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Welcome home to 7 Summit Terrace, a colonial house with an Accessory Dwelling Unit in the countryside of Falmouth. This spacious home offers a total of 6 bedrooms, 4.5 baths, and plenty of living space designed to meet all your needs. The main house has 4 bedrooms and 2.5 baths. The finished basement presents a versatile space that can be transformed into a comfortable guest suite or an expansive bonus room, complete with a full bathroom, washer/dryer, wet bar and patio.
The property also features a one-bedroom apartment above the garage, equipped with all the modern amenities, including a full bathroom, kitchen heat pump, washer, dryer, gas fireplace, large deck, private carport, and a separate entry. This apartment currently has a tenant, generating $1,600 per month (utilities included, except for propane).
Set near the end of a peaceful dead-end street, this home is just minutes away from Portland and within the Falmouth school district. You'll love the updated features, including new granite countertops, hardwood flooring, luxury vinyl plank in the kitchen, updated full bathrooms in the main house, fresh paint throughout the main house and porches, and updated landscaping. Enjoy the cozy new gas fireplace and the convenience of generator hookups.
For outdoor enthusiasts, the proximity to North Falmouth Community Forest trails offers endless opportunities for recreation. With its family-friendly community, ample acreage, an Accessory Dwelling Unit and all these enhancements, 7 Summit Terrace is truly a rare find in Falmouth. Don’t miss the opportunity to make this exceptional property your home.
Open houses at 10am on 8/31 and 9/1 at 10am. Learn more at 7SummitTerrace.com Welcome home to 7 Summit Terrace, a colonial house with an Accessory Dwelling Unit in the countryside of Falmouth. This spacious home offers a total of 6 bedrooms, 4.5 baths, and plenty of living space designed to meet all your needs. The main house has 4 bedrooms and 2.5 baths. The finished basement presents a versatile space that can be transformed into a comfortable guest suite or an expansive bonus room, complete with a full bathroom, washer/dryer, wet bar and patio.
The property also features a one-bedroom apartment above the garage, equipped with all the modern amenities, including a full bathroom, kitchen heat pump, washer, dryer, gas fireplace, large deck, private carport, and a separate entry. This apartment currently has a tenant, generating $1,600 per month (utilities included, except for propane).
Set near the end of a peaceful dead-end street, this home is just minutes away from Portland and within the Falmouth school district. You'll love the updated features, including new granite countertops, hardwood flooring, luxury vinyl plank in the kitchen, updated full bathrooms in the main house, fresh paint throughout the main house and porches, and updated landscaping. Enjoy the cozy new gas fireplace and the convenience of generator hookups.
For outdoor enthusiasts, the proximity to North Falmouth Community Forest trails offers endless opportunities for recreation. With its family-friendly community, ample acreage, an Accessory Dwelling Unit and all these enhancements, 7 Summit Terrace is truly a rare find in Falmouth. Don’t miss the opportunity to make this exceptional property your home.
As we move into the second half of 2024, many are wondering what the housing market will look like. Is now a good time to buy or sell? To answer this, we need to examine the key factors shaping the market: mortgage rates, inventory levels, and home prices.
#### Mortgage Rates
Mortgage rates have remained on the higher side throughout 2024. Despite earlier predictions suggesting that rates might dip into the 5% range, they have continued to hover in the mid to high six’s. However, experts remain hopeful that rates will decrease later in the year. This optimism offers some relief for those considering entering the market but are hesitant due to current rates.
#### Inventory Levels
Inventory levels remain lower than usual, with new listings at historic lows. According to Redfin’s Market Report, while new listings are up 7.7% from 2023, they are still below typical levels for this time of year. Many properties are lingering on the market for 30 days or longer without offers. This is often due to high-interest rates and homes not being priced correctly or needing repairs. In today’s market, most buyers are looking for properties that are move-in ready, avoiding the additional costs of repairs or renovations.
#### Home Prices
The good news for sellers is that buyers are still active and willing to pay premium prices for homes in good condition and desirable locations. Although home prices remain at record highs, the rapid pace of price increases has slowed. The inventory shortage is not as severe as in 2023, giving buyers more options and helping prevent overinflated prices.
