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Buying a Home in 2012

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It appears that the long-suffering housing market may finally be stirring with fresh activity. For the foreseeable future, buyers will be able to benefit from low mortgage rates, large inventory and prices that appear to have stabilized (removing the fear that values would be lower six months from now). In the coming months, sellers with appropriately priced homes should see increased traffic and offers.

Much of my activity late last year and into this year has been with year-round, first-time buyers. I have been waiting for this type of buyer for several years and see it as a very positive indicator for several reasons. The biggest factor, I believe, is that buyers are more comfortable with their job security. Mortgage companies and banks also seem to be a little more interested in making residential loans. Perhaps they are now realizing that underwriting standards became too strict (see story).

Still lagging, and it is understandable, is the second-home market. There have been buyers looking for bargains but nothing on a steady basis and I think it will be another six-to-twelve months before there is a noticeable increase in activity.

Another local indicator is that our bookings for 2012 Vacation Rentals are up from last year. That suggests to me that if people are going to spend a considerable amount for a family vacation, then they feel comfortable about the future.

To keep in touch with local and national housing activity, please visit my monthly newsletter. For more information about the Lovell Village home pictured above, please visit our virtual tour. And remember to click on KezarRealty to view all of our listings as well as all properties available in Maine!

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