September 18, 2024 • 21 mins
In this episode of the podcast, experts discuss the growing trend of new residential construction in New Hampshire. The hosts highlight the state’s prime real estate market, driven by an increasing demand for housing in both urban and rural areas. Key factors contributing to this growth include a strong economy, an influx of people moving to New Hampshire for its quality of life, and the rise in remote work opportunities.
The podcast also touches on challenges within the industry, such as navigating state regulations, zoning laws, and the rising costs of materials. Builders and developers are adapting by implementing innovative construction techniques and sustainable building practices to meet the growing demand while keeping costs manageable.
Listeners also gain insights into the most sought-after areas for new builds, from the Seacoast region to the Lakes and White Mountains areas. Experts recommend that potential homeowners and investors act quickly, as the market is competitive, and home values are expected to continue rising in the foreseeable future. Overall, the episode provides an informative look at the opportunities and challenges within New Hampshire's booming residential construction market.
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Episode Transcript
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Speaker 1 (00:00):
Let's move to New hampshire.com. Happy to welcome Lisa Lally
of Remax Prime NH real estate and to talk about
Granite State real estate. Hello, how are you?
Speaker 2 (00:11):
Hi,
I'm doing great, Mark. How are you?
Speaker 1 (00:13):
Good. Is it, is it fair to say that that
new construction is just exploding these days in New Hampshire?
Speaker 2 (00:20):
Oh, absolutely. It's exploding everywhere in the country. But yes,
definitely exploding in New Hampshire as well.
Speaker 1 (00:26):
So why do we think that is, I mean, what,
what's the, what's the attraction to new build?
Speaker 2 (00:32):
Well, part of it is in 2022 New Hampshire launched
a new $100 million program called Invest NH, which was
developed to help address the shortage in housing in New
Hampshire and it has since increased the number of residential
housing permits by more than 18% annually. So now New
(00:54):
Hampshire is on track to bring in 25,000 new units
by the end of this year,
you know that this program was put in place to
really help address the housing shortages that we're having in
the state.
Speaker 1 (01:07):
So Lisa take us through sort of the life cycle
of a new construction let's say the average single family
home in any town in New Hampshire, what starts the process?
What's involved in the process? And how long does it
all take?
Speaker 2 (01:22):
Well, a lot of times in a single family new
construction project, um, you're probably looking 6 to 8 months
out and you go in, you pick your lot, the
locket gets excavated.
You choose your home style. If you have that option
to choose a home style, uh depending on the lot,
the elevations, we'll have a lot to determine what type
(01:43):
of home you can build. And usually
you can still do an enclosed loan, which is just
a regular type of loan that you would purchase. You know,
you used to purchase an existing home. A lot of
people think that, oh, I have to get a, I
have to get a construction loan or something like that.
That's a little more complicated. But a lot of times
(02:05):
these developers are able to get the development pre-approved with
a conventional lender so that you work with that lender
and you basically put down your deposit and then you
don't have to have your balance due until you close
on that property. So it's, you know, like I said,
6 to 8 months probably is typical.
(02:27):
And um yeah, it's a great way to go for
somebody who wants something brand new and they want to
be able to, to have some say in what it
is they're building
Speaker 1 (02:35):
And of course, you and Max Prime and can help
folks out with the financing and, and all the information
they need to pull this off.
Speaker 2 (02:43):
Right. Absolutely.
Yeah. Absolutely. Yeah, we work with a few different lenders
that specialize in just doing new construction and it, it
makes life so much easier for the buyer.
Speaker 1 (02:53):
Talk about the timing of new construction. Unlike, let's say
other parts of the country, you can't be building stuff
year round in New Hampshire. Can you?
Speaker 2 (03:01):
Well, it all depends on how soon you can get
that foundation in the ground. Once you get that foundation in,
you can pretty much keep going through the winter months.
You have to get to a certain point obviously before
you're able to, to start doing mechanicals and stuff like
that in the house. But yeah, it it's technology has
helped us definitely come a long way. So we are
(03:24):
able to do a lot of building through the winter
without any issue.
Speaker 1 (03:28):
You mentioned earlier uh developments and, and a lot of
developments are popping up in, in almost every town in
the state of New Hampshire. Is that pretty much the
major new construction we're seeing in the state?
Speaker 2 (03:41):
Oh, definitely. That, and there's a lot of renovation going
on too. So people are buying older homes because as
you know, the home values in New Hampshire and the
media now, I think it, it's $538,000 is the median average,
um for a home and not everybody can afford that.
So they're looking at, you know, something that they can,
(04:03):
they can renovate and make it a little more cost effective.
So I think there's, there's a lot of both going
on
Speaker 1 (04:10):
and what's most available in the housing market right now.
Is it already uh built homes that, that may have
been lived in for, uh for a little bit of
time or is it new construction?
Speaker 2 (04:22):
I would say it's, it's probably 5050 because there is
so much construction going on right now in the state
everywhere you look. So, yeah, I think you could go
either way on that.
