BANGOR, Maine — *EDITORIAL NOTE: The video above was created on 12-28-2021.
Rising mortgage rates that are expected to be spurred by the Federal Reserve actions will slow but not stall Maine’s red hot real estate market.
The Bangor Daily News says home prices will keep rising but not as fast as this year despite higher interest rates and anticipated inflation.
"Maine currently has about 25,000 fewer housing units than it needs," said Aaron Bolster, president of the Maine Association of Realtors during an interview with the Associated Press.
Kortnie Mullins, vice president of the Bangor Region Realtors Association, said it will take a few years for supply to meet demand, and for prices to stabilize. Until then, she said high prices are going to be the “new normal.”