September Housing Market Update: What the Federal Funds Rate Cut Means for Portsmouth Homeowners and SellersAs we move into September, all eyes are on the Federal Reserve (the Fed), with widespread expectations that they’ll cut the Federal Funds Rate at their upcoming meeting. This is largely driven by recent signs of cooling inflation and a slowdown in the job market. “They’re ready to cut, just as long as we don’t get an inflation surprise between now and September, which we won’t.” Mark Zandi, Chief Economist at Moody’s Analytics But what does this mean for homeowners and potential sellers in Portsmouth, New Hampshire? How will this affect your plans to sell your home with real estate professionals like Ann Cummings and Jim Lee?Why a Federal Funds Rate Cut Matters for HomeownersThe F... 09/05/2024

Why Selling Your Home is a Big DealSelling a home is one of the most significant decisions you’ll ever make. It’s more than just a transaction; it’s about letting go of a place where memories were made and stories were lived. Whether you’re downsizing, upgrading, or moving to a new city, the process of selling a home can be both exciting and daunting. In Portsmouth, NH, and the broader New Hampshire Seacoast area, you deserve more than just a standard real estate service—you deserve a personalized experience that treats your home sale with the attention it warrants. That’s where REALTORS® Ann Cummings and Jim Lee come in. Jim Lee & Ann Cummings, REALTORS, Homesellers, Certified Residential Specialists (CRS)Why Choose Ann Cummings and Jim Lee?Ann Cummings and Jim Lee are not just any REA... 08/29/2024

As the Portsmouth, NH housing market continues to draw attention, residents and potential buyers are naturally concerned about the possibility of a housing market crash, fluctuating mortgage rates, and whether it’s a buyer’s or seller’s market. Local real estate experts Ann Cummings and Jim Lee shed some light on these critical issuesMyth 1. Will There Be a Housing Market Crash in Portsmouth, NH?The concept of a housing market crash in Portsmouth, NH or the broader New Hampshire Seacoast area has been a topic of discussion for some time. The term “housing crash” often invokes memories of the 2008 financial crisis, leading to fears that history might repeat itself. However, the current market dynamics tell a different story. The number of months of housing supply indicates whether we’re ... 08/22/2024

Selling your home in Portsmouth, NH, and the New Hampshire Seacoast doesn’t have to be overwhelming. By focusing on these top 10 priorities and working with experienced agents like Jim Lee and Ann Cummings with RE/MAX Shoreline, you can confidently navigate the process and achieve a successful sale. If you’re considering selling your home, contact Jim and Ann for a personalized consultation and take the first step towards a smooth and efficient selling experience.Understanding Your Home’s Market Value What’s Your House Worth? One of the first steps in selling your home is understanding its market value. Pricing your home correctly is crucial for attracting buyers and achieving a successful sale. Jim Lee and Ann Cummings use a comprehensive market analysis to determine the right price fo... 07/21/2024

Buying a home is an exciting journey, but it’s also filled with potential pitfalls that can turn your dream into a nightmare. As experienced Realtors with over 40+ years each in the industry, serving the New Hampshire Seacoast and southern Maine markets, Ann and Jim at RE/MAX Shoreline in Portsmouth, NH have seen it all. Here are the four biggest mistakes many homebuyers make and how to avoid them.Mistake 1: Not Getting Pre-Approved for a MortgageOne of the first steps in the homebuying process should be getting pre-approved for a mortgage. Failing to do this can leave you scrambling when you find the perfect home, only to realize you’re not financially prepared.Without pre-approval, you might miss out on your dream home or lose negotiating power.We recommend starting the mortgage pre-a... 07/19/2024

Housing Market Forecast: What’s Ahead For The Second Half Of 2024 access_timeJune 24, 2024personJim LeehomeBlog Home Edit As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales. Home Prices Are Expected To Climb Moderately Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry: The reason for continued appreciation? The supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains: “One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.” While inventory is up compa... 06/24/2024

It’s time for summer vacations but it’s important to take a few minutes to give your online security some thought and planning. The bad guys are out there worldwide just waiting for you to let your guard down so they can steal your identity or invade your bank account. Compared to last year your risk of being attacked online has increased 23.9%. 90% of global cybercrimes are social engineering attacks like phishing or scams There is a hacker attack every 39 seconds. Here are some tips on how to protect yourself while away from home. Update your devices. Make sure your software and apps are updated on all the devices you plan to take with you. This will keep you safer from viruses, malware, and other threats. Back up all your data. Losing your phone to a thief is no fun at all but if you... 06/14/2024

