Maine #2 For Real Estate Searches

For those of us who live here and love it, it came as no surprise -- but many users of AOL Search were wondering if there is something about Maine they didn't know about -- when they read these results today:

Top searched states for real estate on AOL Search:

1) Florida real estate
2)Maine real estate
3)North Carolina real estate
4)Arkansas real estate
5)Hawaii real estate
6)Tennessee real estate
7)Texas real estate
8)Delaware real estate
9)Utah real estate
10)Arizona real estate

Maine also made it onto AOL's top vacation wish list:

Top searched vacation spots on AOL Search:

1) Florida vacations
2) Las Vegas vacations
3) Outer Banks vacation rentals
4) Hawaii vacations
5) Vacation Palm Springs
6) Mexico vacations
7) Myrtle Beach vacation rentals
8) Orlando vacations
9) Maine vacations
10) Texas vacations

Just the Facts: April Sales Down -- Prices Up.

The Maine Association of Realtors reports home sales were 12.2% lower in April 2007 than last year. The median sales price for the 921 Maine homes sold in April reached $201,000, an increase of 5.79% from April 2006's median sales price of $190,000. The median sales price indicates that half of the homes were sold for more and half for less. Nationwide, April's sales were down 11.2% compared to last year. According to the National Association of Realtors, the national median existing single-family home pricers dipped 0.9% to $220,500 in April. In the regional Northeast, sales were down 8.8% and the median existing single-family home price was $283,600, down 0.6%.

How to Talk Yankee

Visitors, traveling the back roads of Maine, stopping at a country store, or a farm stand or a yard sale, quickly pick up on the fact that Mainers have their own lingo. They use words not heard in other states and use pronunciations that are unique and sometimes difficult to understand. It is not only remarkable that these localisms have survived, but that they are delivered with unusual brevity and a dry humor that's hard to grasp at first.

From "ayuh" (yes) to "daow" (emphatic no), for those interested in learning more about the language of Maine, we would refer you to "How to Talk Yankee" by Gerald Lewis. See our Publications section.

Ten Waterfront Buying Tips

There are a few twists and turns particular to buying waterfront property in Maine, so we have put together a brochure to help ease you through the process successfully.

Learn how to locate property lines, how zoning can restrict what you can do with a waterfront property, determining road and utility access, if you can clear any vegetation, the importance of inspections, legal and broker representation, and much more...

If you would like to receive a copy of "Ten Important Tips You Should Know Before Buying Waterfront Property in Maine", just Email your request to info@WaterfrontPropertiesOfMaine.com -- giving us your mailing address or Email address.

Just the Facts: Encouraging Numbers

The Maine Association of Realtors reported the median sales prices of existing homes were up 4.84% during the month of February when compared to one year ago. The statewide median existing home sales price reached $193,950 for the month, up from February 2006's price of $185,000. The median sales price indicates that half of of the homes were sold for more and half sold for less. A total of 698 homes changed hands during the month, down a slight 1.13%. Nationally, sales of single-family, existing homes decreased 3.4% from last February.

My personal opinion is that the current "soft" real estate market is mostly a media-inspired event -- although no doubt there was overbuilding in some markets and other areas where prices needed "stabilizing".

But this does give buyers a "window" to shop for properties at more realistic values....

Cool Stuff: Mail a Friend a "Lobstah".

Restaurants throughout the world feature "Maine lobster" -- that sweet, succulent stuff that makes grown people don bibs and make a delicious mess. What better gift could you send to a friend, on a special occasion, than live Maine lobsters, complete with bibs, crackers, picks, wet wipes as well as cooking and eating instructions?

Shipped in special insulated cartons for next-day delivery via UPS or FedEx, you can be sure to surprise a friend with this memorable gift.

If you really want to blow someone away, a few of the purveyors listed below will overnight a complete Live Lobster Bake, which can include steamer clams, black mussels, New England seafood chowder, sweet corn, red potatoes and topped off with a native blueberry pie....

The Maine Lobster Council lists 47 members that will ship live lobsters at www.mainelobsterpromo.com

The companys we have selected below are mostly family businesses that have been lobstering for 40 years or more...

William Atwood Lobster Company -- www.atwoodlobster.com
Bayley's Lobster Pound -- www.bayleys.com
Boothbay Region Lobsterman's Co-op -- www.mainelobstercoop.net
Cap Morrill's -- www.capmorrills.com
Cape Porpoise Lobster Company -- www.capeporpoiselobster.com
Graffam Bros. -- www.lobsterstogo.com
McAleney's New Meadows Lobster -- www.newmeadowslobster.com
P J Merrill Seafoods -- www.pjmerrillseafood.com
New Harbor Fisherman's Co-op -- www.newharborlobster.com
Young's Shellfish Company -- www.youngshellfish.com
The Perfect Lobster Compny -- www.theperfectlobster.com

Real Estate Outlook: 2007

I'm a great believer in cycles -- in the stock market, in politics, in relationships, in life -- and definitely cycles in the U.S. real estate market. After cruising along for many months, or sometimes years, we can be yanked up short with a pronounced change in the marketplace, like now, where a sellers market is evolving into a buyers market.

So how should sellers deal with this changing market? Here are some suggestions:

1.) REEL IN EXPECTATIONS. Not so easy to do when prices have been steadily increasing for the last few years -- many sellers still haven't quite adjusted their thinking to this emerging buyers market.

2.) PRICE PROPERTY REALISTICALLY. Forget about last year's figures -- find out what comparable properties have been selling for in the last 2 to 3 months, and what's currently on the market, and their prices -- and then price your property competitively.

3.) GET YOUR PROPERTY SALEABLE. Called "staging", it's now more important than ever to fix minor flaws, think about an extra coat of paint, tidy things up and maximize your "curb" appeal for people driving by. These little extras will greatly improve your chances of getting the best price for your property.

4.) PATIENCE. The inventory of properties for sale is much higher than a year ago. One of the truths about real estate is that ALL properties eventually sell, when the price is right -- in this type of market, it's just going to take longer than last year.

5.) BUYERS ARE THERE ! Most brokers are fairly busy showing properties -- it's just that buyers have more to select from, they are taking their time to find the right property, and they are making sure they're getting a good value.

And what should buyers do?

Waiting to buy at the exact bottom of the market is as fruitless in real estate as it is in the stock market. It's more important to find the property you want, determine if it is a good value and then make your offer accordingly.

The old saying "NOW is always the best time to buy" is certainly true today, with a large inventory to select from, sellers becoming more negotiable, plus historically low interest rates.

The cycle WILL change back to a sellers market...but who knows exactly when?