worth, Texas.
Thackston is one of a limited number agents invited to the exclusive conference sponsored by nationwide lenders with foreclosed properties and seriously delinquent mortgages. Thackston has been recognized within the real estate and lending industry as a local expert on default resolution in both residential and commercial loans. Thackston has participated in programs conducted by both Fannie Mae & Freddie Mac as well as various individual lenders.
Thackston is a licensed real estate broker in New Hampshire, Vermont and Massachusetts and is a member of the National Association of Realtors and well as residential and commercial MLS in all three states.
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So, Fall of 2009 is soon upon us and many of us wake up in the morning wondering “were are we now; are we there yet?” Well, we’re there. Where there is, is the question.
The stock market is either up @50% or down @30% depending upon when the money went into your IRA or 401K.
Housing affordability is at its highest since the early 1970’s. Things don’t seem to be getting worse which is the beginning of recovery. The big challenge in residential housing today is getting through the backlog of foreclosures. The impact of so many people loosing their homes is that there is a huge supply of inventory coming on the market which is likely to hold prices down for sometime to come which makes it difficult to impossible for people to make a “move-up” purchase.
Homeowners who purchased their homes in 2004 and before that did not re-mortgage during the re-finance boom of the 2005-2008 time frame are as a rule OK and will probably make money when they sell their homes but there is still often time a sense of loss resulting from the much higher prices their neighbors probably got a short time ago.
First-time buyers are walking into what will probably be the deals of a life time if they buy a lender owned home in the next several months. The government stimulus seems to be doing its job in making housing more affordable and there remains tremendous pent-up equity in these homes that will probably full a new housing boom sometime in the future but we aren’t even close to know when or how that part of the American housing saga will unfold. We do know that housing stock remains flat and that people do need a place to live so over the course of the next few years once the excess inventory is off the market house prices will rise but for the foreseeable future people should and most probably will only be buying residential real estate for one of two reasons: they need a place they can afford to live or they have financial reserves and they want to invest and hold properties as rentals over a multi-year period.
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