You need a REALTOR® on your side for your next real estate transaction, whether you’re selling, buying, or both. Here are 5 of the top reasonsREALTORS have local market knowledgeRealtors have access to a wealth of information about the local real estate market, including recent sales data, pricing trends, and neighborhood insights. This knowledge can help you make informed decisions about buying or selling a property. We live in Portsmouth and work in the New Hampshire Seacoast and Southern Maine markets daily. Our website has the most up-to-date listing data available. Sign up for updates on the areas you’re interested in.Negotiation SkillsWe are experienced negotiators who can help you get the best price for a property whether you’re buying or selling Having a skilled negotiator on yo... 05/08/2024

Do you know how much equity you have in your current home?Your equity is the difference between your current mortgage balance and the price your home would sell for in today’s market. Over the years you gain equity as you pay down your mortgage and home values rise. According to CoreLogic, the average homeowner has $298,000 in equity.Do you know how to use your equity to fund your next home?Did you know the equity you have in your current house can help make your move possible?Once you sell, you can use it for a larger down payment on your next home, so you’re borrowing less. Or, you may even have enough to be an all-cash buyer. One huge benefit to making a large down payment is that if you can pay more than 20% your lender won’t require you to buy private mortgage insurance. That could... 04/26/2024

Is there a small home in your future?Portsmouth, NH Real EstateIt’s a definite possibility. Over a third of builders surveyed said they built smaller homes in 2023. More than 25% plan to build even smaller homes this year. Here’s why.Here are the reasons whyThe top two home-buying generations are searching for smaller homes. Millennials are looking for starter homes Baby Boomers are looking to downsize Both groups for different reasons don’t require a home of more than 2,500 square feet. Many millennials are moving from either their parents’ homes or smaller apartments and do not need a large detached home as their first house . . . Similarly, baby boomers looking to move may be empty nesters wanting to downsize from their current homesSmaller households are increasing with the majority... 04/24/2024

Navigating the world of real estate can be daunting, especially with the industry-specific jargon used by professionals. Whether you are looking to buy or sell a home, understanding common real estate terms is essential. As your dedicated real estate experts, we’re here to break down the most important terms you’ll encounter, ensuring you’re well-prepared for the journey ahead.  For Home Sellers 1. Listing Agreement: This is a contract between you, the homeowners, and a real estate agent (like us), authorizing the agent to represent you and sell your home. Let’s discuss how we can represent your interests.2. Asking Price: The initial price you set when your home is put on the market. It’s crucial to set a competitive asking price that reflects the current market conditions. We can provi... 04/17/2024

You may have heard about the recent settlement in the National Association of Realtors (NAR) case, and it’s stirred up quite a bit of talk. But let’s clear up some misconceptions. This settlement isn’t about reducing the value of what real estate pros bring to the table or making homeownership harder to achieve. Instead, it’s a chance to improve transparency, flexibility, and, most importantly, the overall experience for consumers in real estate transactions. Let’s dive into what this settlement means, focusing on the positives for consumers and how we, as dedicated agents, are pivotal in shaping this new chapter in real estate. The Reality of Broker Fees Real estate fees will stay the way they’ve always been – fully negotiable between the Realtor and their clients. Whether you’re buyin... 04/03/2024

What is a bridge loan?A bridge loan is a temporary loan that helps “bridge” a gap for you. It can allow you to buy a new home before you sell your old one. You can borrow money based on the equity in your current home to use for the down payment on your new home. Then, when you sell your old home, you can use the money to pay off the bridge loan.How does a bridge loan work?A bridge loan works by providing short-term financing to help you buy a new home before you sell your current one. Here’s how one typically works: Application: You apply for a bridge loan with a lender, providing details about your current home, the new home you want to buy, and your financial situation. Approval: If approved, the lender will determine the loan amount based on the equity in your current home and other... 03/26/2024

