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The Maine Year in Review

By
Real Estate Agent with Maine Castle Realty

Maine Real Estate did see some decline in value this year, but no where near the level that other parts of the country saw.  For some it would be a year to forget, for others who took advantage of the increased inventory and buyer favored climate it was an opportunity for sound investing. 

Some realized  great values and took advantage of a chance to position themselves for the next wave of growth that will ultimately take place in the future.  It was and remains an excellent time to invest.

Mortgage rates have helped keep the buying trends favorable.  Like most investments there is some risk to realizing a handsome gain. Some, less experienced and gun shy, have opted to sit it out and wait for the bottom to fall further.  But the economic forecast does not support this decision because even if the market drops a little more, interest rates are so low so as to make up for any future decline. 

There are some savvy investors who are the fix and flip type and they have done well in the foreclosure market.  Foreclosures are plentiful and the 'as is' properties can be a great value if you have the resources to rehab a tired property with some good sweat equity. 

If you don't know how to locate those type of properties I can certainly help you with that. I know the market and can help you determine what the property is worth and what the property could be worth after rehab.  I will do all of this before you make the offer so that you can feel secure that you are making the best decision. 

Some tips when looking at foreclosures or 'as is' properties are to look for the big ticket items that can eat up your profits fast such as structural problems, heat and plumbing problems and electrical problems.  Stay away from anything that needs those big items if you don't have the resources to make those types of improvements.

The old adage of buy low and sell high could never be more true.  At this time, we are at the height of a buyers market  Now is your time to invest in real estate while the elements are in your favor.  Whether you rent or own you have to live somewhere, so why hesitate?  Start building equity, buy now. 

The main message here is Hey buyers!  What are you waiting for? Get out there and take advantage of your market!