Maine Realtors continue to report healthy increases in sales of single-family existing homes.
According to the Maine Real Estate Information System, Inc., a total of 1,086 homes changed hands in July, an increase of 9.26 percent in the past 12 months.The median sales price (MSP) dipped 3.66 percent to $171,000. The MSP indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors reported a 9.9 percent jump in single-family home sales, nationwide. The national MSP increased 9.6 percent to $188,100 in July.
Regionally, single-family home sales in the Northeast were up 13.7 percent and the MSP rose 3.5 percent to $254,200.
Tina Lucas of Lucas Real Estate in Portland offered the following tips for sellers:
“Price according to the current market dynamic.
- Inventory remains high,
- so prepare your home carefully and thoroughly for today’s discerning buyers.
- Be ready for negotiation, as the market typically demands some.
- Remember—all real estate is local;
- be aware of what is happening in your area.
- Consult a Realtor for knowledgeable guidance.”
Lucas, who also serves as President of the Maine Association of Realtors, counsels buyers to
- “be realistic when negotiating and know the comparable sales.
- Sellers are more receptive to buyers who are pre-approved.
- Don’t forget the tax advantages of home ownership when calculating your monthly expenses.
Use your imagination; a diamond in the rough can be a great investment.”