Maine Real Estate Info

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.

More home buyers have a better chance now than at any other time in nearly a half decade to negotiate a home-buying deal that costs less and comes with some concessions thrown in.

In many locations, buyers will find a glut of new homes, more motivated sellers, foreclosures, auctions, short sales and other market conditions that can make it a really good time to buy.
     
That doesn’t mean throw caution to the wind. Here’s how to begin to navigate today’s housing market, step-by-step, and make a good deal without getting taken.

 Begin with making a personal “right-time-to-buy” decision. If you stretch financially beyond your means to go after lower-priced homes, foreclosures or short sales, you could be setting yourself up for failure. Today’s housing market is littered with home owners who borrowed more than they could afford.
     
On the other hand, if you wait for…CONTINUED >>>

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

In a press release to the Maine media today, MREIS reports that April home sales in

Maine picked up from March, but were still below figures from last year.

  A total of 708 homes sold in April 2008 compared with 650 in March 2008.  MREIS reports a 23.13% drop in sales of single-family existing homes comparing April 2008 to April 2007.  According to MREIS, 708 homes were sold during the month of April 2008, down from 921 homes in April of last year. The median sales price (MSP) decreased 11.34% to $178,200, down from April 2007’s MSP of $201,000. The median sales price indicates that half of the homes were sold for more and half sold for less.  The complete press release, including county level statistics for a rolling three month period, are posted at http://www.mainerealtors.com

In an article by MaineBiz.biz, Foreclosure filings in Maine increased 178% in April over the same month last year, according to data released today by RealtyTrac, a California-based firm that tracks the U.S. foreclosure market.

In April, there were 314 foreclosure filings in Maine, up 60% from March and 178% from April 2007, according to the press release.

Nationally, April saw a 4% increase from the previous month and a nearly 65% increase from April 2007. One in every 519 U.S. households received a foreclosure filing during the month.

The California Association of REALTORS has compiled this data in 2007.

My questions to the current real estate buyer is this…
How does this data compare to your current online real estate experience?

Do you feel these numbers accuratley reflect buyers in all states or just CA?
According to CAR…

• 81% of Internet buyers stay with the first real estate agent they choose to contact, you need to be found first!
• An incredible 97% of Internet buyers said they would use the same agent again. Traditional buyers? 50%.
• Number of agents an Internet buyer interviewed, on the median: 1; Traditional buyers? 3
• Internet buyers are more educated about what they want and are less likely to waste your time.  Internet buyers spent an average of 4.8 weeks doing research before contacting an agent; traditional buyers only 1.7 weeks.  Internet buyers bought a home on average after spending 2.2 weeks looking for a home with an agent; traditional buyers spent an average of 7.1 weeks. 
• Internet buyers previewed an average of 6.7 homes with their agent (they had already eliminated ones they did not wish to see), traditional buyers previewed 15.4 homes; an average of just under nine fewer wasted showings per customer;
• The approximate distance between previous residence and new residence for traditional buyers was 25 miles; for Internet buyers, it was 242 miles (you can sell anywhere compared to traditional ways)
• 69% of Internet buyers said response time was extremely important.83% of those buyers chose email as their favored communication method with their agent. 0% chose “in person.” (The Internet is the new “office visit.”)
• Internet buyers were far more satisfied in every important researched category of satisfaction than traditional buyers were; when asked the number one reason for satisfaction with their agent, 91% of Internet buyers said that satisfaction was because their agent “was always quick to respond.” Traditional buyers? Their number one reason was “worked hard on my behalf,” chosen by 62% of them, leading us to conclude that traditional buyers did not find their agents “quick to respond.”

The 2007 Internet vs. Traditional Buyer ReportPublished by the California Association of Realtors

SOUTH PORTLAND (April 23, 2008) - In a press release to the Maine media today, MREIS reports that Maine’s statewide median home price decreased 3.35% since last March, to $188,000.  Unit sales decreased 28.41% in that same time period.  Nationally, single-family home sales decreased 18.4% in March, and the national median sales price decreased 8.3%. 