So, is now a good time to buy or sell? The answer depends on your individual situation. Assessing your financial standing, housing needs, and long-term goals will help guide your decision.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the housing market in your local area, please contact us for our client-based approach to service excellence.
After a couple of post-pandemic years marked by low inventory, the housing market is finally seeing a significant infusion of available homes. Let’s dive into what this means for buyers and sellers alike.
#### Rising Inventory Levels
According to Zillow, this summer has seen a notable increase in home sellers returning to the market, with new listings up 13% compared to last year's low supply. Many sellers, despite holding onto lower locked-in mortgage rates, have been prompted to sell due to life events such as marriage, divorce, and job relocation. In a recent survey by Zillow, 80% of sellers indicated that these life changes necessitated entering the marketplace.
This influx of listings has led to a cooling of buyer competition and a tempering of prices, even in an already heated summer market. While prices are still on the rise, the drastic spikes that have characterized the market in recent years are less pronounced. So, what does this inventory infusion mean for both buyers and sellers?
#### The Market Dynamics
Zillow's Heat Index report reveals that, on a national scale, the market is gradually becoming more affordable for buyers. However, sellers still hold a slight advantage, as new listings remain 23% lower than pre-pandemic levels. Additionally, we're starting to see more price improvements on properties that have been on the market for nearly 30 days. This scenario presents a good opportunity for buyers to purchase a property at a price lower than the original listing.
#### The Value of an Experienced Agent
With all the shifts in the market, working with an experienced real estate agent is more important than ever. Whether you’re buying or selling, having a skilled negotiator on your side can make all the difference in securing terms that best suit your needs.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the current inventory and prices in your area, please contact us for our client-based approach to service excellence.
We've all heard the phrases "It's a seller's market" or "The buyer is in control," but which is it? Who really determines the type of market we are in? Hi, I’m Dave with The David Marshall Team of eXp Realty.
Every day, we see headlines about the housing market. Whether it’s about mortgage rates, housing prices, or inventory, it can be quite confusing to know who is in the driver’s seat. What data do real estate professionals analyze when assessing the market? It all comes down to the supply and demand of inventory.
Typically, when supply is low and buyer demand is high, it’s a seller’s market. Conversely, if there is an oversupply of listings, that indicates a buyer’s market, where demand has cooled, shifting control to the buyer. Real estate professionals often look at the absorption rate of a specific area. Generally, if there is less than a five-month supply of homes available, it’s a seller’s market. A five to seven-month supply indicates a balanced market, and anything more than a seven-month supply means it’s a buyer’s market. It's important to note that each neighborhood, city, and state will vary.
For example, in my area, if a home is on the market for longer than 14 days, it’s a sign that the home is probably priced too high. Although “experts” have their opinions, it’s crucial to consult a seasoned, experienced real estate expert to understand the local data.
Nationally, we have been in more of a seller’s market with lower inventory levels. According to Realtor.com economic research analyst Hannah Jones, “The market is still leaning toward a seller’s market but has gained balance since COVID when the market was red hot. The last true buyer’s market was in 2012 when housing inventory was a little over seven months, meaning it's been 12 years since supply outweighed demand.”
The market is not a slam dunk for sellers either. Most sellers hold a mortgage with a lower interest rate than today’s rate, meaning if they sell, they would be purchasing in a higher-priced market. So, although it is more favorable to be a seller in today's market, sellers, like buyers, face higher rates and home prices too. Experts say the market feels more like a “limbo market,” where both buyers and sellers feel conflicted about the overall economy. Regardless, keep house hunting as owning real estate is still the number one way to build your net worth over time.
This is Dave with The David Marshall Team of eXp Realty.
If you would like more information on the current inventory in your local area, home prices, and days on market, then please contact us for our client-based approach to service excellence.
Hello Greater Portland! Update August 2024
Hello Greater Portland! The summer real estate market is in full swing. Active listings are surging in most towns in the region and prices are spiking in Portland and the neighboring suburbs. I'm Dave with The David Marshall Team of eXp Realty, bringing you the year-to-date market update as of the end of July.
