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Friday, April 24, 2015

Maine Single Family Home Sales Up

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SOUTH PORTLAND (April 22, 2015)—Healthy real estate market conditions led to gains in both March sales and prices for Maine’s single-family existing homes. Maine Listings today reported a 6.5 percent uptick in sales over the past 12 months. Median sales prices (MSP) for those homes increased 4.94 percent to $170,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, single-family existing home sales rose 10.9 percent in the past year. According to the National Association of Realtors, the national MSP of $213,500 represents an 8.7 percent price gain. Sales in the regional Northeast increased 1.6 percent and the regional MSP of $240,500 indicates a 1.6 percent rise in prices. Marie Flaherty, 2015 President of the Maine Association of Realtors, said, “The new statistics provide further validation that we are in a stable market currently. Historically, healthy market price appreciation has been approximately four percent a year, which we are experiencing now.”
To help buyers and sellers alike, the Maine Association of Realtors is hosting Maine Open House Weekend on May 2-3, 2015. “This special event offers sellers an excellent opportunity to showcase their homes, and provides buyers with a wealth of tours, information and education to make a sensible home decision. If you are in the market to sell your home,  contact us to schedule your open house for May 2-3.
The two charts above show statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” the months of January 1, 2014 to March 31, 2014 and January 1, 2015 to March 31, 2015.   Maine Home Sales Jan- Mar 2014 vs 2015
Call us, your local professionals if you have any questions or would like to have a complimentary Price Trend Analysis done.
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated.

Saturday, April 11, 2015

Rent Vs Buying A Home

Rent vs Buy?

Have you ever been in a situation where you are moving to a new area for what ever reasons, and sometimes you find yourself in a tug of war as to what you should do.  Should you Rent or should you Buy?
It's hard when you don't know the area, or even if you do you just don't feel comfortable, or maybe the available inventory just isn't cutting it for you and you can't find what you like, but you have to make a decision.
Would it be easier to just rent a place for a year so you can get a feel for the lay of the land and at the same time keep your eyes open for that perfect home?  What if you have concerns that you may be moving again in a few years?

These are the types of questions I get asked more often than you would expect.  And to hopefully help answer that question I would like you to ask yourself a few questions instead, because you may already have the answer.

What Do You Need To Consider If You Decide To Rent?

How long are you planning to rent - should you go Month to Month or Lease? 

-Month to Month doesn't give you much sense of security, as the landlord may decide to do something different with the property and if you are on a month to month... well you could be out looking sooner than you had planned.

-Lease gives you some sense of security, but what if you find the home of your dreams?  Will you be able to get out of your lease?  Can you sub-let? Do you want to be bothered with that responsibility?

Legitimate questions and ones that need to be considered very thoughtfully.  I've seen situations just like this where folks found a place to rent, but the owners wanted a lease.  Thinking that if they did find a house they could just find a new tenant for the house they were renting.  And when it actually happen, there was no provision in the lease for early exit or sub-letting and their landlord wouldn't let them out of their lease.  Long story short, they lost the house they really wanted to buy and were saddled with a lease for another year.

Do you need the tax deductions 
- When you rent, your rent is not tax deductible (unless you are self employed and use a portion of your home for business {in some circumstances}).

Will Interest Rates Stay Where They Are?
-As of this post- Interest rates were  still below 4% - Who knows where they'll be next year

How About Pets? 
-Depending on where you live, finding a rental that allows pets can be a challenge, don't forget about the pets.

Cost to Rent
It has been suggested that if you pay 35% less in rent than you would in owning (this includes the cost of the mortgage, taxes, insurance…) then it may be smarter to rent.

Buying Considerations:

How long do you plan to live in that house?
If it’s less than say 4 years you may want to consider renting. When you buy or sell you have what is called “Closing Costs” - This is the cost to get the transaction done. Transfer Tax, Deed Prep, Title Search, Appraisal, RE Commission, Inspections, Pre-paids, Loan Fees, Attorney fees,  just to name a few..) These costs are over and above the price of the home. If you are selling your home you will have similar costs when you sell.   Depending on the market when you go to sell quickly, you may not be able to recapture those costs. Also, if you stay less than 2 years you may also have Capital Gains to consider.

