Maine Real Estate Blog

While the number of home sales in April increased from March, sales overall compared to last april are down by about 23.13%  The median Sales price also decreased by 11.34 percent. The current median sales price for the state is $178,200 down from last April’s median sales price of $201,000.

Nationally, real estate sales have declined 16.1 percent in the past 12 months. Prices have also droped by 8.5%.

Reginally in the North East, sales have droped by 14.7% over the past year.

While a home seller may get less for their home then they might have last year, they are still able to get a good deal on the home they purchase plus interest rates remain low making it a great time to buy.

The data is in on March sales. Home prices across Maine were down over 3% and home sales decreased by 28.41% Specifically, 650 Homes were sold this March as apposed to 908 homes in March 2007.

Though not nearly as bad as other parts of the nation, this data follows a nation wide trend where single family home sales were down 18.4% in March. The national median sales price also declined by 8.3%

Specifically in Cumberland county,sales of homes fell by 27.97% across a rolling quarter. Prices of homes fell 2.27% as well.

What does this mean for you? Email with your questions and we’ll post the answers on our blog!

Here are a few reasons that homes often don’t sell:

 Smell: Often times, after having lived in a home for a while you grow accustomed to it’s odors and smells. You may not even realize that your home has a strong odor at all, but someone who is visiting for the first time will notice it almost immediately. Smells can come from pets, baby diapers, foods, cigars, mulch, neighbors, and the surrounding environment. Obviously, there is only so much you can do about what your neighbors are doing on their own property, but you can make sure your home has been freshly cleaned, and that anything odor producing has been removed from the house.

Not Staging Your Home First: Sometimes sellers don’t want to spend the money getting their home ready for the market, but its almost ALWAYS worth it. Getting all of personal items out and giving your home an updated look makes a home much more appealing to shoppers. Having a home stager come is highly recommended in a difficult market. Its what can set your home apart from the rest.

Avoiding Feedback: Listening to buyer feedback with an open mind is important. As a seller, you are likely very attached to your home and you probably feel that its one of the better homes on the market. Its easy to take offence when a buyer comes through and points out only the negatives, but try to take the emotions out of the process and really listen to what they are saying. You may have been ok with the problems while you lived there, but now buyers have  a lot to choose from, and they don’t have to live with all the little quirks.  Buyers have the ability to be selective and find a home that meets their expectations. If you can fix the problems, you may want to consider doing or so, or dropping the price to reflect the extra work needed.

Improper Pricing: No matter how well your real estate agent markets your home, it will not sell if it is over priced. Buying a home is an investment and people will be looking to make a smart one. Buyers also will likely be working with a real estate agent who will be advising them on what similar properties have recently sold for and helping them determine a fair market value. The chances that you’ll find a uneducated shopper who is willing to pay a high asking price in this market is unlikely, so don’t waste valuable selling time waiting for them.

Not Taking Your Agent’s Advise: Hopefully when you selected an agent, you made and attempt to pick a successful and experienced person. Almost all real estate agents want your transaction to go well and for you to be happy with the process. They are not looking to sell your home at a rock bottom price in order for a lightening fast sale, its just not in their best interest to do so. They want you telling everyone you meet about what a good job they have done, so when your agent tells you its time to drop the price, or gives you a starting price that doesn’t match what your expecting, don’t automatically think its wrong. When they say your home needs a paint job, or some cosmetic repairs, don’t throw them out on the lawn, take some time to consider what they saying. Agents have a very clear idea of whats going on in the current market and know what your home will realistically sell for.  You should want an agent who will be upfront and honest with you, the agents who are who arn’t will only cost you money, stress, and your valuable time.

 Request a free market analysis of your home: info@brettdavisrealtors.com

Browse Homes or find a sales agent

Others articles that may interest you:

How to Sell your Home Fast! 5 Mistakes Anxious Sellers Make

Tips for Selling as Features on Good Morning America

10 Steps to Prepare your Home for Sale

Below are some of the great tax benefits

of owning a home as seen on Maine Today.

Deductions:

Mortgage Interest:Mortgage interest is fully deductible from your tax returns. Since mortgage payments in the early years of a loan are mostly interest, this tax break has long helped buyers afford their new homes. The deduction is allowable on up to $1,000,00 in loan proceeds used to purchase a primary and/or second home.

Property Tax: Any local or state property taxes paid on your home from your federal tax returns is fully deductible.

Points paid on Home Mortgage: Fully deductible in the year they are paid.

Here is an example of the kind of tax benefits you can receive.

Say you purchase a home on Feb. 15th. for $250,000 and put $50,000 down. You have a 30 year fixed-rate mortgage at 6.17 percent and two points paid.

Mortgage Interest: $9,749

Two Points Paid (2%) $4,000

Property Tax: $4,750

Total Deduction Allowable: $18,499

Additional Tax Benefits:

If you spend money on certain home improvements and you save the receipts and records, you can reduce the amount of capital gain when you sell.

Also, if you sell your home and have a gain, it is not taxable if its no more then $250,000 for single person or no more then $500,000 for a married couple. To receive this benefit you must have lived in the home for at least two of the five years prior to the sale of the property.

