Property Values in Central Maine

Even Cowgirls Get The Property Blues … or Not

Back in the ‘90s, Tom Robbins’ imaginative novel was repurposed into a forgettable movie – but the ‘Cowgirls’ theme was revived a few years ago in articles about the glum side of skyrocketing property value appraisals: excessive tax bills whose rise was the source of much gloom and doom.

At least today’s property owners don’t need to complain about rising property values – but they can (and do) worry about the slide in appraised value. Since no one who owns real estate in central Maine bought it so that they could lose sleep over it, how do you (and the cowgirls) make the best of the residential deep six?

The first thing you can do is to take a reality-based look at whether the property value situation has any actual impact on your personal finances at all. Those of us who have no plans to move for several years fall into the worry-free category. If you don’t plan on taking out a new mortgage, refinancing, selling or using your property as collateral for any other purpose, then a fall in property values is an abstraction as far as your future is concerned. In this situation: the cure for the blues? Settle down with a good book; go out to the movies; or go for a nice walk before we’re buried in slow! And cut down on reading the financial columns and listening to the news station that sell drama.

But what if you are planning on selling or refinancing? What if a house down the street has just sold low through foreclosure or a short sale? What if your property value this December is 15% less than it was a year ago? What then?

There are a number of ways to handle the situation, led by a first, common sense mental adjustment, which is to remember and appreciate the fact that all markets always fall, rise, fall, and rise again. In other words, our current Central Maine property values are part of a normal and predictable cycle, the same one other generations have been through in the past. After all, it’s gloomiest at the bottom of any property market cycle. And it’s only after a market turn is underway that its rise seems as if it ought to have been perfectly predictable to everyone (because even cowgirls have 20-20 hindsight!).

After stepping back enough to recognize the bigger picture and appropriate attitude adjustment, the next step is to dive into taking maximum advantage of the situation this winter.

Positive steps include using this time to make improvements that will ultimately increase your property’s value and/or save you cash! While the weather is cool, tackle those interior projects you’ve been putting off to be outside. Give the interior a fresh coat of paint, the ceilings too! Consider updating hardware in the bathroom and kitchen as well as lighting fixtures. These are reasonably priced and can make a big impact and really update the look of your home. These are things that can set your home apart from the competition when buyers are looking at the listing photos and comparing your house to the countless others on the market.

This might be a good time to consider some do-it-yourself weatherization. Button up your home and consider having a Home Energy Audit performed afterwards. You will benefit from the savings over the winter months and potential buyers will appreciate the added value of an energy-efficient home.

So in case you’ve been brooding over how your property isn’t worth what it used to be, forget about it!

Even cowgirls get over the blues!