Find Homes in Freeport, Maine with Help from Brett Davis Real Estate

The pleasant nature of Freeport Maine never ceases to amaze, and if you’re searching to enjoy life in this gorgeous Cumberland County town, then you can find homes in Freeport fast with help from Brett Davis Real Estate. Whether you have little time to search for a home or are interested in taking part in the search process, our real estate services will ensure you locate and purchase the right home in the town of Freeport which fits all your specific needs.

With our real estate Freeport Maine services, you’ll be able to focus more of your energies on envisioning the beautiful future you and your family have ahead of you.  We’ll work closely with you so that we can help find homes in Freeport that match your real estate priorities. No matter your specific wishes, we will do our best to show you the homes that will have the best chance of delivering the most happiness and fulfillment. Of course, purchasing your home will also be made easier with our professional assistance.

If you would like to begin the hunt for your dream home in Freeport, ME then you can simply give us a call today at 207-865-9919. Our agents are friendly, helpful, and will do what is necessary to help you locate the perfect Freeport home.

For Sale: 4BR/2+1BA Single Family House in Cumberland, ME, $215,000

 

 

 

 

For Sale: 4BR/2+1BA Single Family House in Cumberland, ME, $215,000

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Market Update: More Good News!

There continue to be positive signs that the real estate market is turning around.  The number of completed home sales has risen for three months in a row, and the number of pending sales has been up for five months in a row, according to the National Association of Realtors.  In some places, sales have doubled since one year ago. 

In most areas, the relationship between mortgage payments and income is at a comfortable level compared to historical data.  Lower mortgage rates, lower prices, and the buyer tax credit are helping more and more buyers purchase homes, and this is an important part of the rebound for real estate and the economy.

Visit Our Website at www.BrettDavisRealtors.com

For all the best homes at great prices!

Source: Buyer Hesitation is Dissolving, from Realtor Magazine.  Article available at: http://www.realtor.org/rmonews_and_commentary/Economy/0909_economy_buyerhesitation

Things Are Looking Up!

According to Kenneth Harney, managing director of the National Real Estate Development Center, the latest numbers continue to indicate a sustained rebound of the real estate market.  There are lots of reasons to be optimistic.

In the building segment, which had been one of the hardest hit in real estate over the past couple of years, starts and permits are at their highest levels in 10 months.   Home sales in general are rising, even in some of the markets that had been the hardest hit in previous years.  Mortgage money became less costly last week, and loan applications for home purchases jumped four percent- which is the third week in a row with higher numbers of applications. 

In other words, it’s a great time for real estate! 

You can check out Kenneth Harney’s article at: http://realtytimes.com/rtpages/20090825_realestateoutlook.htm

Featured Home Of The Week

 Fantastic Four-Bedroom!

This Yarmouth home is located in the sought-after Bayview neighborhood nearby to schools and the town center.  The home features a dream kitchen with breakfast bar, a fireplace in the living room, and a large, bright family room.  Hardwood floors and a deck overlooking the backyard are just a couple of other highlights of this exceptional property. 

Visit Our Website at www.BrettDavisRealtors.com

For More Information & A Virtual Tour!

Featured Home Of The Week!

GREAT BACK BAY LOCATION!

Our Featured Home Of The Week is located at 35 Hall Street in Portland and is a great deal at just $199,900! This 3 bedroom 1.75 bath home is in a fantastic location.  Situated on a nice lot with a private backyard on a quiet dead end street and within walking distance to Payson Park. This is a solid home featuring hardwood floors & a wood burning fireplace. The first time home buyer tax credit makes it the perfect time to buy!

Stimulus Bill Passed, Now What’s In It For Homebuyers?

The new stimulus bill is being signed into effect today with some great benefits for you, the “first time” home buyer.

 

HOMEBUYER TAX CREDIT OVERVIEW:

 The Homebuyer Tax Credid portion of the American Recovery and Reinvestment Act of 2009 provides an $8,000 tax credit to first-time home buyers (or buyers who have not owned a private residence in the past three years)  who purchase a principal residence on or after January 1, 2009 and on or before  November 30, 2009.  The credit does not require repayment and will be claimed on a tax return to reduce the purchaser’s income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

 What are the important points to know?

The Tax credit has been  raised from $7,500 to $8,000 or 10% of purchase price (whichever is less)

The credit does not require repayment

First time home buyers or buyers who have not owned a home in the last 3 years

To qualify, a single person must make less than $75,000 a year in income

Joint ownership must make less than $150,000 a year in income to qualify

Qualified buyers must purchase home on or after January 1, 2009 and no later than November 30, 2009  

The property must be the primary residence

Purchaser must remain in home for 3 years or the credit will be recaptured at the sale of home.  

 Are there restrictions for the home I want to purchase?

The primary residence can be a condo, single family detached, co-op, townhouse or something similar

The home must be located in the United States.

