The Westbrook, Maine single family housing market currently has 126 units on the market... 96 single family homes, 29 condos and 1 mobile home. In 2009 the median sold price for single family residential real estate clocked in at $183,500, down about 4% from $191,000 in 2008 and off about 14% from peak pricing seen in 2005. Volume was healthy with a strong surge in the 2nd half of 2009 helped along by historically low rates and the federal first time home buyer tax credit.
There are approximately 16,000 people (6,800 households) living in Westbrook, Maine as of the 2000 census. Largely known as a suburb of Portland, Westbrook’s business and downtown district have flourished in recent years as such notable companies as Idexx Laboratories, Olympia Sporting Goods, Acadia Insurance, Allsports Printing, Full Court Press, JobsInTheUS.com and many others are now headquartered in Westbrook. The city is also home to Sappi Limited, the Westbrook Paper Mill and R&D Center, employing about 300 people.
http://www.michaelmullett.com/ for more information!
Wednesday, February 10, 2010
Wednesday, December 16, 2009
Housing Starts Rebound!
Interesting article - note that the Northeast had the biggest jump!
http://money.cnn.com/2009/12/16/real_estate/housing_starts_November/index.htm
http://money.cnn.com/2009/12/16/real_estate/housing_starts_November/index.htm
Friday, June 12, 2009
Signs the U.S. Housing Market is Turning ..... ?
"In the Sacramento Delta suburbs east of San Francisco - where home prices soared and fell as viciously as anywhere in the country - a housing market rebound is feverishly under way...."
"We’ve overshot the market in places like Las Vegas and Arizona in terms of fair value and buyers are bidding prices up again on many properties. The challenge is going to be whether there is enough financing to eat up the inventory that’s yet to come."
Read more: http://rismedia.com/2009-06-11/overlooked-signs-the-us-housing-market-is-turning/#ixzz0IEdozoQQ&C
"We’ve overshot the market in places like Las Vegas and Arizona in terms of fair value and buyers are bidding prices up again on many properties. The challenge is going to be whether there is enough financing to eat up the inventory that’s yet to come."
Read more: http://rismedia.com/2009-06-11/overlooked-signs-the-us-housing-market-is-turning/#ixzz0IEdozoQQ&C
Friday, May 29, 2009
FHA "Tax Credit Loans"
HUD Approves Tax Credit Loans for FHA Mortgages
From the May 29, 2009 edition of the National Mortgage News, http://www.nationalmortgagenews.com/
The Department of Housing and Urban Development issued guidance that opens the door for FHA-approved lenders to provide short-term loans — with restrictions — to borrowers who are eligible for the $8,000 first-time home buyer tax credit.
Borrowers must still come up with the required minimum 3.5% down payment using their own funds. But after that, they can use the short-term loans to increase their down payments, cover their closing costs or buy-down their mortgage rate. Calling the tax credit advance "another step towards accelerating the housing market," HUD secretary Shaun Donovan told the National Association of Home Builders' annual spring board meeting in Washington that the initiative is a "real win for everyone." The NAHB estimates the advance will lead to 160,000 more sales — 101,000 to first-time buyers and 59,000 to move-up buyers who are selling their current residences to first-timers.
Tax credit loans made by state and local housing finance agencies, government agencies and certain nonprofit groups can be used to cover the minimum 3.5%. However, non-profits that receive fees from sellers cannot provide downpayment assistance under this program. HUD didn't want to do anything that would allow "these seller-funded schemes back in," a senior HUD official said. The department has issued a mortgagee letter (2009-15) with guidance on acceptable interest rates and fees. "We are putting in place the necessary safeguards and consumer protections, and if monitored the right way, tax credit loans can be used efficiently and safely," secretary Donovan said.
From the May 29, 2009 edition of the National Mortgage News, http://www.nationalmortgagenews.com/
The Department of Housing and Urban Development issued guidance that opens the door for FHA-approved lenders to provide short-term loans — with restrictions — to borrowers who are eligible for the $8,000 first-time home buyer tax credit.