### Active Listings
Active listings have seen significant increases in various towns:
- **Old Orchard Beach**: up 41.5%
- **Westbrook**: up 38.3%
- **Windham, Portland, South Portland**: all near 20% increases
- **Cape Elizabeth, Saco**: also saw double-digit increases
However, not all towns experienced growth:
- **Yarmouth**: down 19.8%
- **Cumberland**: down 34%
### Pending Sales
Pending sales are also showing mixed trends:
- **Westbrook**: surged by 15.7%
- **Windham**: up 9.7%
- **Old Orchard Beach**: up 7.7%
- **Scarborough**: fell nearly 10%
- **Cape Elizabeth**: dropped 12.3%
- **Yarmouth**: down 15%
- **Cumberland**: had the biggest decrease at 20.3%
### Closed Listings
Closed listings have shown notable increases in some areas:
- **Gorham, Portland**: over 20%
- **Yarmouth**: at the top with 26.7%
- **Old Orchard Beach, Westbrook, Saco**: also had double-digit gains
On the downside:
- **Scarborough**: down 9.2%
- **Cumberland**: at the bottom with a 23.9% decrease
### Median Market Time
Median market time is relatively short across the region, with many towns at just around a week:
- **South Portland, Cumberland, Yarmouth, Westbrook, Windham, Scarborough**: only 6 days
- **Old Orchard Beach**: had the longest median market time at 9 days
### Median Sale Price
The largest median sale price increases were seen in:
- **Falmouth**: up 20.3%
- **Cape Elizabeth**: up 17.1%
- **Portland**: up 16.5%
- **South Portland**: up 12.2%
- **Westbrook, Scarborough, Saco**: also saw strong gains
Conversely:
- **Gorham, Yarmouth**: saw price drops
- **Cumberland**: experienced the largest decrease at 15.3%
### Highest Median Sale Price
The highest median sale prices in the region are:
- **Falmouth**: $975,000
- **Cape Elizabeth**: $900,500
- **Yarmouth, Cumberland**: both over $700,000
- **Scarborough, Portland**: over $600,000
- **Westbrook, Windham**: tied at $463,500
- **Old Orchard Beach**: the lowest at $450,000
If you need information about activity in a specific neighborhood to plan your next moves, please contact us for our client-based approach to service excellence.
This is Dave with The David Marshall Team of eXp Realty.
Homebuyers, should you ever waive an inspection?
The process of writing offers can be daunting, especially when properties you’re interested in are seeing multiple offers. Does it make sense to waive your inspection contingency to make your offer more attractive to a seller? Oftentimes, the answer is no, and here are four reasons why.
### 1. Protecting Your Financial Interest
A home inspection protects your financial interest in what is likely the largest purchase you'll make in your life—a home. While the home may look pristine and clean, a professional inspection can uncover potentially hazardous issues such as a failing heating system, structural problems, or outdated wiring. These repairs can cost thousands of dollars down the road. It’s better to know upfront about any potential issues before proceeding with the transaction.
### 2. The Contingency Advantage
The inspection contingency allows you to conduct full inspections and request any needed repairs. Keep in mind that a seller doesn’t have to accept your request, and at that point, you can decide whether to move forward with the purchase. Sometimes, a home inspection reveals no issues, which is great for both sellers and buyers, providing peace of mind that your potential dream home is in good condition.
### 3. Walkthrough Inspection Prior to Making an Offer
If you decide to waive the inspection contingency, we strongly recommend having a walkthrough inspection done prior to making an offer. The inspector will walk through the home and provide you with a verbal report about any apparent issues. This approach is less thorough and doesn’t involve testing and scoping but can highlight red flags. Although not the preferred method, a walkthrough inspection is better than no inspection, especially when there’s strong competition.
### 4. The Bottom Line
The bottom line is that it’s worth spending several hundred dollars on a home inspection to understand the condition of the home you’re about to purchase.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the home buying process, please contact us for our client-based approach to service excellence.