Speaker 1 (04:32):
Talk a little bit about the difference in pricing between
an existing home versus a brand new home.
Speaker 2 (04:38):
You know, I think it's pretty comparable depending on what
you're looking for. From single families to townhouses to condos.
They're um pretty much in line with what is existing
out there. I think it really comes down to the buyer,
what they really, really want. Do they want to spend
(05:00):
that money on new construction and still have to, you
still need to make that house comfortable to live in.
So you still need to, you know, do window treatments
and probably have to do some landscaping and furnishings for
a house that you've never lived in before versus spending
maybe the same kind of money on an existing home
that you might have to do a little bit of
(05:21):
updating or renovating to make it just as comfortable for you.
Speaker 1 (05:25):
If you are getting into brand new construction, how much
customization can you do on a new build home?
Speaker 2 (05:33):
Really depends on the developer that you're working
with.
Speaker 1 (05:36):
If I wanted a bat cave, can I have a
bat cave?
Speaker 2 (05:39):
Well,
I'll see what we can do for you, Matt. Thank you.
Um I, I think, you know, some developers don't like
to offer a lot of changes because it's not cost
effective for them. You know, you start changing,
(05:59):
you know, where a wall goes or putting in more
windows and that's also gonna lengthen out the time of
your construction too every time you make a change. But
there are other builders where you walk in and you
know what, you can choose your flooring, you can choose
your cabinets and your countertops and you paint colors and,
and that's what people love about doing your construction because
(06:20):
even though they maybe can't change the layout of something,
they can still put their personal touch on it.
Speaker 1 (06:26):
And all of this is really going to be an
individual lifestyle choice for, for the buyer themselves. I mean,
some people, some people want to live in a house
that is all the walls are theirs. I am never ever,
ever going to mow a lawn again in my life.
So I'm, I'm gonna live in a condo for the
rest of my life. I'm pretty sure. But again, this
is up to the buyer and, and what their life demands. Right.
Speaker 2 (06:50):
Exactly. That's just what it, that's exactly what it is.
It's lifestyle. So, if you want to have a maintenance
free life and you don't ever want to have to
mow the lawn or worry about painting,
you know, the, the siding or replacing the roof or windows,
then that's the way to go. But other people like
to have that feeling of homeownership that, you know, this
(07:13):
is my piece of dirt. This is, I'm gonna paint
my own front door and I'm gonna, you know, cut
my own grass and it really depends on where you
are in your life and what you want from your,
your lifestyle.
Speaker 1 (07:26):
And speaking of where you are, are there any places
in New Hampshire that are, are
particularly busy right now with new home construction
Speaker 2 (07:34):
everywhere? Um Dover is really booming. The sea coast itself is,
is booming and the Lakes region, there's a lot of
new construction going on up in the Lakes region as well.
So everywhere you look, there's something I just finished selling
a place down in the Hudson area. There was a
(07:54):
big development going in down there. So it really just
depends on, on where it is. You're looking, you'll find something.
Speaker 1 (08:00):
Are there any places in the state that perhaps are,
are better values than others right now?
Speaker 2 (08:06):
I
think the further north you go, you're probably gonna see
better values. Prices aren't as high as they are. Say
on the sea coast, sea coast is probably the highest.
Definitely Portsmouth is way up there. So, yeah, I think
if you wanna stretch your dollar and you can, um,
you can commute for a little bit. I think the further,
you know, north of Concord
you probably do a little better get a little more
Speaker 1 (08:27):
house. I hate to bring up the word COVID, but
in a post COVID world with more people suddenly working
from home. What, what did that do to the face
of the real estate market
Speaker 2 (08:39):
we got
through it. Ok.
I think what it did was it made a lot
of people and employers realize that people can actually do
their job and many times probably be a little more
productive by working from home. So we're seeing now a
lot of people are looking for that designated space to
(09:03):
work from home because it's just so more accepted now
than it was pre COVID.
It's amazing how that, how that played
out
Speaker 1 (09:13):
and that would bring us back to talking about customization of,
of homes that are being newly built, that you could
actually put a full-fledged office into a home and wire
it up with high speed internet and maybe extra electrical
outlets and, and whatever else you would need. Right.
Speaker 2 (09:29):
And that's exactly what people do. Yep. They focus on
that designated area to make sure they have all that
they're gonna need so that they can do what they
need to do for, for work
and still enjoy the home.
Speaker 1 (09:42):
I probably know about a dozen friends of mine that
have in some way or another modified their home to
be a, a home office environment. So it's, it's happening even,
even in, uh, older construction too. Right.
Speaker 2 (09:56):
Oh, absolutely. I did it in my own house. I,
my house is over 100 years old and I converted
a sun room into my home office and it's, it's perfect.
So many people are doing things like that.
Speaker 1 (10:10):
Are we dealing with a lot of folks that are
coming to New Hampshire from out of state?
