SRE_0921

More documents

Recommendations

Info

22 SAY YOU SAW IT IN SUBURBAN September 28, 2021 - October 18, 2021 Zach Wichter BANKRATE.COM If you’re trying to break into the housing market right now, you may find that your down payment fund isn’t going as far as you thought it would. Record-breaking rises in home prices mean the targets you set to save, say, 20 percent of your expected home purchase price may no longer cut it. Here’s what you need to know about what’s going on in the housing market and what your options are for how to proceed. MAINE Home prices are rising faster than your down payment fund: What to do WHY HOME PRICES ARE LIKELY RISING FASTER THAN YOUR DOWN PAYMENT SAVINGS It all comes down to a few factors: limited housing supply and a huge number of motivated buyers are putting pressure on housing prices. Low mortgage rates mean most buyers can afford to borrow more than they otherwise would, which is turning up the pressure even more, and inflation is pushing buying costs up for pretty much everything across the board. Sellers are rejoicing, but for buyers (low mortgage rates aside) it can be tough terrain to navigate. “This last year has been brutal, particularly for the first-time homebuyer market,” says Matt Woods, co-founder and CEO of SOLD.com. Most experts agree that the pandemic has led to a tough market for buyers, but there are signs that things may finally be cooling off. At any rate, this nearly straight up trajectory for home prices seems fairly unsustainable. “I think about my four kids, how PHOTO | TRIBUNE NEWS SERVICE One key to saving for a down payment: Establish an online banking account designated for the purpose. on earth will my four kids ever be homeowners if this is the conundrum they’re dealing with?” Woods says. What you can do if your down payment savings aren’t keeping up There are essentially three ways you can respond if your dream home — or even a barely adequate home — is out of reach. 1. Wait out the home sale market, beef up your down payment Probably the easiest option — because it’s essentially passive — is to just wait for the market to cool down more. Doing that can give you the opportunity to boost your savings, and you may even see home prices come down a little in your area, which means your funds will go farther. Keep in mind, there are no absolute guarantees in real estate because market conditions are always changing, but if you can’t afford to buy now, it’s probably not a good time to dive in. “The biggest thing to start with is just to make the decision on whether now is the right decision in terms of buying the home,” says Robert Heck, vice president of mortgage at Morty. “If you have flexibility and time, the options there are a bit more widespread.” Focus your affordability calculations on your monthly expenses, not necessarily the overall sale price, he says. Bankrate’s “how much house can I afford?” calculator can help you get started. “This home appreciation phase is waning,” Woods added. If you choose to wait it out you can use the time to invest money in higher-yield — and, admittedly, higher risk — funds to boost your savings more quickly. “Putting money under your mattress isn’t going to help,” he says. “If you’re parking it in the safest place, you can count on it not helping and not growing. If you’re leveraging the investment opportunities that are out there, the market’s been kind.”
September 28, 2021 - October 18, 2021 WWW.SUBURBANREALESTATENEWS.COM • 978-532-5880 23 MAINE EXIT KEY REAL ESTATE WE HAVE THE CORNER ON THE LAKEFRONT! 20 Emery Mills Road Shapleigh, MAINE 04076 207-636-2222 www.exitkeyrealestate.com UNDER CONTRACT Sanford, ME MLS 1504037 $242,000 A peaceful Patio and beautiful landscaping around the whole property of this three-bedroom well maintained Gambrel offering an aboveground pool so if you enjoy sunbathing and barbeques or sit by the fire pit on those chilly evenings. This private setting is close to all town amenities for your convenience. SOLD! Shapleigh, ME MLS 1499432 $549,900 Nestled just in from the wide open expanse of Square Pond, this three bedroom ranch-style cottage has the best of all worlds. In addition to the cottage, there is a large storage shed for tools and toys, and an