John Rice - Tate & Foss - Sotheby's John Rice
{ OUR NEWEST LISTINGS }

Welcome to John Rice Realtor

 

Achieving success together...

 

The Seacoast Real Estate market continued its string of record years in 2016. Along with strong volume also came rising prices. The median sale price for November was $455,200 and for the year through November it was $410,000. Condo's recorded a monthly median sale more than $300,000 for the first time since we've been keeping records in the 13 Sample Seacoast Towns. Inventory levels, however, remain substantially lower throughout 2016, one of the driving forces that have pushed sale prices to higher levels.  

As we approach the mid-way point in 2017, median sales prices continue to climb up 6.2% through May at $425,000. Still, sales volume had declined 9%. The big story is lack of inventory--off by about 20% from 2016. Condo median sales prices had soared to $250,000, up 20.8%. Surprisingly,sales totals bucked the lack of inventory. Through the end of May condo sales were up 4.9%. 

So we have a classic seller's market on the seacoast, tilted by supply and demand. Buyers can feel confident that they have made a strong investment. Good news when one considers the volatility of other kinds of investments today. Sellers, of course, can reap the obvious benefits of appreciation.


Helping you achieve your success is my business and in this era of multiple offers, this can be tricky. This is particularly so when sale price out-distances appraised value. As a former appraiser, I work with sellers to place realistic prices on their homes. After the sale, I work with appraisers to help them do their job and "make the deal work."


Sometimes there is success to be had from failure. Recently, I was unable to convince an appraiser that the value was actually there in a home that had sold for $20,000 more than ask price. In fact, the appraiser came in $70,000 less than sale price.


Acting quickly and logically, I was able to use 43-years of negotiating experience to help the seller to accept an offer that represented a $25,000 discount. But logically that price was almost full-price anyway. In turn, I convinced the buyer to come up $40,000 from appraised value because he knew the value was really there. After all, we had several other offers that were for way more than appraised value. It was a win-win situation and everyone achieved success.


Things really do happen in real estate and it takes experience to meet the challenges and win success. A recent sale of multiple river view properties is a case in point. These multi-million dollar properties had been referred to me by a prestigious state-wide law firm. I had a huge responsibility to "get it right."


But from the start, an almost daily parade of serious problems confronted us. Neighbors were encroaching. The property lines were vague. In fact the town changed its perception of where they were several months into the process. And this was after we had the property under agreement! There was mold. There was radon and there were FEMA flood zone changes. There were land use boards to work with. In fact we had a difficult time proving where city water and sewer lines were. Or if they existed at all! (They did!) Town water and sewer is critical to the development of a non-conforming--but legal-building lot.


Remarkably, the property closed. "Congratulations on this epic sale," Ned Tate wrote on a sticky note he attached to my commission check. "Your persistence and professional prowess has resulted in an event not otherwise possible. Only a select few could have made this happen."


Achieving your success together takes an agent with skills that transcend and set me apart from other competent professionals. For me, those skills begin with being one of the very few agents who holds a Masters of Education in Counselor Education. I actually do make a serious attempt to "hear what you are saying."


Once a professional writer, I work seamlessly with the Tate and Foss Sotheby's marketing team to produce compelling marketing pieces and effective sales campaigns.


And, of course, having a former appraiser's mindset helps me to help clients understand the subtleties of determining actual value. In fact several homeowners have enlisted me to help them fight unfair town assessments over the past several years.


Finally, forty-five years in real estate is a long time. You learn countless invaluable skills along the way. Some are obvious and some are just intuitive. I hope to put those skills to work for you soon. Let's achieve success together!

-John Rice, Broker, New Hampshire and Maine

 

 

 

 

 

 


© 2017 John Rice . All Rights Reserved