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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.

Housing Inventory Hits New Low

by Fontaine Family

U.S. Housing Inventory Hits a New Low… List Your House TODAY!

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Hits a New Low… List Your House TODAY! | Simplifying The Market

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.

Are You Ready To Sell?

by Fontaine Family

If you are considering selling,
now could be the time! 

Homes are selling fast! 

SOLD in 2 days for OVER asking price!

SOLD in 5 days for FULL PRICE!

UNDER CONTRACT in 9 days!

UNDER CONTRACT in 3 days!

UNDER CONTRACT in 4 days!

UNDER CONTRACT in 3 days!

If you are considering selling this summer, give us a call to get started today! 
We may be able to sell your house in just days!

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

Buyer's Market or Seller's Market

by Fontaine Family

Maine's Real Estate Market Is Hot!
Is it a Buyer's Market or a Seller's Market?


A balanced marked typically has about 6 months of inventory on the market. 

A Seller's Market is when there is not enough inventory to meet the demand of the market. When you fall below 6 months of inventory on the market, you have a Seller's Market.

A Buyer's Market is when the supply of property exceeds the demand of buyers. When there is more than 6 months of inventory on the market, you have a Buyer's Market.

So what is the market doing in Maine? 
It depends on where you are! The market is so different from area to area, it could be a Buyer's Market in one county and a Seller's Market in another. 

  • Androscoggin County - Seller's Market - 4.3 months of inventory
  • Cumberland County - Seller's Market - 3.4 months of inventory
  • Franklin County - Buyer's Market - 14.8 months of inventory
  • Kennebec County - Balanced Market - 6.5 months of inventory
  • Oxford County - Buyer's Market - 8.8 months of inventory
  • Sagadahoc County - Seller's Market - 4.6 months on inventory
  • Washington County - Buyer's Market - 19 months of inventory
  • York County - Seller's Market - 4.5 months of inventory

The market is changing fast so next month, this could be a different story. 

Do you have questions about the market in your area? 
Let one of our talented agents answer your questions. 
Call us today! 
Auburn: (207)784-3800
Scarborough: (207)289-3830

Maine Homes Wanted!

by Fontaine Family

Looking for Maine Homes to Sell!

We have buyers looking for homes to buy and the market is experiencing a shortage of inventory. 

If you have considered selling, and your home fits any of the descriptions below, give us a call today!
We might have a buyer waiting and ready to buy your home! 


We have buyers looking for...

Buxton, Standish or Scarborough

  • Home offering owner financing - up to $150,000

Cape Elizabeth or Scarborough

  • Luxury Home close to the water with a chef's kitchen - up to $1,000,000

Lewiston/Auburn

  • Any Style home with 2 bedrooms - up to $100,000
  • Victorian style home - up to $200,000
  • Home with at least 2 acres of land - up to $140,000
  • Home with and in-law unit or nice 2 Unit - up to $200,000
  • Lewiston home - between $175,000 and $250,000
  • Home with lots of Acreage including Lewiston/Auburn and surrounding areas - up to $450,000

Gardiner, Randolph, or Chelsea

  • 2 Bedroom home - up to $100,000

Gorham, Windham, or Scarborough

  • Cape with 2-3 bedrooms - up to $275,000

Greene, Turner, Leeds, Sabattus, or Wales

  • Ranch or Cape with 3 bedrooms - up to $275,000

Gardiner or Litchfield

  • Land - up to $35,000

Gorham or Windham

  • Cape with 3 bedrooms, 2 baths and a 1st floor bedroom - up to $300,000

Lisbon

  • Home with 2 bedrooms - up to $125,000
  • Colonial or Cape with 3 bedrooms, 2 bathrooms, & 2 car garage - up to $250,000

Old Orchard Beach or Brunswick

  • Multi-Unit property - up to $400,000

Portland or South Portland

  • Home in a walkable neighborhood with 2 bedrooms - up to $250,000
  • Condo with 2 bedrooms - up to $300,000
  • Multi-Units with 2-3 units - up to $450,000
  • Land - up to $130,000

South Portland

  • Condo or Single Family - up to $150,000

Scarborough, South Portland, Falmouth, or Cumberland

  • Newer home with 4 bedrooms, 3 baths, and a 1st floor master - up to $500,000

Standish, Raymond, or Windham

  • Waterfront on a small pond - up to $275,000

Yarmouth or Cumberland

  • Home in a neighborhood setting with 3 bedrooms & 2 baths - up to $500,000

 

or call us at 207-784-3800 in Auburn
or 207-289-3830 in Scarborough

3 Charts That Shout, ‘List Your Home Today!’

by Fontaine Family

Why Should You List Your Home TODAY?


In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

3 Charts That Shout, ‘List Your Home Today!’ | Simplifying The Market

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, let's meet up to evaluate the equity you have in your home, as well as the opportunities available in your market.

Maine Home Sales Are Up!

by Fontaine Family

Maine Home Sales and Prices Were Up in 2016!

The year-end numbers are in and both the number of homes sold and the sale prices for Maine overall were up in 2016 over 2015. 


The number of Maine home sales increased
11.71%
from 15,672 homes sold in 2015 to 17,507 homes sold in 2016

Home prices in Maine also increased
4.93%
from a median sale price of $180,500 in 2015 to a median sale price of $189,400 in 2016

Are you interested in what prices are doing in your neighborhood or what your home is worth in today's market?
 
Call today and one of our experienced agents will be happy to answer all your questions! 

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

Maine Home Prices Are Rising!

by Fontaine Family

Maine Home Prices Are Up From Last Year!

According to the Maine Association of Realtors, Maine home prices are up 5.33% for the quarter from June 1st - August 31 over the same timeframe in 2015.  The median sale price for the quarter this year was $197,500 up from $187,500 in 2015. Not only are prices up, but the number of properties sold us also up by 6%.  5510 units had sold in Maine by the end of August this year. 

The numbers vary from area to area.  Here are the median sale prices for some of the counties we serve...

Androscoggin County
   $150.000 up 6.38% from 2015      

Cumberland County
$280,000 up 9.8% from 2015    

Kennebec County
$152,000 up 1.4% from 2015    

Oxford County
$151,000 up 4.86% from 2015    

Sagadahoc County
$210,000 up 9.35% from 2015    

York County
$245,000 up 6.52% from 2015

Do you want to know what home prices are doing in your area or Maine? 

Give us a call at (207)784-3800 or (207)289-3830 and we would be happy to help you out!

Displaying blog entries 1-10 of 21

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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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