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A Tale of Two Markets

by Fontaine Family

A Tale of Two Markets
INFOGRAPHIC

A Tale of Two Markets [INFOGRAPHIC] | Simplifying The Market 

Some Highlights:

  • A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices!
  • Inventory continues to rise in the luxury & premium home markets which is causing prices to cool.
  • Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise!

Are you interested in knowing more about today's market? 
Give us a call at (207)784-3800 or (207)289-3830!


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Buyer Demand Outpacing Supply of Homes

by Fontaine Family

Buyer Demand Still Outpacing the Supply of Homes for Sale

The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

Buyer Demand Still Outpacing the Supply of Homes for Sale | Simplifying The Market

The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.

Seller Supply

The index also asked: “How would you rate seller traffic in your area?”

As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washington D.C. reported ‘strong’ seller traffic, and only 1 state reported ‘very strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Buyer Demand Still Outpacing the Supply of Homes for Sale | Simplifying The Market

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!

Don't Wait Until Spring!

by Fontaine Family

Are you thinking of listing your home this spring?
 DON'T WAIT UNTIL SPRING!!!

There may be snow on the ground,
but it w
ill melt soon and right now inventory is low. 
That means
that buyers are jumping on homes when they are listed
so homes are selling faster and for top dollar! 

There might be more buyers looking in the spring,
but there will also be more houses on the market. 
That means more competition for you!

One of our knowledgeable listing agents will be happy to meet with you
and provide you with a FREE opinion of value and expert advice
on how to get top dollar for you home without waiting until spring! 

Give us a call today at (207)784-3800 or (207)289-3830! 

Housing Market Expected to Spring Forward!

by Fontaine Family
Housing Market Expected To "Spring Forward" This Year | Simplifying The Market

Housing Market Expected To “Spring Forward” This Year

Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” 
Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows.
Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment.
Many more buyers are jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

Bottom Line 
If you are planning on selling your home in 2018, let’s get together to evaluate the opportunities in our market.
Call us at (207)784-3800 or (207)289-3830 to get started today! 

Buying or Selling in 2018? Hire a Professional!

by Fontaine Family

 

Are Buying or Selling in 2018?
Here are 5 Reasons You Should Hire A Professional!

As we start out 2018, most of us think of what our goals are for the New Year. 
If your goal includes buying or selling real estate, you need a Real Estate Professional on your team! 
Choose a professional who knows your local market,
and they will be able to help you achieve your real estate goals for 2018! 


Here are a few reasons hiring a Real Estate Professional is the right choice!

1.  PAPERWORK
A Real Estate Professional will help with all disclosures & paperwork necessary in today's heavily regulated real estate market.

2.  EXPERIENCE
A good Real Estate Professional is well educated in and experienced in navigating the entire sales process.

3.  NEGOTIATIONS
A Real Estate Professional will work on your behalf and act as a "buffer" in negotiations with all parties throughout the process.

4.  PRICING
A Real Estate Professional will help you understand today's real estate values when setting the price of your home, or when writing an offer to purchase.

5.  UNDERSTANDING OF CURRENT MARKET CONDITIONS
A Real Estate Professional will be able to explain today's local market conditions and explain what it means to you in your individual situation.

Are you ready to get started today?  E-mail us at brenda@fontaineteam.com or call us at (207)784-3800 or (207)289-3830!
 

Should I Sell My Maine Home This Winter?

by Fontaine Family

Should I Sell my Maine Home this Winter...
or should I wait until spring? 

This might be the most common question we hear this time of year.  Winter may not be the most convenient time to move, but there are advantages to selling in the winter.


1.  Less Competition 
In the spring, For Sale signs pop up like daffodils!  In the winter, there are less homes for sale, so there is less competition on the market increasing the chances that buyers will look at your home. If there are less homes for a potential buyer to choose from, the probability that your home will have showings...and offers...increases! 

2.  Serious Buyers Are Shopping 
Many sellers believe that there are not buyers looking in the winter.  The truth is, there are always buyers looking to buy.  Serious buyers usually don't stop their home search just because winter rolls around.  Serious buyers want to buy no matter what time of year it is! 