Speaker 2 (10:15):
Yeah. There, there are a lot of people coming here
from other states. One thing that I have found interesting
over the past few years I've dealt a lot with
a retired demographic and they love to come back to
New Hampshire because it's offering so many more tax benefits
to retirees than other states. So, it's interesting people that,
(10:38):
that lived here for years and years and raised a
family and then they retired and
moved down south and then realized, you know what? I
had better tax benefits back in New Hampshire. So I'm
gonna go back and make my retirement dollars stretch that
much further.
Speaker 1 (10:53):
How about snowbirds? How about folks that, that have got
a home in New Hampshire and someplace down south? Usually
it's Florida. I know but someplace
Speaker 2 (11:01):
warmer Florida. South Carolina, Georgia. Yeah, we see a lot
of snowbirds coming into New Hampshire. Definitely. Why wouldn't you? It's,
this is, this is a great state to be in
the summer months,
winter, uh, not so much.
Speaker 1 (11:16):
Unless, of course you're a skier,
Speaker 2 (11:18):
unless of course you're a winter enthusiast. Yes.
Speaker 1 (11:21):
Yes. Skiing, snowmobiling, et cetera, et cetera, et cetera. So, and,
and let's talk a little bit about, uh, you know, where,
where these folks are coming from. I know just from
driving around in the state that I see a lot
of Massachusetts plates, particularly on the weekends.
Speaker 2 (11:38):
Oh, yeah. Yeah. And they, they, um, a lot of
times have just a summer place up here so they
just come to get away from the city. But we
have just as many people coming in from New York, Connecticut, Pennsylvania.
I mean, I've seen many people, I've had people move
(11:58):
here from California. Imagine that to get to, to get
away from
life. That is so expensive to something that's a little
more realistic and reasonable.
Speaker 1 (12:10):
Well, it, it certainly is the economy and, and as
we said earlier it's, it's a lifestyle choice for a
lot of people as well. And it's funny you said
New York because I was gonna say the, the second
most seen license plate by me anyway is, is New
York state plates.
Speaker 2 (12:27):
Oh, yeah. Yeah, absolutely. I have a lot of, I've
worked with a lot of people from New York in
the last couple of years.
So they're definitely coming this way.
Speaker 1 (12:36):
So let's talk a little bit about some of the,
the lifestyle amenities that, that you could build into, uh,
a construction that, that you are having some input in designing. What,
what are some of the trends you're seeing in these
new homes?
Speaker 2 (12:49):
A
lot of the stuff that I'm seeing is, you know,
everybody loves to have hardwood everywhere. Nobody wants carpeting anymore
than the, you know, the solid surface countertops in your
kitchen and bathrooms,
the home office de definitely a huge plus, first floor
masters are a big deal, you know, because people want
(13:11):
to be able to age in their homes and not
have to worry about finding something that would be more
accommodating to them. Should they have any kind of physical
ailments as they age
Speaker 1 (13:24):
and as you drive around in New Hampshire and see
some of these new developments, they all have a sign
on them and they all have either a website or
a phone number or a combination of those things. But really,
you don't wanna be dealing directly with the developer on this.
We need somebody like you to help us sort out
the paperwork because you're gonna be signing a lot of papers. Right.
Speaker 2 (13:42):
Yeah, and it's not as intimidating as people may think.
But I've been working in new construction for more than
20 years in my real estate career and I have gotten,
you know, a lot of buyers to, to trust me
and work with me because they feel that working directly
with a
(14:03):
builder or developer is probably gonna be costly because they
don't understand the process and they find it very intimidating.
So working with somebody like me, who knows how to
work with these people, with the developers and the builders,
I think puts them a little bit more at ease
and makes them a little more comfortable at going through
the process
(14:23):
that and I put them in touch with a new
construction lender. So that makes, you know, everything so much
easier for them. And it just eliminates a lot of
stress for the buyer knowing that, you know, these are
all systems that work and that they're gonna have a
successful sale coming, you know, when that home is ready.
Speaker 1 (14:43):
And Remax Prime NH Works all over the state, right?
Speaker 2 (14:47):
We do, we cover the lakes region, we cover out
to the sea coast, the Greater Manchester area and down
into northern Massachusetts.
Speaker 1 (14:56):
Let's take New Hampshire's largest city you mentioned Manchester. What's
the housing market like in, in the Queen City?
Speaker 2 (15:04):
It's still pretty
hot. There's not a lot of inventory. I haven't checked
my numbers today to see what we have on in
for inventory today, but
it's still very competitive. Prices are still up there. We're
not seeing the, the pricing wars like we were or the,
you know, people bid bidding 70 to $100,000 over this price.
(15:28):
Those seem to be calming down a little bit
but it, it's still a very good market. So
Speaker 1 (15:34):
you mentioned that, that inventory issue. What if, what if
somebody is sitting in, in their home and they know
that their home is probably valued at an all time high?
Why not sell? And what would the process be? Because
if you do sell, even for a high price, you,
you're gonna have to buy something, you gotta live somewhere.
(15:54):
Everyone's gotta be someplace.
