single family home priced between $100,000 to $500,000
2/14/2011- 8/14/2011 30 sales with median price of $167,700 & 115 days on the market
8/14/2011-2/14/2012 27 sales with a median price of $202,000 & 112 days on the market
Can't tell you what the future will bring; however interests rates are at their lowest in years
Sellers have reduced their prices often less than market value.
I'm sure you may think I am biased, being a Real Estate professional and all, but I wanted to try and answer your question as best I can. I may be in the business, but I am also a skeptic. I,myself lost 30k on my home when I had to sell 2 years ago, which at the time was my whole life savings. Without being an economist (and I'm not even sure they know) what I can tell you is;
-Prices have stabilized in the area, and listings are moving much more quickly in the past few months than anyone has seen in a while - especially in the >250,000 range.
-I live in OOB. I am astonished by the influx of people from other states moving here, as the area offers an exceptional value for people as compared to other New England States.
-The greater Portland are is progressive, which is not the case in many other New England cities, small or large. many companies here (IDEXX for example, Wright Express, TD Bank) are hiring, offering bonuses, raises, etc- and relocating people from out of area. This can only be good for short and long term home values.
I wish I had a crystal ball to determine if the homes purchased this year would appreciate within a few years. Without one though, I can only hypothesize that this area is a wonderful place to invest, based on the observations I have been able to make. Enough so, that between the credit, recent months activity and general economic knowledge, I will surely put my own money on it, and hope for the best.
Good luck with your endeavors. if you ever want to look at properties please give me a call at 207-423-9796, or email firstname.lastname@example.org
This is going to be a Unique real estate year for sales. heavy until may 1. Then a big sucking sound as many buyers retreat.
OOB has often been mentioned in the past as a good place to be up here in Bangor. If it is a good place to buy as an investment, you will have to decide that for yourself.
Interest rates will go up when the federal reserve stops buying mortgage backed securities in March. It is expected to be 1/2 to 1% by many. Some say it could be much much higher.
For a 1 year house price forecast look below.
If you are looking at this as a second house you will need to rent it out. Look below. It is designed more for someone who wants to buy a house yet it also will help you to see if you will make or lose money. The only thing is you have to add more. Money for 1-2 months a year being vacant and more for repairs come to mind.