The cheapest homes in Maine are likely to be foreclosures owned by some bank in Maine. A recent study of Maine foreclosures showed roughly two-thirds of all repossessed homes were owned by a bank. It's important for home buyers to know these homes are sold "as is" by the banks with no disclosure on the condition of the home. When you start buying inexpensive homes in Maine, remember to make use of a good home inspector and a Maine broker who's competent at their job. Do a little research in your area and find the right person for the job.
Also, know that the real estate market in Maine remains mired in a slump. While the number of sales increased throughout the Spring, that's no more than the usual increase in the sales of houses (especially up north) as the weather changes. The market is flattening out in the third quarter of the year and signs are things aren't holding steady, not getting better, for realtors, financiers, and home builders. Maine remains a buyer's market, which is good for you.
Sales in 2011 are more in line with the home sales figures in the state in 2008 and 2009. Last year, an $8,000 tax credit skewed the numbers considerably. Without the post-April 30th tax credit in place this year, the market has sunk to its old levels.
Again, that's not all bad new if you're looking to get in a home. While the sales are lower in the third quarter of 2011 than they have been in 14 years, prices are cheaper than they have been in over a decade. The problem is, mortgage loan standards have changed so much in the last three years that you may not get the home loan you want--or the type of interest rate you'd like--that you received before. With all that in mind, let's look at some of the cheapest home prices in the urbanized parts of Maine.
I was surprised to find only one foreclosed home listed on my most dependable source for cheap home information. The house listed was on Woodlawn Avenue in Portland. This property is a 1 bed, 1 bath house with 768 square feet. The house is listed for $68,900. Lakeside Drive has a 3 bed, 1 bath home listed for $74,520. The estimated payment per month is $374. This house is up for auction, so understand that's a bit of a wild card when purchasing houses.
Oak Street in Westbrook, Maine has a three bedroom, one bathroom residence selling for $98,000. If you're prepared to wait a while, the price of this house might come down, though you never know when you're dealing with stubborn home owners attached to the sentimental value of a home.
Again, I had a hard time finding many homes listed in Brunswick. Range Road in Brunswick has a 3 bedroom, 1 bathroom house with a price of $54,900. On Rocky Hill Drive, you'll find a 3 bed, 2.5 bath residence selling for $99,000 and some change.
Lewiston is the second largest city in Maine, with a population just above 35,000 people. You'll find a house on Brault Street with 3 bedrooms and 1 bathroom with a listed 8,160 square feet on the lot (not in the house), but no square footage listed for the abode. Blake Street has a three bedroom, one bathroom house with 850+ square feet inside, but no listed price.
Sanford in York County, Maine has one house listed worth mentioning. York County is found southwest of Cumberland County (Portland, Brunswick) one county over, so it's another option when living in the Portland-Brunswick area. I found a 3 bedroom, 1 bathroom house in Sanford listed for $45,000, but I couldn't find an address on this home. Talk to a local real estate broker to track down this residence.
Bangor, Maine is the third largest city in Maine with 31,000 people in the 2000 Census and probably more now. Bangor has several residences in the same cheap price range. Each of these housing options includes different room numbers and layouts, so you'll have a choice of the layout which best suits you. 4th Street in Bangor has a 2 bed, 1 bath with a 995 square foot lot selling for $42,900. Meanwhile, Westwood Drive has a 3 bed, 2 bath residence with 1,700 square feet selling at $44,900.
Another option is a 4 bedroom, 1 bathroom mobile home on New Boston Road, which is selling for $47,500. If you prefer foundation homes, you can find a beautiful two-story house for sale on Pond Street with 2 beds and 1 bath (though it looks bigger than that) selling for $72,000. Check this one out to be certain, because I think the layout is a misprint.
Finally, I found a 3 bedroom, 1 bathroom house with an asking price over $99,000.
Some of the outlying areas of Maine have cheap housing options to consider. On Winchester Avenue in Corinna, Maine, you'll find a three bedroom, one bathroom residence listed at $9,000. This is the kind of house I was talking about earlier. Talk with a skilled inspector to make sure you don't get what you pay for when buying this residence.
Exeter Road in Exeter, Maine has a lovely four bedroom, two bathroom house selling for just over $49,000. Once again, make sure you know what you're getting into, because the house looks spacious and idyllic from the outside. This might be the deal of the year, but you want to make certain a big house like this isn't too good to be true.