Speaker 2 (15:56):
Yeah, you have to roll it over. So it really
depends on
w what do they wanna do? Do? They really need
to get into a new home? We're seeing a lot
of people knowing that they've got that equity sitting in
their house. If they can do some kind of an
expansion or renovation, that's what we're seeing people do because
(16:16):
they don't wanna pay, they don't wanna give up,
you know, 2.5 3% that they're paying now to, to
pay five or 6% to get into something newer. So
you're seeing people sitting tight just kind of waiting to
see what's gonna happen to the market and some of
them are just taking matters into their own hands and
just doing renovations and staying where they are
(16:38):
making it work.
Speaker 1 (16:39):
I suppose you could take some of that equity you
have in a home that you lived in for a
while and use it to make some home improvements. So,
when the day does come for you to sell it, you,
you've increased the value.
Speaker 2 (16:50):
Right. Absolutely. Absolutely. There's no better way to do it
Speaker 1 (16:56):
geographically. Is there a, is there a particular part of
the state that, that you like to work in the most,
or that you have the most connections or the most
inventory in?
Speaker 2 (17:06):
Oh, boy. You know what I kind of like working
everywhere because there's so many different properties out there depending
on where you are and the people are different too.
Seacoast is, is interesting, but it's a tough market because
everything is so highly priced and they're getting it.
(17:27):
You know, I really, I enjoy working with the younger
buyers that are getting into their first home or into
their first brand new home, into a new construction because
it's such an exciting process. So, really, really depends on,
on what it is the buyer is looking for. I'll
go anywhere.
Speaker 1 (17:45):
I would imagine that uh, that waterfront real estate is
probably uh a pretty penny these days. Correct.
Speaker 2 (17:53):
Oh, yeah. Yeah. Yeah. A lot of people can't touch it.
I'm just gonna say that it's uh the, the, the
pricing has, has really skyrocketed in the
seacoast.
Speaker 1 (18:03):
How about when you're building something new on a piece
of property that might have uh some value, like, say some,
some waterfront property?
Speaker 2 (18:14):
Um How do you
mean,
Speaker 1 (18:16):
is it, is it is it tougher to, to build
when you're, you might be in, in a situation where
the neighborhood might already be a little tight with other homes.
Speaker 2 (18:27):
First
of all, good luck if you can find it. Um,
because there's just, there's nowhere to build as far as,
you know, sea coast or having, uh, water exposure.
I think cities and towns are trying to cut back
a little bit
on their regulations to make it a little bit easier
(18:48):
for people just because there's such a housing shortage. They're,
they're trying to work with everybody. But it's still tough
because you still have a lot of EPA regulations when
you deal with waterfront. So you have to be careful.
Speaker 1 (19:03):
And I would imagine when you're dealing with waterfront, even
if it's uh, say even a lakefront up in the
lakes region, uh you, you've got some, some floodplain concerns
and flood insurance should be a part of uh, your planning. Right?
Speaker 2 (19:16):
Yes. Yes, absolutely.
Yeah.
Speaker 1 (19:19):
I'm just, I'm amazed that sometimes and, and, and I
will mention we'll go back to the waterfront for a
second if you drive along route one a on the
seacoast of New Hampshire and you see any new construction happening. You,
you look at this, what, what
my mom used to call a postage stamp size lot and,
and you say somebody's really gonna put something there and,
(19:42):
and when you come back in a few months and,
and see what gets put there. It's amazing what can
be done with a small amount of space.
Speaker 2 (19:50):
Oh, yeah. Yeah. People are always amazed at what, what
you can fit on a tiny, tiny piece of property. Yeah.
It's just, you know, being creative and, and trying to
make it work for everybody.
Speaker 1 (20:03):
And you mentioned that a lot of communities are, are
being uh a little more friendly to, to new construction
these days. Are there some communities that are easier to
build in than others?
Speaker 2 (20:14):
I know, for instance, um Dover has a lot of
new construction going on right now and I know that
they have lightened up a little bit on their building
processes as well as the Lakes region. I know there
are a lot of communities up there that they're really
trying to work with, with builders and developers to help
with this housing shortage that, that we're, we're all witnessing
(20:36):
right now
Speaker 1 (20:37):
other than calling Lisa Lally at Remax Prime. NH what
is your best advice to a prospective Homebuyer?
Speaker 2 (20:46):
Really know what you want, make sure that whatever that
property is, is checking off all the boxes for you
because at the end of the day, you're spending a
lot of money, make sure that you are pre-approved and
you're working with a well qualified lender
and you've got money saved up because even when you
(21:07):
put your down payment down and you get through all
of your closing costs, once you own that home there
are gonna be more costs that you're not anticipating. I'm
not trying to scare people. I'm just trying to make
sure people are dealing with reality. You're,
you're gonna have things that you're gonna have to pay
for when you, when you move into a new home.
Speaker 1 (21:28):
And you mentioned that you, you like working with young, uh, folks, uh,
in particular, but this is really grown up stuff. Now,
this is out in the real world and you do
need to have some kind of a cushion because if
the garage door breaks, you're on the hook to fix
it
Speaker 2 (21:42):
right. It's on
you. Yep. Absolutely.