Sure, here are the hashtags in both formats:
#HomeInspection #HomeBuyingTips #RealEstateAdvice #ProtectYourInvestment #Homebuyers #RealEstateMarket #InspectionContingency #HomeSafety #BuyersGuide #eXpRealty
HomeInspection, HomeBuyingTips, RealEstateAdvice, ProtectYourInvestment, Homebuyers, RealEstateMarket, InspectionContingency, HomeSafety, BuyersGuide, eXpRealty
Sellers, do you know your big “why” and how it is important when pricing your home?
Simply put, if you have overpriced your home, you may be losing thousands of dollars upfront. As trusted real estate professionals, we know why pricing a house right from the start matters, but many homeowners may not understand this strategy. What are the 4 strategies to help sell homes faster, sometimes with multiple offers and the best possible return on investment? Let's discover why!
### 1. Price Your Home Below Market
Yes, this is scary, however, pricing your home slightly below market will generate multiple showings in the first couple of days on the market. This will ideally drive the multiple offer scenario, create demand for your property, and usually results in an offer above list price. Typically, even just 5% below market value will help to drive buyers to your property.
### 2. Set a Deadline for Offers
Putting a deadline on offers will help buyers who are procrastinating or stalling. This strategy will help increase showings as buyers know they have only a certain amount of time to see the property and write an offer.
### 3. Fuel Buyer’s Interest with Your Marketing
Hiring a real estate professional with a marketing plan to spark interest in your property is key. Make sure your agent is up to date with the latest marketing channels to showcase your home. Just doing the old school way of marketing will not spark the curiosity you need to drive multiple offers and multiple showings.
### 4. Work with a Local Expert
Make sure the real estate professional you hire is an expert in your local area. Why is this important? They know current pricing, days on market, inventory levels, and most importantly, the community.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on housing data in your local market area, then please contact us for our client-based approach to service excellence.
#TheBigWhy #HomePricing #RealEstateStrategy #HomeSellingTips #MarketValue #MultipleOffers #RealEstateMarketing #LocalExpert #DavidMarshallTeam #eXpRealty
TheBigWhy, HomePricing, RealEstateStrategy, HomeSellingTips, MarketValue, MultipleOffers, RealEstateMarketing, LocalExpert, DavidMarshallTeam, eXpRealty
The housing market remains on a rollercoaster with its twists and turns. Now that we are in the second half of 2024, what are experts saying about the overall housing market? Let’s take a look at what’s happening nationally and regionally.
## National Housing Market Trends
According to the National Association of Realtors, home prices continue to rise due to lower-than-usual inventory. As of May this year, the median U.S. home sale price is $407,600, up 5% from this time last year. We continue to see inventory remain low, with 3.5 months of inventory on the market, meaning it is still a seller’s market. Nationally, properties typically remain on the market for an average of 26 days. First-time buyers are responsible for 33% of sales, and we are seeing more cash buyers, likely due to higher mortgage rates, representing 28% of all transactions during the Spring. Buyers looking for second homes or investments have fallen slightly, and distressed sales or foreclosures represent only 2% of sales. This indicates that most homeowners have built up equity in their homes and are not in a distressed position to sell.
## Regional Housing Market Trends
- **Northeast**: Sales are down 3% year over year.
- **West**: Sales continue to rise, up 1.3% from last year, with a spike in the median home price up 9.3% from May 2023.
- **South**: Existing home sales are down 3.1% from the prior year, but the median price is up 3.7% year over year.
- **Midwest**: This region saw the smallest decline, with only a 1% dip in sales year over year and a 6% increase in home prices from last year.
Of course, these are all blanket national and regional numbers, and local specific areas may differ. It is always best to talk with an experienced local expert who knows current pricing, days on market, and inventory levels specific to the area you are planning to sell or buy in.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the current inventory and prices in your area, then please contact us for our client-based approach to service excellence.
Summer is heating up! What's happening in the housing market? Hi, I’m Dave with The David Marshall Team of eXp Realty, here with your National Market Update. Let's break it down with four key metrics.
