Maine Real Estate Brokers and Agents Face the Effects of the Foreclosure Crisis

Who says large-earning real estate agents do not feel the economic depression especially with the enduring foreclosure crisis?

Maine real estate agents said that last November's single-family home sale is down 22 percent from the year earlier.

Luckily, Maine's housing industry had a lot of stumbling blocks that it did not shoot up as great as Florida and Arizona. When housing suddenly went into a downward spiral, real estate brokers saw that "the higher you go up, the harder you will fall".

Real estate agents and companies must keep in their mind that housing is undergoing a transitory decline with its cyclical nature. Business is not always that good.

30-year fixed mortgage rates down by 5 percent and the 15-year mortgage falling 4.5 percent. That could not be good for home realtors.

The owner of Coldwell Banker Plourde Real Estate, Don Plourde, a senior in the real estate industry said that his real estate agents are pretty much more fortunate than the rest of the country who is experiencing great disorder. Maine potential homebuyers contact their realty agents through e-mail, and they ask relevant questions, wanting to know as much as they can about home purchasing.

Unlike other states whose housing sky-rocketed during the housing peak, Maine's market did better in 2008's November and December than 2007?s.

Small Maine lenders are not faltering as deep as out-of-state banks, mortgage groups, and real estate agencies. Area banks may be stricter, but with good credit points and employment, acquiring a loan is greatly possible. Maine's banks conservative lending habits might have save them from the unstable market.

November 2008's housing statistics showed that average single-family homes in Central Maine is at $135,000 against Southern Maine?s $225,000. Aroostook County homes were sold at $99,990 from its previous price of $88,500, but realty agents saw a steep 24.35 percent sales decline. While in Washington County there is an 80 percent home sales increase with the home price drop from $193,000 to $49,500.

How would 2009 be to Maine's real estate brokers? We just have to wait and see.

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