Homes for sale in Gray, New Gloucester, Maine

There are some great opportunities for home buyers right now. Interest rates are still low and inventory is high. Here are some homes priced right in today's market. This is not the best news for sellers, but they should see it as a time to let their home shine. A good realtor can help with making some simple changes. The two biggest things you want to remember is to declutter everything and fix those little things you have been putting off (like painting, cracked tile, broken light switch cover, ...)

Both buyers and sellers should be expecting more from their realtor. As the market tightens more, a good realtor can easily make the difference in whether a sale closes or doesn't. Experience and creativity on bringing two sides together is not something all realtors have. One of my own recent transactions, the parties were @ $21,000 apart and the deal seemed dead. After a day to let things settle I brought both parties back to the table on good faith plans, and the deal was back on with both sides meeting in the middle. Not the last bump in the road, and we had a $2500 and an additional $3000 problem. Negotiation, and my knowledge of alternative companies who I've done business with over the past ten years, got the problems resolved for $1000 and again the deal was saved for another day.

Not many realtors would or could have saved that deal. It takes more than just experience, it takes a personal caring about the parties involved and keeping everyone focused on the main goal.

I tell this story more to make one think about their own choice of a realtor. Interview a couple realtors and ask what sets them apart from other realtors in the area. If needed, and the situation allows, will they contribute a portion of their commission to save the deal? Is the commission flexible at all? How confident are they about the market analysis they did when suggesting pricing of your home? Check out the things you need to know before listing your home for sale with a realtor.

This goes for buyers as well. I have saved buyers a lot of time, money, aggravation, but most important they have always had someone looking out for their best interest and they could rest easy knowing that I had them protected throughout the deal.

Better know this before you list your home for sale

Thinking about listing your home for sale? There are many things to consider before selecting a realtor to assist with this process. WAIT, thinking of selling your house on your own without using a realtor. Check out my blog, "For Sale By Owner- the pros and cons" of being a FSBO (For Sale By Owner).

HOME VALUES or what your home is worth, is a big part of the equation. Realtors generally use what is called a CMA, Comparative Market Analysis. Similar in some ways to getting an appraisal done, but we are not liscensed as appraisers and there are no set guidelines for us to follow. Basically, it is just an opinion of value, and like all opinions, two people can have some very different ideas. You had BETTER BE INVOLVED AND INFORMED when you have a CMA done to help determine what your property value is. There are realtors out there who, in my opinion, don't look closely enough at the homes they are using for comparibles, and therefore don't end up adjusting the selling or listing price accordingly. Example, many homes often report selling at or above the asking (list) price. Any home that is sold at or above the list price in todays market most likely gave concessions (paid the buyers closing cost, gave money for new carpet, roof, ect.) A realtor doing a CMA and using a home that sold for more than the asking price has an obligation in my opinion to call the agents involved in that transaction and find out the details of what transpired and adjust the CMA accordingly.

THAT IS ONE REASON you can get two very different opinions of values on your home. Another reason is that some realtors adjust higher or lower for certain items. A detached 2 car garage that you have, and the comparible sold property they are using to price your home doesn't have a garage, did the real estate agent add $6000 to the value of your home or did they add $16,000. Big difference for the garage that you know only cost you $4500 to build.

Change it a little, and lets say the comparible sold property does have a 2 car garage, but it is attached to the home with a small mudroom between the garage. Did the realtor adjust at all or just say, you both have 2 car garages so they are similar. The average person is willing to pay at least $10,000 more for an attached garage over a detached garage.

So through the process it is pretty easy to get a very inflated price on your home. So get involved in the process and ask questions.

THIS IS VERY IMPORTANT! You want to find the realistic price (what it will most likely sell for in 45-60 days) of your home and price your home according to goals. List your home at the price that will accomplish two things, GET YOU THE MOST MONEY and ACCOMPLISH YOUR GOALS.

Gray Maine, houses for sale that buyers don't know about.

I have been working as a Realtor in Gray Maine for over 11 years representing both buyers and sellers. I like representing both, but they are completely different many ways. Finding the right home is a process that takes a lot of work. Sometimes the houses for sale on the market are not the right home. That is when a good buyers agent will be worth every cent YOU pay them.

Yeah, I said YOU pay them. That's the truth because you are the one paying for the house and you aren't going to get it any cheaper with or without representation, so why wouldn't you want a professional helping you in your searching for homes you might like to buy. In some ways it is like going to court in a law suit, not bringing a lawyer with you, and paying for the other side's attorney to argue against you. Who would do that?

Back to having a good agent.

