About me

I am Jean-Marie Caterina, owner of the Caterina MacLean Group, The Maine Real Estate Network , 75 John Roberts Road, South Portland, Maine . My office number is (207)774-4224 and my direct line is (207)318-3440.
Check us out at www.wesellmaine.com

Saturday, December 29, 2007

The Local Paper is NUTS!!!!

I don't know about you, but I am tired of the gloom and doom surrounding stories of the economy and the housing market. I will repeat.....get out and buy!! There is great inventory and super mortgage rates! Even if you have a house to sell, if you have any equity now is the time to move up!!

Read the following story, courtesy of Inman news! Maine is definitely one market that has NOT crashed. Real estate continues to be great investment.

NAR economist underlines real estate's silver lining
Friday, December 21, 2007
By Bernice Ross Inman News

In all the years I've been writing this column, I have never received such an outpouring of response as I did from the two November articles on how media coverage of negative housing news is hurting our industry.
In spite of gloom and doom of recent news reports on the state of the nation's housing, there is plenty of good news, the most recent of which comes from the National Association of Realtors.
Laurence Yun, the chief economist for NAR, had plenty of positive news for Realtors at last month's conference. Yun attributed much of today's subprime mortgage problem to greed. Wall Street wanted the 10-12 percent return that subprime mortgages yielded as opposed to the smaller returns from more traditional mortgage products. His take on the Wall Street types: "They gambled. They lost."
Yun's outlook for 2008 sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009.
According to Yun, one of the biggest mistakes that reporters make is talking about national trends. Nationally, 2007 was the fifth best year ever on record. Home prices declined about 1.5 percent after a 50 percent run up in prices.
The challenge is that national numbers are pretty much irrelevant. Yun argues that talking about national averages is about as effective as having a national weather forecast. Like the weather, all real estate markets are local. In fact, you may have a buyer's market and a seller's market operating within a single market area based exclusively upon price point. Here are the other key pieces of positive news from Yun's economic report:
1. New housing starts: Even though these are dropping, there was too much building in recent years. The market is simply adjusting to normal supply-and-demand pressures. The inventory is "being controlled which makes stabilization occur more quickly."
2. Foreclosures: According to Yun, the 41 percent increase in foreclosures has resulted primarily from investor-heavy real estate purchases in Arizona, California, Florida and Nevada. The majority of these individuals are flippers whose investments did not payoff. More importantly, the number of foreclosures in Utah, New Mexico, North Carolina and South Carolina is actually declining.
3. Under-priced markets and superstar cities: Although the coastal markets are still overpriced, Middle America is under priced. Nevertheless, Yun cites a new trend termed, "superstar" cities. These cities will command premium prices, regardless of what the market does. There is so much wealth concentrated in these areas, that measurements are simply not predictive. In addition to London, Paris, Tokyo and New York, Yun also identified San Francisco, Miami and Seattle as potential new superstar cities.
4. The recovery has started: Other than the three states hit heavily by job losses in the automotive industry (Indiana, Michigan and Ohio), the states that first experienced a downturn in the Northeast, are now in recovery. Specifically, Connecticut, Massachusetts, New York and Rhode Island were the first to feel the slump and are now well into a recovery. Furthermore, there appears to be a pent-up demand for first-time buyer properties due to a large number of Gen Ys (born 1977 to 1994) that are now buying their first homes. Falling interest rates will motivate many of these buyers to step into the market now.
5. New jobs and corporate profits are still strong: Corporate profits are still strong with companies as diverse as Microsoft and Jack Daniels reporting close to record profits. Furthermore, the economy has generated 4 million net new jobs and wages are rising.
6. A weak dollar may harbinger more foreign investment in U.S. real estateAlthough the decline of the U.S. dollar will end up costing us more when we go overseas or purchase imports, it has resulted in more manufacturing jobs returning to the U.S. It also may mean more foreign investment in U.S. properties as well. Just a few years ago, the Canadian dollar was only worth 70 cents in U.S. currency. Today, the Canadian dollar has been hovering at about $1.05 to $1.10 U.S. What this means is that we can expect more Canadians and Europeans to be purchasing U.S. property, because our prices are approximately 50 percent cheaper than they were just three years ago.
7. Real estate: Still the best shelter: For those agents who represent reluctant first-time buyers, Yun points to some interesting research from the Federal Reserve. Between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,400. Furthermore, the typical homeowner holds their property for six years. Within this period of time, NAR's research shows that approximately 97 percent of the homeowners will have a positive equity position after that period of time.
Bottom line: 2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market.
Bernice Ross, national speaker and CEO of Realestatecoach.com, is the author of "Waging War on Real Estate's Discounters" and "Who's the Best Person to Sell My House?" Both are available online. She can be reached at bernice@realestatecoach.com or visit her blog at www.LuxuryClues.com.
***
What's your opinion? Send your Letter to the Editor to opinion@inman.com.
Copyright 2007 RealEstateCoach.com

