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.

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 >>>

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

  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 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.

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

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.

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 

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.