Housing Bubble? Your thoughts, predictions (Belgrade: foreclosures, credit, broker)

[dramamama6685]

Originally Posted by corgis

Best time to buy a house is dead winter - after you've done your homework and know the house has been on the market since the previous Spring, Winter, some time back. Nothing sells in the winter much and if a house has been just sitting waiting to be sold, a lot of times the owners will take a loss just to get out from under their house. Just my take on it. That's how we got our house in Eastport so cheap.

This was the exact same advice mollysmiles gave me. I remember someone had put a link somewhere in CD about the housing market in Maine. If I remember correctly ( I knoiw someone will correct me if I am wrong ), sales on exisiting and new homes were up by 9.5% in 2006.

I personally have been watching the houses in Eastport for over 4 years off and on. It doesn't seem to me that the housing bubble in Maine has bust yet or that it even will. Just my thoughts.

[ALToons]

Thanks to all who replied, still pressing question

When is it going to be best to buy in Maine?
Any predictions?

Thanks

[mollysmiles]

I have to say that I'm really not sure that Maine follows the "housing trends" that can been seen in other parts of the country. And on top of that, I don't know where you'd really go to check that out. I can tell you though that there doesn't seem to be a big upswing in purchases, or a significant lag time of buying in my area of Maine. The house I bought was on the market for 3 years....but a friend of mine sold her house within hours of listing it online. It just seems to really depend on who's looking, and who's got the $ at the time more than a bubble bursting--in Maine or nationwide. Like I said, I haven't looked any of this up, and this is just my impression from casual observation. I will say this though....both properties I own in Maine have increased in value since I bought them. I will buy again (after the Jeeps are paid off!) because THIS trend will definitely continue--I really believe it's only going up

[dmyankee]

Due to the structure of the Maine economy, and the population base, there will not be a huge bubble in Maine housing prices. Maine weathers recessions very well these days because of the economic climate.

With the exception of the early '90's when the entire New England market got hit really hard, sales remain fairly strong. I know that there is a slew of people from away still buying into state because people see even waterside properties a bargain, from their point of view.

While the average mill house in Central Maine is probably only worth the price of a starter home, Any Victorian, decent farmhouse or camp lot is desirable. Gone are the days of finding a 20 acre farm or lake front for $30k. They can be had for reasonable money now, when compared to another region. Ditto for vacation property.

In the cities, as the saying goes, just buy all you can afford in the best neighborhoods. Everywhere else, there is plenty of desirable property to be had. It will be a little more expensive the closer you are to the county seats, but that is often where there is more concentration of professional people. Just outside of the heavily touristed areas are the bargains that are sure to appreciate.

[ALToons]

well molly and dmyankee, I have to admit, I think that you are right. Not sure if I should be happy or sad though...

With Molly buying a third home and the thoughts of not getting a 20 acre parcel is quite a bummer

I refuse to do this .5-2 acre game.

So I guess its save and hope its doesn't keep climbing. (I know, suicide)

Molly, I think you have the right idea with buying another place because if this housing bubble is real and people are foreclosing as bad as they say but the government is going to bail out everyone as some places predict. I can see how Maine's property values can seem enticing to outsiders, until they are forced to live here and then find a job to support the mortgage, bills, etc.

But, just an opinion.

[mollysmiles]

I don't remember, where are you looking for the land? Have you checked Washington County, or is that out of your area? I ask because I saw what looked to be some nice parcels this weekend in the Danforth area....

[Submariner]

Originally Posted by mollysmiles

I have to say that I'm really not sure that Maine follows the "housing trends" that can been seen in other parts of the country. And on top of that, I don't know where you'd really go to check that out. I can tell you though that there doesn't seem to be a big upswing in purchases, or a significant lag time of buying in my area of Maine. The house I bought was on the market for 3 years....but a friend of mine sold her house within hours of listing it online. It just seems to really depend on who's looking, and who's got the $ at the time more than a bubble bursting--in Maine or nationwide. Like I said, I haven't looked any of this up, and this is just my impression from casual observation. I will say this though....both properties I own in Maine have increased in value since I bought them. I will buy again (after the Jeeps are paid off!) because THIS trend will definitely continue--I really believe it's only going up

I do not see it going down anytime soon.

If you want cheap land, go outside of the populated areas.

With land selling for $350/acre, and riverfrontage selling for under $1k/acre, how much do you really expect to see prices drop?

I just do not see that happening anytime soon.

[Dwatted Wabbit]

Originally Posted by Elcarim

Forest I sure hope you're right. We're sitting here at 2.5 weeks now with no showings, so we're a little (OK ME) I'm a little concerned. I know it's only been a couple of weeks, but I've watched the house across the street being shown 6 times as of Sunday in the same 2.5 weeks. I don't understand why ours isn't showing to the same people. They obviously see it and it's almost the same size but in better condition, so why no interest.

The realtor sent me a message today that we need to do a price reduction in 2 more weeks. I don't know what to think about that this early in the game. It's pretty discouraging.

Open House, Open House. Make your realtor do an open house.
If s/he won't, time for a new one.
If they're already talking new price, sounds like you may have a dud anyway.

[Elcarim]

Originally Posted by Dwatted Wabbit

Open House, Open House. Make your realtor do an open house.
If s/he won't, time for a new one.
If they're already talking new price, sounds like you may have a dud anyway.

I have two calls and two emails in to her and she's yet to confirm or deny her availability on the 20th for our open house, which is only 10 days away. I've sent DH after her this morning - he can talk with people calmly and rationally when I'm at the point of gritted teeth and venom - which I am. He will be calling from his job so she may not avoid the call using her handy dandy caller ID.

I am a woman of action and I just don't tolerate people well who are content to sit around waiting for something to happen on its own, which is what she seems to be doing. I want print ads, an open house, a sign in the yard and active searching for a buyer. I don't think that's too much to ask of a realtor who is charging me SIX thousand dollars for their services. After 3 weeks tomorrow, we still have no ads in print from her office. That's just unacceptable.

I don't think everything can be blamed on the slump in the housing market or even the season of year.

[399083453]

Setup a plan.
A. You want the date the print ad will run. If they dont, know suggest a date.
B. They can avoid email, call or just stop by the office and work out a date for open house
C. Sign in the yard, this is a no brainer. Call the realtor, if no answer, ask for the manager, tell them your realtor forgot to put a for sale sign up and if you could get one by tomorrow.
D. Etc... Set up dates/deadlines. If they dont do what you like make notes, then if you have to let them go, bring in the notes, let them know your canceling the contract and these are the reasons.

Then find another realtor, maybe that person who is always showing the house next door?