The real estate market is always fluctuating from season to season, changing based on a variety of factors. Buying demand and housing inventory are two major factors to be aware of, but these trends rise and fall as each state and local market’s job market changes, unemployment rate increases or decreases, and overall population grows or levels out.
Understanding the factors behind these marketing trends can help you make better real estate predictions and decisions. When looking to buy a new home in Maine, it’s important to understand if it’s a buyer or seller’s market and act at the right time, in order to lock in the best price. When selling in Maine, you’ll want to be aware of home values and whether or not they’re rising or dropping.
Before making any buying or selling decisions this year in Maine, partner with a local real estate agent, and use this guide to help you start to understand your state’s real estate market.
2019 Real Estate Market Forecast for Maine
2018 was a huge year for the Maine housing market, with home values soaring up by 6.2%, increasing to an average of $233,000. Zillow predicts that values will continue to rise, increasing by another 4.5% over the next 12 months until they reach an anticipated average value of $244,000.
Right now in Maine, the median listing price is set at $240,000 and homes sit on the market for an average of 117 days. Time spent on the market fluctuates from season to season, but continues to decrease year-to-year.
Maine is currently a seller’s market with both home values and listing prices expected to continue increasing over the next year. This means it’s an excellent time to sell your home, since you’re likely to receive listing price or higher.
While the seller’s market trend continues in Maine, there is reason to believe the market is beginning to level out. While home prices overall are on the rise, in February of this year, there was 0.49% decrease in single-family home sales. In February of 2018, average home sales totalled 194,450, but in 2019, the sales decreased by number of homes and averaged $200,00. The decrease in homes sold and small increase in price hints that homes could continue sitting on the market longer, which in turn could lead to lower listing prices.
Of course, this trend captures data for Maine as a whole, but doesn’t speak to any local or county level real estate trend predictions. To better understand trends in your local market, it’s important to partner with a local real estate agent.
When Is the Best Time to Sell a House in Maine in 2019?
It may be a seller’s market in Maine, but before you list your home, it’s important to understand when buyers are at their peak. Buyer demand fluctuates throughout the year, so in order to increase your chances of selling for a higher price, you’ll want to learn more about buyer demand trends in Maine.
In the U.S., it’s often agreed that the best time to sell a home is in the late spring, which is when buyer demand is at an all time high. This drives up home competition which often leads to homes selling at or above listing price. Listing your home in April or early May typically ensures your home will close when demand is at its peak.
Maine follows suit with the rest of the country and sees high demand and high prices when homes are listed in April and May. However, the peak time for listing your home in Maine is during the summer, specifically July and August, when the state experiences the largest number of buyers and prices are at their highest.
Of course, your local market could vary slightly from the overall buyer demand trend shown throughout Maine, so talking with your real estate agent can help you better gage when to list your home.
When Is the Best Time to Buy a House in Maine in 2019?
Although it’s technically a seller’s market in Maine, there are still ways to purchase a home or investment property for a reasonable price. Knowing when to buy and when to wait could save you tens of thousands.
As we’ve mentioned, late spring and summer time are the peak seasons for sellers, when buyer demand is at an all-time high. If you consider buying during these months, you’ll want to team up with a real estate agent to ensure you don’t overpay on a home due to high buyer competition.
In general, home prices tend to drop during the winter, particularly in January. Maine’s market fluctuates throughout fall and winter, but these seasons are the best time to search for your new home. Prices will begin falling in September after reaching peak levels in the summer and will either level out of slowly continue dropping through the end of the year. How low prices get and which month to buy in for the maximum savings depends entirely upon your local market, so talk with your agent to learn more.
Understanding local real estate trends is an important part of the real estate process. Whether you’re looking to buy or sell in Maine this year, you’ll need to understand your state’s market in order to make the best financial decisions. Partnering with a local real estate agent will also help ensure you make the smartest decision possible.
A real estate agent can assist you with everything from timing your transaction to negotiating the fairest price on your behalf. Buyers and sellers both need an agent to help represent their needs during the real estate process.
If you don’t have an agent, let Clever connect you with a fully vetted, experienced agent near you. Clever Partner Agents are from some of the top real estate franchises and are all full-service agents. Buyers will receive on-demand showings and $1,000 in buyer home rebates through Clever. Sellers will receive discounted listing services at $3,000 (or 1% for homes over $350,000) compared to traditional agent rates of 3%.
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