Welcome Home

   I've just returned from a two week vacation which is why there have been no recent posts.  This means I've missed such annual events as Old Bristol Days, The Miles Rummage Sale and the Red Sox swoon. OK that last one isn't Damariscotta specific but it was just so bad this year (swept by the hated Yankees) it bears mentioning. The Associates here at Newcastle Square presented me with a very nice welcome home present though, while I was away they put 10 properties "under contract"! Once we all got past the idea that maybe I should leave the office more often what this told us is that, despite the "gloom and doom" stories about the demise of the real estate market that have become a regular item in almost every major newspaper lately, there is still some life left in this market.  While there is no question that the high flying market of the past  few years has slowed down there are still ready, willing and most importantly able Buyers who wish to live in our area. For those Sellers who take a reasonable approach to selling their home there is a reasonable expectation of success.  Let me explain what I mean by a reasonable approach.  In the past, when pricing a home it was reasonable to factor into that price that the market was rising.  There were more Buyers than there were Sellers and so a Seller could reasonably expect to receive the upper end of the fair market value range of their property.  Now that equation has flipped.  There are more Sellers than Buyers. All of the reasons why people want to move to this wonderful corner of the world still exist.  However, all free markets are cyclical. Now a Seller can reasonably expect to receive the lower end of their fair market value range.  The key for both Buyers and Sellers is understanding where that fair market value range lies.  This is where an experienced Broker comes in.  Knowing the latest comparable sales and looking at the data objectively  a competent Broker can help a Seller to define the fair market value of their property. Similarly a competent Broker can help a Buyer to understand the fair market value of the property (s) that fit their needs. As long as everyone understands fair market value both the Buyer and Seller will get what they want.  Now as for the Red Sox, well I guess it's "wait until next year".

Jim Cosgrove

Comments

[Theo from Boston]

Jim,

Don't give up on us yet! Remember the greatest comeback in history, down 3-0?

Theo