Q&A with Amber: Navigating the 2021 Housing Market for Buyers
We received a question from an Instagram follower that we wanted to share!
"Any tips for first-time homebuyers in the 2021 Western Maine housing market?"
We love this question-- it's a loaded one for sure! With the uncertainty and unprecedented times of the past year, we empathize with our clients who are buying and selling in the current market conditions. There is stress that comes with uncertainty, but as with anything, there are pros to go with the cons. Without further ado, let's get into the Q&A.
Q: Real Estate seems inflated and unpredictable right now. Do you think it will stay like this long term?
A: Our area is growing and prices are following the demand. As with anything, the higher the demand the higher the price is tag, right?! With the historically low mortgage rates that are combined with the largest generation (Millennials) coming of age sets the stage for more home purchases.
The realization that many can work remotely has also driven more buyers to our area. People can enjoy the outdoors, fresh air, and world-class skiing from their home office now. I don't see people shying away from our area anytime soon. Things may level out when we go back to the new normal, the pandemic will end, but when will that be?
Q: Are we in a housing bubble?
A: I was just reading an article about what some are saying is a current real estate bubble, like the 2008 bubble. However, the article pointed out a handful of differences on this market and before. Which may help answer the question at hand.
Q: Bottom line, what advice do you have for a first-time homebuyer right now?
A: The advice I would give a first-time homebuyer; talk to a local lender, know what you can afford, work with a real estate agent and be ready to jump on the perfect house when it hits the market with a strong offer.