3.  Quicker Timeframes 
In the winter months, professionals typically involved in a real estate transaction such as appraisers, lenders, and inspectors, are often more available so your transaction may be able to happen more quickly. 

4.  Seasonal Staging 
Maine can be absolutely beautiful in the wintertime and decorating for the holidays can be easily turned into seasonal staging.  That festive, homey touch may be exactly what a buyer needs to see themselves living in your home...and that leads to offers! 

If you would like to discuss whether selling your home this winter is right for you...just fill out the form below, and one of our talented agents will contact you shortly!

Should Boomers Buy or Rent After Selling?

by Fontaine Family

Should Boomers Buy or Rent after Selling?

 

In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home.

“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent…Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”  This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?

A mortgage payment remains fixed. Rents, however…

The Census Bureau recently released their 2017 third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Should Boomers Buy or Rent after Selling? | Simplifying The Market

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Let’s get together so we can help you decide what the best step is for you and your family!

Call us at (207)784-3800 or (207)289-3830!

Why Is November The Best Month To Sell?

by Fontaine Family

Should You Sell Your Home In November?
November Could Be The Best Month To Sell!


Most homeowners think that once fall comes around, the home buyers disappear.  That idea may have been true at one time, but in today's market with a shortage of inventory, your home may be more likely to sell more quickly and closer to asking price in November and December. 

In today's real estate market, half of buyers are not married, so their decisions may not be based on children's school schedules.  Buyers who are looking in November could be moving because of job changes, they may have been too busy during the summer months, or they could have waited until after the busy season in hopes of getting a better deal.  November house hunters are usually more motivated and less deterred by things like snow, short days, and holidays.  If you make your house ready to view, buyers are likely to make an offer close to list price! 

Sellers tend to think that it isn't worth trying to sell during November and December and they take their homes off the market.  That could be a huge mistake for sellers.  Serious buyers who are in the market have fewer homes to choose from so there is a sense of urgency to make a good offer before someone else beats them to it!  With an already short inventory of homes for sale in Maine...we could be expecting multiple offers on listings that are priced right this November and December!  

Are you ready to sell your Maine home this November? 
Call us at (207)784-3800 or (207)289-3830 to get started today! 

Is Buying Cheaper Than Renting in Maine?

by Fontaine Family

Buying Remains Cheaper Than Renting in 39 States!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

Buying Remains Cheaper Than Renting in 39 States! | Simplifying The Market

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line
Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, let’s get together and find you your dream home.

Are you ready to start on the paty to financial independence by purchasing your own home? 
Give us a call today, and let one of the experienced Fontaine agents go to work for you!

Auburn:  (207)784-3800
Scarborough:  (207)289-3830

Maine Real Estate July Recap

by Fontaine Family

What happened in the Maine Real Estate Market in July? 

 Androscoggin County 

157 new residential listings entered the market in July with an average list price of $188,766.  In that same timeframe 137 residential listings sold with an average sale price of $155,516.  Those listings took an average of 60 days to sell.  Just for comparison, the average residential sale price in July of 2016 in Androscoggin County was $149,944. 

Boy are markets different from area to area in Maine….

Cumberland County

582 new residential listings entered the market with an average list price of $379,695.  During July 502 residential listings sold with and average sale price of $353,371.  They took an average of 37 days to sell.  The average sale price of residential properties sold in July of 2016 was $329,057.

Quite a bit different from Androscoggin County, huh?
  Even within the same county there are differences…sometimes huge differences.  That’s where an experienced agent is so important.  They will help you compare the home you are selling or the home you are interested in buying to other comparable properties in comparable areas.  As a seller, this will help you price your home competitively to give you the best chance to sell quickly for best possible price.  As a buyer, it will help you make an informed decision about what a home is worth so you can have the best chance to purchase your next home without spending more than you should. 

Do you have questions about the market in your area?  Click here to e-mail us and one of our licensed agents will get back to you to answer your questions! 

All information from Maine Real Estate Information Systems as of 8/9/2017.

Displaying blog entries 1-10 of 28

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Fontaine Family - The Real Estate Leader
336 Center St. Auburn, ME 04210
432 US Route 1 Scarborough ME 04074
(207)784-3800 Auburn
(207)289-3830 Scarborough
Fax: (207)786-2957

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