KEENE, N.H. (MyKeeneNow) — The Monadnock Region’s housing market is beginning to shift after years of escalating prices and fierce competition, but affordability remains a major concern for prospective homeowners, according to local real estate agent Robin Smith.

Smith discussed the changing market, rising homeownership costs and the risks facing buyers, sellers and renters during an Oct. 10 appearance on WKBK Radio’s Saturday Morning Live, hosted by Randy Filiault.

With nearly 28 years in real estate, Smith said she has experienced multiple market cycles. The current environment, she explained, is being shaped by higher borrowing costs, increasing household expenses and a growing supply of homes for sale.

At the time of the interview, Smith put the median home price in the Keene area at approximately $389,000, down from a previous high of roughly $440,000 to $445,000. She also reported that 41 homes were listed for sale in Keene, compared with just seven or eight at the beginning of the year.

That growing inventory represents a change from the post-pandemic market, when homes could attract multiple offers almost immediately.

“I remember one house I listed in Harrisville, I had 24 offers on it,” Smith said.

She recalled that an out-of-state buyer paid $150,000 above the asking price in cash without seeing the property or conducting an inspection.

Although those offers were advantageous for sellers, Smith said the competition created difficult circumstances for local residents trying to buy homes in the communities where they worked and raised their families.

“It was very disheartening to see a lot of our local people not be able to stay in our community,” she said.

Affordability extends beyond the mortgage

Smith said buyers are increasingly weighing the full cost of owning a home before making a purchase.

Mortgage rates hovering around 7.4% at the time of the interview, combined with property taxes, insurance, electricity and heating expenses, have made prospective buyers more cautious.

Some are choosing to rent rather than take on expenses they cannot comfortably afford, she said.

Heating costs are an additional concern as winter approaches. Smith discussed the potential financial burden of filling an oil tank, noting that landlords who previously included heat in rental agreements may have to reconsider those arrangements as fuel prices rise.

The seasonal timing also matters. Smith said that around Columbus Day weekend, many prospective buyers decide whether to continue searching for a home or sign a lease that will carry them through the winter.

Cold weather can make moving less appealing, while the costs of maintaining a home can be especially concerning for younger buyers trying to establish themselves financially.

For buyers, Smith said, the central question is not necessarily how much a house costs but whether they can afford the monthly payments and associated expenses.

Reassessments add uncertainty

The discussion also turned to New Hampshire’s property reassessments and the uncertainty surrounding future tax bills.

Smith said she had received multiple calls from property owners seeking opinions of value as they considered challenging their assessments.

She shared her own experience as a condo owner, saying her property’s assessment had increased from $135,000 to $320,000. She anticipated that her annual property taxes could rise from approximately $4,500 to between $7,500 and $8,000, depending on the eventual tax rate.

Those figures reflected her expectations at the time of the interview, rather than a confirmed future tax bill.

Filiault and co-host Dan Eaton discussed how assessments, municipal finances and state funding can affect property taxes. They also noted that a higher assessed value does not automatically translate into a proportionate increase in a homeowner’s tax bill, because tax rates can change.

For real estate agents, the uncertainty makes pricing a property more complicated.

Smith said agents must consider the market, a property’s condition and the costs a prospective buyer will face when determining an appropriate asking price.

“The magic about real estate anyways is all in pricing,” she said.

She added that agents must be willing to have frank conversations with sellers about what their homes are likely to bring in the current market.

Warning about land and rental scams

Beyond market conditions, Smith used the interview to warn consumers about fraudulent real estate transactions.

She said scams involving vacant land have become a particular concern, with criminals sometimes posing as property owners and attempting to sell land they do not own.

Smith described a previous local case in which a fraudulent transaction resulted in more than $250,000 being wired to someone on the West Coast.

She also recounted a more recent attempt involving someone who claimed to own a local parcel and wanted to sell it quickly at a low price. The individual became evasive when asked to provide identification, raising suspicions before the transaction proceeded.

Smith encouraged vacant-land owners to check their property records and investigate whether the registry of deeds offers a fraud-alert service that could notify them of suspicious activity involving their property.

Rental scams are another concern, she said.

Fraudsters can copy legitimate real estate listings and repost them on social media, advertising properties at unusually low rents. They may then ask prospective tenants to send money through a wire transfer or a payment service such as Venmo before providing keys that will never arrive.

Smith urged renters to verify that a listing is legitimate before paying a deposit or first month’s rent.

She offered to help people check suspicious listings, noting that some fraudulent rental advertisements use photographs and information copied from homes that are actually listed for sale.

The hosts also discussed how sophisticated images and other technology can make fraudulent listings more convincing.

Personal safety on the job

Smith also described the personal safety challenges that can accompany real estate work, particularly for agents meeting unfamiliar clients alone.

She recounted two early-career incidents in which men behaved inappropriately during listing appointments. In both cases, she said, she relied on quick thinking to get out of uncomfortable situations safely.

Those experiences influenced her approach to open houses in rural locations.

Smith said she avoids conducting such events alone in remote areas, particularly where cell service is unreliable. She recommended having the seller remain at the property or arranging for another agent to accompany the person conducting the open house.

Her advice was to pay attention to warning signs and trust one’s instincts.

Honesty and communication matter

Smith began her real estate career in 1999 after working as a cosmetologist, directing cosmetology schools for 14 years and operating a GNC store in Keene. She said her interest in sales, along with encouragement from her father and a family connection to real estate, led her to make the career change.

She described the work as more complicated than simply showing houses, explaining that agents often help clients navigate emotionally difficult situations while managing the many details involved in a transaction.

Smith said she has built much of her business through repeat customers and referrals. She considers communication, honesty and realistic expectations essential to maintaining those relationships.

“I’m gonna tell you what you need to hear, not what you want to hear,” she said of her approach to working with clients.

She explained that sellers may need to make improvements before listing a home to achieve the best possible price, while buyers need honest guidance about what they can afford.

Smith also cautioned people considering real estate as a career against assuming it is an easy way to make money. New agents, she said, should have six to eight months of living and business expenses saved because building a sustainable income can take time.

Despite the challenges, Smith said she continues to enjoy the work and intends to remain active in the industry as long as she can serve her clients effectively.

Listen to the full interview: