Dick Buffum - Maine Realtor - Look What's Cookin in Real Estate

10/23/2022

In Maine the number of sales this year compared to last year has dropped for nine consecutive months yet the median sales price (50% above and 50% below) has increased. The market seems to have slowed a bit but there still remains opportunities for both sellers and buyers. Call or message me to discuss your particular circumstances.

First-time buyers were responsible for 29% of sales in August; Individual investors purchased 15% of homes; All-cash sales accounted for 22% of transactions; Distressed sales represented 2% of sales; Properties typically remained on the market for 19 days.

04/24/2021

OK here's the latest:

SALES AND VALUES UP IN MARCH: No surprise here!!!!

In a press release to the media April 22nd, Maine home sales increased 16.81% comparing March 2021 to March 2020. The median sales price (MSP) was $268,500, a 17.79% increase in that same time period. NAR reports that existing home sales and values were up nationally and in the northeast, comparing March 2021 to March 2020. Folks, that is a huge increase particularly in the median sales price. BUT BUT BUT when you look at a running average for January, February & March for York County in particular, number of sales are up to 554 vs 540 only a 2.59% increase however the median sales price is right in line with the stats for the month of March with York county being up 16.67% to a median sales price of $350,000.

So if you think this is the time to sell - you are right. Most properties placed on the market with an asking price close to what it should be are experiencing multiple offers i.e. a bidding war. It takes a professional to help navigate that scenario whether you are a seller or a buyer.

I am here to help. Give me a call and we can discuss your particular circumstance. Thank you for your attention and stay safe.

06/22/2020

The Maine Association of Realtors is reporting that Realtors sold 21.34% fewer homes in May 2020 (1,257 sales) compared to May 2019 (1,598 sales). Prices, however, continued to rise with a median sale price increase of 3.43%. Inventory remains low, down 28% from a year ago, which accounts for the median price increase. There is a lot of buyer competition out there over the slim inventory resulting in a number of multiple offer situations.

Seller's market? - YOU BET. If you have had thoughts of selling sometime this year, now is the time. Contact me to help guide you through this unique market and achieve your real estate needs.

I thank you for your consideration.

06/14/2020

Check out this article from Barron’s. It outlines why this is a SELLER’s MARKET.

https://apple.news/AwxtEbKuKSjC_JdtL9KHAXA

As mostly a “seller’s agent” for my 44 year real estate career, I have the knowledge and experience to guide you through the selling process. So if the time is right for you, please give me a call to discuss your options. I thank you for your consideration.

The pandemic has changed what home buyers want. Look for his and her Zoom rooms for videoconference meetings.

05/24/2020

According to the Maine Association of Realtors housing report for April, the number of homes sold was down 15.41% compared to April of last year (1,259 vs 1,065). This is no surprise given the Pandemic talk started in early March but what is somewhat of a surprise is that values statewide were UP 12.29% with the median price of homes going to $235,800 up from $210,000 a year ago. So the question is: Will prices continue to rise during this Covid-19 time?

My opinion, YES, at least for the time being. Why? Inventory, number of listings on the market, is down 19% compared to a year ago which is a huge drop. Couple that with interest rates being historically low, the perfect storm is created. Realtors across the state are reporting that buyers are plentiful and multiple offer situations are prevalent in a number of area.

So if you were thinking of selling your home is now the time to put it on the market? As crazy as it sounds, even during this pandemic time, the answer is a definite YES.

For more insight on the market or to get your personal questions answered, call or message me. With 44 years full time real estate experience in Southern Maine, I stand by my tagline: EXPERIENCE YOU CAN COUNT ON - ADVICE YOU CAN TRUST. I look forward to hearing from you.

04/25/2020

Corona - Corona - Corona
Remember when that meant you were just ordering a beer? Well times have changed a bit since my last post. For those of you who actually find this page, I will try to be more present in these changing times and post more consistently to let you know my perspective on what is happening in the real estate industry locally.

So to re-start, let's take a look at what happened in the State in March; pretty much prior to the pandemic and the Governor's stay at home orders. Here is the news from the Maine Association of Realtors April report for March activity:
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HOME VALUES UP 8.55 PERCENT ACROSS MAINE

AUGUSTA (April 21, 2020)—Maine home sales and values remained positive in March. Maine Listings today reported a median sales price of $227,950 for existing single-family home sales in March—an increase of 8.55 percent
compared to March of 2019.

The MSP (Median Sales Price) indicates that half of the homes were sold for more and half sold for less. A total of 1,124 homes changed hands in March, leading to a 0.36 percent increase in sales compared to March 2019.

