Friday, October 9, 2015

"Know Before You Owe" Mortgage Initiative

New rules have taken effect that will change your home buying experience!

The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.” 

Mortgages are complex and confusing. This new rule primarily does two things:
  1. It simplifies and consolidates some of the required loan disclosures, and
  2. It changes the timing of some activities in the mortgage process.
If you are a buyer and would like to better understand the complicated process of applying for a mortgage, click here for a helpful step-by-step guide that includes information on the mortgage process and the new regulatory changes.  This booklet is a toolkit that can help you make better choices along your path to owning a home.

Wednesday, July 15, 2015

Real Estate Sales & Prices Are Up!

It's been a busy real estate season in Maine and across the country!  Sales are up...  and prices are up too!

Check out these promising numbers:

June 2015 over June 2014Statewide:
2014: 1,513 units sold
2015: 1,788 units sold
Change: Up 18.18%

Median Price:2014: $185,000
2015: $187,000
Change: Up 1.46%

Second Quarter 2015 over Q2 2014Statewide:
2014: 3,830 units Sold
2015: 4,155 units Sold
Change: Up 8.49%

Median Price:2014: $175,000
2015: $184,000
Change: Up 5.84%

Monday, January 12, 2015

Market Update

In 2014, the Maine housing market improved on a year-to-year basis.  Home sales in the Portland area rose by 4.2 percent compared to 2013. The 551 single family housing units purchased in 2014 comes close to the 2005 record of 570 and also marks the city’s third consecutive year of increasing sales numbers. However, this performance is still lower that the 21.3 percent improvement in home sales that Portland recorded in 2013.

On the upside, this slowdown in Portland sales rates brings the city’s average to a level below state averages, as well as below the numbers clocked in several other communities across the state. Median sales prices in Portland increased by a subtle 2.1 percent and the average price now stands at $238,000. This marks the fourth year in row with selling price improvements on the Portland single family home market.

At the same time, the 2014 median selling price in Portland sits above the state average, which was stagnat last year.  Portland remains by far the largest real estate market in the state and hopefully provides some clues as to how the market will evolve statewide for 2015.

Buyer demand is expected to increase in 2015.  Let's keep our fingers crossed!