Sensationalized headlines about the real estate market seem to be frequenting the media these days. Topics such as “the Fed ‘killing’ the housing market,” “prices plunging,” and an overall “downward spiral” appear to be frequent and noteworthy subjects. What’s in the news may seem discouraging and concerning for the housing market. While those headlines might get clicks and views, as industry experts in our field, Portsiders focus on the facts of the current market statistics, and not fear as we head into the seasonal shift.
While there are some downward trending statistics here in Maine, such as the Maine market down 5.3% from January to October, when you look further into the data, however, prices are up 13.7%! (in price after years of price gains). The number of units sold was down 16.2%, but this is closer to the number of units traded in 2019.
When comparing our current stats to past numbers in 2019 this is NOT scary - It’s actually very promising. Removing the anomalies from the pandemic years (2020 + 2021), market trends are normalizing back to what is to be expected at this time of year.
While the market in Maine is down 5.3% overall, Portside continues to outperform the market by +8.3%. Out of 561 Brokerages in Maine, Portside is #3 for volume with only 2 nationally backed brokerages edging us out for volume. While our numbers continue to rise, their numbers have seen a decline.
Interest rates have also risen some,, which may deter many who had hoped to secure one of those extremely low-interest rates from 2020+2021. This is another area not to dwell on, as there are many unique and creative financing options available. Portsiders will work with you to find the right local lender with the best financing solution and closing costs in a range you feel comfortable with. Higher interest rates do not always equal a higher monthly payment. Additionally, interest rates are back down and are still at historically low levels when compared with a few years ago.
Whether you are simply curious about the worth of your home, looking to explore homes in your area, or would like to learn more about the available creative financing opportunities - we can help!