We're proud to share this recent article published on www.Masiello.com. The Masiello Group is a fellow member in the nationwide Better Homes & Gardens Real Estate brand, and a strategic partner of ours.
Bedford, NH --Maine and New Hampshire are attracting home buyers from around the country, drawn by the lower cost of living and higher quality of life in Northern New England. The increased demand from out-of-staters has contributed to a rapid rise in home prices and record-setting lows in inventory throughout the region. If this trend continues through 2021, it could bring significant economic growth to Northern New England, changing the face of communities large and small across these states.
Real estate data from the National Association of Realtors show that the median home price in the Northeast during February was $356,000, up 20.5% from February 2020. Year-to-date numbers for 2021 indicate the increase is part of a longer, recent trend. Home prices thus far in 2021 are 23% higher than all of 2020 for single-family homes and 16% higher for condos.
The price increase is driven by higher demand, and not just from the typical sources. Historically, people move to a new home within 10 miles of their current home. But since Q3 2020, Masiello Group real estate agents have seen an increase in home buyers from major Eastern Seaboard locales like Connecticut, New York, New Jersey and Washington, DC. There's also been an increase in the number of people from Sunbelt regions like Florida and Arizona, and expensive West Coast cities such as Seattle and San Francisco.
Buyer data collected by the Better Homes and Garden The Masiello Group, which has 33 real estate offices throughout Northern New England, found that 35% of people who bought homes in New Hampshire and Maine during the latter half of 2020 came from outside Northern New England.
What's behind the move?
While there is no hard data yet to confirm that the COVID pandemic had a direct impact on people moving to Northern New England, the timing of the increased in-migration points to a connection.
A survey conducted by the University of New Hampshire Carsey School of Public Policy found that people have been moving to New Hampshire to be closer to their family, for work, and to enjoy a higher quality of life and better lifestyle. This bolsters the anecdotal evidence many agents are hearing from people moving here from outside the region.
"Home buyers today are less restricted on where they can live, thanks to more liberal remote work policies. Given the choice, people often go with the location that's safer, offers more home for the price, and has the highest quality of life," said Chris Masiello, President and CEO of the Masiello Group. "What many of us who have made Northern New England our home already know is that the lifestyle here can't be beat. We have much of the same infrastructure and amenities as larger metro areas, yet we have a lower cost of living and close proximity to the outdoors. It's a place you can truly live, work and play."
The increase in home sales by out-out-state buyers tracks with the timing of announcements made in 2020 from major companies like Twitter that they would move to a permanent remote work model. For people unrestricted by location, they can opt to move somewhere that offers a better quality of life, larger home, bigger yard and closer-knit communities.
"Both Maine and New Hampshire are a great choice for these amenities," said Masiello. "They have more affordable housing than locations further south, they have safe communities, modern infrastructure and are still close enough to urban centers that you don't feel too isolated. On top of that, New Hampshire has a low tax burden and business friendly climate."
Potential economic boom on the horizon
High demand from home buyers outside of the region means it's never been a better time to sell a home in Northern New England. According to Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick, Maine, residential real estate activity in his state "is vigorous."
"In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation," Cole said.
What makes this in-migration trend so noteworthy is that it appears to be happening across all residential property types throughout Northern New England, not just for single-family homes or in isolated communities. People who are thinking of buying a bigger home in a more affordable town nearby are surprised to find home prices are rising there too. This trend also comes after a period of community investment throughout the region, funded by a healthy pre-pandemic economy. Communities are investing in basic infrastructure and amenities that attract residents, such as revitalized downtowns, park renovations, and hiking and biking trails.
These investments, combined with an increase in home prices, are likely to spur development, resulting in overall growth in these communities. If demand remains high for an extended period, it could launch an era of substantial economic growth across the region as the economy begins to open again.
