With fewer homes selling in Maine, those involved in the real estate industry - agents, mortgage lenders, home inspectors and appraisers - are all feeling the affects.
Through December of 2008, the number of people licensed to sell real estate in Maine declined 13.5% in the past year, and the number of people obtaining entry-level licenses fell 70%. The number of mortgage lenders is also dwindling. As of year end there were 60% fewer licensed lending office, and the number of licensed loan brokers is down 25 %. These statistics are kept by the state’s Office of Licensing and Registration.
As with many industries, especially those where the threshold to join is relatively low – but the formulation to achieve real success can be elusive, difficult economic times have a way of weeding out the weak. And today is that time.
Although many buyers have been sitting on sidelines because of the economic uncertainty, there is still optimism that the new administration will create the environment that will lead to a market turnaround later this year.
When that time comes, those who have survived, and flourished, in this difficult market will be in a position to reap the rewards and provide clients with an even higher, more sophisticated level of service. The Maine Real Estate business sector deserves strong agents who have a grasp of new technologies and improved methods of doing business.