Have we bottomed out? The number of units in July '07 compared to the number of units sold in July '06 actually increased by 4% in Maine. The median sales price edged up a little bit also.
Next month will tell us more. Stay tuned! Actually there are advantages to this current marketplace which does not seem to be appreciating quickly as in the several past years. If you are a seller of a "starter home" and you wish to buy a larger more upscale home, This market may work for you. Think about the following: You will take a small "hit" on your current home but you will have a much larger negotiating advantage on your purchase of a larger home. Therefore you will have gotten a "leg up" in terms of your equity position.
This is the advice we gave our clients in the late 80's and early 90's in Southern Maine during the last real estate downturn. It turned out to be true and they have thanked us ever since. I can't believe that I have been doing this for over 20 years! Stay tuned for other advantages to this marketplace. Until then. Deb Barouch
Comments (1)Subscribe to CommentsComment