Commercial properties are also highly desirable
Increased interest in real estate in downtown areas is further evidence an economic boom is on the horizon. Having a row of storefronts instead of vacancies will certainly boost a community's downtown revitalization efforts, in addition to the jobs and economic activity it brings.
Another emerging trend is out-of-staters moving to Northern New England—and bringing their businesses with them. "Commercial agents saw an increased interest in 2020 from business owners looking to relocate from major metropolitan areas," said The Masiello Group VP of Commercial Sales, Chris Pascucci. Business owners from big cities create opportunities for new businesses that provide services city dwellers have come to expect, such as take-out and delivery services, ethnic food, and personal care services.
"People from places like New York want to be somewhere safe and to have a better work-life balance," said Pascucci. "Relocating to Northern New England offers the connectivity, more affordable home prices, and plenty of opportunity for businesses to open and grow."
Where this economic boom could face some pressure is if nothing is done to alleviate the region's low inventory rate and competitive, fast-paced market. In Rockingham County, New Hampshire, average time on the market in February 2021 was 35 days, down 52% over February of last year, and new listings of homes in New Hampshire were down 31% in February 2021 when compared to the same month last year. According to the Maine Association of Realtors, home values and sales volume is outpacing last year thus far, however, "a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market." If there are not enough homes to supply-demand over the long term, it could discourage some home buyers from entering the market at all.
Northern New England is fortunate to see signs of a strong economic future in rising home prices and increased demand. How long this trend will continue and the degree to which prices continue to rise is somewhat uncertain as major cities begin to reopen and return to normal. However, we're confident the market will remain strong, thanks in large part to the desirable location that Northern New England offers.
About Better Homes & Garden Real Estate | The Masiello Group
With 33 offices throughout Northern New England, BHGRE The Masiello Group has been the region's leader offering a full range of services to brokers, sales associates, and home buyers and sellers. It is the only company in region to offer home services, including mortgage, title, home warranty, homeowner insurance, and relocation services under one roof. Visit www.masiello.com to learn more.
Real estate markets are local, and we have the real scoop on ours.
Better Homes & Gardens Real Estate - The Milestone Team
This excellent opportunity is back! One of very few 1-bedroom units at the highly sought-after Hilltop Place. Simplify your life with this comfortable single-level condo. This low-maintenance unit contains separate living and dining rooms, kitchen, bedroom, and one bath. Side sliders open to a sunny open field between units. Decent storage. Detached one car garage with opener and storage above. Enjoy the phenomenal location -- you're tucked in a cozy community, yet you're also a blink-and-you'll-miss-it drive away from New London Town Center, with grocery store, post office, and hospital. If you're feeling spry you could even walk into town; it's that close!
Listing Broker: Marilyn Kidder - firstname.lastname@example.org - 6035264116
Offered at $133,000
Hilltop Fees: $715/month Buyer buy-in fee (6x the monthly fee): $4,290
When you’ve just moved into a new community, getting involved with your neighbors and neighborhood can be a great beginning to a happy life. Our communities can be pillars of support when we need them or friendly faces we’re happy to see each day. Through volunteering, joining clubs and groups, taking part in community sports activities and hosting events, you can bond with those who live around you and create a wonderful home for yourself – and others.
Here are 5 ways to get more involved in your community:
Many big cities and small towns have carnivals, holiday gift boutiques, formal dinners and similar charitable events to bring the community closer together. Attend these events and enjoy being a part of shared experiences. You’ll likely meet people who have many of the same interests as you do, which is a good way to form friendships.
- Attend or host charity events
Children often enjoy becoming members in Girl or Boy Scout-type groups, YMCA memberships, parks and recreation classes or mommy and me groups. Often, parents of kids in these programs go on to become friends for life. If you don’t have little ones, it’s still possible to coach, teach a craft, be a dance instructor and get involved in your community in other ways.
Families can get to know neighbors by becoming active in after-school programs. Even if you don’t have kids, meet new people in your neighborhood by volunteering your time to these activities.
