Most recently I conducted an Open House on a charming cottage style new construction home on Little Sebago Lake in Maine. It was a sunny but chilly Sunday and it was pleasant being inside looking at the indigo blue water and the seldom seen whitecaps on the lake. I was pleased to have a flurry of activity with several parties arriving at once to view this home. Lake homes always attract would be buyers who dream of ownership and living the lifestyle that lake ownership affords. One of the parties commented on the fact that they were cash purchasers and that was a good thing since it was practically impossible to get loans today. I was shocked at this perception. Shortly thereafter a mortgage broker arrived who was also a neighbor. Neighbors love to see what is happening in their area to put their own value on their home when matched against what they see. As the conversation progressed, I mentioned to this mortgage broker that she should speak to the other party who had made the statement about the inability to obtain financing in this real estate market. What a perfect opportunity to dispel an inaccurate belief! The bottom line was that loans are readily available to those with good credit and she had several examples to prove that with current start up projects in Maine being financed through her mortgage company. There are also funds available for second homes, for those who are going in that direction. It is very easy to buy into the incorrect information that is put forth as blanket statement for the whole United States. In Maine, our prices did not go as high as many other areas during the fast appreciation years so the falling prices are not as severe. The key as always to selling is correct pricing. This summer I listed a home that went under contract in less then a week when priced to sell and it was not bargain basement pricing. Right now there are some fabulous opportunities in the Lakes Region of Maine. Many folks who could afford the luxury of a second home are no longer able due to the decline of stock market revenues. There are fabulous homes now listed in the $800k range which a few years ago would have been listed for close to 2 million dollars. For those who are investors, now is the prefect time to purchase. Don't listen to those gloom and doom forecasters. Check with local real estate agents in the areas that you are interested in for the real story. If you are looking for lakefront investments call me for an up to date report.
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