It has been another strong year for our agents and clients. We continue to lead with our unparalleled marketing reach. Organic growth in our target markets has been exceptional as we have been able to increase our overall market share while retaining our focus on representing distinctive properties throughout Maine.
Archive for E-Newsletters
The 7th Inning Stretch – Maine Real Estate
It was nearly three years ago that many who follow the technical and fundamental aspects of the national real estate market were growing concerned that the recovery in most of the country was surprisingly quick and quite strong. There were questions about [read more …]
Maine Real Estate Update – It was not all that long ago that we were managing a relative flood of prospective international buyers looking to purchase their dream vacation home or lock in an investment property with a weak US dollar when compared to their local currency. Read more:http://www.legacysir.com/
Welcome to our summer e-Magazine Newsletter! Our loyal followers have grown to well over 40,000 subscribers in all 50 states and several countries around the world. It is humbling that you have chosen Legacy Properties Sotheby’s International Realty to be your eyes and ears for Maine Real Estate. Please click the image above or click here to view this issue.
As we approach our 10-year anniversary as a Maine Real Estate company, we are proud of the great accomplishments of our talented brokerage team.
We have established Legacy Properties Sotheby’s International Realty as Maine’s Leading Luxury Property Company. When working with buyers, we are uniquely qualified to provide the expertise across a wide range of communities and prices. Whether you are looking to buy or sell real estate in Maine, we have the agents to help you achieve your goals. Our analysis of the market is detailed throughout this report.
Please click the image above or click here to view this issue.
Welcome to our summer e-Magazine Newsletter! Our loyal followers have grown to well over 40,000 subscribers in all 50 states and several countries around the world. It is humbling that you have chosen Legacy Properties Sotheby’s International Realty to be your eyes and ears for Maine Real Estate.
Please click the image above or click here to view this issue.
As the Patriots go…
So goes the Maine real estate market! I am sure you would not be surprised to know that Maine Single Family home prices are perfectly correlated to the fortunes of the New England Patriots Super Bowl performance since the turn of the 21st century. If you live in New England, it seems like an obvious predictor of market movements. Read more…
20 & 10 Cricket Lane, Rockport, ME | $1,100,000
A Qualitative Look at the Maine Real Estate Market
I want to personally thank you for taking the time to read our Maine Real Estate Newsletter. You, and more than 26,000 others share a passion for the Maine lifestyle and the real estate market commentary we produce. Historically, I have approached our market overview from a technical perspective, weighing data from many different sources which factor into the decision to buy and sell real estate. Given the many conversations I have had with buyers, sellers, and agents in recent months, I think it is worthwhile to simply share my thoughts related to managing a Transitional market environment.
Transition is very difficult for market participants in any type of market. Whether it is stocks, bonds, gold, currencies, commodities, and/or real estate, it is helpful to know if you are a “Price Maker” or a “Price Taker.” While each market has to have both parties at the negotiating table, it is crystal clear that everyone wants to be a “Price Maker.” It is, however, becoming increasingly obvious that you, as the market participant, do not always get to make that choice. The choice is almost exclusively driven by the market Supply and Demand dynamics in which you participate.
A very brief history will help develop a perspective to guide us into the present. From 2001 – 2007, the Home Seller was the “Price Maker” who could lean into a rising market with an aggressive (high) listing price and be greeted by a broad field of enthusiastic “Price Takers.” The Takers were comforted with the knowledge that fast moving price increases would protect them in the long run. I view 2008 – 2009 as other most recent period of Transition characterized by lower liquidity and a disconnect between the Makers and the Takers. It was a time of price discovery in a new world of financial market panic. Government Stimulus programs from 2009 – 2010, such as the FIRST TIME HOME BUYER TAX CREDIT, gave an artificial zing to the lower priced properties nationwide leaving a void of REAL market value buyers in its aftermath.
Maine is fortunate to have two good solid years of home sale increases in terms of unit volume (33% since 2011) creating a base from which to build. Sold Prices, on the other hand, have been stubborn and very slow to move higher (only 6% since 2011) despite the otherwise improving local, regional and national fundamentals.