We hear questions like this one often these days.“I’m thinking of selling my home in Portsmouth, but the value has increased substantially since we bought it. Will we have to pay a lot of taxes if we sell?”                            The best answer is maybe…….or maybe not. There are several ways for you to keep some or all of your profits if your home’s value has increased.First, let’s be clear on what a capital gain is.A capital gain is the profit you receive when you sell your house and pay off any mortgages and selling expenses. Here’s how a capital gain on the sale of residential real estate is calculated: Calculate the Cost Basis: This is the original purchase price of the property, including any additional costs such as closing costs, legal fees, and real estate agent commissions... 03/13/2024

Buying a home is usually the largest purchase and financial commitment most people make in a lifetime. The process of finding and buying a home is both exhausting and complicated. For those reasons, you should find an experienced, local REALTOR in Portsmouth, NH, like Jim Lee and Ann Cummings from RE/MAX Shoreline, to guide you through the process, represent only you, and ensure your best interests are protected from start to finish. Here’s why Ann & Jim are your best choice. Source: NAR 2023 Profile of Home Buyers and SellersTypically there are two REALTORS involved in a real estate transaction.1. The Listing Agent works directly with the seller and represents them.2. The Buyer’s Agent works with the buyers and represents them.Both agents are legally bound to represent only the interes... 03/10/2024

No homes for sale? Look again. If you’re looking to buy a home on the New Hampshire Seacoast you need to have the latest information on the housing market. To help you make that possible, here’s an update on the supply of Seacoast homes for sale today. No matter if you’re looking to buy of sell, the number of homes available in your local market matters. See the chart below; there are currently 268 single family homes and condos available in the NH Seacoast, a 3.9% increase from the same time period in 2022. New Hampshire Seacoast single-family homes and condos for sale as of November 21, 2023Housing inventory is up in almost every state in the country. More homes for sale but are they selling? The answer to that question would be “yes”. Pending sales are sales that are in process but n... 11/21/2023

In today’s fast-paced world, the dynamics of family living have evolved.With changing economic landscapes and societal norms, multi-generational homes have become increasingly popular. A multi-generational home, defined as a residence where two or more adult generations live under one roof, offers many advantages. If you are considering buying a home in the charming city of Portsmouth, NH, or the New Hampshire Seacoast, exploring a multi-generational home might be the key to unlocking a convenient and financially prudent living arrangement.What is a multi-generational home?Financial Stability and Shared ExpensesBuying a multi-generational home can provide significant financial benefits. Shared living spaces mean shared expenses, from mortgage payments to utility bills. This collaborativ... 11/06/2023

The September market statistics are out for Portsmouth, New Hampshire. Read on to see the latest Portsmouth property trends. The average price for a Portsmouth single-family home in September was $628,156, that’s a 26.8% decrease from the same time period in 2022. The Portsmouth condo average was $$1,030,245, a 9.8% jump from September 2022. There were 25 closed sales of single-family homes and condos in September vs. 38 in 2022. That’s a 34.2% drop. Because Portsmouth is a fairly small market area, the short-term data shows some wide fluctuations but the overall, long-term pricing trend is very robustly up. What does the rest of 2023 look like for the Portsmouth NH real estate market? Total pending sales of both single-family homes and condos in September were 31, a 10.7% increase from... 10/10/2023

Waiting to buy a home in Portsmouth, NH could prove to be a costly mistake.With prices projected to keep rising, it’s essential to act sooner rather than later if you’re considering purchasing a property in this vibrant coastal city.1. Rising Home Prices:Portsmouth’s housing market has consistently seen home prices on an upward trajectory. Demand for homes in this beautiful coastal city has outstripped supply, intensifying competition among buyers. Delaying your home purchase could mean facing higher prices, potentially making it more challenging to find a property within your budget.2. Limited Inventory:The availability of homes in Portsmouth is relatively low compared to the high demand from prospective buyers. This scarcity can further drive up prices. By waiting, you risk encounteri... 09/07/2023

What is property fraud and how can I avoid it?Property fraud is when someone uses a false identity to change the ownership of a property from your name to their name. Once they have the property in their usually false name, they can use the equity in your property as collateral and get as many loans as possible using your property as security. This goes on behind the scenes and victims usually have no idea it’s even happening until they start getting past-due notices and calls from creditors looking for repayment of their loan.What about those “title protection” services? You may have seen or heard advertisements from companies advertising “Title Lock” protection or similar wording. They often pay celebrities big bucks to advertise their products while using scare tactics to frighten yo... 08/31/2023