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 Linscott Real Estate
 
Selling Your Home
Brian Linscott
Phone (207) 767-3366 Fax (207) 767-5738 Linscott Real Estate 22 Cottage Road South Portland, ME 04106 |
Review of Southern Main Real Estate in 2006 The real estate market is still in a correction phase and the last few years of 12-15% value increases are behind us. The market correction we're experiencing beginning in September of 2005. While some areas in the country are still enjoying 10-18% increases in values, the Northeast is seeing increases in the 3-5% range over last years numbers. While we continue to hear “The Bubble Has Burst” stories, most of the experienced agents in the Greater Portland market place had another great year of helping families. We experienced a slow winter in sales but the springtime brought a quick burst of activity. The surprise was the June, July and August months. While usually a stronger time for real estate, the 2006 summer was 30-35% slower than most years. The fall brought more activity as families settled in for school and buyers came back out looking at homes. The last quarter smoothed out as usual and the activity was steady right through the holidays. The interest rates were great all year. Most financial consultants predicted consistent rates throughout the year and we are still fortunate to have good rates. New construction, additions, and refinancing of old mortgages were all down. Sellers that are looking to sell and purchase a new home shouldn’t have an issue going forward. They must be certain to buy at a price that is consistent with the current values, not the prices a year or two years ago. In the last 2 years, many new agents entered the market place and have priced properties 10-20% above market value which has left those properties on the market a lot longer. The average days on the market for a home priced properly for the market is 60-90 days as compared to 30-45 days last year, and 21-30 days two years ago. Overall, 2006 was a really strong year for us in real estate despite a few bumps during the year that we didn’t expect. We helped 43 families in 2006 and are very optimistic as we turn our sights to the new year upon us. The best to all and enjoy the New Year!
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