Friday, December 21, 2007

The True Story of the $10 Bill - A Christmas Story

The other day I was entrusted with a beautiful $10 bill neatly wrapped with a brilliant red ribbon and the admonishment that I should go forth and "spend it forward". So, I tucked that beautiful $10 bill decked in a bright red ribbon into my wallet and sallied forth wondering where it should go and what I should do with it.

Trusting always that Spirit would let me know just the right place for this bill, I was wandering through Hannaford's tonight looking for this and that when what should appear in front of me, but a display of brown paper bags filled with all of the trimmings for a wonderful holiday meal. They have been there all Fall I am sure, as the sign mentioned that when one took the bag to a register, a meal would be charged to you that would be given to a family in need. The dates for this special were from sometime in November to December 22nd.The cost?? $10, of course. And to think I had never seen it before!

I picked up the bag with a heart full of glee that here indeed was the purpose for that $10 bill that had been entrusted to me. After my groceries had been rung up, I then placed the bag in front of the cashier and handed her the $10 bill brightly trimmed in red ribbon. She looked askance at me and the bill until I explained that I had been entrusted with this bill for this purpose and would she please accept the $10 bill shining brightly in its gorgeous red ribbon?
Well....she was quite taken with that $10 bill, and its red ribbon, and marveled at such a wonderful idea! The lady in back of me in line was so entranced by the idea that she, too, gave $10 for a Christmas meal for someone deserving. I left the store feeling very happy that this little $10 bill wrapped in brilliant and glowing red ribbon had not only fed one family, but influencedanother $10 bill to come out of hiding and feed someone, too. And just
in the nick of time! The program ends tomorrow!

Abundance is here, swirling all around us. All it takes is a gentle reminder, like that $10 bill in its beautiful, bright, and glowing red ribbon, to pay attention to the subtle signs that, indeed, we are blessed.

Merry Christmas and Happy Holidays to all of you!!! May you find the Spirit of the Season,
too! JCAT

Monday, December 17, 2007

Hello, Buyers! Where are you?

Hmmmm.......interest rates bouncing around 6% and a HUGE inventory?? Sellers getting anxious and lots of houses just wating for you? Don't wait for the holidays to be over! Give yourself a great gift and get out there while everyone else is sleeping!! Once the holidays are over and the rest of the buyers wake up, more people will be competing for those well priced houses, and those houses will sell near their asking price! Go...find an agent who recognizes this opportunity (http://www.wesellmaine.com/) and make an offer. You won't be disappointed!

Monday, December 10, 2007

Actual Press Release RE: Real Estate Sales Maine

Here is the actual MREIS Press Release regarding October figures in Maine. I apologize that the format won't translate well. Please note how some counties are doing well! Even though the number of sales are down, some counties show very little reduction in median price or even an increase. I think this means that the serious, well qualified buyers are out there. I know the smart ones are!!

