Q. We've been hearing about less and less housing inventory - what's the solution?
It’s been all over the news and on everyone’s mind when it comes to current real estate market...NO inventory.
It is having a big impact and it’s reframing what real estate looks like now and will look like in the future. The best way to get out of this is to build our way out, with new houses in Maine and NH constructed for the needs of today’s consumers: one-floor living, energy efficient and slightly smaller in size.
New construction is up in a BIG way. Last year, there were 22 sales of new homes in York County during the first quarter (January-March). Q1 of this year saw the sales of 76 new homes already built, an increase of 300%!
With little land available on the seacoast, construction of new homes is branching out into the neighboring areas like Saco, Waterboro and the Berwicks. Williams Realty Partners alone has four new developments underway, one in Alfred, two in Berwick and one starting soon in Sanford. Each of these neighborhoods offer at least 10 new homes.
We have also been involved in the housing task force for the state, looking at zoning ordinances and how they can be modified to promote adaptive reuse of properties, such as commercial to residential, combined with incentives for density. This is another great way to increase available housing!
My expectation is that when we look back in December of this year, new construction in Maine and accompanying land sales will have accounted for an unusually high proportion of York County real estate activity for the year.
The real estate industry is never stationary, always adapting and shaping itself to reflect the needs of communities, and we are seeing that. No need to worry! You have options and we can help!
Troy Williams has been the #1 agent in York county since 2012. His work ethic and unmatched expertise and knowledge of the local real estate market keep him consistently one of the top realtors in Maine. His office can be reached at 1-207-351-8188.
"Ask Troy" and other articles focused on New Hampshire and Maine real estate and area information are featured monthly in the Williams Realty Partners newsletter Connect; if you'd like to receive the newsletter please email firstname.lastname@example.org