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Showing posts from 2015

"Know Before You Owe" Mortgage Initiative

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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: It simplifies and consolidates some of the required loan disclosures, and 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.

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 2014 Statewide: 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 2014 Statewide: 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%

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 f