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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.