Borrowers must still come up with the required minimum 3.5% down payment using their own funds. But after that, they can use the short-term loans to increase their down payments, cover their closing costs or buy-down their mortgage rate. Calling the tax credit advance "another step towards accelerating the housing market," HUD secretary Shaun Donovan told the National Association of Home Builders' annual spring board meeting in Washington that the initiative is a "real win for everyone." The NAHB estimates the advance will lead to 160,000 more sales — 101,000 to first-time buyers and 59,000 to move-up buyers who are selling their current residences to first-timers.
Tax credit loans made by state and local housing finance agencies, government agencies and certain nonprofit groups can be used to cover the minimum 3.5%. However, non-profits that receive fees from sellers cannot provide downpayment assistance under this program. HUD didn't want to do anything that would allow "these seller-funded schemes back in," a senior HUD official said. The department has issued a mortgagee letter (2009-15) with guidance on acceptable interest rates and fees. "We are putting in place the necessary safeguards and consumer protections, and if monitored the right way, tax credit loans can be used efficiently and safely," secretary Donovan said.
Thursday, May 28, 2009
Things You Should Know About the $8000 Tax Credit
Receiving a check for $8,000 when you file your taxes next year (or when you amend your 2008 taxes as soon as you close...) is a great incentive to buy, however there are some things you should keep in mind:
To qualify you must be:
- A true first time homebuyer
- You’ve held no ownership interest in your primary residence for AT LEAST three years prior to the date in which you close on the home
There is an income cap:
- If you make $75,000 ($150,000 if married) or less you are eligible for the entire $8,000
- If you make between $75,000 and $95,000 ($150,000 to $170,000 if married) the credit amount is reduced
- If you make over $95,000 (over $170,000 if married) you are not eligible for the credit
The amount you receive is dependent upon a couple of things:
- Whether you are single or married
- If you are married and filing joint, you would claim the eligible amount on one return
- If you are married and filing separately you each can claim half of the eligible amount
- If you are single but hold a partial interest in the home see point ‘b'
- Your ownership interest in the home
- If you purchased the home with others you can claim a certain percentage of the total amount received for the credit. For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc…
There is a possibility that you’ll have to pay back the credit
- If you sell the home you purchased within three years you may be required to repay the money you received.
- There are other possibilities, please see form 5405’s instructions for further information regarding repayment requirements.
The deadline to receive the credit when you file your 2009 taxes is December 1, 2009:
- If you do not close on a home before this date you will not be eligible for this particular credit.
- To claim the credit you’ll need to complete form number 5405 and submit it with your tax return
Please feel free to contact me with any questions you may have about the area or if you'd like me to send you the current active listings in the area. I look forward to hearing from you!
Search homes currently on the market
My website
Call me at 207-415-0415 or email me at mullett@greentreerealtymaine.com
Michael Mullett
Associate Broker
Green Tree Realty
522 Washington Avenue
Portland, ME 04103
(207) 772-4242
Cell (207) 415-0415
To qualify you must be:
- A true first time homebuyer
- You’ve held no ownership interest in your primary residence for AT LEAST three years prior to the date in which you close on the home
There is an income cap:
- If you make $75,000 ($150,000 if married) or less you are eligible for the entire $8,000
- If you make between $75,000 and $95,000 ($150,000 to $170,000 if married) the credit amount is reduced
- If you make over $95,000 (over $170,000 if married) you are not eligible for the credit
The amount you receive is dependent upon a couple of things:
- Whether you are single or married
- If you are married and filing joint, you would claim the eligible amount on one return
- If you are married and filing separately you each can claim half of the eligible amount
- If you are single but hold a partial interest in the home see point ‘b'
- Your ownership interest in the home
- If you purchased the home with others you can claim a certain percentage of the total amount received for the credit. For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc…
There is a possibility that you’ll have to pay back the credit
- If you sell the home you purchased within three years you may be required to repay the money you received.
- There are other possibilities, please see form 5405’s instructions for further information regarding repayment requirements.
The deadline to receive the credit when you file your 2009 taxes is December 1, 2009:
- If you do not close on a home before this date you will not be eligible for this particular credit.
- To claim the credit you’ll need to complete form number 5405 and submit it with your tax return
Please feel free to contact me with any questions you may have about the area or if you'd like me to send you the current active listings in the area. I look forward to hearing from you!