Thanks to MREIS for the press release. I wish the press would publish it!! Cat :)




FOR IMMEDIATE RELEASE
CONTACTS: Listed Below
MAINE REAL ESTATE MEDIAN PRICES DIP 1.95 PERCENT INOCTOBER; SALES DOWN 12.23 PERCENT

SOUTH PORTLAND (November 29, 2007) -- Sales of Maine real estate continued to drop in
October 2007, while prices for single-family, existing homes dipped a slight 1.95 percent.
According to the Maine Real Estate Information System, Inc., Realtors reported 1,041 sales
across Maine last month. This is down 12.23 percent compared to 1,186 sales during the
month of October 2006.

The median sales price for a single-family existing home was $188,500 in October, down
slightly from $192,250 one year ago. The median sales price indicates that half of the homes
were sold for more and half sold for less.

The National Association of Realtors (NAR) today reported that national sales of singlefamily
existing homes dropped 20.8 percent in October. The national median existing singlefamily
home price decreased 6.3 percent in one year to $205,700.

In the regional Northeast, sales were down 12.6 percent. However, NAR said the regional
median sales price rose 1.3 percent in October to $258,700.

Buyers want to know: Is this the time to buy? Tobin Malone, owner of WaterMark in
Rockport says "Anybody with a strong credit history who can put some cash together for a
down payment should be buying real estate right now--land, rental income property, a larger
or smaller or newer or second home, you name it. These buying opportunities don't come
around every day, but when they do you can't ‘hem and haw’ and drag your feet. The way to
build equity in today's market is to buy, and with the help of a knowledgeable REALTOR, buy
right."

Jeff Wooster, CCIM of Lynam Real Estate Agency in Bar Harbor, says of sellers, "Most can't
understand what happened to the strong market and why they can't get what their neighbor
got for their property two years ago. It's market shock. We show them what their competition
is, suggest pricing in the lower strata, and advise them to be ready to negotiate if they
want to sell."
Malone looks to the future: "There seems to be a new spirit of realistic, controlled, and
sustainable growth that the markets (and the country) seem ready to embrace."

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists
statistics for the month of October only, statewide. The second chart compares the number of
existing, single-family homes sold (units) and volume (MSP) during the months of August,
September and October of 2006 and 2007.

(Continued)
Maine Real Estate Statistics –October 2007 Housing Report—11/29/07—Page 2 of 2
OCTOBER ONLY CHART
From October 1-31, 2006 and October 1-31, 2007

County # Units Sold # Units Sold % MSP MSP % 2006 2007 Change 2006 2007 Change
STATEWIDE 1186 1041 -12.23% $192,250 $188,500 -1.95%
ROLLING QUARTER CHART
From August 1, 2006 - October 31, 2006 and August 1, 2007 - October 31, 2007
County # Units Sold # Units Sold % MSP MSP %2006 2007 Change 2006 2007 Change
STATEWIDE 3746 3494 -6.73% $194,000 $191,200 -1.44%
Androscoggin 297 230 -22.56% $160,000 $162,650 1.66%
Aroostook 124 115 -7.26% $84,725 $80,000 -5.58%
Cumberland 850 792 -6.82% $255,000 $254,943 -0.02%
Franklin 101 104 2.97% $130,000 $141,000 8.46%
Hancock 164 160 -2.44% $197,500 $200,000 1.27%
Kennebec 371 311 -16.17% $144,900 $155,000 6.97%
Knox 121 140 15.70% $214,000 $204,031 -4.66%
Lincoln 130 130 0.00% $270,950 $237,500 -12.35%
Oxford 198 170 -14.14% $157,000 $143,750 -8.44%
Penobscot 388 373 -3.87% $142,600 $140,000 -1.82%
Piscataquis 74 68 -8.11% $120,000 $128,500 7.08%
Sagadahoc 96 107 11.46% $200,000 $189,000 -5.50%
Somerset 112 106 -5.36% $110,850 $120,000 8.25%
Waldo 117 124 5.98% $165,000 $204,250 23.79%
Washington 19 14 -26.32% $92,500 $110,000 18.92%
York 584 550 -5.82% $240,000 $239,950 -0.02%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a
statewide Multiple Listing Service with over 5,800 licensees inputting active and sold property listing data. Statistics reflect
properties reported as sold in the System within the time periods indicated.
Contacts: Marc Chadbourne, President, MREIS (Century 21 Nason, Winslow) - (207) 873-2119 –
info@marcchadbourne.com; Sue Doughty, Past President, MREIS (Homestead Realty, Winthrop) – (207) 377-
2223 – suedoughty@fairpoint.net; Kevin Robert, Past President, MREIS (Coldwell Banker Residential
Brokerage, Saco) – (207) 282-5988 – Kevin.Robert@nemoves.com. For additional names – Ken Duke (MREIS)
– (207) 780-1366; kduke@mreis.com
# # #

