UPDATE'S, Where are you in life, and your move to Maine (Lubec: bank owned, renter)

[dramamama6685]

Congrats Elston!!! Keep the light on for the rest of us lolly-gaggers!

[elston]

Originally Posted by WhoFanMe

I like those odds better! Those inspections are very tricky in this market. I've got a Gorham closing scheduled for Wednesday and we're trying to hash those out - the buyer agent finally sent their list over late yesterday, plus Monday is a holiday for the corporation that owns the home, it's coming right down to the wire!

LOL I have been watching the market up there so closely that I think I know the home in Gorham that you are talking about....if the prev. owners relocated to Arizona..(maybe, perhaps)

[McMar]

Originally Posted by dramamama6685

May I volunteer, woxyroxme and myself as taste testers?

Of course!

[McMar]

Originally Posted by WhoFanMe

elston, congratulations on your upcoming sale and best of luck on your trip. As some have mentioned there is a lot of inventory to choose from, however I'm finding it very difficult to find quality, properly priced homes for today's discriminating buyer. I believe I read you had your eyes on two, I don't want to jinx you, but I think you need to increase your odds by adding more to your search. Sometimes a house that you personally drive by or view can be very different from the online advertising. Best of luck, my friend and please keep us all posted.

We have found that to be true in many states, WhoFanMe. People are asking too much for the condition that their house is in. I am a real estate junkie, so I follow the market in many areas. Sellers don't want to admit the market has taken a downturn, but must be realistic about the situation. Correct me if I'm wrong, but it seems that in some coastal areas such as Eastport, that some sellers seem to be pricing their homes based on the assumption that a tourist like me will become so emotionally attached to the house and town that I will pay a lot more than the actual market value. It does seems to take a LOT more searching for a decent house these days (pics are so misleading), but there are more to choose from. Good luck on your search, Elston. It's nice that you have family to do some drive-by's for you.

[maine4.us]

Mc: There are homes in the Eastport area that realistically priced. You have to dig them out though. Many say they are in move in condition, which technically is correct, if you don't mind looking at rafters. I recall one on North Lubec road that had a high price on it. When my DW and I looked at I laughed. There is no way that anyone would move into this home. I think the price was based on being located on "desirable North Lubec Road." There have been real price reductions in the Eastport area since summer. Most are off at least 10-15K, and some have even been reduced a 3rd, or 4th time. I think that conventional wisdom says that the people buying now are cash buyers, and they will pay a bit more, for a bit less home. I don't tend to agree with that wisdom as I think prices are going to go down before bottoming out. From what I saw, starting about now, people start looking for summer homes. Prices will hold steady through the summer, but what is left unsold in the fall, will be reduced in the fall. The fact that even cash buyers know it is a buyers market, should reduce prices overall in the current slump.

[WhoFanMe]

Originally Posted by elston

LOL I have been watching the market up there so closely that I think I know the home in Gorham that you are talking about....if the prev. owners relocated to Arizona..(maybe, perhaps)

No, that's not it. It took the buyer's agent 8 days to get estimates (which my corporate seller is ready to pay) to me for items that were discovered during the inspection on this 4 year old home, I got themyesterday at 4 and by the the time I got them to the relocation company, they had gone home for the weekend (and are off Monday). This buyer agent has put their client's closing scheduled for Wednesday in jeopardy for lollygagging!

[WhoFanMe]

Originally Posted by McMar

We have found that to be true in many states, WhoFanMe. People are asking too much for the condition that their house is in. I am a real estate junkie, so I follow the market in many areas. Sellers don't want to admit the market has taken a downturn, but must be realistic about the situation. Correct me if I'm wrong, but it seems that in some coastal areas such as Eastport, that some sellers seem to be pricing their homes based on the assumption that a tourist like me will become so emotionally attached to the house and town that I will pay a lot more than the actual market value. It does seems to take a LOT more searching for a decent house these days (pics are so misleading), but there are more to choose from. Good luck on your search, Elston. It's nice that you have family to do some drive-by's for you.

I don't know the Eastport market, but generally yes, sellers are not pricing their homes correctly and thus they sit out there while they chase the market down with price reductions that don't register with the buying public, while others jump in later and get sold sooner due to better marketing, curb appeal and pricing. I had been working with a young couple for some time and found them a perfect house in Westbrook, new on the market and it really stood out from the others we had been looking at in their price range. They wrote a reasonable offer but after speaking with their loan officer, they also decided to ask the seller to kick in 4% of the purchase price for closing costs. I recommended that they raise their offer to keep it competitive, but they refused. The seller countered at close to full price with 2% concession for closing costs and while the buyers contemplated another counter offer, a near full price offer came in and the sellers took it. That was the third offer on the house in 14 days and it's now under contract. Moral of the story, if you see a good deal - take it.

[maine4.us]

Exactly. The house we bought in Eastport was originally 149K. It was out of the range we wanted to pay. The agent called me and told me it was dropped to 90K. I offered the price, no haggling and had a contract. When things are reduced, or you are met halfway on a price, if you want it, you better make the offer and be ready to move. It is as simple as that. Haggling for less than 6K accomplishes one thing, you don't get a contract.

[WhoFanMe]

And when you do the math on 6000 at 360 payments, it's really a tragedy that ego can get in the way of people getting a home.

[McMar]

Originally Posted by maine4.us

Exactly. The house we bought in Eastport was originally 149K. It was out of the range we wanted to pay. The agent called me and told me it was dropped to 90K. I offered the price, no haggling and had a contract. When things are reduced, or you are met halfway on a price, if you want it, you better make the offer and be ready to move. It is as simple as that. Haggling for less than 6K accomplishes one thing, you don't get a contract.

Wow! Congrats on the deal! I agree with you and WhoFanME - ego gets in the way sometimes. The buyer and the seller both want to be the party that decides the final price. WhoFanMe is right - if you know the property is priced fairly, make a reasonable offer or you'll miss out. We snagged our current home when it had been on the market for 11 days. Listed at $99,900, we offered $96,000, and as I thought, the sellers accepted without a counter. Had we offered less, they probably would have countered for more than what we offered. It's a fixer upper, but I think the only reason the house hadn't sold before we found it was that there were hospital beds and equipment, personal items (including a car in the garage). It was depressing. Potential buyers knew that someone had probably died in the house. Had the house been empty and a bit cleaner, I think the seller (the deceased owners' son) could have sold the house for about $110,000.