High demand for housing in all price ranges coupled with terribly low inventory and low mortgage rates has made this a very strong sellers’ market. Naturally, in a sellers’ market we see prices trending upward.
In Cumberland County alone, the number of units sold from January to March 2017 was 698,
whereas from January to March 2018, only 663 units sold. The median price in the first quarter of 2017 was $264,000, while the median price for the first quarter of this year is $296,500, a 12.31percent increase.
We can read the statistics and be impressed, but what does it look like on the ground every day for a real estate agent?
Many homes end up selling well over asking price (thousands over). The intensity of this trend can be seen in the Portland market at its most extreme, but the ripple effects can be seen throughout Cumberland County, across the state and the entire Northeast Region. In fact, the upswing can be seen across the country.
In the Northeast, inventory was down by 9.3 percent as compared to a year ago. The median sale price increased by 3.3 percent; with the median sales price being $270,600.
This can be very stressful for both buyers and sellers. Sellers are worried about finding the next place to call home if they are moving within the same market, where as buyers experience the roller coaster of putting in offers several thousand dollars over the asking price, only to learn that they were outbid in a multiple offer situation.
A great agent has strategies to help their clients’ offer be the one that gets accepted, but sometimes if competing with a cash offer that can close tomorrow, there is no tactic that can win.
The best a buyer can do is work with their agent by responding quickly to their emails and allowing
their agent to show the buyer properties as soon as humanly possible. Because yes, you guessed it, homes are selling like HOTCAKES!
their agent to show the buyer properties as soon as humanly possible. Because yes, you guessed it, homes are selling like HOTCAKES!
Instead of weeks on the market, they are only sticking around for days, or sometimes not even hitting the market at all; as well-networked brokers are keeping their eyes and ears open for what their clients are looking for or mentioning what they have coming on the market for a listing, and potentially making a match between buyer and seller.
Spring has most certainly sprung this week, both in the air and the real estate market! If you have a home to sell, or are shopping for a place to call home, call The Rock Star Realtor Amy Krikken Better Homes and Gardens/Masiello 207-317-1338 abkrikken@gmail.com
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