Great news on the horizon…more and more I am seeing headlines such as "Existing Home Sales see Gains", Dow Tops 9,000 on Home Sale Recovery", "Home Market Points to Gains", "Home Sales Up", "US Net Worth Grows". All of this is great news and we are hearing that the recession is nearing its end.. What does all this mean to the Maine real estate market? We are following the national trend. For a second consecutive month, Maine's home sales are up…up 11.8% from July 2008, and home prices are down 13.8%. The decrease in prices and the national $8,000. tax credit have revved up the buying process. However, in Androscoggin County, both the median sales price (down 13.5%) and the number of homes sold decreased (down 7%). A SunJournal newspaper (July10) article states that the lack of jobs in the area is to blame for this. In 16 counties, only 5 counties are in the negative in sales, so Maine is catching up. Buyers are back into the market and Sharon Millett of Coldwell Banker Millett, believes that NOW is the time to buy a home (SunJournal July 10, Home Sales Up). Prices never stay down long, she said, they may begin to rise as early as the fourth quarter of this year as forecasters are predicting. Also, the first time homebuyers are running out of time for the $8,000. tax credit. This credit is really helping to stabilize the market, combined with low mortgage rates and falling home prices, it has helped end the worst housing recession in a generation. This is scheduled to end Dec1st so NOW is the time to act….especially if you fit into that 1st time homebuyer criteria ( not owned a home in 3 years and make less than $75,000. as an individual). It's also a good time to buy if you are selling and buying because you may sell your home at a lower price but will gain the advantage when you buy an upgrade at a lower price. So go on, get out there and help the economy recover….get pre qualified and then head on to your local Realtor and start your search. Your home is out there waiting for you.
Should you have any questions on these statistics and you want more information on the Androscoggin county market please call me at 207-795-9652
Information from the Lew. Sun/Journal article and statistics from NAR and MAR
Location Characteristics: The healing waters from Poland Springs are said to have relieved many hopeless cases of disease throughtout the world. The legend of the water brought about the famous summer resorts and hotles of the Ricker family. Now the site of Poland Springs Bottling and The Inn at Poland Springs, the history and natural beauty of the area are still preserved. Poland has the Preservation Park at Poland Springs Bottling, six lakes, and Rang Pond State Park. Square Miles..........48 Population..............5,100 Distance from Lewiston..........8 Miles
