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Today we are going to talk about what’s been happening in the Southern Maine real estate market lately and what it means for you as a buyer and/or seller.
In many areas around Southern Maine, we have very low inventory. This is a great thing for sellers, because there are still plenty of buyers out there. Homes that haven’t been selling are selling now and some homes are going on the market and going under contract within a week!
Right now, we’ve got 54 days left until spring. If you’ve been thinking about selling at all, it may be a good idea for you to get your home on the market now before the competition has a chance to. Inventory will significantly increase in spring. By listing now, you will likely net more money than you would if you came on the market in the spring.
On the buyer side, rates did go up a bit in December. However, they are still incredibly low and some of the best we’ve seen in years. The only thing that isn’t so ideal for buyers has been the low inventory. A lot of buyers are having to wait for homes, and aren’t able to negotiate as much with the sellers because they are in control. We don’t know when interest rates will go up, but we do know they are extremely low right now and when they do go up, you will lose a lot of purchasing power.
If you’re thinking of buying, selling, or investing in Southern Maine real estate, give us a call or send us an email. We look forward to speaking with you!