Wednesday, December 5, 2007

Patriots and perseverance!

OK, it is known fact that I am a great fan of sports - football and baseball in particular. Being from New England, we are in a period of particularly fruitful results vis a vis winning - frequently and often. This has not always been the case,as any loyal Red Sox or Patriots fan can attest. So....why the fascination?

As I grow older and wiser, I am realizing that every game is like a metaphor for life. There are winners and losers; some people do the activity, others watch; emotions run high and low; some succeed and others fail. Throughout there is this undercurrent of what the sportcasters and coaches call "momentum". It is this momentum ,or lack thereof, that decides the outcome of every game.

The team that is able to stay focused and concentrate, ignoring the current reality in favor of a new one, are more often than not able to harness a universal power and turn the situation around. Teams learn and practice startegies over and over and over, so that the game plan becomes an automatic response. So...the team gets behind in the score, the batter gets behind in the count, so what!! The excellent teams and the excellent batters just keep at it, believing deep down inside that they are winners, that they will succeed, and even if they lose, it is only one game, one inning, one touchdown. Those who excel ask "How can I do it better next time?"

As Vince Lombardi said, " Quitters never win, and winners never quit." So it is in sports. So it can be in life. Be like the Patriots over the Ravens! Don't give up. Stay with your game plan. Dig down deep. We are all winners. We just need to believe!!

Monday, December 3, 2007

Rates are ideal for financing

Did you know that if you're a first time homebuyer in Maine, that the interest rate is under 5%? Maine State Housing's program is ideal for folks seeking their first home. And in addition, regular 30 year fixed rates with -0- points are now just over 6%, the lowest we've seen in some time. It's a good time to chat with a local lender to see what types of fixed rate loan programs are available.

dcohen@downeastmortgage.com

Saturday, December 1, 2007

Maine is NOT Miami!!!

According to a November 29, 2007 press release from Maine Real Estate Information (MREIS), for the rolling quarter, August 1, 2007 to October 31, 2007, the number of units sold dipped only 6.73% as compared to the same time frame last year ( 3746 units in 2006 compared to 3494 The median sales price dropped by a mere 1.44% ( $194,000 2006 to $191,200 2007) during the same period.

Cumberland County, Maine's largest county, saw a drop from 850 units sold to 792 units sold, but the median price dropped only 0.02% from $255,000 to $254,943 in the period August 1 to October 31.

What does this mean, you ask?? It means you are CRAZY not to buy right now. There are great deals out there. Even if you need to sell, as long as you have equity in your home and are willing to price correctly, YOUR HOUSE WILL SELL!!!

The gloom and doom of the media does NOT apply to Maine !! We never went crazy when the market boomed, and we won't crash with this healthy correction.

Welcome to Maine! It's a great place to live!!!

Tuesday, November 20, 2007

Gratitude is a Good Thing

With the arrival of another Thanksgiving holiday, it is important to remember to keep the "Thanks" in the holiday! Just as Christmas has become far removed from the celebration of Christ's birth, as a society we have lost the meaning of giving thanks, or recognizing the upside of life, as we rush frantically from task to task every day.

