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Sales of single-family existing homes in Maine continue a double-digit increase trend.  The Maine Association of Realtors show 1,613 homes changed hands across the state in May 2021—a 28.32% increase over May 2020.  High buyer demand continues to impact home values.  The statewide median sales price (MSP) increased 28.21% to $305,000 in May 2021 compared to May 2020.  May 2020 was the low point for Maine’s residential real estate market due to the COVID shutdown. Since then, the numbers have rebounded and continue to show strength.  These reported numbers reflect a comparison to the May 2020 COVID shutdown statistics.  May 2021 sales volume was comparable to pre-pandemic sales volume levels, about one percent above the May 2019 figures. We continue to see swift market conditions with most transactions navigating multiple offers.  Statewide, the days-on-market for May 2021 was only 6 days, compared to 17 days a year ago, and 20 days in 2019. The month of May brought additiona

If you're facing foreclosure, don't panic. Take steps right now to save your home or at least lessen the blow of its loss. Foreclosure Moratoriums Could Be Extended Foreclosures may be banned until 2022 if a new rule from the Consumer Financial Protection Bureau goes through.    The rule — which the CFPB says would benefit both underwater homeowners and mortgage servicers — would prohibit servicers from initiating the foreclosure process until after December 31 of this year. This  would allow for streamlined loan modifications to help post-forbearance homeowners get back on their feet.   If you are facing foreclosure, call your lender to determine your options, which can include loan modification, forbearance, or a short sale. When Will Foreclosures Resume? There’s no word on how quickly foreclosures would pick back up after the December 31 deadline passes.  In fact, the CFPB says there may even be situations when it will “permit earlier foreclosures” if the servicer has made c

You may be selling a home in a competitive market — for example, with low inventory and high demand. And you may be thinking “Yay!” or at least “Whew.” You know you’re likely to have more interested buyers, better offers, and a quicker trip to contract than you’d have otherwise. But along with that good news comes the need to manage your expectations by understanding what determines house prices and home sales. Factors include the right real estate agent, local market conditions, buyer preferences, seasonality, and mortgage rates versus inventory. Work with the Right Real Estate Agent to Sell Your Home What is going on in the U.S. as a whole is different than what’s going on in Austin, Texas.  And both are different than what’s going on in your neighborhood.  You might hear that it’s a strong seller’s market, but your home may be in a micro buyer’s market. Research your market on your own, then interview real estate professionals to find the best person to work with. Sellers should ap

Highly motivated buyers of single-family existing homes continue to pursue Maine real estate.  Maine Listings show a 35.68% sales leap in April 2021 compared to April 2020.  The statewide median sales price (MSP) reached $276,000—an increase of 17.05% comparing April 2021 to April 2020. Maine’s residential real estate market continues to be fast-paced.  The April 2021 statistics reflect a comparison to one year ago, when the state of Maine was in COVID shutdown status.  Last month’s sales volume was strong—13% above the pre-pandemic April 2019 figures.  As homes come onto the market, buyers are waiting and ready.  Statewide, the days-on-market for April 2021 was only 8 days, compared to 25 days one year ago, and 46 days in 2019.  We expect that improving COVID metrics and back-to-the-office vs. telework decisions may help stabilize the market urgency and upward pricing pressures that we’re experiencing. A REALTOR® is your best resource to navigate these market conditions, wheth

Get out your rake to perk up your grass after its long winter sleep. Jumpstart your lawn resuscitation as soon as the ground defrosts, and you'll avoid a muddy disaster zone later — not to mention ignite your neighbors' envy. Here's how to prepare your lawn for spring: #1 Assess the Mess "As soon as you can stand being outdoors for an extended period of time, see what hand you've been dealt by Mother Nature," says Missy Henriksen, vice president of public affairs for the National Association of Landscape Professionals. Case your property for thrown branches, dead leaves, and other debris. Clear it away so you're able to do a general inspection of your soil, lawn, trees, shrubs, and garden structures. See what grass is coming back -- or not. Get rid of broken tree limbs; call an arborist if they look dangerous. Now's the time to take stock and make a plan. #2 Rake and Wake Your Grass Just as you like to hunker down on those dark winter

Strong home buyer demand continued across Maine last month, with Realtors reporting 1,313 single-family existing home sales—a sales jump of 16.81% over March 2020.  According to Maine Listings, the statewide median sales price (MSP) reached $268,500, an increase of 17.79% compared to March 2020.   Maine residential real estate sales volume and median sold values showed continued strength during March 2021. The pace in the residential real estate market continues to be rapid.  For March 2021, the statewide days on market statistic was 11 days, compared to 48 days for March 2020. In this fast-moving market, homes become available for sale and are immediately met with pent-up buyer demand.  Whether you’re a seller or a buyer, start working with a REALTOR® when you first think about transacting real estate so that you’re fully prepared and ready to take action.

