November 2023 Market Update
Welcome winter.
We have continued to feel the settling effects of interest rates here in Greater Portland, as sellers are working harder than ever to put their best foot forward and we are starting to see some offer deadlines pass with nothing in hand. Those who put the work in (professional staging, photography, etc.) will still do well on the sale of their home, while those who don’t will continue to struggle. For buyers, we have seen more opportunities in the past month than in the past 3 years combined. Longer inspection periods, more renegotiating, and even closing under list price! While high interest rates have ruled out many buyers, those still looking are facing less competition and do not need to go to such extreme measures to secure their homes.
In some good news, the Fed opted not to raise rates at their most recent meeting (and rates even dropped slightly this week!). This gives buyers time to adjust to the new interest rate environment and sellers to adjust to this new normal.
If you would like more information on buying or selling, including a complimentary analysis of your property’s current value & action plan tailored to your unique situation, please reach out today!
Here are this months tips and tricks for success in this market:
Manage expectations: We are finding buyers and sellers have different expectations of what the under contract process will be like. The common refrain is that sellers are stuck in the past 6 months and buyers are in the future 6 months. Clear communication with your broker and being open to feedback/information is key.
Understand your loan options: Maine State Housing Loans, Fannie Mae 5% Down on Multifamily, Residential Mortgages in an LLC, Medical Professional Loans, Portfolio Loans, Adjustable Rate Mortgages - the opportunities for creative financing are out there! Reach out for personal recommendations and introductions to great lenders.
Plan ahead: If you are considering buying or selling in 2024, now is the time to start planning. Partner with your broker now to make a plan for action and set you up for success in the new year.
Recent Successes
Buying & Selling on the same day. Increasingly, buyers need to sell to buy and we are seeing a sharp uptick in Sale of Property contingencies. We have had multiple successes with this strategy lately, even in multiple offer situations.
Under contract on new construction. New construction continues to be a great avenue for our buyers, especially those with timing flexility. No competition, a brand new house, and the ability to customize makes this a no-brainer.
Under contract with multiple offers. Our sellers used professional staging services, additional photography, and more to help their home go under contract within a week, with multiple offers.
First time home buyer. Our first time home buyer went from our first meeting to under contract in just 3 days! Our Buyer Consult session is designed to get to the heart of what matters when purchasing a property, to ensure we are efficient and effective in our work together.