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

Thursday, January 29, 2009

Maine Home Sales 2008

MREIS PRESS RELEASE - HOME SALES IN 2008: Single-family existing home sales in Maine fell 15.8% in December 2008 and 20.9% for all of 2008. According to MREIS, 9,502 homes sold last year, compared to 12,014 in 2007. The median sales price decreased 12.63% in December and was down 7.22% for all of 2008. The median sales price indicates that half of the homes were sold for more and half sold for less. The statewide median sales price in Maine was $99,990 in 1998. The statewide median sales price is $180,000 for 2008 - showing considerable long-term strength. Nationally, sales of single-family existing homes dipped 1.4% in December 2008. According to NAR nationwide sales for all of 2008 dropped 11.9%. In the Northeast, home sales decreased by 14.3%. The complete press release is posted at http://mainerealtors.com.

Seven Months Inventory- Portland, Me

Did an absorption rate for my clients yesterday and learned that in the 150 thousand to 200 thousand dollar range, there is a seven months supply of houses. Man.......that means it will take seven months to clear out the current inventory IF no other houses come on the market.

Well.....guess that means that the buyers should come off the fence and get going as interest rates have ticked upwards a bit since two to three weeks ago.

Buyers ask me, will I lose money? My answer...no, honey!! Buy now and live in your house for more than three years. You will see the equity increase over time. It always does!

For those of you with money burning a hole in your pocket.......get investing. You buy when it is low and sell when it is high! Guess what!!!? It is time to buy.

Have to sell??? Get a good and ethical broker to help. Get someone with loads of experience. (Like me! Mike and I did 36 deals last year) Do NOT entrust your house to an agent who is part time or dabbling. This market is NOT for the faint hearted.

There is only today! Go and make the most of it.