additional smaller shed right on the waterfront. NEW LISTING Newfield, ME MLS 1510075 $210,000 Relax, unwind among tall pine trees, fresh air, clean lake! Get away from the crowds! Balch Lake borders NH/Southern Maine. Only 2 hours from Boston! The perfect size for 2-4 people. Swim, canoe, kayak, or go fishing on our clean, refreshing lake! NEW PRICE Acton, ME MLS 1503228 $625,000 The home boasts an amazing 150 ft of water frontage! An open concept kitchen and living area reveal a wall of glass overlooking pristine Balch Lake. The partially finished basement allows for additional sleeping space, and a walk out slider to the patio provides more fantastic lake views. SOLD! Sanford, ME MLS 1500217 $399,900 With much love and care from the current owners, this 2 bedroom, 3 bath home is located in the heart of Sanford, Maine. This home was thoughtfully designed with no details left out on a .27 acre lot with 2880 SF of living space. NEW LISTING Shapleigh, ME MLS 1508045 $724,900 The haunting cry of the loons is calling you to the restful waters of Mousam Lake, one of Maine’s picture-perfect retreats, with sparkling waters, sheltered by stately pines, and located less than 100 miles from downtown Boston. NEW LISTING Greenwood, ME MLS 1509499 $259,000 Are you a hiker, a mountain biker, a downhill skier, a kayaker? If so, then this two-bedroom single-level home is the place for you! The focal point of this cozy home is a huge fieldstone fireplace in the open concept Living-Dining- Kitchen and pegged hardwood floors throughout. NEW LISTING Acton, ME MLS 1506851 $99,000 There are two different 10’ Rights-of-Way to the lake! This is a “work in progress” and is being sold “AS IS”. With filtered views of the lake, across the road, the possibilities are endless - convert the “barn - garage” into a home or build a home further back from the road. DUPLEX Sanford, ME MLS 1488992 $229,500 Looking for an investment? Looking to live in one unit and rent the other? This property is located within a few steps from the center of the City of Sanford - right off of Main Street, in the heart of the city. SOLD! Acton, ME MLS 1499382 $65,000 Looking for a great place to build your vacation getaway or your dream home? Look no further. Wooded with a slope, this is a wonderful location! SOLD! Acton, ME MLS 1499378 $439,900 Beautiful Chalet on 2.5 acres located on a hill with seasonal views of Mousam Lake in Acton, Maine. Sit on the newly constructed composite deck and enjoy the breezes off the lake during the Summer months and overlook the perennial gardens. SOLD! Shapleigh, NH MLS 1500190 $339,000 This is NOT your typical Cape Cod-style home. Step inside and be prepared to experience the ‘feel’ of a real log cabin. With plenty of knotty pine ship-lap walls throughout, this home provides a coziness not available in traditionally-finished ‘blank walls’ of so many of today’s houses. UNDER CONTRACT Sanford, ME MLS 1504218 $449,000 Once you have arrived at the driveway, be prepared to enter an oasis of lush gardens and a velvet lawn. Upon entering the home, one is greeted by a custom-designed stained-glass panel and the oversized living room with tile floor. UNDER CONTRACT Shapleigh, ME MLS 1502329 $324,900 This cute camp is a true gem, with 2 bedrooms with an additional front room for extra sleeping quarters or a sitting room, all while enjoying the views of the lake. This property has 59 feet of waterfront sits on a beautiful Carpenter Cove with a sandy beach and a deck. NEW LISTING Shapleigh, ME MLS 1509804 $389,000 Over 220 feet of direct Square Pond water frontage comes with this1.66 acre building lot., This offers a great opportunity to build your dream house on the lake, enjoying all four seasons on one of the most popular lakes in the southern Maine lakes region. SOLD! Sanford, ME MLS 1492945 $899,900 Appearing on the American scene between 1880 and 1900, the Shingle Style is distinctly American with its wood construction along with asymmetrical facades, gambrel roofs, balconies, welcoming verandas and large windows.
Page 1 and 2: VOL. 48, No. 7 MASSACHUSETTS, MAINE
Page 3 and 4: September 28, 2021 - October 18, 20
Page 21: September 28, 2021 - October 18, 20

SRE_0921

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?