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Greetings everyone, I'm curious if anyone might have any perspectives on why housing market is so hot in Maine right now? Looking at houses anywhere within about 20 miles of the coast, from Cape Elizabeth through Belfast, houses seem to sell within a couple of days and often for above the asking price. This seems especially true for houses priced anywhere in the six figures, fast sales and for over asking.
I'm curious who's buying? Is this the usual summer season market? Or are people fleeing to Maine to escape the coronavirus?
Who are the buyers? Where are they coming from? Is it New Yorkers, or Bostonians, or is there no one group?
Just curious, I'm a Maine wannebe, but the fast and furious pace of the housing market is intimidating.
Same thing is happening in Vermont and New Hampshire right now. It's well to do people from urban areas. NYC is a big source of them but other areas are represented too. They are fleeing the cities because of the virus, civil unrest, and the expectation that worse things are coming.
Greetings everyone, I'm curious if anyone might have any perspectives on why housing market is so hot in Maine right now? Looking at houses anywhere within about 20 miles of the coast, from Cape Elizabeth through Belfast, houses seem to sell within a couple of days and often for above the asking price. This seems especially true for houses priced anywhere in the six figures, fast sales and for over asking.
It's true all over. A home in good condition that is fairly priced is seldom on the market for more than a few days.
Quote:
Originally Posted by AnalogMan
I'm curious who's buying? Is this the usual summer season market? Or are people fleeing to Maine to escape the coronavirus?
Who are the buyers? Where are they coming from? Is it New Yorkers, or Bostonians, or is there no one group?
It's all over. I work with people from Long Island, Colorado, Wisconsin, and Maine. Wealthy people do tend to buy up a lot of the more expensive homes, because Maine is a great place to live, if you can find a way to make a living. Crime is low if you're careful where you live. Most of the people are friendly. We have clean air and four great seasons. Traffic is hardly ever an issue in most places. Making a living can be tough, but if you can swing that, there is no better state to live in.
I personally don't know of anyone who has bought a house in Maine to escape the coronavirus. But it wouldn't surprise me if there have been a few. I have heard that the long-term vacation rentals are booming his summer because of people from farther south getting out of the virus hotspots.
It's a product of low supply and high demand. Mortgage interest rates under 3% are enabling more people than ever into the market. The virus slowed things to a crawl earlier this year and things have been catching up. Just this week I had a buyer be one of 14 offers on a single family home in Westbrook and another buyer be one of 4 offers on a one bedroom condo (506 square feet without parking) and both lost. Last week I had a buyer offer 10% over list price on a vacation home with 12.5 feet (across the street) of lake frontage and they lost to one of 12 offers. This was despite the seller's disclosure of high radon in water (a $5000 fix). It's crazy.
The housing market anywhere near Portland has been crazy for the last 4-5 years. Very difficult to find single family homes under $300K and when they pop up they are gone quickly. It’s a great place to live and there are a lot of people struggling to find homes. Low supply, high demand. Been a sellers market for awhile.
My wife and I were VERY fortunate to snag a 3 bedroom home in Portland for under $200K in late 2017. Searching during the winter season might be a little less competitive.
Irrational hype and decision-making will lead to much buyer regret years from now. People who know nothing about evyerday Maine life will be disappointed and sell for a loss.
Irrational hype and decision-making will lead to much buyer regret years from now. People who know nothing about evyerday Maine life will be disappointed and sell for a loss.
the majority of buyers are from Maine and know very well what life is like here.
your statement may be true for the high priced/luxury homes but not your everyday single family homes at $350K and below
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