Good news Mainers, per Realtor Magazine 40 percentof Americans say now is a good time to sell a home, this up from 30 percent last month and 16 percent just one year ago, according to a new survey by Fannie Mae. Rising home prices are helping to boost sellers’ confidence. While the inventory has been exceptionally low this spring, the buyers found themselves in multiple offers. These types if situations have already tapered off. We have seen an increase in inventory through Greater Portland and with rates increasing to the near 4 percent, in some cases above, buyers are feeling the pressure to make decisions now. Although the increase is small, it is still unwelcome as the housing market tries to gain momentum. The increase will boost monthly mortgage payments for homebuyers by about $33 for every $100,000 borrowed. This may slow down homeowners from refinancing if their rate is already competitive, however it should have minimal impact on the home purchase transactions.
The catch is we could still use more inventory! Ifyou are someone who has given consideration to selling your home, please call a realtor and ask for a complimentary Comparative Market Analysis, CMA. By definition, a CMA is an analysis of surrounding properties that are similar to the subject property. It includes properties that are currently on the market, under contract and recently sold. The properties used in this report should have similar features and benefits to help determine the best price to choose when determining what the market value of a property should be. As for buyers, when working with a realtor, it is also important to run this same analysis on a property that you are considering making an offer on. This will help position your realtor when negotiating for the best price possible on a property.
As I have said since the beginning, please call a local realtor for all your real estate needs no matter how big or small. We are trained professionals here to make your life easier. It's best to surround yourself with the right team of professionals that can continuously give you the right advice for all your circumstances.
Lisa DiBiase is the owner of Landing Real Estate. She is also the reigning Mrs. Maine America 2013.