Continued cold weather in Maine cooled many single-family real estate sales during the month of March 2008. Prices were down over three percent during the 12-month span and March sales decreased 28.41 percent, according to the Maine Real Estate Information System, Inc.

The complete press release, which includes first quarter sales by County is posted at http://www.mainerealtors.com.

This just in from the Maine Association of REALTORS:

National Association of REALTORS reports House and Senate lawmakers are moving quickly on a tax incentive to help stimulate housing markets. In the Senate, legislation would create a $7,000 tax credit, taken over two years, for individuals who purchase a foreclosed property as a principal residence between April 1, 2008, and April 1, 2009. A House measure would provide a $7,500 credit to first-time buyers for the purchase of any house as a principal residence between April 8, 2008, and April 1, 2009. The Senate bill is pending on the floor; the House bill is in the Ways & Means Committee. The Bush administration has voiced concerns about distorting markets and pricing.

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.

Okay, Let’s face it, when you have to register on a website just to see the Maine MLS properties for sale, you just as well back out and go to another web site without all those hassles, OR, you just fill in the blanks with false information to get to the results page. Now, thanks in part to MREIS (Maine Real Estate Information System), the Maine MLS search is even easier. No page registration required! This new user friendly feature is brought to you FREE on all of our websites at,

http://meservier.mreis.mlxchange.com/

http://www.meservier.com

http://mainerealestateexperts.com

http://www.MaineMLS.info

Along with this new feature, consumers can create a log-in, save their search and automatically be notified via email when something new comes on the market meeting their search criteria. And get this..you can then flag each individual property as Favorites, My Possibilities, Agent Recommendations, Rejects and Additional Properties. After the consumer has saved their search, they can log into their very own Private Client View website for easy search management. Try it out. For more information, contact our office at 207-784-2525 or email me at Mike@Meservier.com.

Oh, and one more thing…We even have all of the New Hampshire MLS search added into our search page for your convenience.  One more reason to use Meservier & Associates at Keller Williams Realty Mid Maine 34 Center Street Auburn, Maine 04210

In Maine, real estate licensees can hold 3 different types of licenses.  The entry level licensee will have a Sales Agent license which is temporary.  During this two year licensing period agents must practice full time and complete additional course requirements.  At the end of this two year temporary period Sales Agents must take and pass their Associate Broker license test.  An Associate Broker license is a 2 year renewable license.  Every Associate Broker in Maine must complete 21 hours of continuing education to be eligible to renew their license.  The third type of real estate is a Broker license.  Broker licensees are able to operate their own real estate company.  Many licensed Brokers aren’t company owners or operators but would be agents who have the highest level of real estate education available in Maine.

Unfortunately for sellers, the news isn’t great, and the numbers don’t lie. The good news is that the market is great for buyers! While inventory levels are very high, and interest rates remain low, with home prices having dipped slightly, more sellers are willing to make some concessions which make this the ideal time for buyers. It’s always a great market, it’s just a matter of who is benefiting the most, and today’s market is more beneficial to buyers than sellers typically. Read on…
Maine home sales fell 20% from February 2007 to February 2008, the Maine Association of Realtors said yesterday.

Realtors sold 555 existing, single-family homes last month, compared to 698 homes last February, according to a press release. The median sales price of Maine homes fell 2% during the same period, to $190,000.

Nationally, home sales fell 22.9% from February 2007 to February 2008, and the median sales price fell 8.7%, according to the trade group.

While the average median sales price (MSP) of a home in Maine has dipped only 2% since last year, residents of certain counties are experiencing much larger fluctuations in the value of their homes. Here’s a list of the three counties that have seen the greatest increase in home values and the three counties that have seen the greatest decrease in home values. All the data is available here.

