2013 will be a great year for real estate in mid coast MaineJanuary 16th, 2013
2013 bears all of the economic signs for a strong recovery in real estate. While Maine does not always exactly follow national trends, an improving national real estate market and growing consumer confidence across the country will be one of many factors to support growth in mid coast Maine’s real estate industry.
Looking forward, here are three major reasons why I predict robust growth in our local real estate market in 2013. First, the growing national trends in real estate and general economic conditions will be a major factor. Second, the employment outlook for mid coast Maine is positive. Finally, interest rates are still historically low and the cost of home ownership is within reach for most.
For the first time in recent memory, the country starts 2013 with a largely positive economic outlook. This will impact our market for many reasons. Second home buyers make up a significant percentage of middle and upper end real estate sales. Throughout the recession, that segment of the market fell substantially. As the overall economy improves, second home owners are returning. Demand and showing requests for the upper segments of the market have been growing for months. By the time the snow is gone and the prime selling season is upon us, the level of pent up demand will have increased.
Beyond the second home market, trending national real estate growth inevitably helps our market. The National Association of Realtors reports that nationwide sales of single family homes are up 12.4% over last year. Additionally, median home prices are up more than 10% across the country. Our closest large metro market, Boston, is performing extremely well. Sales and median price in Boston are growing faster than the national average. Agents in the Boston market report a growing number of multiple offers on new listings.
While a growing national market is a positive factor for real estate, no single factor is more important than local employment conditions. On January 10, the Maine Department of Labor laid out its predictions for 2013. An improving job market is predicted throughout Maine. The sectors projected to have the strongest job growth are healthcare, professional services, hospitality, and the service industry. These sectors make up the core of the labor force in the mid coast and most have medium to high paying jobs. Specifically, growth in healthcare and professional services will be major drivers of a local economic resurgence.
Banking conditions remain favorable. Mid coast Maine is blessed to have many very qualified mortgage professionals from both local and national banks. Interest rates remain historically low. Most buyers can find 30 year fixed rate mortgages at or below 3.5%. Buyers who can comfortably afford the payments on a 10-15 year mortgage will often find fixed interest rates below 3%.
When combined, all of these variables create an environment where we can all expect steady growth in the real estate market. The recovery started, albeit slowly, in 2012. Almost every month in 2012 showed gains in home sales compared to 2011. Sales for the last quarter of 2012 are up nearly 20% over the previous year.
Whether you are buying or selling, if you have been sitting on the sidelines watching the real estate market struggle along, 2013 will be the time get in the game.
Jaret and Cohn Real Estate
Featured Property: Waterfront on Long Pond in MaineAugust 6th, 2012
Can you say Maine the way life should be?
140 Acres, 885 feet on Long Pond, Sandy Beach, dock….
and a 10 room farmhouse! This home can be your play ground.
Featured property: Waterfront Studio and Farmhouse in Cushing MaineJuly 30th, 2012
Check out this property with a waterfront studio with deck right on the water. Sunny Farmhouse and attached apartment.
All on four acres of gardens and woods!
Featured Property: Friendship WaterfrontJuly 23rd, 2012
Summer in Maine! Let us tempt you with a property on Muscongus Bay!
Ten acres of fields, woodland and 822 feet of shoreline.
Penobscot Bay Regional Chamber of Commerce: CHAMBER CHALLENGEJuly 16th, 2012
We are proud to be the lead sponsor for the Penobscot Bay Regional Chamber of Commerce Jaret & Cohn Chamber Challenge on Friday, September 14, 2012!
Join us for the ALL NEW PBRCC Jaret & Cohn Chamber Challenge!
Our Challenge Committee is thrilled to announce that we’ll be holding this event at the Samoset Resort in Rockport on September 14th. This afternoon/evening event will definitely be a …FUN raiser.
The afternoon’s events include:
Sponsorships are available at many levels – from Cart Sponsor to Hole Sponsor — this is a great way to support the Chamber, have fun, and gain visibility for your company. Click here for sponsorship details.
Featured property: In-town CamdenJuly 9th, 2012
Camden is a lovely town with great resources, shops and an active waterfront. This lovely in-town home has great curb appeal with lovely trees and landscaping. Four bedrooms, two baths and the bonus – a finished attic!
REALTOR of the YEAR: Sandy EllsworthJuly 2nd, 2012
Sandy Ellsworth named REALTOR of the Year
Sandy Ellsworth was named REALTOR of the Year on June 7, 2012, by the Coastal Mountain Council of REALTORS during their membership meeting at The Whitehall Inn in Camden. A REALTOR with Jaret & Cohn Real Estate since 1994, Ellsworth has been involved with serving multiple mid-coast communities and organizations since his arrival to Camden in 1988.
In presenting Ellsworth with the award, Nancy Hughes, President of the Council, enumerated on Ellsworth’s strong work ethic, ability to be involved with multiple projects, and enduring community engagement. A long-standing member of Rockland Rotary, Ellsworth has served on the former Mid-Coast Children’s Services Board, the Salvation Army Advisory Council, the Pen Bay Regional Chamber of Commerce Marketing Committee, the Camden Budget Committee, and Camden Conservation Committee. Additionally, Ellsworth has spearheaded fundraising efforts for the Camden/Rockport Animal Rescue League as well as Habitat for Humanity, and was the first president of the St. George River Council of REALTORS.
In receiving this award, Ellsworth said, “I am honored to be recognized by my peers with the REALTOR of the Year award. To be involved in the communities in which I live and work and to help those less fortunate is one way I can give back to help ensure our communities continue to grow and thrive.”
Ellsworth lives in Camden with his wife, Diane Norton.
Featured Property: Island time!June 27th, 2012
For those who dream of living on an island year around or as a summer resident, this Victorian on the Island of Vinalhaven may be the perfect fit.
Featured property: Northport CapeJune 24th, 2012
The town of Northport is set nicely between Camden and Belfast. Those that live in Northport benefit from the great activities, resources and shops from both communities. This lovely red cape is reported to be the oldest home in Northport. The bonus: 40 Acres!
Featured Property: On the water in Otis PointJune 21st, 2012
It is summer in Maine and time to think about escaping to the water. This lovely home on beautiful Otis Point in St. George has it’s own boat house and dock!