Speaker 1 (21:46):
We will tell everybody that the website is Remax Prime nh.com.
Remax Prime nh.com. If you want to get in touch
with Lisa Lally at Remax Prime here in New Hampshire
to talk about real estate in the Granite state and Lisa,
we thank you for spending time with us.
Speaker 2 (22:02):
Well, thank
you so much, Mark. I appreciate your time.
Let's move to New hampshire.com. Happy to welcome Lisa Lally
of Remax Prime NH real estate and to talk about
Granite State real estate. Hello, how are you?
Speaker 2 (00:11):
Hi,
I'm doing great, Mark. How are you?
Speaker 1 (00:13):
Good. Is it, is it fair to say that that
new construction is just exploding these days in New Hampshire?
Speaker 2 (00:20):
Oh, absolutely. It's exploding everywhere in the country. But yes,
definitely exploding in New Hampshire as well.
Speaker 1 (00:26):
So why do we think that is, I mean, what,
what's the, what's the attraction to new build?
Speaker 2 (00:32):
Well, part of it is in 2022 New Hampshire launched
a new $100 million program called Invest NH, which was
developed to help address the shortage in housing in New
Hampshire and it has since increased the number of residential
housing permits by more than 18% annually. So now New
(00:54):
Hampshire is on track to bring in 25,000 new units
by the end of this year,
you know that this program was put in place to
really help address the housing shortages that we're having in
the state.
Speaker 1 (01:07):
So Lisa take us through sort of the life cycle
of a new construction let's say the average single family
home in any town in New Hampshire, what starts the process?
What's involved in the process? And how long does it
all take?
Speaker 2 (01:22):
Well, a lot of times in a single family new
construction project, um, you're probably looking 6 to 8 months
out and you go in, you pick your lot, the
locket gets excavated.
You choose your home style. If you have that option
to choose a home style, uh depending on the lot,
the elevations, we'll have a lot to determine what type
(01:43):
of home you can build. And usually
you can still do an enclosed loan, which is just
a regular type of loan that you would purchase. You know,
you used to purchase an existing home. A lot of
people think that, oh, I have to get a, I
have to get a construction loan or something like that.
That's a little more complicated. But a lot of times
(02:05):
these developers are able to get the development pre-approved with
a conventional lender so that you work with that lender
and you basically put down your deposit and then you
don't have to have your balance due until you close
on that property. So it's, you know, like I said,
6 to 8 months probably is typical.
(02:27):
And um yeah, it's a great way to go for
somebody who wants something brand new and they want to
be able to, to have some say in what it
is they're building
Speaker 1 (02:35):
And of course, you and Max Prime and can help
folks out with the financing and, and all the information
they need to pull this off.
Speaker 2 (02:43):
Right. Absolutely.
Yeah. Absolutely. Yeah, we work with a few different lenders
that specialize in just doing new construction and it, it
makes life so much easier for the buyer.
Speaker 1 (02:53):
Talk about the timing of new construction. Unlike, let's say
other parts of the country, you can't be building stuff
year round in New Hampshire. Can you?
Speaker 2 (03:01):
Well, it all depends on how soon you can get
that foundation in the ground. Once you get that foundation in,
you can pretty much keep going through the winter months.
You have to get to a certain point obviously before
you're able to, to start doing mechanicals and stuff like
that in the house. But yeah, it it's technology has
helped us definitely come a long way. So we are
(03:24):
able to do a lot of building through the winter
without any issue.
Speaker 1 (03:28):
You mentioned earlier uh developments and, and a lot of
developments are popping up in, in almost every town in
the state of New Hampshire. Is that pretty much the
major new construction we're seeing in the state?
Speaker 2 (03:41):
Oh, definitely. That, and there's a lot of renovation going
on too. So people are buying older homes because as
you know, the home values in New Hampshire and the
media now, I think it, it's $538,000 is the median average,
um for a home and not everybody can afford that.
So they're looking at, you know, something that they can,
(04:03):
they can renovate and make it a little more cost effective.
So I think there's, there's a lot of both going
on
Speaker 1 (04:10):
and what's most available in the housing market right now.
Is it already uh built homes that, that may have
been lived in for, uh for a little bit of
time or is it new construction?
Speaker 2 (04:22):
I would say it's, it's probably 5050 because there is
so much construction going on right now in the state
everywhere you look. So, yeah, I think you could go
either way on that.
Speaker 1 (04:32):
Talk a little bit about the difference in pricing between
an existing home versus a brand new home.
Speaker 2 (04:38):
You know, I think it's pretty comparable depending on what
you're looking for. From single families to townhouses to condos.
They're um pretty much in line with what is existing
out there. I think it really comes down to the buyer,
what they really, really want. Do they want to spend
(05:00):
that money on new construction and still have to, you
still need to make that house comfortable to live in.