Search homes currently on the market
My website
Call me at 207-415-0415 or email me at mullett@greentreerealtymaine.com
Michael Mullett
Associate Broker
Green Tree Realty
522 Washington Avenue
Portland, ME 04103
(207) 772-4242
Cell (207) 415-0415
Thursday, December 11, 2008
Buying Help
I'm frequently asked questions such as "Where do I go for help with buying?" and "How do I know that this is a good time to buy?" See below for a response I recently gave someone, and give me a call, even if you just want to talk about the process of buying.
"You have a lot of questions in your note – many of which depend on your specific circumstances, but here’s my quick response: go talk to a real estate agent. Even if it isn’t me that you talk to, I can tell you that starting with an agent is the way to go. We usually do not cost the buyer a dime, as we are normally paid at closing out of the seller’s proceeds. What this means is that you can talk with an agent for free and get direction on your search. We maintain relationships with people throughout the industry such as mortgage professionals, so we can help you to find out exactly what your financial parameters are, what sort of loans you can qualify for, and what all of this would mean as far as how much house can you afford. Once you’ve done this, you can work with your real estate agent to start viewing properties – you can even do this online while you’re still in the preliminary stages.
You asked about the current market - I’ve forwarded the flyer below to show you the kinds of deals that are available out there – this one happens to be one of my listings, but there are many homes on the market right now that are similarly well priced. It is an ideal time to buy real estate, as money is cheap (and getting cheaper every day) and there are many good deals on the market. As many people are predicting, I think that there are many people like yourselves who are “waiting out” the market to find the bottom, and then they’ll get serious about finding a property. What I keep recommending is that people get ready now by meeting with a realtor, connecting with a mortgage professional and getting ready for buying.
So, to summarize: Step one – talk to a real estate professional. I’d be happy to meet with you anytime to walk you through the process. After that, you should speak with a mortgage professional about the financial aspects of purchasing real estate. The bottom line is that if you can comfortably afford $1,100 a month, you might as well be building equity in your own home instead of helping your landlord build equity in theirs."
Good luck with your home buying process, and let me know if I can be of assistance.
"You have a lot of questions in your note – many of which depend on your specific circumstances, but here’s my quick response: go talk to a real estate agent. Even if it isn’t me that you talk to, I can tell you that starting with an agent is the way to go. We usually do not cost the buyer a dime, as we are normally paid at closing out of the seller’s proceeds. What this means is that you can talk with an agent for free and get direction on your search. We maintain relationships with people throughout the industry such as mortgage professionals, so we can help you to find out exactly what your financial parameters are, what sort of loans you can qualify for, and what all of this would mean as far as how much house can you afford. Once you’ve done this, you can work with your real estate agent to start viewing properties – you can even do this online while you’re still in the preliminary stages.
You asked about the current market - I’ve forwarded the flyer below to show you the kinds of deals that are available out there – this one happens to be one of my listings, but there are many homes on the market right now that are similarly well priced. It is an ideal time to buy real estate, as money is cheap (and getting cheaper every day) and there are many good deals on the market. As many people are predicting, I think that there are many people like yourselves who are “waiting out” the market to find the bottom, and then they’ll get serious about finding a property. What I keep recommending is that people get ready now by meeting with a realtor, connecting with a mortgage professional and getting ready for buying.
So, to summarize: Step one – talk to a real estate professional. I’d be happy to meet with you anytime to walk you through the process. After that, you should speak with a mortgage professional about the financial aspects of purchasing real estate. The bottom line is that if you can comfortably afford $1,100 a month, you might as well be building equity in your own home instead of helping your landlord build equity in theirs."
Good luck with your home buying process, and let me know if I can be of assistance.
Mortgage rates could drop to 4 percent
"Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday.
James Lockhart, whose agency oversees government-controlled mortgage giants Fannie Mae and Freddie Mac, made the comments at a meeting of Women in Housing & Finance, an industry group. He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates."...
Read entire article on the Associated Press website.
James Lockhart, whose agency oversees government-controlled mortgage giants Fannie Mae and Freddie Mac, made the comments at a meeting of Women in Housing & Finance, an industry group. He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates."...
Read entire article on the Associated Press website.
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