Portsiders safely gathered on February 9th at the Westin Hotel in Portland for the 2022 Portside Summit. The day’s theme was Empower Your Possibilities, with the goal to have Portsiders leaving energized, inspired and ready to start 2022 off with a bang!
Olympic Champion and inaugural women's marathon gold medalist Joan Benoit Samuelson, the keynote speaker, set the tone for the day with an inspirational keynote session, followed by a Q&A with Portside founder and principal Dava Davin.
“Without passion, you don’t have fire. Without fire, you can’t ignite anything in your life and career.” - Joan Benoit Samuelson
Special guest speaker Dr. Lawrence Yun, Chief Economist at the National Association of Realtors® brought top notch insight into what we can expect from the market going forward into 2022. Here are a few Key takeaways from his presentation:
WORKFORCE WOES
- The State of Maine has 3.2% less jobs than before Covid. There are two job openings for one unemployed person as people have left the workforce due to Covid.
REALTORS GALORE
- There are more realtors than ever due to the impact of the national “great resignation” and booming market has caused people to try it out.
RESIDENTIAL FORECAST
- Forecast for 2022 is slightly lower for home sale units nationally and Maine might follow suit
MORTGAGE RATE FORECAST
- Mortgage rate forecast for 2022 is to increase - going to hit 4% by the end of year.We could see more mortgage delinquency as forbearance is winding down so potentially more people selling, prices are high enough, sellers will have equity and most will need to foreclose.
INVENTORY PREDICTIONS
- Inventory will shoot higher in late spring and early summer compared to year over year. More building will happen, Dr Yun suggests realtors develop builder relationships. However, it is good news for all realtors and new builds open inventory!
Portsiders were launched into their breakout sessions after a terrific Agent lead listing panel which set the tone for the afternoon. Some of the popular sessions were, How to Stand Out in the Crowd, Get the Listing Everytime and Common Legal Questions. The final general session brought everything full circle with Goal Setting and Building the Career that You Want with Portside’s own Erin Oldham, PHD.
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