Vacation homes and rental properties are not eligible.

For new construction, the “purchase date” is the date you occupy the home. So the move in date must be before December 1, 2009.

 Who is not eligible for the credit?

If your income exceeds the phase-out range. This means joint filers with Modified Adjusted Gross Income (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above.

You may not buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

Vacation homes and rental properties are not eligible

If you stop using your home as your main home.

If you sell your home before the end of three years.

If you are a nonresident alien you are not eligible

 Recapture-3 Year Residency

If the home is sold prior to three years of ownership, the tax credit must be repaid at closing.

This provision is designed to prevent flipping homes in order to get the credit.

 Other Provisions

Purchasers who utilize state/local revenue bond financing can now use the credit.

Purchasers who bought before January 1, 2009 and received the previous $7,500 tax credit are still subject to the terms of that repayable credit.

 When Can I Claim the Credit?

It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.

 The information contained here is not be construed as legal or tax advice

Predictions For The 2009 Housing Market

Why 2009 might just be a better year for those who seize the opportunity!

2008 was a frightening year for a lot of people. Money was lost in the stock market, home owners had trouble selling, and those who did got less then they had hoped for. Home buyers struggled to get financing, and we saw some of the biggest economic declines in years. Feeling depressed?  There’s good new news; many analysts see a brighter future for 2009, especially for those who aren’t afraid to jump in.

Housing:

Home prices have fallen by about 12 percent since 2006 making the national median home price around $198,000.  Analysts predict that this increased affordability will lead to an increase in home sales for 2009. Increased sales may also trigger an end to falling home values. If you’ve been waiting for the bottom, we may just be very close.

Mortgage Rates

Mortgage rates are predicted to remain low throughout 2009 which is great news for homebuyers. The government may also pass several initiatives to help banks lend more money. For those who have less then stellar credit, government backed loans are still a great option.

Perspective:

Even though predictions for 2009 look better, you may still be feeling uneasy about it all. Here’s a little perspective on housing & the economy.

Housing: The median home price in 1990 was $80,000. That means that prices are up 125% over the past 20 years.  Housing will always have its ups and downs, but over time, values always increase.

The Dow: The Dow may have fallen 40% this year, but at the end of 1990 it hovered around 3,000 as apposed to 8,500 during the final month of this year. A nearly 100% increase.

Good Investments:

There is no doubt that investing in a home in 2009 will be a good move. Prices will be low along with interest rates. However, another interesting investment opportunity lies in multi-families. The outlook for the apartment rental market remains positive as many potential first time home buyers remain at the sidelines.  In addition, rents are forecasted to grow by 4% in the coming year.

 

It’s almost impossible to predict when we will have reached the bottom of the downturn, but there are a lot of signs indicating that we are very close, making this a great opportunity to jump in. All too often, potential buyers miss out on the best deals by waiting for market data to reflect significant improvement. By the time market data shows shows an increase in sales and home values, the bottom will have already passed. 2008 might have been a scary year, but don’t let that keep you from making a move in 2009. Opportunities abound, 2009 might just be a very good year!

 

 

Mortgage Rates Plummet!

 

Mortgage rates plummet

The $800 billion infusion of federal funds into credit markets has an immediate impact on mortgage rates.

By Les Christie, CNNMoney.com staff writer

November 26, 2008: 11:02 AM ET

NEW YORK (CNNMoney.com) — Mortgage rates fell sharply yesterday after the administration announced that it will pump another $800 billion into credit markets to free up frozen consumer and mortgage lending.

That number dwarfed previous government actions aimed at bolstering the mortgage lending market.

“The feds agreed to spend a half a trillion dollars to buy up mortgage backed securities and another $100 billion to fund lending for Fannie and Freddie; we’re not talking chump change anymore,” said Keith Gumbinger of HSH Associates, a publisher of mortgage information.

Rates averaged 5.77% for the day on a 30-year, fixed rate loan, down from 6.06% Monday, according to Gumbinger. They fell as far as 0.75 percentage points during the day, according to Orawin Velz, Associate Vice President for Economic Forecasting at the Mortgage Bankers Association.

That could save a typical homebuyer more than $90 a month on a $200,000 mortgage.

“The government action was geared to bringing mortgage rates down,” said Velz, “and it did.”

The drop was the largest since early September, when the administration announced that it was taking control of mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), and stemmed from similar market sentiment.

Both actions sought to give confidence to the investment community. Most mortgages are sold to investors in so-called secondary markets but with foreclosure rates so high and expensive write downs of mortgage-backed securities so common over the past several months, investors had fled the mortgage market.

Instead of buying mortgage bonds, they’ve been snapping up Treasurys, a virtually risk-free investment. That showed up in the falling yields of Treasury bonds and the greater difference between Treasury yields and mortgage interest rates.