What Is The Current Lending Landscape Like For Getting A Loan?.
Are you planning to get a loan on a home when you DO buy? Interest rates are at historic levels right now. Are you confident that they will be at attractive levels when you to decide to buy? If they go up, how much house will you be able to buy or not?

Are there Tax Advantages? 
Buying a home with a mortgage, you can write off the interest (as well as improvements when you sell). Do you need the tax deductions that the interest mortgage payment allows? Renting doesn't give you this option. Something to think about.

Pride of Ownership/It's Your Home.
It’s yours and you can do what ever you want to it, if you want to change it up, redecorate or remodel you are not (in most cases) limited to what you can do with your home (unless you buy in a historic district or a developments with a home owners association and restrictive covenants).

Profit Making
When you do decide to move and you own your home, again depending on the market at the time of you sell, you may enjoy a profit which when you rent is just money spent.

So, What Should You Do Buy or Rent?

 These are just a few of the things you need to consider, I'm sure there are more.  And only YOU can decide what is best for you.  However, I do recommend that you align yourself with a knowledgeable and professional local Realtor® who knows the market.  This is what they do for a living.  There are benefits to this relationship that you should take advantage of.  Ask them to share with you the market dynamics and local trends in housing where you plan to live.  Is the market appreciating, flat, depreciating?  Is it a buyers market or sellers market? What do Comparable sales tell you?  These and many other buying or selling decisions can be discussed and will give you a sense of good direction in whatever decision you ultimately make.

You might also want to talk to  your accountant as well to get the lowdown on your personal situation, there may be other tax advantages to buying over renting that you can explore.

Buying a home is a very big decision. Renting a home can be just as big a decision. At the end of the day however it's a decision you will have to live with.

(Any questions regarding your personal tax situation should always be discussed with your accountant)

Thursday, April 9, 2015

NH Seacoast Home Sales Report Q1-2015

NH Seacoast Home Sales Report - Q1- 2015

The numbers are in – I have just finished compiling data on home sales for Q1, 2015 in 19 Select Seacoast NH Towns.  The market is starting to heat up.

While most towns in our market saw an increase in the Average Sale Price over Q1/2014, at least 4 towns saw a slight decrease in the average sale price of homes.

Inventory levels remain low and buyer activity is starting to heat up.  Whether you are just now starting to look for a home, or perhaps prepare your home for selling, give us a call and we will be happy to walk you through the market dynamics currently taking place in your neighborhood.  
Click on Image  Then On Town or Click Town Name Below

Click On Image above to view Communities Page or click on a Town Below to view its 1st Quarter Sales Report Report. 

Dover, NH

Durham, NH

Exeter, NH

Greenland, NH

Hampton, NH

Hampton Falls, NH

New Castle, NH

Newfields, NH

Newington, NH

Newmarket, NH

North Hampton, NH

Portsmouth, NH

Rochester, NH

Rollinsford, NH

Rye, NH

Seabrook Beach, NH

South Hampton, NH

Stratham, NH

At Weichert Realtors-Points East Yankee Trader we continually review and analyze the sales information for the market towns in which we serve. We strive to know the communities where you live, work and play. This is our core business and, knowing what is going on in the local markets, helps us help you.

For a more detailed and comprehensive review of your home's value contact us at Weichert  Realtors-Points East Yankee Trader  for a complimentary price trend analysis.

Call Me - 603-430-1003

Time Period: Q1-2015 - Jan 1, 2015 through March 31,2015
Active* data within the linked reports was current as of – April 9th, 2015 - *Active does not include homes with a contract pending
Property types included: Single Family Residential and Condominiums -(not included in this analysis: Mfg Homes, Multi-Family, Commercial or land) 
Source: Market Trend Data is Sourced from: Northern New England Real Estate Network. Provided by an individual user of NNEREN.  NNEREN has not reviewed the contents and do not make any representations, warranties or guarantees regarding the accuracy, timelines or completeness of any statistical information and data provided. Subject to Errors &/or Omissions