Yikes...

We have a problem. We don't have enough houses to sell! It's not just a Tommy and Alex problem, or a Maine problem. It's a nationwide problem but during this pandemic it seems the average homeowner is doubtful that if they put their home on the market it would sell.

I went to my doctor the other day so he could tell me I have been exposed to the Brown Tail Moth. We'll talk about the dreaded BTM another time but the point of my telling you this is I had a very interesting conversation with him that had nothing to do with the rash on my arm. He knows I'm a Realtor so he asked the question everyone asks: “How's the market?” When I told him the truth he thought I was feeding him a line. He couldn't believe that there is a housing shortage and Buyer's are waiting at the Start Line of the race to new listings, ready to pounce. I can get all nerdy and tell you about the statistics, what the forecasters are saying and all about the predictions but what it boils down to is this: Supply and Demand. There is no supply and huge demand which means it's a sellers market. Plain and simple.

Yes, even during this pandemic.

The thing that concerned me about my chat with Doc is that he had no idea. He has a house he wants to sell but thought that this was the worst time to put it on the market. Let me tell you, if you have a house to sell there possibly has never been a better time to put it on the market. There are two major reasons why. We already talked about supply and demand but add to that the fact that interest rates are at an all time historic low! There has never been a better time to buy a house but there are no houses to buy! See our dilemma? It's killin' us. Do you know that you can get a 30 year fixed rate mortgage right now for 3.5%?! Good grief. I remember when we bought our first house in 1990. Our rate was 8.25% and I thought we'd won the lottery. In the 1980's they were more than 14%! Now you can get a 15 year for 2.5%.

Tommy and I listed two houses in late April that both went under contract in less than a week. We just listed one last week and buyers are flocking to it. We expect that one to be under contract shortly.

The networks would have you believe the world is imploding and in a way they have a point, we are suffering the worst unemployment in our history. This pandemic has been catastrophic to so many people but please believe me when I tell you, the real estate industry is an Essential Business and a huge driver of our economy. Predictions are that the economy will begin to see recovery (V shaped recovery if your an economy nerd like me) in the second half of 2020 and real estate will be a big part of that recovery. I don't think this world will ever be the “same” and honestly, that's okay with me. We are ready to move forward into a hopefully kinder, gentler and certainly different world.

Please, speak to us or your own real estate agent. If you don't have a relationship with a real estate agent yet, we can help in Midcoast Maine or put you in touch with a great agent in your area through our real estate connections in Maine and around the country. If you're thinking about selling your home ask them what steps they are taking during these times to ensure your safety and the safety of people who may be coming to view your home. There are strict guidelines in place through the National Association of Realtors, the Maine Association of Realtors, local government and all of the local Realtor boards. We are educated and eager to help.

We need houses to sell! If you or someone you know is even thinking about selling, please encourage them to call us or their real estate professional. Thank you, thank you, thank you!

Warmly, Alex and Tommy