With housing for sale inventory being at historically low levels this Mid-June – I read today that on June 17th in all counties, there were only 3636 single family homes and condominiums on the market, and this is for the entire State of Maine.
York, Cumberland and Androscoggin Counties list 2444 of those which is two thirds of that “for sale” on the market, percentage.
The market is strong especially because of buyers demand being high and inventory being so low. Many people do not want to sell in this environment because they realize they will have a very difficult time finding what is now, best for them, to purchase after their sale. And due to the reality of how much it does cost to rent an apartment or a property these days, many people who may have sold their home in the past, are now renting their property, because of the profits that they can realize, renting now as landlords, when compared to selling their property.
Due to the .75 rate point increase last week by the Fed on interest rates, we expect that we will be seeing buyers dropping out of the market due to increasing mortgage rates, which should ease a bit of the demand.
However there should be little change through summer into fall. So what can you do, to best prepare yourself to purchase in this environment? The most important thing everyone seems to advocate for, is to prequalify, especially now that everyone’s debt ratio has changed with the increase in mortgage rates. Make sure that your pre-qualification is up to date based upon the interest rate increase last week, and keep your figures current, especially due to the projected rate increases that are predicted to come during the rest of the year, and quite possibly beyond.
We have a powerful team with tremendous experience here at Maine Real Estate Choice and call us today, here in the heart of the Maine Lakes Region, for all of you Real Estate needs.
You will be glad that you did!