Maine Real Estate Info

Now is the time to buy!

According to an April 14 article on Realtytimes.com, “The first quarter of 2008 makes the 24th consecutive quarter that rental prices have escalated nationwide.” Click here to read the rest of the article, “Realty Viewpoint: If You Think You’re Saving Money Renting…Think Again.”

While Your First Home, the first book in the Keller Williams Realty Guide Series, emphasized that, “If you can afford to rent, you can afford to buy,” holds true. This point appears truer now than ever before.

Right now is the best time for new buyers to get out of rental properties and enter the housing market. Interest rates over the last 15 months have gone from 6.2% in January 2007 to 6.7% in July 2007, then down to 5.75 in January 2008. In recent weeks it has gone to about 5.95%. Are Renters taking advantage of our current market conditions and converting to Home Owners? We’ll certainly find out.

This Maine Real Estate Spring market is already showing signs of an up-swing. Massachusetts is already experiencing this as well as other New England States. Keep your eye on our Spring real estate market.

To search for Maine Real Estate, over 25,000 properties, visit one of our Maine MLS sites at:

Meservier.com

MaineRealEstateExperts.com 

MaineMLS.info 

Real Estate at the Crossroads: Choosing to Thrive

Recapping the shift in the real estate market at Family Reunion, Gary Keller urged attendees to seize the current market to their advantage.  Keller explained that the 10-year run-up in real estate that began in the early 1990s, led to an environment in which homes were no longer affordable, lenders were willing to take unreasonable risks and inventory rose to record levels.

This chain of events led to mortgage lenders pulling back, followed by a credit squeeze, increased inventory, dropping prices, rising defaults, slipping consumer confidence and reluctant buyers.

ECONOMIC STIMULUS: NAR applauds the Economic Stimulus package passed by the U.S. Senate last night which includes important provisions that will temporarily raise the FHA loan limits.NAR developed estimates of the temporary FHA and GSE single-family loan limits based on HUD’s existing FHA loan limits. Per the economic stimulus measure, HUD is required to publish the official new temporary loan limits within 30 days of enactment. NAR’s figures are estimates, not official figures. GSE limits remain $417,000 in Maine.  Maine’s estimated FHA increases here - Androscoggin - from $200,160 to $271,050; Aroostook - from $200,160 to $271,050; Cumberland - from $256,025 to $336,875; Franklin - from $200,160 to $271,050; Hancock - from $207,100 to $272,500; Kennebec - from $200,160 to $271,050; Knox - from $200,160 to $271,050; Lincoln - from $241,395 to $317,675; Oxford - from $200,160 to $271,050; Penobscot - from $200,160 to $271,050; Piscataquis - from $200,160 to $271,050; Sagadahoc - from $256,025 to $336,875; Somerset - from $200,160 to $271,050; Waldo - from $200,160 to $271,050; Washington - from $200,160 to $271,050; York - from $256,025 to $336,875.