### 1. Home Prices on the Rise
According to Redfin, U.S. home prices continue to rise even as high costs deter some homebuyers. Nationally, home prices grew 0.5% in the last month. This marks six consecutive months of price increases since the beginning of the year, with no signs of prices coming down anytime soon. We are seeing multiple offers in select markets with high buyer demand.
### 2. Inventory and Market Trends
Although inventory is better and new listings have increased in recent months, overall market inventory remains 20% below pre-pandemic levels. Interestingly, properties are staying on the market longer. This unusual trend, given the lower inventory, indicates that sellers are pricing their homes too high initially and then having to adjust the price. It's crucial to price your home competitively to avoid long days on the market. Nationally, homes listed just shy of market value are receiving multiple offers in less than seven days, while homes priced over market value are sitting for 30-45 days.
### 3. New Construction
New construction remains strong, with brand new homes at nearly double the pre-pandemic rate. This is good news for buyers as it provides more options when looking at homes.
### 4. Mortgage Rates
Mortgage rates continue to be a wild card in the housing market, fluctuating regularly. Mortgage rates have declined since the beginning of the year. This decline has helped boost buyer demand by improving overall affordability.
The real estate market remains volatile and ever-changing. That's why it's so important to use an experienced local agent.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on housing data in your local market, then please contact us for our client-based approach to service excellence.
What does more listings on the market mean when you are trying to sell your house?
Hi, I’m Dave with The David Marshall Team of eXp Realty.
### Last Year vs. This Year: Inventory Trends
Last year, we saw a significant decline in inventory as most homeowners hesitated to sell, largely due to high mortgage rates. Now that there has been an influx of inventory in the marketplace, are sellers still at an advantage? The answer is primarily yes.
### Increase in New Listings
According to the latest data from Realtor.com, new listings are trending up. More homeowners are putting a "For Sale" sign in their yard compared to the same time last year. Newly listed homes are up 15.5% above last year's levels. Although this is good news for buyers, providing them with more options, sellers are still in a favorable position as home prices continue to rise.
### Price Stability
We are not seeing many price reductions in certain areas, indicating a balanced supply and demand that keeps home prices stable and buyers happy with their choices. So, if you are considering selling, now is still a good time. The market is experiencing a nice balance of supply and demand.
This is Dave with The David Marshall Team of eXp Realty.
If you would like more market information and assistance in preparing your home for sale to get the best possible return on your investment, then please contact us for our client based approach to service excellence.
The quarterly report is out! What’s the latest housing forecast from the National Association of Realtors? Hi, I’m Dave with The David Marshall Team of eXp Realty.
Here are some key highlights from the latest NAR report on the state of the housing market:
### Pending Home Sales
Pending home sales increased by 3.4% nationally in March compared to last year. We saw an uptick in contract signings in the Northeast, South, and West regions and a slight dip in the Midwest. NAR Chief Economist Lawrence Yu points out, “As we see an increase in pending sales, meaningful gains will only occur with declining mortgage rates and rising inventory.”
### Existing Home Sales
NAR forecasts that existing home sales will rise by 9% in 2024, from 4.09 million homes in 2023 to 4.46 million homes in 2024. They predict that inventory will grow steadily with more new home construction and life-changing events that will require homeowners to sell, move up, or relocate.
### Median Home Prices
Median home prices are expected to increase by 1.8% in 2024, reaching $398,800. Home prices will continue to rise, with most homeowners in a strong financial position due to their equity and current market conditions. Only 2% of sales are expected to be distressed or foreclosures. NAR also expects home sales to steadily improve and prices to hit record highs in some regions.
This report indicates that we are trending in the right direction. The real estate market is dynamic and ever-changing.
This is Dave with The David Marshall Team of eXp Realty.
If you would like a complete report about what is happening in your neighborhood with home prices, days on market, and inventory, then please contact us for our client based approach to service excellence.
