Friday, May 24, 2024

Real Estate: Welcome to Spring

By Richie Vraux

So, finally we are feeling the warmth of the sun on our heads as we clean up from a very mild, but yet a very devastating winter.

The storms have left a lot of fallen trees, branches, sea wall damage and homes being swept away due to historic high tides and high winds. But you know, Maine is still, in my opinion, one of the best places to live in America.

The West Coast has forest fires every year, heavy and drenching rains, flooding, then landslides. The middle of the country has repeat tornados and extremely high heat.

Yuk! Bring me back to New England where I love the four seasons and all that each brings us.

I see everything starting to turn green and flowers blooming. It’s a great time to sell your home.

Upsizing or downsizing, the real estate market is still at its peak. Home sales are at peak levels for sellers. If priced appropriately, they are still getting top dollar.

Who would ever think this sellers’ market would last this long?

One of the reasons is that the rental market is out of control. Rentals start anywhere from $1,800 to $2,200 for a 2-bedroom to $3,000 to $4,000 for anything above that.

So being that I’m a real estate broker, I think the better investment here is buying your next property.

Besides that, in a rental, you have to abide by the rules and regulations set forth by the association. Your television and your radio have to be at levels most people find inadequate for their listening pleasure.

In short, you are not in charge of your own situation.

Although interest rates are still 7.0 plus or minus, the monthly payment to own is still lower than renting and somewhere down the road the rates will come down to the 5.0 percent level which is more comfortable to buyers and homes become more affordable at that time.

Real estate ownership has for most people always been the American dream, so why rent when you can own your own little bit of heaven?

Richie Vraux is a real estate broker with Pine Tree Realty of Maine. We will be back at our same location at 76 Tandberg Trail in Windham shortly. Richie has been a real estate specialist for more than 25 years, so take advantage of his expertise. Call him at 207-317-1297.

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