Normally, interest rates on 30-year fixed rate mortgages are only slightly higher than yields on 10-year Treasury bonds, about 1.5 percentage points. That difference compensates mortgage investors for taking on extra risk.

Lately, however, because investors have perceived, quite reasonably, that risks of mortgage-backed securities were far greater than previously supposed, they demanded greater reward for investing in them.

That sent the difference, or spread, between mortgage interest rates and Treasury yields to 2 percentage points or so over the past year. That had widened even more recently, to about 3 percentage points, before the government took action yesterday. Even after the big drop in rates, the spread is still more than 2.5 points.

Whether the government action will lead to lower mortgage rates over the long term remains to be seen. “In theory, it should stimulate investor demand but there are a lot of unforeseen things that can occur,” said Velz.

She initially thought the Fannie-Freddie takeover would have much the same long-term impact because it meant that the government was guaranteeing all the loans the two were backing.

“But the government started backstopping almost everything,” she said, “so demand for mortgages declined and the spread increased again.”

This time might be different, according to Mike Larson, a real estate analyst with Weiss Research, but he’s far from certain.

“There’s been some short-term bang for the buck,” he said. “We have to see if it sticks.”

Helping it stick could be the downward pressure from deflation concerns and the still unusually wide spread with Treasurys.

“Even if the spread just got a little tighter you’d get some added horsepower,” said Larson. “We could see rates in the low fives pretty soon.” 

Maine Home Construction

CONTRACTORS ARE NOT LICENCED- Buyer Beware!

While there are a great many competent, ethical home contractors in Maine, it is up to you, the consumer, to find one. Home contractors are not licensed or regulated by the State of Maine. the old saying “Buyer Beware” applies. You should also keep in mind that the lack of state licensing allows the worst contractors to compete for your business alongside the best. The Attorney General’s Consumer Mediation Program ranks home contractors among the top three most complained about business every year.

The Maine Attorney General’s office strongly recommends that you ask any contractor you are considering hiring for several references and that you follow up on them. It is also a good idea to check with your local building supply companies or real estate brokers. They will know the dependable contractors in your area.

Although home construction contractors are not licensed, some building trades are licensed. Plumbers, electricians, oil burner technicians, and installers of mobile and modular homes are licensed in Maine. For more information on these licensed trades, go to www.maine.gov/pfr/pfrhome.htm

BUILDING CODES

While some towns and cities have adopted building codes and enforced them, others have not. We recommend that you talk to your town’s code officials before you begin construction.

WRITTEN CONTRACTS ARE REQUIRED

For all home construction and home improvement projects over $3,000, Maine law requires a written contract with a specific provision that prohibits payment up front of more than one third of the contract price. When a contractor asks you for any money up front, make sure that the money is being used to purchase materials for your project. Ask for receipts and for a lien waiver from subcontractors. A model home construction contract that meets State law can be found in Chapter 18 of the Maine Attorney General’s Consumer Law Guide. Go to www.maine.gov/ag/index.php?r=clg&s=chap18.

BE CAREFUL WITH CONSTRUCTION LOANS

If a lender is financing your construction project, make sure that you know your lender and that you understand how your loan proceeds will be disbursed and how subcontractors will be paid.

HOME CONTRACTOR COMPLAINTS RECEIVED BY THE ATTORNEY GENERAL

You can find out if a particular contractor has been the subject of a consumer complaint that the Attorney General attempted to mediate by contacting the Attorney General’s Consumer Protection Division at 1-800-436-2131 or at consumer.mediation@maine.gov The Better Business Bureau may also have relevant information on companies. Go to www.bosbbb.org or call (207)878-2715. Keep in mind that just because the Attorney General has accepted a complaint for mediation does not necessarily mean the consumer was right and the contractor was wrong.

HOME CONTRACTORS THE STATE HAS SUED

In the recent past the State has successfully sued the following home contractors for poor workmanship or failure to complete jobs:

-CBS Enterprises ( Kimberly Mark Smith & David J. BLais)       

-Frederic Weinschenk of Weinschenk Builders Inc.

-Stephen Lunt of Lakeview Builders, Inc.

-Bob Burns of Better Homes

-Albert Giandrea of AG’s Home Quality Improvements, Inc.

-Al Verdone

-Mikal W. Tuttle of MT Construction, DMi Industries, Inc. & MT Construction, Inc.

YOUR HOME CONSTRUCTION RIGHTS

Chapter 17 of the Maine Attorney General’s Consumer Law Guide explains your rights when constructing or repairing your home. Chapter 18 of the Consumer Law Guide is a model home construction contract that meets the statutory requirements for any home construction contract over $3,000. Go to http://www.maine.gov/ag/index.php?r=clg.

All of the above information must be provided to the consumer by the builder should the contract be for work totaling more than $3,000.