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Although the real estate market was tough in 2008 as you will see below, 105 homes sold in the Kittery area. People still have to move and homes still do sell regardless of the market. With that said, here is A Little Perspective on the Real Estate Market:
• More than 1000 banks closed in 1930 (three years before the FDIC was created) BUT Only 14 banks have been taken over in 2008,
• There are 76 million households in the US that own their home--24 million of these homes are owned free and clear,
• There are 52 million homes with mortgages in the US; 97.2% of these are not in foreclosure AND 93.8% of these homes are current on their payments.
Unfortunately...
• Over 20% of people with a mortgage owe more than their home is worth
• 40% of all homes in foreclosure are non-owner occupied (investments)
• There is $975 billion in consumer debt in America
Historic Facts...
• The average real estate boom lasts 3 to 4 years, and the bottom lasts for 15 months
• This real estate boom lasted 9 years, so the bottom will likely last 2-3 years (start Jan. 2008)
• The normal recession lasts 7 to 8 months in total
• There have been 8 recessions and 1 depression in the past 100 years
• 8 times more millionaires are created in a recession
Here is the history on what happened in the Kittery area at year end...
**10 homes sold in November and December
**Year-to-date, 105 homes have sold
**18 homes are currently "pending sale" with active contracts
For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.
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Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Kittery/Eliot area market in October:
**10 homes sold in October 
**Year-to-date, 105 homes have sold in the Kittery/Eliot area
**18 homes are currently "pending sale" with active contracts
For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.
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As you may guess, I receive many requests from friends and associates for referrals to professional trades and services - everything from painters to attorneys. Because I've received these requests, and because I operate my own business by referral, I have compiled a Business Referral Directory that lists the finest individuals and companies serving our community. You can check out this new directory anytime on my website, www.SeacoastHomesForYou.com. I hope you enjoy this directory and if you or someone you know would like to be a part of it, please give me a call or drop me an email.
Now let's take look at what is going on in the market locally...
**10 homes sold in September 
**Year-to-date, 105 homes have sold in the Kittery/Eliot area
**18 homes are currently "pending sale" with active contracts
For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.
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Check this out...Save $1000 on Your Next Home Purchase!
With rates dipping recently, housing prices low plus a $1,000 credit at closing, I can't think of a better reason to start looking for a new home or investment property. If you have interest, let me know. Or, if you know of someone who could use our services and a $1,000 credit, please let me know or pass this along. Carol and I love referrals!!
Now let's take look at what is going on in the market locally...
**17 homes sold in August
**Year-to-date, 95 homes have sold in the Kittery/Eliot area
**17 homes are currently "pending sale" with active contracts
For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.
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The latest forecast by the National Association of Realtors (NAR) claims that existing-home sales are projected to trend up in 2008. I definitely see that happening here in the Seacoast. In fact, Lawrence Yun, Chief Economist for NAR was quoted recently saying, "The improvement in the Northeast reaffirms a trend apparent for some months now that shows signs of recovery, noteworthy because that was the first region to slump." Yes, he said did say improvement in the Northeast!
Let's check out what's been going on in the Kittery/Eliot area.
1. 21 homes sold in the Kittery/Eliot area in April
2. Year-to-date, 41 homes have sold in Eliot and Kittery, ME.
3. 19 Eliot/Kittery area homes went pending with active contracts in April, and
4. There are currently 174 active listings in this area as well.
If you are thinking of selling, now is a great time with home sales trending upward. Price your house right and it will sell.
If you are thinking of buying, now is definitely the time. If you are waiting for home prices to go lower I believe you may have missed the bottom so now is the time to get off the fence.
If you or someone you know is looking to buy or sell, please feel free to call or email me--I'm never to busy for your referrals!
For more real estate information, check out www.SeacoastHomesForYou.com.
To receive a FREE on-line home market analysis, check out www.GetFreePropertyValues.com .
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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