So you have looked at all the homes for sale on the market and you just haven't found the one you want to purchase. Here is one way I personally stand out from many other brokers. Not only do we have several searches continually looking for new listing that come on the market, I look at listing that have expired or were withdrawn in the past 6 months to a year. Sometimes people change their mind about selling or the house just wasn't marketed correctly and they still would like to sell. So I call or stop at those people's house and see if they still have an interest in selling their home. If they are then I take a few photos and send them to my clients to review. If there is interest, then we set up a private showing.

Now for the best part:

My clients will likely pay less for that home because the commission is only half of what it would be because there is not another realtor involved. Now that is what I call BUYER REPRESENTATION!

Call or email me to discuss how we can work together to take care of your Real Estate needs.

Homes for sale in Gray, New Gloucester, Maine, Help for Buyers

Should you have a realtor working for you as a Buyers Agent when buying a home for sale?

I won't give you the answer, but I will give you something very simple to think about.

Who pays the commission to the realtors involved in a transaction? The seller right?

Not if you ask me, because when everyone shows up at the closing, the buyer is the only one who brings money to the table. After all the paper work is signed, the seller and the realtor(s) walk out with checks.

The seller may set up some of the terms under which the realtor gets paid, but the buyer is the one who pays everyone.

So if you buy a house and don't have a realtor and the seller does have a realtor, then you are paying that realtor to work against you and represent the sellers best interests not your best interests. It is almost like going to court against someone and hiring a lawyer for the opposing party and not hiring a lawyer for yourself, and the amount involved in the law suit is $250,000 (or whatever the house is worth).

Still not convinced, then think about this:

You buy a house for $200,000 and don't use a realtor but the seller had a realtor and that realtor got paid a commission of 5% or $10,000 and the seller got $190,000.

If you had just walked up to the seller the day he first thought of selling his home and offered him $190,000 he most likely would have sold you the property because that is all he got in the above transaction.

So you paid $10,000 more to cover the realtor who represented the seller when you could have had someone representing you and helping you through the whole process and the realtors would have split the $10,000.

Want to know how you can possibly get part of that money ($10,000) back, call me and lets talk about how we can work together to find you a home that meets all your needs and expectations.

More real estate tipe and advice...

Current Real Estate for Sale Gray, ME: Where is the market heading?

There are new homes coming on the market everyday and some are priced correctly. We have seen a slight increase in the listing price of homes in the last 30 days. Homes priced under $200 seem to be the most active. Some of those homes are short sale properties which can be very difficult for all parties involved. Currently I have two short sale properties with offers waiting for replies from Bank of America. This process has been more than lengthy and frustrating.

Home values in Gray Maine can vary from those values of homes for sale in New Gloucester mostly because of the commuting distance to Portland or sometimes even Windham Maine. The new Hannaford's Shop N Save in Gray, Maine will certainly improve home values by providing easy access to those who commute along Route 26.

Overall the average market sales price for single family homes in the northeast have declined between 11.2% and 13.8% according to the National Association of Realtors. However, in April and May of 2009 there was a slight increase. I believe we have seen or are at the bottom for housing market. Take a look at

current homes for sale in Gray and throughout Maine and if you have any question you can email me at Matt@FiveStarRealtyMaine.com

Real Estate Sales down in June

SALES DOWN IN JUNE: Sales of single-family existing homes in Maine continued to decrease in June 2008. In a press release to the Maine media, MREIS reports 996 homes sold last month, a drop of 24.32% from last June’s sales figure of 1,316 homes. During the past 12 months, Maine's median sales price decreased nearly six percent to $188,000. The median sales price indicates that half of the homes were sold for more and half sold for less. NAR reports a nationwide sales drop of 14.8% in June. The national median existing single-family home price dropped 6.7% to $213,800. Regionally, sales in the Northeast fell 15.8% during the past 12 months. According to NAR, the regional median sales price decreased 12.6% to $256,700.

Houses for sale Gray Maine, How not to sell a home?

So in the previous segment I explained some creative selling techniques to assist in bringing a buyer and seller together. Sometimes it just takes looking at the situation and helping the parties realize this is a business transaction, and other times it takes bringing in a more personal touch. Every situation is different.

I had brought the buyers and sellers together, until a survey issue arose. The buyers wanted the seller to pay for a full boundary survey and the buyers refused. Cost of this was $2500 and the parties walked away from the deal. Which is what I let them do for a couple days to rethink their positions. Then I addressed all concerns of the seller about putting up the money and then the deal still not working. After covering those, I found a surveyor who did the work for $1000. That saved the seller $1500 and saved the deal, again.

Having an experienced real estate broker is a great investment when selling or buying a home.

Call several realtors before deciding... this decision will make a difference.

Mortgage rules and regs tightening.

