Mid Coast Maine Real Estate Report

    We're actually at the half way point of the summer, even though all of the June rain makes it seem like summer has just begun. But it is, finally, warm and a little bit muggy, as much as it gets here on the coast of Maine, so it must be time to review and report on the state of the real estate market in the greater Damariscotta Pemaquid area.

   I'm sure you are all aware of yesterdays Commerce Dept. report that showed construction of new homes rose in June to the highest level in 7 months. It was better than the pace expected by economists and the second straight monthly increase.  For our purposes we're more interested in the sale of existing homes but I think this report speaks to the overall recovery, or start of the recovery of the real estate market. Banks are once again lending to builders and first time home buyers are scrambling to take advantage of the tax credit in the stimulus bill.

    Here in the mid coast we have some activity because of the tax credit but we are primarily a market of second homes and a retirement destination and it is those buyers who we are starting to see again as they are able to move their homes in States to our south. Now a reality of this market is that they sold their homes for less than they might have 2 or 3 years ago.  So they have less to spend on a home here and offers made to sellers reflect that.  But, the difference from this time last year is that they have been able to sell and they are here looking to buy.

    When they get here they are finding a fairly good supply of homes to choose from although that is beginning to change and many of the better properties have already sold. Buyers are also finding that the local banks in our area are eager to work with them.  All in all it is a good time to be in the market for a home on the Pemaquid peninsula.

   For a complete look at all of the homes available be sure and look at our searchable data base located on our website.  Here you will find homes listed by every agency that does business in Lincoln County, Maine. 

Jim Cosgrove

Comments

[John Herrigel]

Hi Jim,

Thanks for the report. I have been reading your blog a bit more regularly as of late. It seems simply posting entries on my own often takes all my free time :)
I have not done stats yet, hope to this afternoon, on Bath region, but encouraging to see your report! Thanks,
John

[San Diego real estate agent]

This is such a great thing to hear! After everything that's been going on, it's nice to hear that everything is looking up now!

[Free and Clear]

Today banks are again having confidence in the borrowers , the loans on effective interest rates are given to maintain gap ratios .