So you still need to, you know, do window treatments
and probably have to do some landscaping and furnishings for
a house that you've never lived in before versus spending
maybe the same kind of money on an existing home
that you might have to do a little bit of
(05:21):
updating or renovating to make it just as comfortable for you.
Speaker 1 (05:25):
If you are getting into brand new construction, how much
customization can you do on a new build home?
Speaker 2 (05:33):
Really depends on the developer that you're working
with.
Speaker 1 (05:36):
If I wanted a bat cave, can I have a
bat cave?
Speaker 2 (05:39):
Well,
I'll see what we can do for you, Matt. Thank you.
Um I, I think, you know, some developers don't like
to offer a lot of changes because it's not cost
effective for them. You know, you start changing,
(05:59):
you know, where a wall goes or putting in more
windows and that's also gonna lengthen out the time of
your construction too every time you make a change. But
there are other builders where you walk in and you
know what, you can choose your flooring, you can choose
your cabinets and your countertops and you paint colors and,
and that's what people love about doing your construction because
(06:20):
even though they maybe can't change the layout of something,
they can still put their personal touch on it.
Speaker 1 (06:26):
And all of this is really going to be an
individual lifestyle choice for, for the buyer themselves. I mean,
some people, some people want to live in a house
that is all the walls are theirs. I am never ever,
ever going to mow a lawn again in my life.
So I'm, I'm gonna live in a condo for the
rest of my life. I'm pretty sure. But again, this
is up to the buyer and, and what their life demands. Right.
Speaker 2 (06:50):
Exactly. That's just what it, that's exactly what it is.
It's lifestyle. So, if you want to have a maintenance
free life and you don't ever want to have to
mow the lawn or worry about painting,
you know, the, the siding or replacing the roof or windows,
then that's the way to go. But other people like
to have that feeling of homeownership that, you know, this
(07:13):
is my piece of dirt. This is, I'm gonna paint
my own front door and I'm gonna, you know, cut
my own grass and it really depends on where you
are in your life and what you want from your,
your lifestyle.
Speaker 1 (07:26):
And speaking of where you are, are there any places
in New Hampshire that are, are
particularly busy right now with new home construction
Speaker 2 (07:34):
everywhere? Um Dover is really booming. The sea coast itself is,
is booming and the Lakes region, there's a lot of
new construction going on up in the Lakes region as well.
So everywhere you look, there's something I just finished selling
a place down in the Hudson area. There was a
(07:54):
big development going in down there. So it really just
depends on, on where it is. You're looking, you'll find something.
Speaker 1 (08:00):
Are there any places in the state that perhaps are,
are better values than others right now?
Speaker 2 (08:06):
I
think the further north you go, you're probably gonna see
better values. Prices aren't as high as they are. Say
on the sea coast, sea coast is probably the highest.
Definitely Portsmouth is way up there. So, yeah, I think
if you wanna stretch your dollar and you can, um,
you can commute for a little bit. I think the further,
you know, north of Concord
you probably do a little better get a little more
Speaker 1 (08:27):
house. I hate to bring up the word COVID, but
in a post COVID world with more people suddenly working
from home. What, what did that do to the face
of the real estate market
Speaker 2 (08:39):
we got
through it. Ok.
I think what it did was it made a lot
of people and employers realize that people can actually do
their job and many times probably be a little more
productive by working from home. So we're seeing now a
lot of people are looking for that designated space to
(09:03):
work from home because it's just so more accepted now
than it was pre COVID.
It's amazing how that, how that played
out
Speaker 1 (09:13):
and that would bring us back to talking about customization of,
of homes that are being newly built, that you could
actually put a full-fledged office into a home and wire
it up with high speed internet and maybe extra electrical
outlets and, and whatever else you would need. Right.
Speaker 2 (09:29):
And that's exactly what people do. Yep. They focus on
that designated area to make sure they have all that
they're gonna need so that they can do what they
need to do for, for work
and still enjoy the home.
Speaker 1 (09:42):
I probably know about a dozen friends of mine that
have in some way or another modified their home to
be a, a home office environment. So it's, it's happening even,
even in, uh, older construction too. Right.
Speaker 2 (09:56):
Oh, absolutely. I did it in my own house. I,
my house is over 100 years old and I converted
a sun room into my home office and it's, it's perfect.
So many people are doing things like that.
Speaker 1 (10:10):
Are we dealing with a lot of folks that are
coming to New Hampshire from out of state?
Speaker 2 (10:15):
Yeah. There, there are a lot of people coming here
from other states. One thing that I have found interesting
over the past few years I've dealt a lot with
a retired demographic and they love to come back to
New Hampshire because it's offering so many more tax benefits
to retirees than other states. So, it's interesting people that,
(10:38):
that lived here for years and years and raised a
family and then they retired and
moved down south and then realized, you know what? I
had better tax benefits back in New Hampshire. So I'm
gonna go back and make my retirement dollars stretch that
much further.
