Seasonal Report


York Harbor, Maine

A glimpse of spring along the York River in York Harbor, Maine

Monday, March 10, 2008


Spring Update



Well now that March is finally here, we all know that spring will be around the corner and before you know it, those crocuses and daffodils will be poking their way up through the snow. We’ve had one of the snowiest winters on record in Maine, with snowfall amounts, even in the southern region, at well above 100”. Oh, by the way, March is historically the snowiest month of the year here in Maine, so don’t pack up the skis and snowmobiles yet!   Last year York only received 26 inches of the white stuff - it’s no wonder we (including the town's snow removal budgets) are growing weary of it all!

March: the traditional beginning of the spring real estate market. Buyers, sellers and Realtors are all wondering truthfully what the recent economic uncertainty will bring. For homeowners contemplating selling their homes, now is the time! There are buyers out there, and they are more diligent in researching properties, looking for a “deal,” and also taking longer in the negotiation stage.  Everyone is telling them "it’s buyers market”, and they are taking advantage of it!

Although inventory is slightly lower than usual, sellers need to prepare their property for the market ASAP. Sellers should consider minor repairs and cosmetic changes:   spruce up the landscaping, put a fresh coat of paint on the front door, de-clutter your rooms, or even consult a staging professional…. These inexpensive projects can all be well worth the money to edge out the competition.   Remember, first impressions mean everything!

After your property is ready for market, listing it at a fair and reasonable price is critical. “Testing the market” with an inflated asking price can backfire in today’s market. Remember, the first few weeks is the optimal time in creating excitement among the local brokerage community and potential buyers. An inflated asking price can dissuade buyers and agents from pursuing the property by giving the impression the seller lacks motivation. A trustworthy Realtor will provide appropriate guidance in evaluating comparable sales and listings and help price your property to sell.

Early spring is a wonderful time of year to visit the southern Maine seacoast: Local seasonal businesses are beginning to re-open. Spring skiing is sure to be fabulous this year. Restaurants and local attractions are less crowded than in summer, and you can enjoy relaxing walks along the beach (with an occasional 60 degree day!). There is a wide selection of houses available right now to view in the seacoast area for anyone considering a move, whether it’s local or a new move into the area.

Now for some statistics:   The Maine Association of Realtors “2007 Profile of Home Buyers and Sellers” is a 14 page report containing very informative, clear results (including graphs) of 2007 real estate trends. Some interesting Maine statistics:

I would be happy to send you a copy of the report. It is certainly a helpful resource for today’s buyers and sellers. There’s something so wonderful and unique about every season we have here in Maine...it’s why we live here...

Cindy

P.S. - For a refreshing perpective on investing in real estate, watch this video interview. In simple terms, Chief Economist David Ranson explains to TheStreet.com's Simon Constable why the dollar is doomed and why it makes sense to buy tangible assets like residential real estate and gold.

P.P.S. - Read this short article to better understand timing the purchase of a home in an uncertain market. Or this Wall Street Journal article on why now is a great time to be a buyer.