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More bad news?

Here's the Skinny on the Moultonborough NH Winnipesaukee Waterfront Real Estate Market!

2007 versus 2006.

We all hear more bad news in the national media every day concerning the slowing real estate market, right? It probably shouldn't come as a surprise that Moultonborough, New Hampshire saw a median selling price for its Lake Winnipesaukee waterfront homes that was lower in 2007 than in 2006.

What did surprise me though, when I ran the statistics, was just how dramatic the drop in median selling price was - 3 of the 4 quarters in 2007, saw a median selling price 1/3 to 5/11 lower than in 2006. *

I think part of what happened is that a number of verifiable facts about a slowing national real estate market spiraled out of proportion in the media. Just because the market was tanking in parts of Florida, and elsewhere in the country, people saw the possibility of prices dropping to well below the current assessed value on most Lake Winnipesaukee waterfront real estate.

In my opinion the Lake Winnipesaukee waterfront market, in Moultonborough, and throughout the Lake Winnipesaukee towns, has merely been adjusting closer to the assessed values of properties. No longer is it common for selling prices of waterfront homes to be well above the assessed value. The Lake Winnipesaukee real estate market that had been galloping away for so long had to slow down eventually.

A market has been created in which, many of the Sellers won't sell unless they get their price, so they just aren't selling. Many Buyers, growing increasingly wary from the constant bad news about real estate, and the decreasing value of the dollar in the global economy, decided in the past year to wait out the real estate market and see where prices settle. I think the stabilization of prices in the 4th quarter so far, shows that many buyers decided that prices had settled, and finally went ahead with their purchases.

I predict that the median selling price of homes will be up again next year. Some of the Sellers will bring their prices down, closer to Town of Moultonborough assessed values. I also see more buyers deciding to go ahead and make a lakefront purchase. I'd like to know your opinions on the Lakes Region real estate market. Please write an entry on my blog to prove or to disprove this theory. We'll test it in the months to come and see how closely we can predict the future market.

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