County _MSP 06-07__ MSP 07-08_ % Change

Statewide $192,000 $188,000 -2.08%

Somerset $78,750 $96,500 22.54%

Oxford $146,000 $165,000 13.01%

Lincoln $212,625 $239,000 12.40%

Washington $120,000 $69,900 -41.75%

Sagadahoc $199,950 $167,500 -16.23%

Androscoggin $163,300 $155,000 -5.08%

Source: Maine Association of Realtors

To Search more than 24,000 Maine properties for sale, go to: Maine Real Estate Experts .com , Maine MLS .info or Meservier.com

Also…If you want to know what the real estate market is doing in your Maine neighborhood, visit: Maine Market Snapshot .com

Maine real estate Buyers and Investors….Today’s market plays to your advantage, you should be swooping in to make the most of reduced housing costs and favorable interest rates, instead of waiting. When the market turns, today’s bargains will be yesterday’s missed opportunities. 

While it is conceivable that home prices may drop further, it is likely that these decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by you having to pay off your mortgage at a higher interest rate making “playing the waiting game” a waste of time (and very little fun). This rate increase isn’t just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years. 

The table below demonstrates how even as home prices may drop, monthly mortgage payments basically stay the same; due to increased interest rates:   Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%
Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%

Today	Scenario 1	Scenario 2
Home Price $218, 900	Home Price: -5% $207,955	Home Price: -10% $197,010
Interest Rates 6.04%	Interest Rates: +0.5% 6.54%	Interest Rates: +1.0% 7.04%
Monthly Payment $1,054	Monthly Payment $1,056	Monthly Payment $1,053

Table: Kadlec, Dan. “Ignore the Headlines!”  Time 25 February 2008  

I have to ask myself…Why would my clients spend months in a situation that they want out of when they can begin their new lives in their new home today, with less interest? 

It’s NOT too late…Call me or email TODAY!…or…Fill out my Dream Home Finder yourself at: meservier.com - Dream Home Finder 

Michael Meservier
Meservier & Associates
Keller Williams Realty Mid Maine
34Center Street Auburn, ME

04210

office: 207-784-2525
email: REALTOR@mainerealestateexperts.com

Keller Williams Realty Mid Maine - 34 Center Street Auburn, Maine 04210. 

Sales of single-family homes fell 28% last month compared to January 2007, according to the Maine Association of Realtors. In January 2007, 688 homes were sold in Maine compared to just 495 last month. The median sales price for homes sold in January also dipped just over 2%, from $189,200 in January 2007 to $185,000 last month. The Maine Association of Realtors said in a press release that record snow fall could impact home sales.

Meanwhile, national home sales were down 22.4% from January 2007, and the median sales price for an existing single-family home dipped 5.1% to $198,700, according to the National Association of Realtors.

County Units sold
2006-07 Units sold
2007-08 % Change Statewide 2,656 2,131 -19.77% Piscataquis 71 31 -56.34% Franklin 83 46 -44.58% Washington 17 10 -41.18% Kennebec 272 186 -31.62% Cumberland 640 476 -25.63% Knox 92 70 -23.91% Lincoln 78 60 -23.08% Somerset 80 65 -18.75% Sagadahoc 66 54 -18.18% York 406 333 -17.98% Androscoggin 179 149 -16.76% Hancock 123 105 -14.63% Penobscot 290 269 -7.24% Oxford 108 108 0.00% Waldo 73 81 10.96% Aroostook 78 88 12.82%

PRESS RELEASE:  In a press release to the Maine media today, MREIS reports single-family real estate sales decreased over 28% during January 2008, compared with January 2007, with a total of 495 homes being sold. Statewide median sales prices for those homes dipped just over 2% to a median sales price of $185,000. The median sales price indicates that half of the homes were sold for more and half sold for less.  While prices decreased overall, several Maine Counties experienced double-digit price gains during the month of January. Nationwide, real estate sales were down 22.4% from January 2007.  According to NAR, the median existing single-family home price dipped 5.1% to $198,700. The Northeastern United States experienced a 25.7% regional decrease in sales.  However, NAR reported that prices rose 3.1% to $270,800 in the past year.