Maine Real Estate to Rebound in '08
The New England Economic Partnership, a panel of economists from the regions six states has released their most recent forecast for the New England economy and are predicting that the slow growth of the last few quarters will begin to pick up by the second quarter of 2008.
Speaking specifically of Maine and our housing sector, they further predict that our real estate market will pick up a little sooner than some of the other New England states. The panel of economists expect that when all is said and done by this time next year we will be in a period of modest, slow growth with a median home price that is about 10% lower than our pre-slump peak.
Anecdotally speaking, right now there are many wonderful properties being offered on the market at prices that reflect a discount of more than 10% from the peak levels of '04-'05 so I think it's fair to say that there are bargains in this market. There is an incredible amount of inventory on the market right now and while we work through this it will be a challenging environment in which to both sell and buy a home. If you are ready to take advantage of the opportunities presented by current market conditions, our experienced brokerage staff is ready to show you how to maximize your investment. Call or email today.
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