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5 Tips for Buying in a Tight Market

by Fontaine Family

The Real Estate Market in Maine is Changing!
Use these 5 tips to improve your chances of buying your dream home this year!

When inventory is low, home prices tend to go up. Attempting to purchase a house in this type of market can make the already complex process of buying a home even more overwhelming. To help buyers successfully get through the buying process in a tight inventory market with as little stress and difficulty as possible, the National Association of Realtors® has these five suggestion:

1. Determine and stick to a budget. Before beginning the house hunting process, prospective homebuyers should receive preapproval from one or more lenders to verify the amount of money they are qualified to borrow. Then, after taking into account additional costs of ownership such as taxes, utilities and insurance, buyers should determine a final budget they can comfortably afford. When listings are scarce, bidding wars can drive up prices, so buyers must be prepared to walk away if the asking price surpasses their budget.

2. Identify desired neighborhoods and home wants versus needs. When housing inventory is tight, buyers may need to compromise on what they believe they want from a home. Certain wants, such as stainless appliances or hardwood floors, can be added later. However, if a buyer wants to be in a specific school district or have a decent sized backyard, those cannot be addressed later and must be taken into account during the house hunting process.

3. Be ready to make a decision quickly. In a seller’s market, homes rarely stay on the market long, so when a house that is in their budget and checks off all of their needs come along, buyers should not hesitate. Buyers should be ready to submit an offer quickly, or they may risk missing out on the home altogether.

4. Bid competitively and limit contingencies. It is tempting to submit a low offer as a starting bid, but in a seller’s market buyers need to put forward their highest offer from the very beginning or they are likely to lose out on the home. It is also important to remember that in multiple bidding situations it is not always the highest offer that is most attractive to the seller but the one with the fewest contingencies. Removing restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller.

5. Work with a Realtor®. All real estate is local, so it is important to work with an agent who is a Realtor®, a member of the National Association of Realtors®, and who is familiar with the areas and neighborhoods the homebuyers are considering. Realtors® are the most trusted resource for real estate information and have unparalleled knowledge of their communities; they can give buyers the competitive advantage needed in a tight market.

From National Association of Realtors - May 2017

Tips for Preparing Your House For Sale

by Fontaine Family

Tips for Preparing Your House For Sale

When you are selling your house, you want to be the most attractive house in your price range. 
You want buyers to be afraid that someone else is going to buy your house before they do. 
Try out these tips to get your home ready to sell for top dollar & fas
ter

 

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.

Where Did the Summer Go?

by Fontaine Family

Where Did The Summer Go?

August is here...summer is coming to an end...and back-to-school
is right around the corner. 

In Maine, the weather is usually beautiful this time of year
and there is so much to do...let's take advantage of those
last few weekends of gorgeous weather before school starts and we get back into our fall routine.

Here are a few suggestions of things to check out in August!

The Topsham Fair 
August 8th - 13th
Harness Racing, Blueberry Pie Judging, Chocolate Chip Cookie Contest, Pig Scramble, Steer and Oxen Pull, Sheep Riding, Music, Backhoe Contest, Monster Truck Show...the list goes on and on! 
See the full schedule here.

 

Skowhegan State Fair 
August 13th - 22nd 
Demolition Derby, Aerial Escape Show, Tractor Pulls, Laser Tag, Pony Rides,  Log Loading & Chainsaw Contests, Live Bands, Vincenta's White Tigers, Alpaca Exhibit, and more. 
See the full schedule here.

 

Great Falls Balloon Festival 
August 18th - 20th
Food, Crafts, Basilica Tours, Live Dancers, Live Music, and lots of Hot Air Balloons floating over Lewiston/Auburn! 
See the full schedule here.

Great State of Maine Air Show
August 26th - 27th 
See the Blue Angels, US Special Operations Command Parachute Jump Team, the Smoke-n-Thunder Jet Car and so much more!
See the schedule here.

Blistered Fingers Family Bluegrass Festival 
August 23rd - 27th 
Head to the Litchfield Fairgrounds to hear live Bluegrass from The Gibson Brothers, Larry Efaw & The Bluegrass Mountaineers, Nothin' Fancy, The Zolla Boys, and more! 
See the full lineup here.

August is a great time to be in Maine! 
Still need more ideas?  Check out our "Things To Do" page and find great ideas for things to do all year in Maine! 

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
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