- Get active in after-school programs
How can you help those who share your small part of the world? Perhaps tutoring, offering legal aid, mentoring, teaching a language, organizing a food bank or visiting the elderly in your community resonates with you. Children can often be persuaded to join the community volunteer force by teaching older adults all the ways of the Internet.
Volunteer in a local clinic, hospital, nature center, library or community center. Volunteerism is a superb way to meet people and contribute skills and talents to those who might need them. Not only will you probably experience a sense of accomplishment after sharing the gifts you have to offer, your neighbors will likely notice your contributions and consider you a valuable member of the community.
- Become a community volunteer
If you have a community center or other public space available, use it to form friendships while you learn something new. Sometimes taking turns meeting in members’ homes, either weekly or monthly, is a good way to break the ice with small talk or enjoy truly enriching conversation. Think about planning a series of special gatherings or ongoing drop-in events.
Learn more about the people who live near you by starting conversations within your community. This is easily done through book clubs or groups that come together to make jewelry, create art, cook and learn new languages. Ask your immediate neighbors if they know about any clubs or meetups you can join. If there aren’t any, start one yourself.
- Start conversations
While you till, water, plant and harvest, try to get to know the members of your community. Tell stories of where you came from and ask others about their backgrounds. If you have kids, get them involved with a beginner’s food scrap garden and encourage neighbors to bring their children to participate too.
Join a community garden in your neighborhood, and if you don’t have one, start one. Growing organic produce on a shared plot is a great way to connect with people near you. It also helps everyone involved develop a deeper understanding of the importance of keeping the air, water and ground clean and safe in a community.
- Join a community garden
The good thing about getting involved in your new community is that if there aren’t gardens, clubs, organized activities, volunteer opportunities or other programs in place for you to meet people, you can always be the facilitator of these types of gatherings. Your new neighbors will probably be glad you took the initiative to provide ways to connect.
Moving to a new neighborhood is never easy. Why not show a warm welcome by giving a welcome basket to your new neighbors? As an established ambassador of your block, now’s your opportunity to bring over a few little gifts for neighbors to make them more comfortable in their new home.
Fruits, vegetables and flowers
If you’re a gardener, consider sharing the bounty. Fresh fruits and vegetables are always a big hit. They may even inspire some fun, future garden rivalry. Feeling inspired? Pack your treasures into a box with a few seed packets that easily grow outdoors, a tool for weeding and a nice pair of gardening gloves.
Snacks and a drink
Who doesn’t love treats? Although it used to be the tradition to bring by a bottle of wine for new neighbors, be cognizant of the fact that some may prefer not to drink alcoholic beverages. Instead, bring over a bottle of sparkling water and fruit juice to make a spritzer. To accompany the refreshers, pack a small fruit basket and chocolates.
If you really want to impress your new neighbors, bring them baked goods straight out of the oven. Make sure to provide a full list of ingredients in case your neighbors have allergies. You may want to make options that are free of nut, dairy and eggs.
A gift card to a great local restaurant
Your new neighbors may not feel up to preparing a meal. After all, their kitchen may still be filled with boxes! Offering a gift card to your favorite local restaurant is a nice gesture that will also prevent your neighbors’ stomachs from rumbling. Fortunately, gift cards can be purchased in a wide range of amounts to avoid worrying about overspending. A typical amount for new neighbors is anywhere between $20 to $50. Try to choose a restaurant with a lovely view and a wide variety of menu items to suit all dietary needs.
Host a small gathering
Plan a meet and greet as a gift for neighbors. It’ll give you an excuse to have a party and will help your new friends acclimate to the neighborhood. You don’t need to plan anything fancy. A small backyard BBQ is always fun. You can move the party indoors during the cooler months. Have plenty of snacks on hand, including an assortment of finger foods. This is also an opportunity to ask everyone in the neighborhood to contribute. Rather than prepare all of the food yourself, plan a potluck and have people bring their favorite dishes.
