Maine Real Estate Begins to Rebound
Early signs point to a rebounding real estate market for 2008, at least here in the Damariscotta-Pemaquid region of Maine.
A slow market in 2007 and a glut of inventory has combined to drive down prices at the same time that the Federal Reserve Bank has been steadily lowering interest rates. Fed Chair Ben Bernanke, speaking at a housing and economic forum in Washington D.C. on Thursday said "We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks." Wall Street interpreted this to mean that the Fed will cut its key interest rate by 25 to 50 basis points at the boards next meeting on Jan. 29 and the stock market jumped more than 100 points before Bernanke finished his speech.
Here on the ground in Mid Coast Maine we have seen significant activity in the real estate market compared to past January's as it appears that savvy Buyers who understand the concept of "Buy Low...Sell High" are coming into the market as well as some folks who may have been priced out of our market the last 2 or 3 years. We have seen activity at all price points including in-town condominiums, single family homes and luxury waterfront properties. Local banks seem eager to lend to qualified customers.
For a referral to a friendly small town banker with money to lend or to discuss some of the attractively priced properties on the market in our area, please call and ask to speak with one of our experienced brokers. They may all be out on showings but someone will get back to you just as soon as we can.
You better hope the NFC wins the Super Bowl this year, Jim:
http://www.mortgageratesreport.com/dona-039-t-cheer-for-the-chargers-to-win-the-super
Posted by: Brian Brady | January 17, 2008 at 11:49 PM