has market ever been hotter?

[Susie Cougar]

Originally Posted by Biggd

A few months ago I found my parents original mortgage commitment from 1954, $15,000 at 3%.

My parents had a 6% mortgage rate when they built their house on the lake in 1963.

When we bought our first house in 1978, a 30 year fixed rate mortgage was 18%. We opted for an adjustable rate mortgage at 12% with 20% down.

[WinnisquamZ]

Originally Posted by Susie Cougar

My parents had a 6% mortgage rate when they built their house on the lake in 1963.

When we bought our first house in 1978, a 30 year fixed rate mortgage was 18%. We opted for an adjustable rate mortgage at 12% with 20% down.

Same. First condo purchased in spring of 82. 19.25 one year adjustable! Always have a laugh when people discuss their displeasure with rates around 5%. Today’s rates are unheard of, but I counter that with the extremely high building cost in the area.


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[dickiej]

Susie Cougar....cash....

[Woody38]

Here in MA every house that was on the market in our neighborhood has now sold. Two houses across from us and next door to each other sold. One asking $795 sold for $825, while the other listed at $1.1M sold for $1M. Others sold for near asking.
Why not buy when you can get 2% mtge. We have paid off one mtge and close to paying off the others also.

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I am a retired workaholic and continuing aquaholic

[TheRoBoat]

Homes and Land sold last 3 month (appx)

Belknap County - 452 Home, 90 Land
Carroll County - 492 Home, 168 Land

Moultonborough - 59 homes, 14 land (this pace has actually slowed the last few weeks)

I do not know what a "typical" 3 month period looks like, but it is safe to assume this is higher.

And these are just the people who could make it happen that quickly. The next few years will most likely change the dynamic of the lakes region forever

[Flylady]

Agree, the market is being driven by people who, because of covid have looked at options available to them that were not in the past. Remote working and learning provide so many more options as to where to live. On the lake where I live I watched 4 waterfront listings in 3 months sell at or above listed price within 3-4 days.

A neighbor with 2 children decided to buy an RV and they are now traveling across country in it to enjoy the US while working and schooling.

Another friend not living on the lake decided that the best use of their money was to purchase a huge pontoon boat. It was a generational family investment that afforded them weekends on the water throughout the summer and fall.

The one upside to Covid is that is has forced many to re-evaluate their priorities and not be afraid to make changes.