OK I admit it has been way too long since I have written on this blog. That's what happens when one gets busy with work and life! Time to make time to communicate my observations on the real estate market in Portland, Maine.
This has been a fabulous year for my group (http://www.wesellmaine.com/), and I attiribute that to a combination of the now defunct tax credit and hard work. Now we are heading into a new year and a new market and I ask, "Where are the buyers?"
To cut to the chase, we hear all sorts of whining about the 9 plus percentage unemployment in the US as a whole. But that is a red herring when it comes to Portland, Maine.
Recently named one of four markets in the USA where the value of real estate is rising (Today Show), one need only look at an adjusted unemployment rate of 5.5% in Cumberland County ( OCT ME DOL stats online)to realize that we are NOT in the dire straits of the rest of the country. In fact, since its high of 7.3% in February of this year, Portland, Maine has knocked off almost 2 % from its unemployment rate. My guess is that unless you have a government job, which may see some attrition this year, you are probably OK job wise.
What stirred me to write this blog today is that CNBC just noted that mortgage rates are now over 5% on 30 year conventionals. This is a jump from the 4.3% rates seen this summer. We are back to rates seen early this year and they aren't coming back down........we have seen the bottom!
What does this mean for you as a potential homebuyer? Job security is looking pretty good compared to the rest of the country, housing prices are starting to rise and rates are going up and are NOT COMING BACK DOWN!
Buy now, potential buyer! Buy now!
Showing posts with label Maine real estate sales. Show all posts
Showing posts with label Maine real estate sales. Show all posts
Wednesday, December 15, 2010
Friday, June 19, 2009
Maine State Housing Offers $5000 to 1st Time Buyers
I just learned today that MSHA (Maine State Housing) has finally launched their "Gift of Green" program. This program offers $5000 that can be put towards closing costs, down payment, or escrow funds. There are also coupons for up to $500 for energy audits. The money is limited to approximately 500 buyers. There are upper income linits. This is in addititon to the $8000 tax credit being offered by the Feds. For more information go to www.mainehousing.org.
Wednesday, May 20, 2009
Why do agents brag about the number of listings???
I always wonder why agents brag about the number of listings they have. While being able to list houses is an admirable quality, being able to sell them is better. When interviewing an agent to sell your house, find out how many houses they have successfully closed in the last year. Ask about the ratio of price received to price asked. (In other words, how close to asking price did the seller receive?) Find out how familiar the agent is about the various financing options out there. Will you be required to pay some of the buyer's costs? (The answer is probably!) Make sure the agent gives you statistics regarding the movement in the market where you live. Can she articulate the probable scenario that will unfold? Does she offer staging, pictures, and video on the internet? And, last, but most importantly, does he roll over when you ask about reducing commisssion? If the agent can't explain to you his value proposition, go to someone else. Do you want an agent who will roll on your negotiations??
Tuesday, May 19, 2009
Who is working for you?
When teaching first time buyer classes, I am frequently asked "How do I find a broker?" The search is simple.
Get the names:
1) Ask other people whose opinion you value whom they would recommend. Make sure their recommendation is based on their own experience!
2) Attend open houses and check out the agents holding them Ask anyone of interest if you can make an appointment to interview them. After all you are looking for someone to hire!
3) Go online and check out websites.
Got the names? Then interview your choices. Any agent worth their salt will be happy to arrange a time for an interview. If not, scratch them from the list!
At the interview, ask the agent how many transactions they have closed in the last twelve months. You want someone with transactional experience in this market! If they don't close at least one deal a month, I would want to know why not?
Another critical factor is their knowledge of the financing options out there. If they have no experience with the intricacies of FHA, don't know about spot financing, or have no clue about how short sales work, move on!!
Finally, how well do you "click"? You will be entrusting this person with one of the largest financial transactions you will ever make. Are they up to the task?
Ask for references if need be then decide who will be the best fit for you! And, importantly, don't let anyone sign you into anything before you are ready. It is ok to ask to get back to them later. A high pressure sales person is probably NOT the best choice for an buyer agent. You want the choice of house to be something you are comfortable with, NOT something you felt pressured to buy.