In light of COVID-19 crisis, the IRS has extended the income tax payment and filing deadline for individual  and business returns from April 15, 2021, until May 17, 2021. This relief does  not  apply to estimated tax payments for tax year 2021 that are due on April 15, 2021. You don’t need to file additional forms to qualify for this extension. Now that you’re a homeowner, your taxes may have gotten more complicated.  And you may be asking yourself, “Do I need an accountant?” And if you do, should you hire a certified public accountant (CPA)? And what’s the difference between a CPA and an accountant? Plus, you may be one of many people who worked from home last year because of COVID-19 and wonder if you can deduct some of your home office-related expenses. Or you may have moved out of state or tapped into your 401(k) for supplemental income. Here is some information to help you: The Differences Between Tax Experts and Other Options First you need to know there are different types of t

High demand for single-family existing homes across Maine continues, despite the yearlong COVID-19 pandemic. Maine Listings indicates a sales increase of 22.77% for the month of February 2021 compared to February 2020.  Home prices rose 12.91% to reach a median sales price (MSP) of $244,900 comparing February 2021 to February 2020.  The hot pace of residential real estate activity continues, with sales volume and median sold values significantly out-performing February of a year ago.  When listings hit the m arket, buyers are acting quickly. For February 2021, the statewide days-on-market statistic was 21 days, compared to 52 days for February 2020. Over the coming year, we’re hopeful for a return to pre-pandemic conditions, with more sellers entering the market which will ease the pent-up demand.  Until then, buyers should work with a REALTOR® to learn about the local market, develop a strategy, and remain committed and patient.

Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57% to $255,300 and sales volume jumped 18.38% comparing January 2021 to January 2020.  Coming off 2020, the best year ever for sales volume, we are struggling with historically low for-sale inventory statewide. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong, and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market.  The National Association of Realtors reported a 23% rise in sales of single-family existing homes across Cumberland Country comparing January 2021 to January 2020.  Home prices jumped 14.8% percent over January 2020, reaching a national MSP of $308,300 in January 2021.  This high demand, low supply

The COVID pandemic hasn’t stopped people from buying houses. But it has changed how buyers view  homes, with technology sometimes replacing the in-person experience. To help keep everyone safer and comply with state and local guidance, agents are using virtual home showings, virtual home tours, and virtual staging instead of or along with open houses, in-person showings, and traditional staging. That means you can buy a home without setting foot inside it. But it also means you need to understand what you are seeing – and not seeing. And you need to know what questions to ask.   Here’s a look at the virtual options and some of the pluses and minuses of each:  Virtual 3D Home Tours — Good for a First Look With a virtual home tour, a seller’s agent looks to show off a property’s best features. This marketing presentation is what potential buyers see online at a real estate site. It may be a 3D tour or a gallery of retouched photos of staged rooms. Regardless of the format, it shows the p

Maine’s residential real estate market fared well in 2020, despite the impacts of COVID.  The Maine Association of Realtors and Maine Listings show a sales increase of 9.82% for all single-family existing homes sold during 2020. Values rose by double digits during the year with a statewide median sales price of $256,000, which is an increase of 13.78%. The year ended with historic highs for the number of reported transactions (19,921) and median sales price. In month of December, sales across the state of Maine were up 31.53% compared to December 2019, and the statewide MSP of $270,00 represents an increase of 15.38% from the previous year. Sustained low mortgage interest rates and Maine’s reputation as a safe place to live relative to the rest of the U.S., combined with the emergence of teleworking has created an unprecedented demand for residential real estate in Maine.

Here are some creative ways to make your house lighter, brighter, and cheerier with more natural light indoors: #1 Take the Screens Off Your Windows You will get 30% more sunlight shining indoors without screens on your windows.   Sunlight warms your room and saves you money on your heating bill. Be sure to store your screens in your garage or basement where they won’t get damaged. In the spring you will want to put them back on so you can keep that 30% of the sun out and run your cooling system less. #2 Hang Outdoor String Lights Indoors Drape string lights around a window or a mantel or hang a string of LED glimmer lights in a tall potted plant. They will add a layer of soft light to your room and remind you of fireflies, flip-flops, and patio parties. #3 Lighten Your Interior Keep interiors pale to reflect and amplify light.   Think white walls, light woods for furniture and floors, and light upholstery.   To get the look without getting rid of your dark furniture and