Maine Foreclosure Numbers Up For June

Foreclosure filings in June were up 61% over the same month last year, according to a firm that tracks foreclosures.

Maine had 276 homes, or one in every 2,504, receive a foreclosure filing in June, according to California-based RealtyTrac’s most recent U.S. Foreclosure Market Report. The June numbers were a 14% increase from May 2008.

Nationally, 252,363 U.S. properties, or one in every 501 households, received a foreclosure filing during June, a 3% decrease from the previous month but a 53% increase from June 2007, according to the report.

Maine Real Estate Sales, Prices Drop Again For May 2007

Sales of single-family homes in Maine were down 12.39% comparing May 2008 to May 2007, according to a press release from the Maine Association of Realtors.

The decrease from May 2007’s sales was slightly less than the national slump of 14.5%. Regionally, home sales in the Northeast were down 15% in May.

Androscoggin County was down 27.59% in unit sales (an improvement over the 40% down range we’ve been experiencing) and sale prices were off 7.42% over the same period last year.

Median sales prices also declined across the board during the same period — by 5.7% to $182,000 in Maine, by 2.4% to $278,000 in the Northeast, and by 6.8% to $206,700 nationally. The median sales price indicates that half the homes were sold for more and half sold for less. However, during the rolling quarter sales period, which includes the months of March, April and May combined, 5 of Maine’s 16 counties experienced an increase in the median sales price.

The complete press release is posted at http://www.mainerealtors.com

4 Facts About Maine Real Estate

The Maine Association of Realtors has prepared a “4 Facts about Maine Real Estate” to respond to common consumer questions or concerns about buying real estate.

1. All Markets are local

2. Another word for real estate is home

3. There is available mortgage money

4. It’s still the greatest source of wealth-building

1. All Markets are local. Yes, there is national, regional, state and county statistical data, but each will not clearly or fully explain market conditions in a town or neighborhood. Market conditions can also vary based on types of property or whether waterfront or not, for example. What happens with California or

Las Vegas real estate sales is not going to mirror real estate sales conditions in your area of interest. Please get local market information from a local REALTOR®.

As general information, the chart below shows what has happened with median real estate home sales prices statewide in Maine over the past nine years.

2. Another word for real estate is home. Don’t forget the real estate you buy may be where you live or where you vacation. Many buyers are finding properties in Maine that are larger or more affordable than the last time they checked. Don’t miss the opportunity to move into your dream house while there are so many affordable and desirable options.

3. There is available mortgage money. There’s so much press about predatory lending that the story there is money to lend by local and reputable lenders can get lost. Don’t be discouraged by negative press – instead check with a local reputable lender to get the real facts on what you may be able to afford and what your monthly payments may be. Find out if you can pay less monthly by owning than renting.

The fact that predatory lending practices have been halted is great for consumers, not bad.

4. It’s still the greatest source of wealth-building. Real estate like everything else may fluctuate with economic cycles, but over the long term is consistently the asset that provides the greatest wealth to Americans. If you’re renting, check to see what tax opportunities or long-term wealth may be created if you invest in real estate now. If you’ve always wanted to trade up, any loss you may take on a first home may be more than made up by the value added in the second home. Do the math.

Staging Your Home To Sell Pays Off

In today’s buyer’s market it’s more important than ever that sellers stag their homes to sell.  With more and more properties going on the market for sale, buyers make decisions on which homes to view based on the overall condition and a marketable list price.  The market is what I like to call a pricing contest and a beauty pageant with the competitors being the homes on the market for sale.  Sometimes a professional stager can assist with paint colors and furniture placement.  Emphasis should be placed on the entrance to the property.  Most buyers spend a few minutes there looking at the details while the agent is obtaining the key.  A new door mat, flower pot and a fresh coat of paint at the entrance is a great place to start.  All personal property as much as possible should be stored away, the front of the refrigerator as much as it’s a great place to display family photos, children’s artwork and a magnet collection should be cleared off.  Baths should have an air freshner along with new towels and mats.  Keep all shades up allowing as much light into the home as possible.  Pet dishes, beds and toys should be removed as well, some buyers may not be pet lovers.  These few tips and helpful hints are a great place to start.  An experienced agent can also put their buyer’s eyes on and point out other staging suggestions that can be very helpful.

Today’s Maine Real Estate Consumer and Maine MLS Access

The internet has changed how buyers and sellers find Maine homes for sale and Maine real estate agents.  With recent changes to the Maine MLS interface all agents now have the ability to offer buyers and sellers a pubic access point to all properties for sale in Maine.  Over 80 percent of today’s real estate buyers use the internet to start their search for a home.  What kind of information will today’s buyers and sellers be searching for next?  I feel, it will certainly be demand for a more sophisticated approach to understanding particular segments of the market.  The understanding that comes from how many homes are for sale in a certain communities, how many have sold in the last 6 months, for what percentage of the sale price did they sell, how long did each property take to sale is the next level of real estate information that today’s consumer is going to demand from the internet, their agent and the market.  It’s not longer just about access to the MLS and what’s for sale.  This type of information can vary greatly from area to area and in different price ranges.  A service providing this information is now available at www.mainemarketsnapshot.com  This service provides free reports to both buyers and sellers.  Subscribes can choose to receive the report via email either every month or every 2 weeks.  It also very important to be sure you have a high level agent to help you interpret the results of these snapshots.  There’s not substitute for the professional advice and counsel a skilled agent provides.

Maine Real Estate Stats For December 2007

This is the type of information we need to know and be able to communicate with our buyers and sellers, says Paul McKee, Team Leader of Keller Williams Realty Mid Maine. The Maine real estate market is holding steady regarding prices, slightly up in 07, but the number of transactions have decreased from the previous year.  Over all, Maine is fairing much better than what you here Nationally and that message needs to made clear to our clients.  Buyers need to know that prices are actually slightly higher, so “give aways” are not happening like they think, and sellers need to know that there are far less people out there making purchases and more properties for those fewer buyers to look at, so their price and the condition of the home needs to be “in the market” to even have a chance of selling now. Keller Williams Realty Mid Maine is located at 34 Center Street in Auburn Maine and they can be reached at 207-784-2525

Read the full press release here:

MEDIA REPORT:  In a press release to the media today, MREIS reports a 10.07% decrease in home sales comparing 2007 to 2006. Maine’s median sales price reached $194,000 in 2007, up 0.77% from 2006.  Median sales price indicates half of the homes were sold for more and half sold for less. During the month of December only, the statewide median sales price decreased 4.62% and sales were down 23.27 percent. Nationally, single-family home sales declined 21.6% and sales prices dipped 6.5% in the month of December.  NAR reported for all of 2007, home sales fell 13% and median sales price decreased 1.8% to $217,800. In the Northeastern United States, sales were 22.4% lower than last December.  The regional median sales price decreased 8.9% to $258,600.  Go to:  http://www.mainerealtors.com/MaineHousingReport-December2007.pdf

What’s The Housing Market Doing In Your Maine Neighborhood?

For buyers and sellers alike! This request form sents information to your email within 30 minutes and is customized to the criteria you select. You’ll continue to recieve these in roughly 30 day intervals and watch how the market conditions change. Feel free to call with any questions you may have with the market snapshot or if you’re looking for a more in depth interpretation of your results.