When one takes the time to slow down for even a few minutes every day and look at all that is right with their world, they will soon find that good things start to happen. Look at the sky, take in your surroundings, find something that makes you heart sing, even if only for a minute. Add this routine to your life every day, gradually expanding the minute to a few minutes then to an hour then........you are the only one who can limit the possibilities!!

So....go forth, eat your turkey, ....... and be thankful!!! Happy Thanksgiving!

Friday, November 16, 2007

First Time Homebuyers??

There is no time like the present to start the process of purchasing your first home. Put aside all you think you have learned from HGTV and the possibility of making a bundle on the sale( which is down the line, by the way) and think about how nice it will be to NOT be paying the landlord, how cool to be able to paint the walls any color you like, have any pet you want, plant flowers if that's your thing, have a pool, sit on your own patio......the list goes on.

With the LOW interest rates and HUGE number of properties from which to choose, a buyer can take their time and really choose the house or condo which makes the most sense.

There are two people who will be critical to your success. They are a REALTOR who specializes in first time home buyers and a lender who is familiar with all of the loan options out there for those buyers.

So.... sit down with a lender you trust and find out what you need to do to get qualified for a loan. Late making payments? Owe on that student loan? New to the job? It's all OK. You can begin a process that allows you to charge up that credit score and sock some bucks in the bank.

The next person to whom you should talk is a REALTOR who knows your needs. Please make sure this professional is geared towards working with the first time buyer. That means familiarity with loan programs, knowledge of affordable housing options where YOU want to live, and the ability and desire to TEACH you about this process. Oh yea.....patience is a good thing, too!

How do you find these folks? Ask friends, family, others who they would use. Go to Open Houses and interview the agents. Go on line and check out websites and blogs. (www.wesellmaine.com) Ask your lender who they use. You can use the same process to find a lender. Your bank or credit union might be an option, too.

Don't be afraid to ask questions. Don't be afraid to go with your gut. And, for Pete's Sake, don't sign any contracts that "marry" you to anyone until you have "dated"!!

That's it for now. Get going! Your future is out there. All that is missing is YOU!!!

Thursday, November 15, 2007

The Real Estate Market Keeps Tanking!!

THE REAL ESTATE MARKET KEEPS TANKING !!!
Posted by Jean-Marie Caterina under For Buyers, For Sellers
Or does it? The last few weeks have seen gloom and doom all around according to the market gurus. But has the same happened in Maine? While properties above $250,000 seem to take longer to sell there is a decided pent up demand in lower ranges.
Buyers need to take advantage of the LOW rates and HIGH inventory! It is a candy store out there, folks! Sure, you may have a house to sell, but if you bought more than five years ago and have not pulled your equity….NOW IS THE TIME TO BUY!!! You have money to spend and deals are there to be made.
First time homebuyer?? Don’t sweat. If you have decent credit, there are programs out there. Buy your house to live in and if you make money …..and you will if you are there long enough….super!! Quit paying the landlord!!
The only day you have is today! Get on it!! Cat

Who Says Real Estate Sales Are Down?

WHO SAYS SALES ARE DOWN???
Posted by Jean-Marie Caterina under For Buyers, For Realty Professionals, For Sellers
The headlines screamed ” Sales in Maine Drop 16% in September” Yikes! Well did they also tell you this?
Cumberland County - Rolling Month- 7/1/2006 to 9/30/2006 compared to the same period 2007 (7/1/2007 to 9/30/2007)
# Units sold - 2006 - 812 2007 - 876 INCREASE 7.88%
Median sales price $255,000 in 2006 - $255,000 in 2007 NO DECREASE IN VALUE
Hmmmmm………..what tanked market?? Cat Thanks to MREIS for the figures!
For info on any listing in Maine go to www.wesellmaine.com . On the left sidebar choose Search Maine Properties.