Greg Gosselin

MAINE REAL ESTATE SALES AND VALUES UP IN NOVEMBER


AUGUSTA (December 19, 2018)—Values are increasing for Maine’s single-family existing homes. According to the Maine Listings, the median sales price (MSP) for homes sold in November reached $219,000—a jump of 9.5 percent compared to November 2017.

The MSP indicates that half of the homes were sold for more and half sold for less. Sales statistics held strong with a 2.9 percent rise comparing November 2018 to November 2017.

“Overall, real estate continues to be a good investment, as steady long-term increased value is outpacing the volatility found in other investment options,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “Through November, Maine’s residential real estate sales volume is 2.7 percent ahead of 2017. The monthly 2018 statewide median sales prices are higher than each comparable month in 2017.”

According to the National Association of Realtors, sales dipped 6.7 percent nationally comparing November 2018 to November 2017, while the MSP rose 5.0 percent to $260,500 over that same time period. The regional Northeast experienced a 2.6 percent decrease in sales and a 6.5 percent rise in the MSP to $291,400 comparing November 2018 to November 2017. “Consumer confidence in home ownership remains high in Maine and owning a home is a good financial decision,” added Gleason. “If your 2019 plans involve selling or buying real estate, your local REALTOR® has the most accurate, up-to-date information on market conditions to maximize your investment.”

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    Vacation Homebuying and End-Of-Season Opportunities

    As you close the door on summer, are visions of your summer vacation flashing through your mind?  If you spent some time this summer at the beach, in the mountains or near friends or family in an area you love, you might be thinking of purchasing a second home to enjoy that location more often.  Now is a great time to consider such a move because many homeowners often put their vacation homes on the market after the season is over.

    But first, be sure to consider a few important issues. Consult with your financial pro. You might believe you can afford an additional mortgage payment, utilities, taxes and other expenses, but your financial situation might say otherwise.  Talk with your financial advisor to discuss the best way to pay for the vacation home – and its upkeep.

    Determine home use.  Will it be a vacation home for personal use, a rental property (with some personal use), an investment (no personal use), an eventual retirement home or another use?   Determine usage to understand tax implications and rental income that could offset expenses.

    Consider desirability.  Is the home easily reachable by your family?  If being used as a rental is the area a continual – or just seasonal – draw for visitors?  Examine the economic viability of the area, surrounding homes and amenities, and your home usage plans.

    Who will own the house?  If you can’t afford it on your own, you might consider siblings, friends, parents, or others to co-own it with you.  Be sure to meet with a legal professional to outline how expenses and improvements will be shared.   You’ll also have to consider creating a schedule of use time for all parties.

    Don’t go it alone. Even if the vacation home you’re thinking about is thousands of miles away, give us a call.  We can connect you with a real estate professional who will help you find a great vacation home anywhere in the world!

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