Fast forward to February 2014 with the spring market just a month away, Maine home owners have been adding new listings (2,555) at a pace 250% more quickly than homes are selling (1,095). I suspect, given our pipeline of fantastic new listings, that we are going to see a large surge in new listings in all categories. Much of the expected listing boom is seasonal, but I also see a large cadre of sellers who have been waiting for the market conditions to improve since 2008. It appears that time is now as I think we all agree that it is safe to get back into the market to list your home in 2014.
The buyers, at the moment, are restless and malcontent with a lack of broad based, market priced inventory. It has been many years since we have felt that we have more buyers than sellers for quality properties at quality prices. Like the patient Maine sellers, the buyers have also been patient and in wait for the new surge of quality inventory to hit the market. We are at the Transition Point with buyers and sellers ready and willing to enter the market this spring. Sounds GREAT, doesn’t it?
The important thing to remember about Transition is that it will lead to inevitable conflict between the parties. The sellers think, and rightly so, they are the “Price Maker” with a fabulous, unique asset to sell. The buyers think, and rightly so, that they are the “Price Maker” with cash, liquidity, and chasing a market that has not allowed prices to rise much. So brace yourselves for what is looking to be a clash of the ready, willing, and able market participants. We will see more multiple offer situations this year, but our crystal ball will also be clouded with homes that have been on the market for a year or more without any activity. It appears this period of consolidation and transition will be good for the market as a whole. But keep in mind, market Transitions are not uniform in scale, direction, location or pace. Fair to say the market has improved significantly, but it has yet to shine its light on all towns and all pricepoints.
I would encourage all participants to show their hands a bit more and your desire to Buy or Sell clear to the other party. Do not play negotiations so close to the vest that no one really understands your goals. There are going to be some incredible properties coming to the market this year. If you want to sell this year, make sure that your home offers the best value in its price range. If you are ready to buy, you are going to have to be on your toes to be a “Price Maker” in a significantly more competitive residential property market.
Maine Listings is the source of data, its accuracy cannot be guaranteed.
Legacy Properties Sotheby’s International Realty is proud to announce the addition of a brand new, market leading search functionality to LegacySIR.com. This innovative product allows our clients to search the complete Maine Real Estate market utilizing an incredibly easy to use and powerful map search technology. Easily input your search criteria and our custom Google map allows you to instantly see changes to your results. You can zoom in, pan around, and see exactly where your property is located. You are even able to draw a custom polygon on the map and restrict your search to a specified area!
Try our new search for yourself: http://www.legacysir.com/map.php Make sure to easily set up an email alert so that when new properties come on the market you are instantly notified. We think you will find that this new technology is the easiest, fastest, and most user-friendly real estate search around!
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We are also very pleased to introduce our new mobile site. When you visit LegacySIR.com via your phone, tablet, or other mobile device you are now presented with a mobile-optimized site which easily allows access to all of the same in depth search functionality that our main site offers. You can quickly access all of the properties near your current location via a GPS based search, easily see all of them on a map, maintain favorite properties, and quickly connect with an agent for any questions. Our new mobile site is the perfect way to stay connected to the Maine Real Estate market!
F E A T U R E D
C U R R E N T L I S T I N G S
Click on the office name to view all the listings for each office.
Making Moving Transitions Simple
Are you thinking of moving, but are overwhelmed by the thought of clearing out your home and putting it on the market? You are not alone! Did you know moving is the 2nd most stressful event in someone’s life? Add 30 years of family memories and loads of accumulated “stuff” and the monumental task becomes unbearable.
- What: “Making Moving Transitions Simple”
- When: March 26th from 4:30-6:30
- Where: Woodlands Club in Falmouth
- RSVP: firstname.lastname@example.org – SPACE IS LIMITED
Kim and Liz from SimplySized Home will break down the moving process for you, putting your moving anxieties to rest. The workshop will be highly interactive and provide resources for participants that will be extremely valuable for anyone who is planning to make a move soon, to list their home, to downsize or rightsize.
Unless otherwise specified, all Maine real estate statistics were compiled using Maine Listings data. There is no guarantee of the accuracy and completeness of the data.