March 20, 2025

SALES AND VALUES UP IN FEBRUARY:

In a press release to the media today, Maine home sales increased 6.51% comparing February 2025 to February 2024. The median sales price (MSP) was $381,500, a 9.00% increase in that same time period. NAR reports that existing home sales were down and prices up nationally. Home sales and prices were up in the northeast, comparing February 2025 to February 2024. Read the full release here.

REALTOR® RALLY REGISTRATION IS OPEN –

 JOIN US!

REALTOR® Rally is April 17th. Registration is now open! No cost to attend, parking is free, we help with the talking points! Pre-registration is encouraged to assist MAR with advance planning and communications to legislators.

10:30 a.m. at the Augusta Civic Center North Wing "Pre-Rally": Federal Issues Briefing with NAR, meet Maine REALTOR® Legislators, Q&A with MAR Advocacy Leaders and Government Affairs Team, and a networking lunch. 

1:00 p.m. Hall of Flags, Maine State House: Tour the State House, visit the Senate and House chambers and watch our government in action, network with REALTORS® and Legislators. We will have Guest Speakers in the Hall of Flags (invited) and dessert to share with your legislators.

Already this legislative session we’re faced with increased fees at the Registry of Deeds, increased real estate transfer tax, local option taxes, expanded PFAS testing, property tax stabilization, establishment of a deed fraud commission, streamlined permitting for certain multifamily housing developments, and a Maine Constitutional amendment to allow municipalities to apportion real and personal property taxes on the basis of property classification. 

MAR VIRTUAL REALTOR® RALLY - MOBILE ALERTS:

Be ready for the virtual portion of MAR’s REALTOR® Rally! Text REALTORS to 30644 to register for mobile alerts. When a state or national REALTOR® call for action is launched, you can take action from your cell phone!

FREE SMOKE ALARMS AND FIRE ESCAPE PLANS:

Share with your clients – request a free smoke alarm and download a fire escape plan from the American Red Cross

NAR RESIDENTIAL AND COMMERCIAL SUMMIT:

On March 21 from 2:00 – 3:00 p.m. ET, NAR will hold a virtual economic and real estate summit focusing on residential and commercial markets.

A recording of the event will be made available to REALTORS® and registered attendees will receive an email with a link to the recording as soon as it is available.

BENEFICIAL OWNERSHIP (BOI) REPORTING:

The U.S. Treasury Department and Financial Crimes Enforcement Network (FinCEN) recently announced that it will suspend enforcement actions related to compliance with the Corporate Transparency Act at this time. FinCEN is not issuing fines or penalties against reporting companies and owners for failure to file any Beneficial Ownership Information (BOI) reports by March 21, 2025. FinCEN announced that it will be issuing an interim final rule extending the BOI deadlines.

For more information, please see FinCEN's notice here, and please see the Treasury Department's announcement here. 

FRAUDULENT SELLER SCAMS RED FLAGS INFOGRAPHIC:

Review this infographic and share it with your colleagues. Recent fraudulent/imposter sellers were targeting 7 Swan Road in Denmark and 96 Indian Point in Denmark:

Use your Forewarn app (a NO-COST member benefit provided by Maine Listings).

-Conduct a reverse lookup of the telephone number in FOREWARN and if it comes back with anything other than the expected person – investigate further. 

-Conduct a reverse name search in FOREWARN and call the number(s) provided to confirm the person’s identity and whether they did indeed contact you to list the property. 

In addition, you should verify information about the listing property and owner with the town/municipal tax records and the registry of deeds. 

For prospective sellers who are not physically located near you/the property, ask them to Zoom, Google Meet, Facetime with you for a first meeting – and ask them to show their identification on the screen. While scammers may also have fraudulent identification, they are likely to be unwilling to show their face on a screen. You can use a phrase like, “it’s our office protocol for new customers and clients”. If they’re unwilling, likely a red flag. It is not enough to receive identification via email since scammers are using fake passports and/or drivers licenses.

For potential sellers who are nearby, always schedule first meetings with customers/clients in the office, verify their identity (take a photo of their driver’s license), and introduce them to a colleague.

NAR LEGISLATIVE MEETINGS & TRADE EXPO: 

Registration is open for the 2025 REALTORS® Legislative Meetings & Trade Expo, May 31 – June 5 in Washington, D.C. Registration is free for NAR members. Some sessions will be virtual for those who prefer not to travel, including the NAR Board of Directors meeting. More information and to register

HAPPY SPRING!



Check out these fun facts about the vernal equinox.

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