BANGOR, Maine — Housing sales in Maine have been feeling the effects of rising mortgage interest rates for quite some time. If you've been in the market for a home, you've probably felt these effects.
James Stoneton, broker and owner of Coldwell Banker in Bangor, said he has seen mortgage interest rates increasing steadily over the past two years.
He said that with appreciation averaging a 15 percent increase alongside about a 5 percent mortgage rate, a home may see monthly expenses nearly doubling.
"This is perhaps the craziest market I've seen of my 51 years in the business," Stoneton said.
Compared to June of last year, sales of single-family homes have declined 9.83 percent.
The median price has also increased 16.4 percent, according to Maine Listings.
Those feeling the craziness the most may be the buyers. Tyler Hanson and Chloe White have been in the market to buy for a few weeks, and they quickly realized what they had gotten into.
"And the other ones we couldn't even look at because they went off the market so quick," Hanson said.
Their offer on a house in Old Town was recently accepted after they took a leap of faith.
"Definitely a lot of pressure to act quickly. It wasn't something we could go home and sit on for several days before we decided to make an offer," White said.
Those in a similar situation to Hanson and White may have a bit of luck. Holly Taylor, a broker at Better Homes and Gardens, believes a pause in the market may be approaching.
"I think some of those buyers have taken a beat and are taking a pause," Taylor said. "There's nothing to wait for; now is the time. And with fewer buyers, there's more of a chance to get through."