Due to the lastest housing crisis...yes, I would call it a crisis; the guidelines for underwriting mortgages have tightened and it has become more difficult and the days of stated products are all but extinct.
Reinusa si a real estate investor's website loaded with information for investors or people thinking of owning investment property. You can sign up for the Rein Report and receive emails with the latestest information and changes in today's market. Below is part of a rein report regarding investment properties and different loan options and requirements:

Below are some of the most recent guideline changes concerning investment property financing.

Be sure to look toward the bottom for the latest on cedit scores, rental income, and stated income products!!!

Current LTV limits for investment properties

· Full doc purchase or rate and term refinance

Up to 90% LTV on 1 to 2 unit properties

Up to 75% LTV on 3 to 4 unit properties

· Full doc cash out refinance

Up to 90% LTV on 1 to 2 unit properties

Up to 75% LTV on 3 to 4 unit properties

· Stated income purchase or rate and term refinance

Up to 90% LTV on 1 to 2 unit properties

Up to 75% LTV on 3 to 4 unit properties

Stated income cash out refinance

Up to 75% LTV on 1 to 4 unit properties

Non seasoned refinances (Immediately after purchase)

These loans are still available for either full doc or stated income borrowers and used primarily by investors purchasing rehab properties. Refinance an existing rehab loan or cash purchase project. Some restrictions apply so we recommend speaking to an experienced mortgage professional prior to executing a purchase agreement.


LTV limits vary from lender to lender. The above is a sampling from various lenders and is subject to change without prior notice. Additional qualifying requirements may apply.

Credit score requirements

While credit score requirements vary by lender and property type, most programs require a minimum score of 660 for full doc and 700 for stated income.

Stated income update

Stated income loans for real estate investors are quickly becoming a thing of the past. These programs are only available through a few select lenders and qualifying is very stringent. We highly recommend getting any stated income loans submitted and locked as soon as possible.

Proof of rental income for full doc borrowers

Until recently full doc guidelines only required signed rental agreements in order to use rental income for qualifying purposes. Fannie Mae and Freddie Mac guidelines now require tax returns to verify rents recieved unless a property was aquired within the past year, and then it is required to provide a signed lease and the HUD from the purchase. If rents are not reported on the borrower's personal tax returns, the rental income can not be included. It is very important to work with a professional CPA to make sure rental income is documented appropriately.

Growing issues regarding title and mortgages held in an LLC

Though many investors feel that holding title or a mortgage in an LLC (or other company name) may benefit them, it can actually hinder their investing goals and their ability to obtain a conventional mortgage. Since guidelines have become more stringent lenders have ceased to allow conventional mortgages to be held in company names. While there are still a few lenders that do not require title seasoning, some now require title be seasoned in a personal name for at least 90 days prior to submitting a refinance. Please contact us for more information on these programs before purchasing or transferring title into an LLC or company name.

Housing Market makes the turn up this month

The housing market has reported growth from last month and is indicated a turn for the better. This doesn't mean we are out of the woods yet, but the has done well these past few days and oil was also dropping again this morning on the market. Interest rates are still very good, perhaps this is a real positive sign, just as it was for Bear Stearns with JPMorgan uping their bid to buy the company out to @ $10 a share from @ $2 a share.

Check out this AP Video on YouTube for more information.

Who pays? Buyers Agency Part 1

Who pays the realtors or realtor when a house sells? The seller? Not if you ask me.

Think about it. You pay $215,000 for house, the seller gets around $200,000 and the realtor(s) split the other $15,000. If you just happened to meet this seller at the moment they decided they wanted to sell, in theory he would accept the same $200,000 he got in the above scenario wouldn't he? I think so, and you would have bought the property for $200,000, not $215,000.

So who paid the realtors?

Gray and New Gloucester Maine Real Estate Deals

There are some great opportunities out there to purchase new homes for less than what you would expect to pay. If you want to see some of the great deals that are out the you can email or call me, or you can search for homes anywhere in Maine by yourself. I would not recommend just searching on your own, you should contact a qualified realtor who knows the area and knows what is going on in todays real estate market.

Finding a qualified realtor is not as hard as you might think. The hard part is realizing it may not be your wife's friend who just got liscensed last month, and explaining why you didn't choose to use he or she. Face it, everyone pretty much knows or knows someone who does know a real estate agent. In 2004, people where signing up and getting licensed trying to get in on the booming market. Longevity in this business is tough, most don't make it more than a year or two. Many experts are predicting that 35 to 40 percent of the agents will leave the business over the next two years. So pick a realtor or Agency that has been around and has some experience in selling real estate in Gray, Maine or what ever the location is that you are searching to purchase in.

This is a great time to buy a home. Interest rates are still low, inventory is good, and sellers are willing to negotiate with qulified buyers. Vist us at
Five Star Realty located in the center of Gray Maine.