Finally, if you use a part of your home exclusively and regularly for business, you may be entitled to a home office deduction.

Turn up your speakers and take a listen to the new Brett’s Team radio ad!

boomp3.com

Moving can be very  stressful on your pets. Follow these smart tips from the The Humane Society to make the transition with ease!

Moving Day

On moving day, when you’re packing up boxes and loading your truck, keep your pets confined to a quiet area of the house and put a sign on the door that says “do not enter- pets”. Then make sure to let all of your helpers know about their location. Keeping the pets separate in a quiet spot will help keep their stress level down and reduce their risk of running away.

Have new tags made for your pets as soon as you know your new address and telephone number. It’s best to do this before you actually move so that if your pet does get lost, you will be easy to locate.

Before you move, talk to your vet. Make sure you have all the documents you need if you will be transferring to a new vet, and see if they have any recommendations if you have a particularly nervous pet.

Traveling

When moving, make sure you pet has a sturdy carrier to keep them safely confined. Keep the vehicle well ventilated and allow you pets time to get out and stretch, drink water, and relieve themselves.

In Your New Home

When you bring your pet into their new home, show them the appropriate place to relieve themselves then reward them with lots praise when they do. Even pets who have been housebroken for years can become confused in a new place. Make sure you have some of their favorite belongings set out to help ease the transition. Put out their bed, toys, etc. But most importantly keep your routine as close to normal as possible.

If you’re considerate of your pet during this stressful period it will likely be no time at all before your pet becomes settled and king of their new domain!

http://www.hsus.org/

www.brettdavisrealtors.com

Real Estate Blogs Directory
- Directory of real estate blogs and blogs of industries affiliated with and
serving the real estate industry.

BlogCatalog Blog Directory

–Directly of Blogs

Top Stories
—Directory of Blogs

—Blog Top List

CONTRACTORS ARE NOT LICENCED- Buyer Beware!

While there are a great many competent, ethical home contractors in Maine, it is up to you, the consumer, to find one. Home contractors are not licensed or regulated by the State of Maine. the old saying “Buyer Beware” applies. You should also keep in mind that the lack of state licensing allows the worst contractors to compete for your business alongside the best. The Attorney General’s Consumer Mediation Program ranks home contractors among the top three most complained about business every year.

The Maine Attorney General’s office strongly recommends that you ask any contractor you are considering hiring for several references and that you follow up on them. It is also a good idea to check with your local building supply companies or real estate brokers. They will know the dependable contractors in your area.

Although home construction contractors are not licensed, some building trades are licensed. Plumbers, electricians, oil burner technicians, and installers of mobile and modular homes are licensed in Maine. For more information on these licensed trades, go to www.maine.gov/pfr/pfrhome.htm

BUILDING CODES

While some towns and cities have adopted building codes and enforced them, others have not. We recommend that you talk to your town’s code officials before you begin construction.

WRITTEN CONTRACTS ARE REQUIRED

For all home construction and home improvement projects over $3,000, Maine law requires a written contract with a specific provision that prohibits payment up front of more than one third of the contract price. When a contractor asks you for any money up front, make sure that the money is being used to purchase materials for your project. Ask for receipts and for a lien waiver from subcontractors. A model home construction contract that meets State law can be found in Chapter 18 of the Maine Attorney General’s Consumer Law Guide. Go to www.maine.gov/ag/index.php?r=clg&s=chap18.

BE CAREFUL WITH CONSTRUCTION LOANS

If a lender is financing your construction project, make sure that you know your lender and that you understand how your loan proceeds will be disbursed and how subcontractors will be paid.

HOME CONTRACTOR COMPLAINTS RECEIVED BY THE ATTORNEY GENERAL

You can find out if a particular contractor has been the subject of a consumer complaint that the Attorney General attempted to mediate by contacting the Attorney General’s Consumer Protection Division at 1-800-436-2131 or at consumer.mediation@maine.gov The Better Business Bureau may also have relevant information on companies. Go to www.bosbbb.org or call (207)878-2715. Keep in mind that just because the Attorney General has accepted a complaint for mediation does not necessarily mean the consumer was right and the contractor was wrong.

HOME CONTRACTORS THE STATE HAS SUED

In the recent past the State has successfully sued the following home contractors for poor workmanship or failure to complete jobs:

-CBS Enterprises ( Kimberly Mark Smith & David J. BLais)       

-Frederic Weinschenk of Weinschenk Builders Inc.

-Stephen Lunt of Lakeview Builders, Inc.

-Bob Burns of Better Homes

-Albert Giandrea of AG’s Home Quality Improvements, Inc.

-Al Verdone

-Mikal W. Tuttle of MT Construction, DMi Industries, Inc. & MT Construction, Inc.

YOUR HOME CONSTRUCTION RIGHTS

Chapter 17 of the Maine Attorney General’s Consumer Law Guide explains your rights when constructing or repairing your home. Chapter 18 of the Consumer Law Guide is a model home construction contract that meets the statutory requirements for any home construction contract over $3,000. Go to http://www.maine.gov/ag/index.php?r=clg.

All of the above information must be provided to the consumer by the builder should the contract be for work totaling more than $3,000.