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Advancing Multi-Family Housing: Legislative Updates and Market Insights

Advancing Multi-Family Housing: Legislative Updates and Market Insights

The housing market is buzzing with developments that could significantly impact multi-family properties in the Greater Boston area and beyond. As your trusted real estate expert at Digital Realty US, I keep a pulse on legislative updates and market trends to help you make informed decisions. Here are the highlights from recent New Hampshire legislative discussions that could influence multi-family housing and property management. Senate Bill 4: A Boost for Multi-Family Projects The first bill of the year, Senate Bill 4, aims to improve the accessibility of C-PACER loans (Commercial Property Assessed Clean Energy or Resiliency loans). These loans enable property owners to finance energy efficiency and conservation upgrades, particularly for multi-family and commercial properties. The key benefits include: Voluntary Special Assessment: Property owners can agree to a special tax-like assessment to repay private financing for these improvements. Flexibility and Continuity: Financing attaches to the property, not the owner, ensuring seamless transitions during ownership changes. Streamlined Administration: The NH Business Finance Authority will oversee the program, easing administrative burdens for municipalities. This bill has strong bipartisan support and could unlock opportunities for developers and property owners to enhance their buildings with sustainable improvements. In Greater Boston, where energy efficiency is increasingly important, such programs could attract tenants and boost property values. House Bill 60: Lease Expirations and Tenant Rights Clarifying tenant and landlord rights is crucial for a balanced rental market. House Bill 60 proposes that tenants must vacate a property at the end of a lease term unless a mutual agreement extends it. This measure respects the landlord’s legal right to their property while ensuring clear terms for tenants. From a real estate perspective, ensuring clarity in lease agreements helps maintain trust and accountability. It’s also a reminder for property owners to work with reliable property management experts to avoid disputes and foster strong landlord-tenant relationships. House Bill 351: Adjusting Eviction Notices Currently, landlords must provide a 30-day eviction notice for most residential tenancies, with shorter periods for nonpayment or severe violations. House Bill 351 suggests extending the notice to 60 days. While tenant advocates seek more time for transitions, landlords and property managers express concerns about delays in reclaiming units. As a real estate professional, I recommend that landlords maintain proactive communication with tenants and consider flexible but fair policies to balance property rights with tenant needs. Understanding local regulations and consulting professionals can streamline these processes. Housing Affordability: A Shared Priority The need for more housing—especially multi-family units—remains a top concern in Boston and surrounding areas. Leaders like Governor Kelly Ayotte emphasize the importance of increasing housing supply to make homeownership more accessible. Similarly, zoning changes in cities like Manchester highlight the growing trend of reducing lot and unit size requirements to encourage development. For buyers, sellers, and investors, these shifts underscore the potential of multi-family properties as a smart investment. Whether you’re considering purchasing, selling, or improving multi-family units, aligning with these trends can position you for success. Final Thoughts Staying ahead of legislative changes and market dynamics is key to thriving in the real estate market. At Digital Realty US, I’m committed to helping you navigate these complexities with confidence. Whether you’re exploring multi-family investments or need advice on property management, let’s work together to achieve your real estate goals. Contact me anytime to discuss how these updates might impact your plans, and let’s make your next move a success!
2024 in Review: NH Housing Market's Affordability Crisis

2024 in Review: NH Housing Market's Affordability Crisis

A historic year for New Hampshire's housing market ended with a median home price of $514,000, reflecting ongoing affordability challenges and limited inventory. The Tale of 2024: Affordability Hits Record Lows in New Hampshire The year-end median price of a single-family home in New Hampshire reached $514,000, capping off a year defined by soaring prices, tight inventory, and dwindling affordability. December alone set a new record with a $507,000 median price—the highest ever recorded for the month. This marked the 59th consecutive month of year-over-year price increases, underscoring the persistent demand in the Granite State's real estate market. Affordability Index Plummets to Historic Lows The affordability crisis has reached unprecedented levels. In December, New Hampshire's Affordability Index hit 59, meaning the median household income was just 59% of what’s needed to purchase the median-priced home under current interest rates. Compare that to five years ago, when the index stood at 131, and the dramatic shift becomes clear. What once seemed attainable for middle-income households is now slipping further out of reach—a challenge that resonates deeply with New Hampshire residents striving to achieve homeownership. Inventory Offers Modest Relief but Remains Tight While inventory levels improved slightly in 2024, the numbers remain far from what’s required for a balanced market. At the close of the year, 1,549 homes were on the market—an 8% increase from the prior year but still equating to just 1.5 months of supply. A balanced market typically requires 5-7 months of inventory, a level New Hampshire hasn’t seen since October 2016. Without significant growth in housing stock, buyers will continue to face fierce competition and rising prices. Key Takeaways for Buyers and Sellers in 2025 For buyers, the affordability and availability challenges of 2024 signal the importance of working with an experienced real estate professional to navigate the competitive landscape. Sellers, meanwhile, can take advantage of strong demand and rising prices to secure favorable outcomes. As we move into 2025, understanding local market dynamics is critical for success. Let’s connect to discuss your real estate goals in this challenging yet opportunity-filled market.
Mortgage Rates Stay High Amid Fed’s Conservative Rate Outlook

Mortgage Rates Stay High Amid Fed’s Conservative Rate Outlook

Despite cooling inflation, average 30-year mortgage rates remain above 7%, with the Fed unlikely to deliver a rate cut at its upcoming meetings. Here’s what Boston buyers need to know. Mortgage Rates Hold Steady Amid Fed’s Rate Strategy The December Producer Price Index (PPI) and Consumer Price Index (CPI) reports offered some welcome relief to the bond market, which has struggled under pressure from the Federal Reserve’s updated “dot plot” forecasts and a stronger-than-expected December jobs report. While these economic indicators signal progress on inflation, the Fed has signaled no urgency to implement further rate cuts in the near term. As a result, average 30-year fixed mortgage rates remain above 7%, according to Mortgage News Daily. For Boston buyers, this continued rate pressure poses challenges, especially as the spring housing market approaches. What’s Next for Mortgage Rates? The Fed Funds Rate futures market offers insight into where rates might head next: January 29 FOMC Meeting: There’s a 97% probability that the Fed will keep the current policy range at 4.25–4.50%, with only a 3% chance of an additional 25 basis point cut. March 19 FOMC Meeting: The market predicts a 68% likelihood that rates will remain unchanged. However, there’s a 31% chance of a 25 basis point cut, which would lower the range to 4.00–4.25%. The Fed’s caution reflects its focus on ensuring inflation remains under control. While this strategy benefits the broader economy, Boston buyers should prepare for mortgage rates to stay elevated for the foreseeable future. What Does This Mean for Boston Buyers and Sellers? For prospective buyers in Boston, higher mortgage rates can significantly impact affordability, particularly in a market where home prices remain strong. Sellers may need to adjust their expectations, as elevated rates could slow transaction activity. That said, local conditions in Boston often diverge from national trends. Inventory levels are improving, and buyers could see more opportunities as the spring market kicks off. As your trusted real estate advisor, I’m here to help you navigate Boston’s competitive market and make informed decisions. Whether you’re buying or selling, let’s connect to strategize for success in 2025.