It's time to let folks know that Maine's real estate market is going through some changes. None of which have much of anything to do with the recent fall out of the secondary mortgage market. Fortunately we don't always have the highest of highs but we also don't usually experience the lowest of lows.
After 5 years of steady growth in appreciation and number of homes sold throughout the state of Maine things are settling. We have less sales, which means more homes on the market and market values for the time being are holding and/or dropping only the smallest amounts.
Interest rates are very, very steady at around 6.00% to 6.50% depending on the lender, you and the program being utilized. When it comes to financing it really pays to shop around and not only see who's going to give you the best rate but what program works best for your current financial situation.
Finally, the buyer has the edge no doubt and if you aren't real picky and want to expend the energy looking for that really motivated seller or foreclosure you can find yourself a nice deal. Otherwise it's the best negotiator wins! So align yourself with someone who knows the area market, has good communication skills and make sure their working for YOU!
Marc
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