Speaker 1 (10:53):
How about snowbirds? How about folks that, that have got
a home in New Hampshire and someplace down south? Usually
it's Florida. I know but someplace
Speaker 2 (11:01):
warmer Florida. South Carolina, Georgia. Yeah, we see a lot
of snowbirds coming into New Hampshire. Definitely. Why wouldn't you? It's,
this is, this is a great state to be in
the summer months,
winter, uh, not so much.
Speaker 1 (11:16):
Unless, of course you're a skier,
Speaker 2 (11:18):
unless of course you're a winter enthusiast. Yes.
Speaker 1 (11:21):
Yes. Skiing, snowmobiling, et cetera, et cetera, et cetera. So, and,
and let's talk a little bit about, uh, you know, where,
where these folks are coming from. I know just from
driving around in the state that I see a lot
of Massachusetts plates, particularly on the weekends.
Speaker 2 (11:38):
Oh, yeah. Yeah. And they, they, um, a lot of
times have just a summer place up here so they
just come to get away from the city. But we
have just as many people coming in from New York, Connecticut, Pennsylvania.
I mean, I've seen many people, I've had people move
(11:58):
here from California. Imagine that to get to, to get
away from
life. That is so expensive to something that's a little
more realistic and reasonable.
Speaker 1 (12:10):
Well, it, it certainly is the economy and, and as
we said earlier it's, it's a lifestyle choice for a
lot of people as well. And it's funny you said
New York because I was gonna say the, the second
most seen license plate by me anyway is, is New
York state plates.
Speaker 2 (12:27):
Oh, yeah. Yeah, absolutely. I have a lot of, I've
worked with a lot of people from New York in
the last couple of years.
So they're definitely coming this way.
Speaker 1 (12:36):
So let's talk a little bit about some of the,
the lifestyle amenities that, that you could build into, uh,
a construction that, that you are having some input in designing. What,
what are some of the trends you're seeing in these
new homes?
Speaker 2 (12:49):
A
lot of the stuff that I'm seeing is, you know,
everybody loves to have hardwood everywhere. Nobody wants carpeting anymore
than the, you know, the solid surface countertops in your
kitchen and bathrooms,
the home office de definitely a huge plus, first floor
masters are a big deal, you know, because people want
(13:11):
to be able to age in their homes and not
have to worry about finding something that would be more
accommodating to them. Should they have any kind of physical
ailments as they age
Speaker 1 (13:24):
and as you drive around in New Hampshire and see
some of these new developments, they all have a sign
on them and they all have either a website or
a phone number or a combination of those things. But really,
you don't wanna be dealing directly with the developer on this.
We need somebody like you to help us sort out
the paperwork because you're gonna be signing a lot of papers. Right.
Speaker 2 (13:42):
Yeah, and it's not as intimidating as people may think.
But I've been working in new construction for more than
20 years in my real estate career and I have gotten,
you know, a lot of buyers to, to trust me
and work with me because they feel that working directly
with a
(14:03):
builder or developer is probably gonna be costly because they
don't understand the process and they find it very intimidating.
So working with somebody like me, who knows how to
work with these people, with the developers and the builders,
I think puts them a little bit more at ease
and makes them a little more comfortable at going through
the process
(14:23):
that and I put them in touch with a new
construction lender. So that makes, you know, everything so much
easier for them. And it just eliminates a lot of
stress for the buyer knowing that, you know, these are
all systems that work and that they're gonna have a
successful sale coming, you know, when that home is ready.
Speaker 1 (14:43):
And Remax Prime NH Works all over the state, right?
Speaker 2 (14:47):
We do, we cover the lakes region, we cover out
to the sea coast, the Greater Manchester area and down
into northern Massachusetts.
Speaker 1 (14:56):
Let's take New Hampshire's largest city you mentioned Manchester. What's
the housing market like in, in the Queen City?
Speaker 2 (15:04):
It's still pretty
hot. There's not a lot of inventory. I haven't checked
my numbers today to see what we have on in
for inventory today, but
it's still very competitive. Prices are still up there. We're
not seeing the, the pricing wars like we were or the,
you know, people bid bidding 70 to $100,000 over this price.
(15:28):
Those seem to be calming down a little bit
but it, it's still a very good market. So
Speaker 1 (15:34):
you mentioned that, that inventory issue. What if, what if
somebody is sitting in, in their home and they know
that their home is probably valued at an all time high?
Why not sell? And what would the process be? Because
if you do sell, even for a high price, you,
you're gonna have to buy something, you gotta live somewhere.
(15:54):
Everyone's gotta be someplace.
Speaker 2 (15:56):
Yeah, you have to roll it over. So it really
depends on
w what do they wanna do? Do? They really need
to get into a new home? We're seeing a lot
of people knowing that they've got that equity sitting in
their house. If they can do some kind of an
expansion or renovation, that's what we're seeing people do because
(16:16):
they don't wanna pay, they don't wanna give up,
you know, 2.5 3% that they're paying now to, to
pay five or 6% to get into something newer. So
you're seeing people sitting tight just kind of waiting to
see what's gonna happen to the market and some of
them are just taking matters into their own hands and
just doing renovations and staying where they are
(16:38):
making it work.
