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Maine Real Estate Update

by Fontaine Family

The Real Estate Market is Looking Up!

In September the amount of single family homes sold rose 17.16% over September of last year while sale prices rose 5.97%.  That's good news for sellers and maybe a wake-up call for buyers.  We may have seen the low point of the market for a while, so if you are considering buying...you may want to do it before prices rise more.


Check out these numbers for the third quarter of the year, running from July 1st - September 30th, 2015. 

State of Maine  5042 single family homes sold, up from 4402 in the 3rd quarter of 2014 - up 14.54%. The median sale price for 2015 was $187,500 up 4.75% from 2014.

So how does that break down from area to area? 

Androscoggin County  290 single family homes sold, up from 270 in the 3rd quarter of 2014 - up 7.41%. The median sale price for 2015 was $139,750 up 3.52% from 2014.

Cumberland County  1395 single family homes sold, up from 1161 in the 3rd quarter of 2014 - up 20.16%. The median sale price for 2015 was $256,800 up 4.60% from 2014.

Wow...they say the real estate market fluctuated from area to area and these numbers sure do prove that!

Kennebec County  The median sale price for the 3rd quarter of 2015 was $145,000 - up 1.65% from 2014. 440 single family homes sold, up from 354 in 2014 - up 24.29%...Wow!  Still that is not the highest in the state.  Washington County saw a 40.58% increase in single family home sales over last year, but still there were only 97 sales.

Oxford County  The median sale price for the 3rd quarter of 2015 was $138,750 - up 6.73% from 2014. 194 single family homes sold, up from 183 in 2014 - up 6.01%.

Sagadahoc County 140 single family homes sold, up from 127 in the 3rd quarter of 2014 - up 10.24%. The median sale price was $196,500 up 1.03% from 2014.

York County  865 single family homes sold, up from 775 in the 3rd quarter of 2014 - up 11.61%. The median sale price was $230,000 up 2.27% from 2014.

Click here to see the full report from Maine Listings. 

If you are ready to sell your home, or ready to buy before prices rise more, give us a call today to get started with one of our talented agents.

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

Down Payment vs. Earnest Money

by Fontaine Family

What is the difference between
Earnest Money and Down Payment?

When you are involved in buying or selling a property, there are a lot of real estate terms flying around that you should understand.  Often buyers are confused about the difference between earnest money and down payment. 


Earnest Money

Earnest Money is a deposit that is usually offered along with an offer to purchase real estate.  This deposit is meant to show good faith and true intent to purchase.  The buyer has something to lose if they decide to walk away from the signed contract without a reason that has been agreed upon on the purchase and sale.  The amount is negotiated between the buyer and seller.  In Maine we usually see a minimum of $500 earnest money - going up from there depending on the purchase price of the property.  As long as the sale closes as expected, the earnest money is applied towards the buyer's closing costs. 

Down Payment

A Down Payment is the amount of money a buyer pays out of pocket toward the purchase before a lender will provide a mortgage on the property.  The amount of the down payment depends on the type of mortgage, the buyer's credit rating, and other factors.  Occasionally there is a mortgage with no down payment but usually the down payment amount is between 3% and 20% of the purchase price of the property.

Do you have questions about buying or selling real estate in Maine?  We want to help!  Send your question to us by clicking here or call us at (207)784-3800. 

Home Prices over the Next 5 Years

by Fontaine Family

Home Prices: A 5-Year Outlook

 

Home Prices: A 5-Year Outlook | Keeping Current Matters

With inventory presently below historically normal levels, current & future home prices have been the topic of many real estate conversations. The most recent Home Price Expectation Survey was just released; giving insight into where experts believe prices will be leading up to 2019.

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Here are some highlights from their latest survey:

  • Home values will appreciate by 4.4% in 2015.
  • The cumulative appreciation will be 19.3% by 2019.
  • That means the average annual appreciation will be 3.6% over the next 5 years.
  • Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 11.7% by 2019.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

From KeepingCurrentMatters.com

Fall Home Staging Ideas

by Fontaine Family

Stage Your Home To Sell This Fall!

Fall has arrived in Maine...and it is beautiful! 

Why not take advantage of the beauty of the season
to improve your chances of selling for top dollar this fall? 
Mainers love the comfortable, colorful look and feel of fall. 
When they walk into your staged home and get that warm, comfortable feeling...
they might fall in love and decide they want to move in! 

Isn't the goal to make you home appealing to buyers
so they will want to live there? 

Here are a few ideas to stage your home to sell this fall!

1.  Welcome Home
First impressions are important so make sure your home looks nice from the road.  It might be tempting to skip the yard work, but making sure the lawn is mowed and leaves raked makes your home look cared for.  Consider adding some color to make your home more appealing with some seasonal flowers, pumpkins, hay bales or other seasonal items.  Just make sure not to block the doors or walkways.  Check out our Fall Front Porch board on Pinterest for some great ideas! 

2.  Harvest Table
The kitchen island or dining room table is a great place to add some fall flair.  First... declutter your countertops, island, and table.  You want the buyers to see what your home has to offer and not be checking out your toaster oven and dirty dishes.  Create a fall arrangement or centerpiece just to add a little interest and enhance all your kitchen and dining area has to offer.  Mini pumpkins, gourds, pinecones, fall scented candles...there are so many options.  It doesn't need to be extravagant...simple is great!  

3.  Comfy and Cozy
In the living room adding a throw, pillows or sprucing up your mantle can make a big difference in the mood of the room.  Buyers should feel at home.  Instead of making the room too personal, try making it look comfortable.  Make the buyer feel like they could just move right in! 


4. Smells like Fall
Warm apple cider, pumpkin pie, cinnamon rolls...don't you love the smells of fall?  Your buyers probably do also.  Try baking a pie, warming some cider, or lighting a scented candle before your showings.  Just don't go overboard.  You don't want your home to smell like a candle shop...just a hint of one of the wonderful scents of fall can help make things homier.

Are you ready to sell your Maine home
for top dollar faster this fall?

Pick up the phone and give us a call
for your FREE opinion of value including staging tips
to get top dollar for your home this fall! 

Displaying blog entries 1-4 of 4

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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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