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Where are all the buyers here in Maine?

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Housing Ladder 1It seems no home buyer’s wants to pull the trigger as of late here in the greater Portland Maine real estate marketplace.   Be it uncertainty about the national economy, uncertainty over one’s job situation, the inability to sell ones home in another region of the country…etc etc…BUMMER!

Lots of lookers thankfully to keep us Realtors busy :),  but very few active buyers.. thus the question is..when will this switch flip and the flood gates reopen?  With rates enabling one to buy for less then they can rent..I am truly amazed as a real estate professional that more parties are not snapping up the incredible deals..condos for 100K to 125K and many multi units for 50K or less a unit in up and coming areas such as Bayside.

Thankfully the overall vibe in Portland continues to be strong and thus our marketplace I feel is way better off than the national average, but if I had one word to describe the current conditions.. it would be “Challenging”.  However… prices are fairly stable thankfully, perhaps drifting down a few percentage points in some neighborhoods, but also rising a few % points in markets such as the East End single family home real estate market.

Thanks for reading and happy rainy Monday!

John

 

  1. It’s interesting to learn that Portland is a bit light on the buyer side and heavy on the looker side. It’s the same in Tampa Bay yet the past few months we’ve been hit with a super low inventory and with so many distressed properties, most are certainly far from show ready. Our biggest challenge is finding homes that the serious (non-investor) buyers actually want!

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