OGUNQUIT MARKET CONDITION

By
Real Estate Agent with Ogunquit Sunrise Properties

June 2008 and buyers are still holding out........prices have come down and interest rates are still doing well...but buyers know that it is a buyers market and are expecting to benefit from it....Where many properties were selling 3 years ago 15% above assessed value...today properties are selling either at or just under the assessed value....Many buyers are hoping to come into the Maine market and get a lot for their money....but the truth is that many sellers have already marked prices as low as they possibly can....Many sellers today are having to go to closing with some cash in order to clear title...

Buyers may want to understand the market that they are shopping in first of all.....for example Biddeford is a little different from Ogunquit....and the prices will dictate that....

It is nice to see buyers doing their homework over the internet before seeking to see a property, but keep in mind that many properties out there are in an up side down loan and sellers can decrease their prices just so far....

It is important for agents to educate their buyers, for example, a seller has a large mortgage on a property...it is important to know this before trying to just make a low ball offer....in todays market many sellers are either just breaking even or needing to come to the closing with cash.

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