Real Estate

One of the state’s top real estate agents sees slowdown in Maine’s hot market

One of the state’s top real estate agents sees slowdown in Maine’s hot market #states #top #real #estate #agents #sees #slowdown #Maines #hot #market Welcome to JibGlobe, here is the new resources we have for you today:

The beginning of the end for Maine’s hot real estate market may have taken root not in Augusta or Portland but in Washington, D.C.

Last week, the Federal Reserve raised interest rates to the highest they have been in 40 years in an effort to fight inflation. Chair Jerome Powell said Wednesday that Americans should expect further hikes.

Referring to the situation so far during the pandemic as an “extreme sellers’ market,” Dava Davin, owner of Falmouth-based Portside Real Estate Group, one of the state’s biggest realty firms, said there are signs it is shifting due to the Fed’s move, high inflation, declines in the stock market and other factors.

“People’s buying power has changed, and it also is having them maybe pause a little bit,” Davin said. “That sense of urgency isn’t there.”

Here are the key themes in the market that Davin touched on during a chat with the Bangor Daily News.

A decline in offers
Davin said she sees homes continue to sell very quickly, but they are now going with fewer offers. While a home in Portland would have 20 offers a couple of months ago, she recently saw one that received just two. It still sold for $60,000 over its asking price.

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