“The March 2020 and first quarter statistics show that Maine’s real estate industry has been robust prior to the coronavirus pandemic,” says Tom Cole, 2020 President of the Maine Association of REALTORS and Managing Broker of
Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “We expect impacts to Maine’s real estate industry as a result of the public health emergency, depending on its intensity and duration,” says Cole.
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For York County specifically: Number of homes sold were up to 540 from 501 in 2019 and increase of 7.78% and the median price was up to $300,000 from $275,000 and increase of 9.09%.

Those number surely do look good so it will be interesting to see the May report for April activity. My experience lately has shown that there is still buyer activity out there and agents are finding ways to make showings safe for not only their buyers but for their seller/occupants of the homes for sale. More on what those measures are in my next post.

Sp, if you were thinking of selling and have been put off because of Corona (not the beer), you might want to think again. There are currently only 150 active residential listings in S**o, Biddeford & Old Orchard Beach which equates to less competition if you are selling now.

Please contact me via email, messenger or phone at 207-229-5368 if you would like to discuss your current or future real estate needs.

Till next time - enjoy your family and stay safe.

05/25/2018

MAINE HOUSIG REPORT
MAINE REAL ESTATE SALES JUMP 8.59 PERCENT
AUGUSTA (May 24, 2018)—Tighter inventory in the single-family existing home real estate market has led to an uptick in sales prices and home sales. According to Maine
Listings, 1,201 homes were sold in April—an 8.59 percent increase compared to April of 2017. Sales prices are also on the rise; a median sales price of $200,000 represents a
jump of 8.11 percent comparing April 2018 to April 2017. The Median Sales Price (MSP) indicates that half of the homes were sold for more and half sold for less.

“Our April statewide statistics show continued high volume and confidence in home ownership. With limited for-sale inventory and tight markets in many areas of Maine,
we’re seeing increasing sales prices. As mortgage interest rates inch slightly upward, the best strategy is to stay informed,” says Kim Gleason, 2018 President of the Maine
Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “Buyers are adjusting to the market conditions with regards to home amenities and size,
choosing different commuting distances, and including larger down payments to keep their mortgages affordable and provide housing expense stability over the long-term.
“REALTORS® understand their local market and can assist sellers and buyers with negotiating strategy which is essential to achieve the best results in highly competitive markets.”

Nationwide, sales decreased 1.6 percent over the past year. The National Association of Realtors today released statistics showing a 5.5 percent increase in the national MSP to
$259,900. The regional Northeast experienced an 11 percent dip in sales, while the regional MSP rose 2.8 percent to $275,200.

My Bottom Line Opinion: If you are thinking of selling or buying the time is now: Selling because of the lack of inventory and Buying because of the impending rising interest rates. I can help sort it out for you - give me a call.

EXPERIENCE YOU CAN COUNT ON
ADVICE YOU CAN TRUST

03/02/2018

Rates are still low but expected to creep up. Demand remains high. If you are thinking of moving or have a friend or relative who is, please have them give me a call to discuss their particular needs. I thank you in advance for your referrals.

For Sellers, Housing Market Updates, Infographics, Move-Up Buyers 4 Reasons to Sell This Spring [INFOGRAPHIC] 156shares 152 2 0 2 0 Some Highlights: Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that a...

02/22/2018

What impact will rising rates have on house values?
Many quickly jump to the conclusion that an increase in mortgage rates will have a detrimental impact on real estate prices as fewer buyers will be able to qualify for a loan. This seems logical; if there is less demand for housing then prices will drop.

However, in a good economy, rising mortgage rates increase demand as many prospective purchasers immediately jump off the fence to guarantee they get the lower rate.

Mortgage interest rates have already risen by over a quarter of a percentage point in 2018. Many are projecting that rates could increase to 5% by the end of the year.

10/18/2017

If you have considered selling or know a friend or family member who has, please give me or have them give me a call. With inventory down now is the best time to get the highest price for your property in the shortest period of time. Your referrals are always appreciated. Thank you.

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY! In a recent article by CBS News, they explained that the number of existing home sales

09/19/2017

Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are all projecting that home sales will increase in 2018. Here is a chart showing what each entity is projecting in sales for the remainder of this year and the next.As we can see, each entity is projecting sizable increases in ho

04/18/2017

Let me show you what 39 years of full time real estate experience can do for you. I thank you in advance for your consideration.

When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold. In order to accomplish all three goals, a sel