Spring has officially begun and the real estate buying season is off and running. In the Upper Valley, the phone is ringing often and buyers are looking around a lot. Sellers are listing their properties in spite of the national hype about the market and, in fact, properly priced properties are selling. Buyers are taking their time and negotiating hard. Rates are at historic lows and, in spite of tighter credit restrictions, qualified buyers with some cash to put down are receiving mortgage loans and, combined with lower prices, are saving a ton of money.

First time buyers are out in force as the market prices and low rates combine to allow them to purchase for the first time in several years. The problem is that there is still not much to choose from in the under $200K category. Many of the properties at this level are not appealing because, generally speaking, if they have a decent house in anything resembling move-in condition, the location is on a main road or near something unappealing. Conversely, if the location is decent, the building either needs a ton of work or is pretty small or both.

The other price points are not moving particularly well. There are some lookers, a lot of property for sale, but not many closings as of this writing. However, the buying season is just getting started and the weather has been so nasty that it's hindering efforts to get buyers motivated. Who wants to look at property when its 38 degrees and raining with 30 mph winds?

Anyway, despite fear and loathing all over the financial world, our little microcosm appears to be only slightly injured; a sprain rather than a knock-out blow, if you will. Certainly there are some foreclosures and short sales going on, but on a scale a couple of orders of magnitude less than in other parts of the country. 

A buyer's market, no doubt, but an active one so far. Here's hoping for it to continue and improve.