Speaker 1 (16:39):
I suppose you could take some of that equity you
have in a home that you lived in for a
while and use it to make some home improvements. So,
when the day does come for you to sell it, you,
you've increased the value.
Speaker 2 (16:50):
Right. Absolutely. Absolutely. There's no better way to do it
Speaker 1 (16:56):
geographically. Is there a, is there a particular part of
the state that, that you like to work in the most,
or that you have the most connections or the most
inventory in?
Speaker 2 (17:06):
Oh, boy. You know what I kind of like working
everywhere because there's so many different properties out there depending
on where you are and the people are different too.
Seacoast is, is interesting, but it's a tough market because
everything is so highly priced and they're getting it.
(17:27):
You know, I really, I enjoy working with the younger
buyers that are getting into their first home or into
their first brand new home, into a new construction because
it's such an exciting process. So, really, really depends on,
on what it is the buyer is looking for. I'll
go anywhere.
Speaker 1 (17:45):
I would imagine that uh, that waterfront real estate is
probably uh a pretty penny these days. Correct.
Speaker 2 (17:53):
Oh, yeah. Yeah. Yeah. A lot of people can't touch it.
I'm just gonna say that it's uh the, the, the
pricing has, has really skyrocketed in the
seacoast.
Speaker 1 (18:03):
How about when you're building something new on a piece
of property that might have uh some value, like, say some,
some waterfront property?
Speaker 2 (18:14):
Um How do you
mean,
Speaker 1 (18:16):
is it, is it is it tougher to, to build
when you're, you might be in, in a situation where
the neighborhood might already be a little tight with other homes.
Speaker 2 (18:27):
First
of all, good luck if you can find it. Um,
because there's just, there's nowhere to build as far as,
you know, sea coast or having, uh, water exposure.
I think cities and towns are trying to cut back
a little bit
on their regulations to make it a little bit easier
(18:48):
for people just because there's such a housing shortage. They're,
they're trying to work with everybody. But it's still tough
because you still have a lot of EPA regulations when
you deal with waterfront. So you have to be careful.
Speaker 1 (19:03):
And I would imagine when you're dealing with waterfront, even
if it's uh, say even a lakefront up in the
lakes region, uh you, you've got some, some floodplain concerns
and flood insurance should be a part of uh, your planning. Right?
Speaker 2 (19:16):
Yes. Yes, absolutely.
Yeah.
Speaker 1 (19:19):
I'm just, I'm amazed that sometimes and, and, and I
will mention we'll go back to the waterfront for a
second if you drive along route one a on the
seacoast of New Hampshire and you see any new construction happening. You,
you look at this, what, what
my mom used to call a postage stamp size lot and,
and you say somebody's really gonna put something there and,
(19:42):
and when you come back in a few months and,
and see what gets put there. It's amazing what can
be done with a small amount of space.
Speaker 2 (19:50):
Oh, yeah. Yeah. People are always amazed at what, what
you can fit on a tiny, tiny piece of property. Yeah.
It's just, you know, being creative and, and trying to
make it work for everybody.
Speaker 1 (20:03):
And you mentioned that a lot of communities are, are
being uh a little more friendly to, to new construction
these days. Are there some communities that are easier to
build in than others?
Speaker 2 (20:14):
I know, for instance, um Dover has a lot of
new construction going on right now and I know that
they have lightened up a little bit on their building
processes as well as the Lakes region. I know there
are a lot of communities up there that they're really
trying to work with, with builders and developers to help
with this housing shortage that, that we're, we're all witnessing
(20:36):
right now
Speaker 1 (20:37):
other than calling Lisa Lally at Remax Prime. NH what
is your best advice to a prospective Homebuyer?
Speaker 2 (20:46):
Really know what you want, make sure that whatever that
property is, is checking off all the boxes for you
because at the end of the day, you're spending a
lot of money, make sure that you are pre-approved and
you're working with a well qualified lender
and you've got money saved up because even when you
(21:07):
put your down payment down and you get through all
of your closing costs, once you own that home there
are gonna be more costs that you're not anticipating. I'm
not trying to scare people. I'm just trying to make
sure people are dealing with reality. You're,
you're gonna have things that you're gonna have to pay
for when you, when you move into a new home.
Speaker 1 (21:28):
And you mentioned that you, you like working with young, uh, folks, uh,
in particular, but this is really grown up stuff. Now,
this is out in the real world and you do
need to have some kind of a cushion because if
the garage door breaks, you're on the hook to fix
it
Speaker 2 (21:42):
right. It's on
you. Yep. Absolutely.
Speaker 1 (21:46):
We will tell everybody that the website is Remax Prime nh.com.
Remax Prime nh.com. If you want to get in touch
with Lisa Lally at Remax Prime here in New Hampshire
to talk about real estate in the Granite state and Lisa,
we thank you for spending time with us.
Speaker 2 (22:02):
Well, thank
you so much, Mark. I appreciate your time.
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