Here we are the beginning of March, 2016. For all practical purposes, the Winter season is over. Spring is coming early....and for once, the little groundhog seems to have gotten it right. We are right around the corner from what most perceive as the Best time for Real Estate. I recently attended a breakfast forum at St. Anselm College where a group of experts spoke about the state of NH Economics. All speakers held plenty of clout and had years under their belts of working in their prospective fields. So what was their outlook? I want to share some statistics with you about how NH is doing.
Overall, at the Polls this season, the Economy was the #1 issue. Will we ever see a run like the 1980's again? Hard to say, but currently NH has a 3% unemployment rate(lowest in New England). If you look around NH, the highways are expanding, Large Businesses such as UPS, Fed-Ex and Milton-Cat have built massive buildings near the Manchester airport, but NH is not considered a fast growing state, though steady. Home ownership rates have dropped slightly, but are still up 12%(Best in New England)...compared to the US at 7.1%. Rental costs are rising, New Home Construction remains a little weak and it appears that its still cheaper to own then rent.
Larger Real Estate markets like Portsmouth, Manchester and Nashua are experiencing inventory shortages...along with many small surrounding towns, which drive up listing prices. Simple supply and demand. Though the market is slowly coming back, the trend is uncalculating, meaning household incomes are generally lower than a few years ago, younger generations are leaving the nest later, they don't intend to stay at the same job for 10-20 years so they don't want to be tied down to home ownership and they want the freedom to up and move easily if desirable prospects should emerge. Eventually the Millenials population will take over the Baby Boomers.
What really jumped out at me is that about every 10 years since 1980, their has been a recession. 1980, 1990, 2001 and 2008-2010. So when is the next one? 2018? 2020? No one can predict the future, but hopefully there is enough useful information here to help create a good one for you.