Good luck! By the way, we specialize in first time homebuyers and would be pleased to interview with you for this job!
Get the names:
1) Ask other people whose opinion you value whom they would recommend. Make sure their recommendation is based on their own experience!
2) Attend open houses and check out the agents holding them Ask anyone of interest if you can make an appointment to interview them. After all you are looking for someone to hire!
3) Go online and check out websites.
Got the names? Then interview your choices. Any agent worth their salt will be happy to arrange a time for an interview. If not, scratch them from the list!
At the interview, ask the agent how many transactions they have closed in the last twelve months. You want someone with transactional experience in this market! If they don't close at least one deal a month, I would want to know why not?
Another critical factor is their knowledge of the financing options out there. If they have no experience with the intricacies of FHA, don't know about spot financing, or have no clue about how short sales work, move on!!
Finally, how well do you "click"? You will be entrusting this person with one of the largest financial transactions you will ever make. Are they up to the task?
Ask for references if need be then decide who will be the best fit for you! And, importantly, don't let anyone sign you into anything before you are ready. It is ok to ask to get back to them later. A high pressure sales person is probably NOT the best choice for an buyer agent. You want the choice of house to be something you are comfortable with, NOT something you felt pressured to buy.
Good luck! By the way, we specialize in first time homebuyers and would be pleased to interview with you for this job!
Monday, May 18, 2009
Spring is Here.........The Perfect Storm
....and all thoughts turn to buying that perfect home! That is right. Did you know that in times of trouble, there are always opportunities? While some sellers are taking it hard on the chin, this is the perfect time to buy that house that you have always dreamed about. With many more listings than there are buyers, the selection in the lower price ranges is outstanding.
If you have not owned a house in the last three years, you are eligible for an $8000 tax credit courtesy of the federal government. If you can't use all of that credit because you don't owe that much tax, you can get a check back for the difference. Wow!
If you own a house now and have decent equity, you can buy a house that better fits your needs. Whether it is larger or smaller, in a better neighborhood or closer to work or school, there is a wide selection at outstanding value. Priced and staged correctly, houses are selling in a timely fashion in most price ranges. An expert opinion by a seasoned real estate professional will give you the information you need to get the best price in this market.
Please don't wait too long. The $8000 is good only for those buyers who close on their house by December 1st of this year. The bargains on houses won't last forever, either!
If you have not owned a house in the last three years, you are eligible for an $8000 tax credit courtesy of the federal government. If you can't use all of that credit because you don't owe that much tax, you can get a check back for the difference. Wow!
If you own a house now and have decent equity, you can buy a house that better fits your needs. Whether it is larger or smaller, in a better neighborhood or closer to work or school, there is a wide selection at outstanding value. Priced and staged correctly, houses are selling in a timely fashion in most price ranges. An expert opinion by a seasoned real estate professional will give you the information you need to get the best price in this market.
Please don't wait too long. The $8000 is good only for those buyers who close on their house by December 1st of this year. The bargains on houses won't last forever, either!
Sunday, May 17, 2009
A $270,000 house for $200,000?!
Are you a first time buyer with time to wait for a house? Take advantage of the situation where a seller MUST sell and needs to sell for less than they paid! If you have a good credit score (over 680) and 3.5% to put down, (you can receive this money as a gift from a third party) you can buy a short sale. I have two first time buyers now who are getting great deals (under 130,000 each) on condos which sold for over $170,000 three to four years ago. We have another buyer who is geting a $270,000 house for $200,000! These are NOT foreclosures. They are in GREAT condition. It may take three months to get approval from the lenders and close, but the only way for the values to go are UP! If you have time and credit, take advantage. PLUS....if you haven't owned a house for three years you can get $8000 in a tax credit. (See my other posting) What are you waiting for????????
Uncle Sam has $8000 for you
If you haven't owned a house for three years, the government will give you $8000 if you close on a home purchase by December 1 of this year. I know it sounds too good to be true, but it is! And, even better, HUD is looking at ways for you to use the $8000 as a down payment and NOT have to wait for your tax return.
