Is There Blood On The Street ???

I believe that it was Rockefeller who said that one should buy when there was blood on the street (Wall Street). Warren Buffet believes the same. In other words, buy when things are low, sell when they are high. Hello..........it is a BUYERS MARKET!! If you have decent credit and a little bit of money saved, why aren't you buying?

This same edict works for sellers. If you have equity and have owned your house for awhile, why not buy the house of your dreams when you can get a great deal on it?

Interest rates are low, banks are lending (believe it or not!), sellers are willing to be creative. The world is NOT coming to an end.

I have posted the most recent stats for the rolling quarter July to September 2007 compared to the same period 2008 in the prior post. While sale numbers have declined and prices have also come down, this means one thing for buyers - housing is becoming more affordable. As we move into the traditionally slower Fall market, the smart buyer is out looking for that perfect house at the perfect price. Watch the absorption rates, as they move closer to 6 months supply demand will begin to pressure prices up and there will be less deals to be made. Watch for my entry on the absorption rates for Portland, Maine!

Buyers--------get out there!!!!!

Rolling Quarter Stats - Maine Real Estate

I apologize that this is hard to decipher! I will comment on the following BLOG!







FOR IMMEDIATE RELEASE




CONTACTS: Listed Below
Maine Real Estate More Affordable
SOUTH PORTLAND (October 27, 2008) - Maine’s median sales price for a single-family existing
home was $177,750 in September 2008, down 6.45 percent from one year ago. The median sales price
indicates that half of the homes were sold for more and half sold for less.
According to the Maine Real Estate Information System, Inc., statewide sales dipped 9.73 percent.
Realtors reported that 928 homes changed hands during the month, compared to September 2007’s
statistic of 1,028 homes.
Across the United States, single-family existing home sales were up 3.8 percent in September. The
National Association of Realtors reported a national median sales price of $190,600 represents an 8.6
percent decline over the past 12 months.
Regionally, sales in the Northeast were 7.7 percent lower than a year ago. The regional median sales
price was $246,800—a decrease of 5.4 percent.
Jim Fitzgerald of Coldwell Banker Residential Brokerage in Kennebunk says, “Having a Realtor is
essential in this market. Understanding the immediate past performance of the market and
determining the level of pricing aggressiveness that’s required to move the property are best
developed using an experienced Realtor—one who is currently in the trenches, dealing with the
realities of this market on a daily basis.”
For those looking to buy, Fitzgerald adds, “There is enormous potential to secure property at reduced
prices, using rates that remain close to historic lows. Half of our closings remain second homes, which
tells me that people are looking for a special place, like Coastal Maine, to bring their families. Quality
of life still ranks very high on people’s wish list when it comes to securing their next home in Maine.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for
the month of September only, statewide. The second chart compares the number of existing, singlefamily
homes sold (units) and volume (MSP) during the months of July, August and September of
2007 and 2008.
(Continued)
Maine Real Estate Statistics –September 2008 Housing Report—10/27/08—Page 2 of 2
SEPTEMBER ONLY CHART
From September 1-30, 2007 and September 1-30, 2008
County # Units Sold # Units Sold % MSP MSP %
2007 2008 Change 2007 2008 Change
STATEWIDE 1028 928 -9.73% $190,000 $177,750 -6.45%
ROLLING QUARTER CHART
From July 1, 2007 – September 30, 2007 and July 1, 2008 – September 30, 2008
County # Units Sold # Units Sold % MSP MSP %
2007 2008 Change 2007 2008 Change
STATEWIDE 3700 2915 -21.22% $195,000 $182,500 -6.41%
Androscoggin 251 197 -21.51% $165,000 $145,000 -12.12%
Aroostook 118 95 -19.49% $77,175 $100,000 29.58%
Cumberland 876 709 -19.06% $255,000 $238,825 -6.34%
Franklin 101 75 -25.74% $142,000 $125,000 -11.97%
Hancock 171 117 -31.58% $192,000 $235,000 22.40%
Kennebec 334 315 -5.69% $155,950 $141,500 -9.27%
Knox 157 83 -47.13% $208,000 $192,000 -7.69%
Lincoln 127 88 -30.71% $239,000 $189,750 -20.61%
Oxford 178 118 -33.71% $145,750 $138,950 -4.67%
Penobscot 400 317 -20.75% $145,000 $141,000 -2.76%
Piscataquis 69 47 -31.88% $120,000 $108,000 -10.00%
Sagadahoc 114 71 -37.72% $211,600 $180,000 -14.93%
Somerset 92 100 8.70% $120,000 $125,000 4.17%
Waldo 118 79 -33.05% $185,000 $159,000 -14.05%
Washington 13 17 30.77% $110,000 $77,000 -30.00%
York 581 487 -16.18% $238,000 $224,900 -5.50%
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 5,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as
sold in the System within the time periods indicated
Contacts:
Marie Flaherty, President, MREIS (Prudential Northeast Properties, Westbrook) – (207) 797-8585 – marie@tfre.com
Marc Chadbourne, Past President, MREIS (Century 21 Nason, Winslow) - (207) 873-2119 – info@marcchadbourne.com
Kevin Robert, Past President, MREIS (Coldwell Banker Residential Brokerage, Saco) – (207) 282-5988 – Kevin.Robert@nemoves.com
For additional names – MREIS – (207) 780-1366; help@mreis.com
# # #

I Will Be Glad When the Election Is OVER!

I love politics, believe me! That was my major in college. But, frankly, this election season has been painful. Nothing but bad news...potshots....negativity....no leadership. In the spirit of full disclosure, I am supporting the Obama/Biden ticket because we need a change and I think change of parties and policies is helpful. I wish that all the candidates could be out there outlining specifics on what they will DO to get this country back on the right track after the debacle of the legalized gambling aka credit swaps, derivatives, and other chicanery that has been allowed to dominate the financial markets. I thought a better idea on the part of politicians would be to have given every homeowner in the country a grant on their primary residence that went directly towards their mortgage or equity line. If they didn't owe money, then put it in a CD or other vehicle that could be accessed at retirement. Something!!!

So...we wait and hope that the next President surrounds himself with smart people who are willing to do the right things to turn us around. I am banking on Obama! How about you???

Wild New World!!

I have been following this economic turmoil with great interest, and not just because of the historic potential! While my IRA's have been melting away, I have become somewhat philosophical about it all. After all, yesterday is gone and tomorrow isn't even here yet! So, what are the good things to come out of all of this mess?

First, it is a reminder that money is nothing more than a theory really. It is a symbol for time, power, material goods, or...in the case of weird things like derivatives....just theory!! Money is the cause for more angst, or more joy than just about anything. Money doesn't really belong to anyone. It can be used - for good or for bad. When it is hoarded, like the banks have been doing, it doesn't do any good for anyone. When it is freely circulated with good intention, it is very powerful.

I am very hopeful that more people will get into a better relationship with money as a result of this tumult! Buy only what you need, choose debt wisely, and, above all, spend it forward!!