Friday, January 12, 2024

Exploring this resilient Real Estate market

By Matthew Trudel

The real estate market in Maine has shown steady growth over the past decade even with the recent fluctuation in interest rates. This has made Maine a very attractive place for new residents and investors to consider. 

There is a strong rental market throughout a large portion of the state which investors like. There are many lakes, rivers, and of course the ocean which attract new residents who can now work from home or a remote location. The cost of living in Maine is considerably lower that some of our neighboring metropolitan cities which is attractive to many families. Lower crime rates and generally good education opportunities are also factors that entice people to move to Maine.

The market values in Maine have held up well even with the interest rates nearly doubling. This is because in Maine we don’t see the extreme pricing moves up and down that some other areas across the country experience. Maine has more of a steady growth rate without the big spikes and valleys. This gives investors additional comfort that their investments will not only be profitable, but will also continue to grow and increase in value over time.

This is also why we are seeing a large increase in the construction of multi-unit housing projects across the state. Part of the goal is to create more affordable housing options for people to choose from. Affordable is probably not the best word to describe what the rental market is currently dictating for pricing, however, they do create more options for people to consider. 

We have a solid economy and the job market here is really good too. These are also contributing factors that make Maine a desirable location to move to.

What does this all mean to potential buyers and sellers that are considering making a move? We have a solid real estate market and with interest rates ticking down a little I would predict another solid year of slow steady growth. If interest rates are deterring you as a buyer, I think that is a mistake. Remember that you marry the property and you just date the rate.

Refinancing is always an option and many banks are streamlining the process and waiving most if not all of the fees. Sellers can expect another good year starting in late March to mid-April. The time for planning is now whether you are a buyer or a seller. 

There are a lot of things that both parties should do ahead of time to make the process smooth. First and foremost, find an experienced realtor who know your market area and that you are comfortable working with. Let them help guide you through the process and put you in contact with other professionals that will be able to assist you.

Sellers should be looking at what things they can be taking care of now ahead of time. This includes repairs, painting, decluttering, and overall prepping for showings in the spring. Also looking at what type of financing potential buyers might want to use when they purchase your property. What incentives you can do to make your property stand out over the competition. 

Buyers have just as much homework to do, if not more, than sellers. Making sure your finances are in order and that your credit report doesn’t have discrepancies or is reporting something that isn’t yours. Selecting a lender or mortgage broker to use and determining what are the best options for financing your purchase. There are a lot of different programs out there to assist everyone from doctors to teachers to self employed people as well. 

Again, the most important thing is to select an experienced realtor to help you with the process and make it a successful and smooth transaction. <

This article was written by Matthew Trudel, Owner Five Star Realty, Windham. 207-939-6971

No comments:

Post a Comment