Maine & National Real Estate News Jan. 2008
Maine's Oceanfront Specialists
Representing Real Estate Buyers in Maine
Maine & National News About Real Estate Sales
LOCAL AND NATIONAL NEWS INDICATES STRONG BUYERS MARKET
We continue to see downward pressure on real estate prices here in Maine. For the first time in memory we're seeing certain words appear on our Statewide MLS:
- "Bank Owned"
- "Short Sale"
- "Motivated Sellers"
- "Bonus to Selling Broker"
- "Seller to Pay...."
These keywords can only mean one thing! We're in a "BUYER'S MARKET". Good news for real estate BUYERS, bad news for real estate SELLERS.
Interest rates continue to drop and there are a lot more sellers than buyers around. All these factors makes for a unique buying opportunity that may or may not last through the summer --high season for real estate sales here along the coast of Maine.
Maine Real Estate Sales in November 2007
MAINE REAL ESTATE MEDIAN PRICES UP 1.62 PERCENT IN NOVEMBER;
SALES DOWN OVER 10 PERCENT
Median sales prices for single-family existing homes in Maine edged upward last month while sales of those homes were down over 10 percent. According to the Maine Real Estate Information System, Inc., 891 homes sold during the month of November 2007, a decrease of 10.63 percent from November 2006.
Median prices, however, rose 1.62 percent (go figure??). Maine's median existing single-family home price reached $188,000 last month, up from $185,000 last year. The median sales price indicates that half of the homes were sold for more and half sold for less.
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National News: December drop caps worst housing year in decades
MEDIAN 2007 SALES PRICE OF SINGLE-FAMILY HOMES FALLS FOR FIRST TIME IN 40 YEARS
"Sales are expected to be soft in coming months", said Lawrence Yun, chief economist for the real estate agent trade group, adding however, that sales are being supported by very low mortgage rates.
"The problem is that borrowers who need jumbo mortgages or who have credit problems are still facing a tighter lending environment," writes Mike Larson, real estate analyst at Weiss Research.
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CoastWise Realty Builds "Substantial Price Reductions" Page
PAGE GIVES VISITOR A LOOK AT LISTINGS WITH SUBSTANTIAL PRICE REDUCTIONS
We've built a first-ever "Substantial Price Reductions Page" for our web page visitors. Now anyone can find every coastal Maine waterfront listing that has seen recent and significant downward price adjustments. Listings like:
- Oceanfront homes over $1.5 million reduced $200,000 or more
- Oceanfront homes $1 million to $1.5 million reduced $100,000 or more
- Oceanfront homes $650,000 to $1 million reduced by $75,000 or more
- Oceanfront homes $500,000 to $650,000 reduced by $50,000 or more
- Oceanfront homes under $500,000 reduced by $50,000 or more
- Lakefront homes over $650,000 reduced by $75,000 or more
- Lakefront homes under $650,000 reduced by $50,000 or more
We've compiled a list of coastal Maine waterfront properties that have seen recent and substantial price decreases. Now buyers can quickly scan the entire coastal Maine waterfront marketplace from home or the office. This page puts the buyer on top of the key real estate values available anywhere on or near the coast of Maine.
Tour Coastal Maine Real Estate Listings with Recent & Substantial Price Reductions
CoastWise Realty - Maine's Oceanfront Specialists
We'll help you locate just the right property and guide you safely and wisely through the negotiation and acquisition process. Put our years of coastwise knowledge to work for you.
View all coastal Maine MLS listings.
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