Maine Commercial Real Estate
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MAINE HOME SALES UP 8.6 PERCENT IN JANUARY
SOUTH PORTLAND (February 23, 2015)—Maine real estate sales continued to climb in January, fueled by second-home buyers and those not deterred by the weather. Maine Listings released monthly statistics today, which show that sales of Maine’s single-family existing homes jumped 8.60 percent last month. The median sales price (MSP) for those sales dipped 3.9 percent to $160,000. The MSP indicates that half of the homes were sold for more and half sold for less. The National Association of Realtors reported a nationwide sales increase of 3.9 percent in January, while prices rose 6.3 percent to a national MSP of $199,800. Regionally, sales in the Northeast were up 3.3 percent and…
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New York Times: Homeownership is Best Way To Build Wealth
The New York Times recently published an editorial entitled, “Homeownership and Wealth Creation.” The housing market has made a strong recovery, not only in sales and prices, but also in the confidence of consumers and experts as an investment. The article explains: “Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth.” Many of the points that were made in the article are on track with the research that the Federal Reserve has also…
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5 Reasons You Shouldn’t For Sale By Owner
Some homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers. Here are five reasons: 1. There Are Too Many People to Negotiate With Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner: The buyer who wants the best deal possible The buyer’s agent who solely represents the best interest of the buyer The buyer’s attorney (in some parts of the country) The home inspection companies…
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7.3 Million Boomerang Buyers Poised to Recover Homeownership in Next 8 Years
In 2015, the first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home. More waves of these potential boomerang buyers will be moving past that seven-year window over the next eight years corresponding to the eight years of above historically normal foreclosure activityfrom 2007 to 2014. While millennials have gotten a lot of attention lately as the generation whose below-normal homeownership rates are changing the landscape of the U.S. real estate market, the boomerang buyers — who are primarily Generation Xers or…
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Maine Real Estate…as the Patriots go…
As the Patriots go… So goes the Maine real estate market! I am sure you would not be surprised to know that Maine Single Family home prices are perfectly correlated to the fortunes of the New England Patriots Super Bowl performance since the turn of the 21st century. If you live in New England, it seems like an obvious predictor of market movements. Read more…
- Blue Hill Maine Real Estate, Brunswick Maine Real Estate, Camden Maine Real Estate, Cape Elizabeth Real Estate, Damariscotta Real Estate, Economic News, Kennebunk Maine Real Estate, Kittery Maine Real Estate, Maine Commercial Real Estate, Maine Real Estate, Midcoast Maine Real Estate, Mount Desert Island Real Estate, Portland Maine Real Estate, Real Estate News, Wells Maine Real Estate, York Maine Real Estate
RESPA/TILA Changes Right around the Corner
While August 1 may still be six months away, now is the time to start thinking about the RESPA/TILA changes that will go into effect on that date. There will no longer be Good Faith Estimates (GFEs) or Truth in Lending disclosures. Those two forms have been combined into a single “Loan Estimate” or “LE.” However, this new form is not really an estimate in many respects, since lenders will be held accountable to the exact charges listed and must come within 10 percent on many of the others. Also, the estimate must be given within three days after six items of information are collected: the consumer’s name; income; Social…
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Maine’s Real Estate Sector Rose 2.4% Over 2013
The real estate sector, a leading driver of Maine’s economy, rose 2.4% over last year according to the latest data from the Maine Real Estate & Development Association (MEREDA). In its semi-annual report on the state of Maine’s real estate industry, the MEREDA Index, increased to 78. The increase in the Index is attributed to the overall increase in the real estate industry—specifically residential home sales, commercial transactions, occupancy rates and new construction jobs. This is the second consecutive increase in the Index since its inception. “This third release of the MEREDA Index shows signs of an improving real estate economy for the State,” said Drew Sigfridson, President of MEREDA and…
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DOUBLE-DIGIT REAL ESTATE GAINS STATEWIDE – SALES UP 12.63 PERCENT IN MARCH
Buyers of Maine real estate have entered the spring market in force, leading to double-digit sales gains during the month of March. Maine Listings today reported a 12.63 percent increase in single-family existing home sales compared to one year ago. The statewide median sales price (MSP) dipped 4.71 percent to $162,000. The MSP indicates that half of the homes were sold for more and half sold for less. According to the National Association of Realtors, single-family existing home sales are down 7.3 percent across the country. The national MSP rose 7.4 percent to $198,200 last month. Regionally, sales in the Northeast dipped 4.8 percent. The regional MSP increased 3.2 percent…
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Legacy Properties Sotheby’s International Realty Ascends to Rank as the 6th Largest Residential Property Company in Maine
Maine Real Estate (February 7, 2014)— Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta and Camden, announced that its total dollars sales volume ranks it among the top 6 residential property companies in Maine. The company reported record results for 2013 in Maine home sales as measured by both units sold and total dollar volume sold according to statistics gathered from Maine Listings. While there is no official release of Maine Real Estate Company rankings, the statistical analysis revealed that Legacy Properties Sotheby’s International Realty is ranked number six in terms of dollar volume of sales. “What could be more exciting than to see our company…
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MAINE HOME SALES UP 2.65 PERCENT IN NOVEMBER
SOUTH PORTLAND (Dec. 19, 2013) — The winter snow has not dampened Maine’s end-of-year real estate market. Maine Listings reported an increase of 2.65 percent in the sales of singlefamily existing homes during the month of November. The median sales price (MSP) for the 1,086 homes sold rose 1.6 percent to $175,000. The MSP indicates that half of the homes were sold for more and half sold for less. According to the National Association of Realtors®, sales nationwide dipped a slight 0.9 percent, while the national MSP reached $196,200—a jump of 9.4 percent. The Northeast region witnessed a 6.6 percent rise in sales over the past 12 months, and the…