A touch of green
Even neighbors who don’t have green thumbs will appreciate a nice plant. Stick with a plant that doesn’t require a lot of care. Spider plants, devil’s ivy, philodendrons and calla lilies are safe bets. Instead of a houseplant, put together a small herb garden as a gift for neighbors. Mint, basil and thyme come in starter sizes. Get creative with the containers you choose. Whether you give your neighbors a houseplant or a selection of herbs, just make sure to provide instructions on how to care for their new plant.
After giving your neighbors a small gift, ask if there are any ways you can help them get settled in and just generally make yourself useful.
There will be plenty at the New London Food Truck Festival on Sunday, 9/15/2019 on the Town Green! It starts at noon and ends at 4pm and is hosted by the New London Rotary Club in conjunction with the New London Recreation Department. It will be a great day to sample all kinds of delicious morsels and enjoy great music by Rusted Chrome of Sunapee, NH. Proceeds will be used by the rotary's charitable foundation for scholarships to area students and to promote literacy. Admission is $8/Adults; $5/children, free for ages 3 and under. Tickets available from New London Rotary Club members, online at www.nl-nh.com/rec and at the gate. Get out and enjoy the day!
Don't forget about Mom this Sunday! Stop by Spring Ledge Farm for some ideas.
They have all sorts of plants for mom, from fruit trees and blueberry bushes to hanging baskets, geraniums, tropical mandevilla, herbs, perennials and flowering shrubs.
They offer kid-sized (& kid-priced) pots of basil, marigolds and alyssum. We have beautiful hanging baskets grown using organic soils and beneficial microbes and good bugs. They even add a long term organic fertilizer to the hanging baskets for a season-long food source. They've created combinations of ceramic pots and flowering annuals that look great and will last all season.
Hardy Japanese maples, forsythia, azaleas and rhododendrons are in stock and looking great. Planting one of these for mom results in a lasting memory and something to enjoy for years. Spring Ledge has bags of compost and local earthworm castings to add nutrition and soil health to the planting.
Or let mom choose exactly what she wants with a gift card to Spring Ledge - available in any denomination.
And the best part of shopping at Spring Ledge Farm? Their great staff to help you choose from all the available plants and pots. They are open Mon-Sat 9-6 & Sunday 9-4. Stop in early to beat the rain!
Take a walk around New London and you're apt to see the "Pumpkin People" sprouting up all over the town! We're all having a little fun and friendly competition. The Town's Rec. Department will be judging the new pumpkins in town on October 25. The contest is open to all residents, businesses and organizations. Click here for more information. Have fun making your people! Meet our new family - another satisfied buyer who bought from "The Best Team in Town"!
Friday Nov. 7th 12-5:30; Saturday Nov. 8th 10-1; Friday Nov. 14th 12-5:30; Saturday Nov. 15th 10-1; and starting Monday, Nov. 17th, they will be back to full time, seven-days-a-week of farm fresh goods and natural holiday decorations through Christmas! Stop by in the morning for their homemade cider donuts (beyond yummy!).
This year, Spring Ledge is also offering free range turkeys from Misty Knoll in Vermont. Place your order and you can pick up your turkey on the 24th or 25th of November. Price is $5/pound.
Spring Ledge Farm is located at 37 Main Street, New London, NH.
The Lake Sunapee VNA & Hospice is offering flu clinics to the public. Some insurance companies are billed, or the cost is $25. Please bring your insurance card. Listed below are the upcoming dates and locations. Stay healthy!
Come out to "Stuff the Cruiser" this Saturday, July 5th outside of Hannaford's Supermarket in New London, NH. Stuff the New London Police Department's cruiser with food to benefit the KLS Community Food Pantry. You can drop off a donation or purchase something at Hannaford's. Everyone donating will receive a raffle ticket toward winning some great prizes. The cruiser will be there from 10am-4pm. Come on down and support a good cause!