The September Report is out and the news is not unexpected. The decline in Sales is not totally due to poor Market Conditions.
This week NHAR Market Trends Report points out that a lack of affordable housing is a major cause for the fact that the Workforce in New Hampshire is growing at less than 1% a year and is projected to be zero witih 5 years.
Unfortunately New Hampshire cannot sustain a vibrant economy on the revenues form tourism, part time retirees and part time residents. Working people have historically been the strongest group of people seeking housing (after retiree's and second homeowners. )
Many Communities and Municipalities in New Hampshire,as in many other parts of the US, have focused on age restricted, high density housing. They quote the age old maxim that More Children mean More School Investment which in turn leads to Higher Property Taxes.
The Reality.....over the past 6 years thousands of units of age restricted housing has been built but almost no Workforce Housing. School enrollments have declined but costs have risen 39%
As you can see the kids are not to blame! Child proof housing hasn't prevented rising property taxes but it sure has hurt home sales!
(*NHAR reprint)
New Hampshire Realtors can expect to see a significant decline in their business when the growth of the workforce drops even further.
As discussed in a previous Blog, about the 55 Initiative, this is a serious issue and Realtor's really need to become pro-active in tackling the issue of workforce housing.
Check with your Local or the State Board on ways you may become involved. After all....this is affecting your future ! Join with Educators, Business Owners and Social Agencys to help reverse this destructive trend....that affects our state!
Concord NH Realtor Area Information
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Informative blog. Thanks for sharing!!
Rob
Hello Rob...you are also from a Rural State...are you seeing these trends?
Thanks for stoping by!
Hi Joan, That was really wonderful. I think you gave a realistic picture for your community that is honest and at the same time very powerful the way you expressed it.
Regrettably, I think there are so many communities around the US that will be heavily hit with the workforce growth and it will make it even more difficult within the next few years for housing needs. In San Diego there is just not enough housing in this category and so many new and small families have to rely on rentals. But with the cost of housing, it will no be improving anytime soon.
A great Local post!
I wish I could do as well.
The market in my area is pretty good for homes under $250,000 but the problem is like you say--not enough of these. On the flip side, I understand how builders have a difficult time building for a lot less with the cost of land here. The people that want these under $250,00 want 3 BR, 2 1/2 baths---pretty difficult.
Thanks for the in depth post and research you did. I find this very interesting.
Hi William...thanks for the compliment. It is an issue that needs to be seriously addressed, and soon.
What are you talking about your posts are always well received (and very well thought out!)
Joan -- I am glad that you raised these concerns. I wrote a long comment and then it disappeard. The state need too take a serious look at affordable housing, the state needs to entice business that will create jobs that pay more than "Walmart" wages --. The idea that 55+ communities are the answers is very short-sited. These 55+ folks will need other services from the State. I hope that the elected officials, citizens and the business community will start to take a serious look at all of these issue.
Joan...I just wrote an answer...and it disappared!
Jeff was looking for suggestions for the retreat and I was thinking the UNH Chancellor who spoke on the 55 Initiative . It is really something I eel NHAR should be involved in!