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Maine Condos vs. Single Family Home vs. Multi-Family

Single-family home:

Benefits: A single-family home may be spacious or small, but generally offers more than one bedroom and bathroom and some sort of outdoor space. Unless you are in a private community, single-family homes do not come with homeowners association (HOA) fees and you can choose the exterior design and style of landscaping. This type of flexibility can be great for someone who likes do-it-yourself projects. Or, if you have the funds to hire a landscaper, snow removal services and repair personnel, you can live in a single-family home comfortably. READ MORE

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Myths & Misconceptions in Today’s Real Estate Market

Myth #1: Sellers should still price their home higher than market value to allow for negotiating room.
Truth: Pricing too high is a big mistake. If your home is overpriced in this current market, then agents showing your home might use your property to sell one of the other properties currently listed and in competition with your home. READ MORE

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Maine Short Sales, REOs, Foreclosures and Distressed Properties

Short Sale: These homes are offered for sale by the owner but because they do not anticipate getting a high enough sale price to pay off their mortgage, the bank that holds the mortgage (the lien holder) must approve of any deal. You will frequently see these advertised as “third party approval required” or “lien holder approval required.” READ MORE

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Buying Investment Property: What to Look for in a Realtor

When it comes to purchasing investment property, there are many different considerations. Price matters, certainly, but location, condition of the building, and what you plan to use the property for are all a part of the decision-making process. With that in mind, real estate investors shouldn’t try to find and buy properties on their own. It’s much safer to work with a good Realtor who can provide listings and information for all the real estate for sale in the Portland Maine area. READ MORE

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Being a REALTOR

Being a REALTOR® can be difficult. In today’s declining real estate market, the prices of real estate are going up and sales and prospective buyers are going down. There are just not enough people who are able to qualify for the mortgages offered these days to fill all the real estate available. If you are still intent on being a REALTOR®, then you must realize that it is a people business as well as a numbers game. Being a skilled REALTOR® is all about your network and noticing key elements about the real estate in general in order to convey these elements to prospective buyers. A REALTOR® must be keen on finding what benefits the property has according to a prospective buyer’s lifestyle and personality. A REALTOR® must be able to read people as well as read real estate and determine answers based on these assumptions. At the end of the day, being a REALTOR® is just like being a business person. Any good REALTOR® must work very hard to make a substantial income and this includes long hours and tedious searches for prospective buyers as well as valuable real estate that is on the market. A REALTOR® also must watch the real estate marketplace as a whole, noticing trends and statistics and studying them very carefully. At any moment, the real estate market could go up and then at any moment, it could also go down. A good REALTOR® watches out for these trends and is able to gauge where the market is at any given time. Being a REALTOR® is similar to having your own business in that you must always be looking for the next great opportunity that is around the corner. Don’t ever think that being a REALTOR® is easy, but for many, it is very rewarding. All of our real estate agents here at Green Tree Realty are also REALTORS® and that means that we all adhere to NAR’s code of ethics and standards of practice. So, if you are looking to buy or sell a home, please consider hiring one of our qualified REALTORS® today! READ MORE

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What Are Property Taxes?

Property taxes are necessary and anyone that owns a home or property must pay them. There are different taxes in regards to the property that is owned. For instance, there are specific property taxes for improvements to land which are properties that are man-made and cannot be moved which usually include buildings, then there are specific property taxes for land properties, there are also certain property taxes for personal property which include man-made properties that are able to be moved, and then other property taxes for intangible properties which are incorporeal properties. A special assessment tax is not the same thing as a property tax, a special assessment tax is a charge that is enforced by the government in regards to public projects that include any type of real estate parcel. Property taxes are usually stated in a percentage form and can be calculated simply by taking the entire assessed property value and then multiplying that by 1,000. Along with percentage rates, property taxes are given in the form of per mil which is the rate in thousandths. The reality is that property taxes are not the same in every country and each country has different rules and regulations for property taxes. For instance, the country Greece has 5 different property taxes, while the country Australia has property taxes that are referred to as property or land rates. Countries such as Hong Kong has a property tax that is actually classified as an income tax and in the United Kingdom, there is no property taxes on residential properties. In the United States, property taxes are determined by the government, either at the municipal or county level. The property taxes in the United States are usually around .2% to .4% of the value of the property or home. Property taxes in the United States go to the supporting of things such as free medical care, police, fire, schools and much more READ MORE

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There Can Be a Cost By Waiting to Purchase

In many instances, prospective buyers believe that the longer they wait to purchase a home or property, the better off they are, but the opposite is actually usually true. The reason for this is because instead of home prices and interest rates going down, in these tough economic times, they end up usually going up. Home prices rose in 41 states and D.C. in the 1st quarter of 2013. Many prospective home buyers are finding themselves in quit a predicament simply because they chose to wait on their purchase. It seems like more often than not, interest rates are going higher and higher and this is very bad for prospective home buyers because they end up spending much more money in the long run. Obviously, when a home price goes up, the prospective buyer will have to pay more for the home initially, but if the interest rate goes up, which it often does, the prospective home buyer will need to pay the higher interest rate and then some. The interest rate can impact the prospective home buyer for years to come since the actual rate of the home increases just because the interest rate increases. For instance, if the term is 30 years and the total monthly payment is $1,500, then just a small increase can raise the home price significantly. If the home price is at a certain point, then if the interest rate increases, they will not be able to purchase the same home since the price of the home will have raised and they would not be accepted into that category. So, as you can see, waiting on a home purchase can not only cause the prospective home buyer to pay out more money initially, but it can impact their opportunity of getting their dream home overall. The best bet for any prospective home buyer is to purchase as soon as possible before the price of the home, or worse, before the interest rate increases. READ MORE

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Types of Mortgages

In regards to home ownership, there are two main different mortgages that are available. The first type is the fixed mortgage and the second type is the adjustable rate mortgage. A fixed mortgage is defined as a mortgage rate that stays the same for the duration of the mortgage length. That means, if you have a fixed mortgage, your monthly payments will not go up or down, they will stay static at one rate. A fixed mortgage is usually preferable to an adjustable rate loan because there is no chance of the rate going any higher, but there are some benefits to an adjustable mortgage rate as well. An adjustable rate mortgage, or ARM for short means that interest rates will change over time. The good thing about an adjustable rate mortgage is that the rate could go down, but it could conversely also go up. The deciding factor on if the rate in an adjustable mortgage goes up or down is dependent on the market at that time, so there is really no predicting or knowing if the market will stay steady, go higher or go lower, some might say they know, but the reality is that it is usually a luck of the draw. Overall, it has been shown that adjustable rate mortgages usually end up raising causing the home owner to pay more than they would have with a fixed mortgage rate. Another types of adjustable rate mortgage is the hybrid adjustable rate mortgage. This hybrid mortgage type is different than the usual adjustable rate mortgage because the home owner pays a fixed amount for a certain number of years and then starts to pay an adjustable amount for the remaining amount of years left on their mortgage. A hybrid adjustable rate mortgage is gaining popularity with many different individuals because unlike a fixed mortgage rate, a hybrid adjustable rate mortgage starts off at a lower rate saving people money in the beginning stages of their mortgage period. READ MORE