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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