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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

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

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

Displaying blog entries 1-3 of 3

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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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