2021 Housing Market Update

By Building, Buying, Real Estate, Real Estate Market, Seasonal Rental, Selling March 28, 2021
House Exterior

Over the past year, we’ve seen many changes to the real estate market. COVID-19 had many people re-evaluating their wants and needs in life. For some, that meant accelerating the timeline on homeownership; for others, selling their current home and downsizing was the smartest move; and many people searched for their dream vacation home, needing an escape from the city and the hustle and bustle of modern life.

Home sales were up 19.3% in January 2021 in comparison to the previous year. The hot housing market that began during the pandemic has remained steady. This is particularly remarkable, notes Randy Guida of Residential Mortgage Services, given that inventory is down 6%, with only 307,000 new homes for sale at the end of January.

So, what does this housing market update mean for you?

Consider Buying Land

With record-low inventory levels for homes across the country, it’s a great time to finally build that dream home. Yes, building your own home takes a lot of work. But it’s also a chance to be fully involved in how your home looks and feels. In the Bethel area, there are lots of home sites available. Here at Sunday River, we also have the new Merrill Hill development – with very few spots left!

Be Patient

If you’re still committed to buying a home, recognize the process may take time. Given the housing market and low inventory, you may be on the hunt for a while. Instead of letting this get you down, however, spend the extra time really nailing down what you want in a house and making sure to line up all your finances. That way, when the right place does come around, you’ll be fully prepared and more likely to be the winning buyer.

It’s a Good Time to be a Seller

If you’ve been on the fence about selling your home, let this be the little nudge you need. This is a good time to be a seller, with less competition than the average market. Whether you’re ready to sell your vacation home for something smaller, or want to change locations, it’s time to take that leap.

So – how can we at Sunday River Real Estate assist you? Our team of experts can help you navigate the housing market no matter what route you’re taking – be it building, buying, or selling.

 

About the Author
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Julia Young, Designated Broker

Working in real estate has given me the chance to share this special place with my clients. I'm honored to offer buyers and sellers the knowledge I've gained over more than 25 years in the business, and, more importantly, to share my passion for Sunday River and the Bethel area. Whether you're buying or selling, I will communicate clearly, advocate for you, and put my expertise to work on your behalf.

Skiing has been part of my life since I was four years old, when I learned on the slopes of Sunday River and Mt. Abram. Skiing as a family was a choice my parents made, and it's one of the reasons we moved to Maine. We skied every weekend, and later I fell in love with Bethel all over again as a student athlete at Gould Academy.

I started my real estate career in 2000 and have built and sold several homes in the area. I also raised my daughter here. Her passion for ski racing grew from Mini River Runners and River Runners to Gould's GACP weekend program, then 8th grade Winter Term at Gould and on through high school. After graduating from Gould, she now skis Division I at Colby College, where she is a captain of the alpine ski team. Raising a child at the resort was such a gift, and our partnership with Gould has been invaluable.

As the official real estate company of Sunday River, we have the largest marketing reach of any real estate company in the area. We cover the entire western Maine mountain region, including homes, land, waterfront properties, house-and-land packages, commercial properties, and seasonal rentals. The ski industry and Sunday River move fast, and working with Sunday River Real Estate gives our clients the most up-to-date information about the resort. For insider knowledge of resort changes and real estate developments, join our newsletter. I look forward to working with you!