Happy New Year! Following you will see our look back at 2023 and the Forecast for 2024. You will note inventory is still down, Buyers are looking, and interest rates are falling, so let any friends who may be thinking of selling, that now, is a good time. The experts are predicting the interest rates will get into the low 6%'s this year which will help with new mortgage payments and re-financing opportunities. This will be more palatable for Sellers looking at selling and taking out a new mortgage at 6% vs 8%. Please think of me if I can help you or them with real estate needs What a tumultuous couple of weeks we've had here in Maine! No doubt you heard about it on the news. This is what I saw at the bottom of my road and up in Phippsburg.
Falmouth’s Town Landing dock and parking lot fully engulfed by high tide and a septic field fully exposed from high tide and waves. It seems these weather events will become more common across our country. I hope your properties were not affected. Today our team had a meeting about Flood Insurance. We were reminded that we need to be vigilant about using the flood maps and insurance brokers to advise us on our client’s owned properties, as well as those they are thinking of purchasing, to assess potential liability and coverage. Apparently, FEMA has been working on updating these maps, but not all are updated and most of us have been laissez faire about it. But events like this remind us of the importance. If you would like me to have our agent re-look at your property, please let me know. Also if you or friend sustained damage here is a helpful link to report it FEMA: https://www.cumberlandcountyme.gov/departments/emergency_management_agency/da mage_assessments.php You will note inventory is still down, Buyers are looking, and interest rates are falling, so let any friends who may be thinking of selling, that now, is a good time. The experts are predicting the interest rates will get into the low 6%'s this year which will help with new mortgage payments and re-financing opportunities. Please think of me if I can help you or them with real estate needs. Also, if you need any vendor recommendations, I have an extensive list of reliable contractors that I'm happy to share with you. By now you should have received a copy in the mail of your property Closing Disclosure for your taxes. If you did not receive it, please let me know, you will want to forward this to your accountant. Best Regards, Anne