Here is a description from the National Association of REALTORS:
The temporary credit is only available for
home purchases made from Jan. 1, 2009 to before
Dec. 1, 2009 and is equal to 10 percent of
the cost of the home, up to a maximum credit
of $8,000. (For example, a home purchased for
$80,000 or more would qualify for the full $8,000
credit while a $70,000 home would only qualify
for 10 percent, or $7,000)
Buyers claim the credit on their federal tax return
to reduce their tax liability. If the credit is
more than their total tax liability that year, the
buyer will get a refund check for the balance.
Only first-time homebuyers can take advantage
of the tax credit. A first-time buyer is defined
under the tax credit as an individual who has
not owned a home in the last three years.
For married joint filers, both must
meet the first-time
homebuyer test
to take the credit
on a joint return.
Eligible properties include anything that will be
used as a principal single-family residence—including
condos and townhouses.
There are income guidelines on the credit. Individuals
with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased
down for those earning more and is not available
for those with an income above $95,000
(or $170,000 if filing jointly).
The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.
People who purchased homes under the 2008
$7,500 tax credit program will still be required
to repay that credit to the government over a
15-year period.
The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
Details of the tax credit include:
First-Time Homebuyer
Tax Credit
Consult with your REALTOR® or tax advisor
and visit to
learn more about the tax credit and
state and federal loan programs.
Here is a description from the National Association of REALTORS:
The temporary credit is only available for
home purchases made from Jan. 1, 2009 to before
Dec. 1, 2009 and is equal to 10 percent of
the cost of the home, up to a maximum credit
of $8,000. (For example, a home purchased for
$80,000 or more would qualify for the full $8,000
credit while a $70,000 home would only qualify
for 10 percent, or $7,000)
Buyers claim the credit on their federal tax return
to reduce their tax liability. If the credit is
more than their total tax liability that year, the
buyer will get a refund check for the balance.
Only first-time homebuyers can take advantage
of the tax credit. A first-time buyer is defined
under the tax credit as an individual who has
not owned a home in the last three years.
For married joint filers, both must
meet the first-time
homebuyer test
to take the credit
on a joint return.
Eligible properties include anything that will be
used as a principal single-family residence—including
condos and townhouses.
There are income guidelines on the credit. Individuals
with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased
down for those earning more and is not available
for those with an income above $95,000
(or $170,000 if filing jointly).
The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.
People who purchased homes under the 2008
$7,500 tax credit program will still be required
to repay that credit to the government over a
15-year period.
The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
Details of the tax credit include:
First-Time Homebuyer
Tax Credit
Consult with your REALTOR® or tax advisor
and visit to
learn more about the tax credit and
state and federal loan programs.
Wednesday, February 25, 2009
OMG! Do the finance reporters understand Real Estate??
I just about flipped today when I heard a reporter on MSNBC report that January sales were at a 12 year low because buyers are waiting to hear about government programs and they don't want to buy. And, guess what, the Northeast is the lowest. Helloooo............sales in January are contracts from November/December. Sales are ALWAYS slow in November and December, paricularly in the Northeast. The buyers in the Northeast aren't particularly worried about anything other than their jobs.
If they have a job and realize their job is secure, they are buying!
Yes......buyers are reluctant, but, guess what? The buyers are out there. A huge part of the problem are the cobrokers who are less skilled at selling in this market, so buyers are receiving less good advice about what constitutes a good sale. However, I have been way busy....which I would expect this time of year.
No more GLOOM and DOOM! If you want to buy, do it now!!! You will be sorry this time next year.
If they have a job and realize their job is secure, they are buying!
Yes......buyers are reluctant, but, guess what? The buyers are out there. A huge part of the problem are the cobrokers who are less skilled at selling in this market, so buyers are receiving less good advice about what constitutes a good sale. However, I have been way busy....which I would expect this time of year.
No more GLOOM and DOOM! If you want to buy, do it now!!! You will be sorry this time next year.
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
# # #
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
# # #
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