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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 |
Where Is The Real Estate Market Going? For months now I have read hundreds of articles from the newspapers and watched many TV news segments referencing the real estate market as crashing to the ground. It is true that 1997 (when we started in real estate), through 2005 were record years for selling real estate, but if I were to take all the coverage about the current market to heart, I may want to search for a more stable job! The resent reports from the National Association of Realtors say approximately 20% of all Realtors are doing exactly that! The times of an easy transaction are over. The market has been changing for about two years since the last of the big gains in real estate, but we still have a very healthy market. At Linscott Real Estate, the early spring was slow. Late spring brought on a rush of activity. Early summer was once again slow but in early July and August, we saw a dramatic increase in activity and we had our 2nd best month ever in the past ten years. We helped 10 families either buy or sell real estate in August (what the majority of agents do for an entire year). Right now we are even with our production levels at this time in 2006 (which was the 2nd best year ever in Real Estate). With the huge problems in the financial secondary market, there have been some big changes here in the last month. Our activity is still above average and there are some good deals out there for buyers if they work the right deal(s). But sellers are not going to make as much for their home as they would have say two years ago. But depending on where your moving to and if you're buy another home, you will not pay as much on the new property either. After speaking with many local Realtors, most are about 20-30% below their production levels for last year. There is more inventory out there right now and buyers have much more to choose from. Sellers have to work harder at getting their home ready for sale and to compete with the larger inventory while hoping to make as much as they can from the sale. As far as the health of the market. The Fed's have a big meeting later this month and will either leave the rate alone, or drop the rate. We shall see. I'm looking forward to a strong 4th quarter and gear up for the winter season!
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