If you're a homebuyer, here are five things you should NOT do to get your offer accepted! With the housing market heating up, buying a home can be stressful with more buyers competing for properties. To help you navigate this competitive environment, avoid developing these bad habits when writing an offer:
### 1. Not Knowing What the Seller Wants
In competitive markets where homes can have multiple offers, it is crucial to understand what the seller wants before submitting an offer. Besides price, many other factors influence a seller’s decision. A good agent will find out what terms are ideal for the seller and hopefully work for you too. For example, a seller might need a rent-back agreement for more time to move or a fast close to get into a replacement home. Making your offer less stressful for the seller increases its chances of being accepted.
### 2. Second Guessing Yourself
As a buyer, it’s easy to second guess yourself and feel anxious about your purchase. Ensure you have a checklist of your wants and needs and a clear understanding of your financial situation. Indecisiveness can cost you the home if you wait too long to make decisions or commitments.
### 3. Staying with an Agent Who is Not a Good Fit
Always work with an agent who has your best interests at heart during negotiations and the closing of the transaction. A good agent should understand all your needs, be a good listener and communicator, and respond promptly to your questions. They will be negotiating on your behalf for one of the biggest purchases of your lifetime.
### 4. Asking for Too Much
We’ve all heard the saying, “they asked for everything but the kitchen sink.” Asking a seller for too many extras can come across as demanding and disrespectful. Be courteous and fair during negotiations to benefit both parties. Sometimes, letting go of a relatively small request can make your offer more attractive to the seller.
### 5. Waiving Inspections
In a competitive market, waiving contingencies to gain an edge over other buyers is common. While fewer contingencies are more appealing to sellers, it is more important for you as a buyer to know of any potential and expensive problems. If you’re considering waiving the inspection contingency, then plan to do a walkthrough inspection prior to submitting an offer.
This is Dave with The David Marshall Team of eXp Realty.
If you're a buyer and would like more information on the current inventory in your area, then please contact us for our client based approach to service excellence.
What is the golden ticket of homeownership? If you’ve owned your home for several years, you might have more equity built up than you realize. Your equity can be your golden ticket to your next move. But what is equity exactly? Equity is the difference between what your home is worth and what you owe on your mortgage. Over time, you gain equity as you pay down your home loan and as home values rise. In fact, your equity can grow faster than you might think. Many homeowners in the United States have a substantial amount of equity, with some having their mortgage completely paid off or having at least 50% equity. According to CoreLogic, the average homeowner with a mortgage has $298,000 built up in equity.
So, what can you do with this much equity? If you are planning a move, once you sell your current home, you can use your equity for a larger down payment on your next home, which means you borrow less. In some cases, you may have enough equity to pay all cash for your next purchase. Having significant equity can make your move possible even when affordability is tight. Additionally, you can use your equity to buy down your interest rate and secure a more affordable mortgage payment. There are plenty of options available that you may not be aware of.
This is Dave with The David Marshall Team of eXp Realty.
If you’re curious about how much equity you may have and need an accurate estimate of your property’s value, then please contact us for our client based approach to service excellence.
Have you wondered what the latest trends are in the housing market?
I think we can all agree that 2024 has been off to a great start in the housing industry compared to 2023. We have more inventory on the market for buyers, and rates are lower than last year. So, what are some of the trends we are seeing in 2024?
### Multi-Generational Living
One of the biggest trends is Multi-Generational Living. According to the National Association of Realtors, more buyers are opting to live with multiple generations of family under one roof. Two of the top reasons for this type of purchase involve aging parents. Twenty-seven percent of buyers chose multi-generational living to take care of their parents, and nineteen percent did so to spend more time with them.
### Cost-Sharing Benefits
Another significant factor in buying a multi-generational home is the ability to share costs like mortgage payments and utilities, making home ownership more affordable. This can be especially helpful to first-time home buyers who struggle with overall affordability.
### Considerations for Multi-Generational Living
Of course, this lifestyle may not be for everyone, and it is important to ensure this is something you truly want to do as a family before making an offer. Finding the perfect multi-generational home is also a bit trickier than finding a regular house. You have more people, which means there are more needs to consider. Having the right agent by your side to help navigate this process is key to a successful close.
This is Dave with The David Marshall Team of eXp Realty.
If you would like more information on the current inventory and prices in your neighborhood and help with strategizing your next move, then please contact us for our client based approach to service excellence.
