With lots of buyers and fewer sellers, the Maine real estate market has been what Realtors would call a “Seller’s Market” for a few years now. This means that it was common for houses to go on the market, get multiple offers, and sell very quickly.
In a Mainebiz article published on March 25th, 2019, Mainebiz staff wrote that the “Maine single-family home market may be balancing out”. This means that throughout Maine, the amount of homes that are selling are less than last year, however the prices of homes are still increasing in 10 of the 16 counties in Maine. Because of this, Gray Fox Real Estate’s Designated Broker and Owner, Polly Cockrill, believes that in most of Maine, it is still a Seller’s Market.
If you are selling…
Take note of the fact that the number of units being sold is decreasing, despite it being a Seller’s Market. What can you do to make sure your house sells?
Advertise. Your agent should be using social media to market your home. Share their posts to your personal page to spread the word of listing, open houses, and price changes!
Prepare your home. Even in a Seller’s Market, a deep clean and organize will never hurt. “Wow” your potential buyers by taking the extra time to clean and de-clutter, and add decor that will make it feel like home to them.
Communicate with your agent. In a Seller’s Market, things can move fast. It’s important that you are communicating with your agent so you are prepared for last minute showings or multiple offer situations. They will be able to give you advice and lay out your options.
If you are buying…
Know what you are working with. Before you start looking at houses, get pre-approved so you know how much you can actually afford. The last thing you want to do is find that dream home and miss your chance while waiting for your pre-approval. Check out our Featured Lenders if you need a recommendation!
Find the right agent. In a Seller’s Market, your search may take a little while. Find an agent whose priority is to help you find the right home, not just make a sale. The right agent will perform due diligence to uncover potential issues in an otherwise good looking home to protect you financially.
Be realistic. When you sign with your buyer’s agent, you will discuss you wants and needs in a home. It’s important to be realistic about what you can afford and what you want in your home. Ask your agent to show you houses that have sold in your price range and desired area to see what you can expect. Consider looking in neighboring towns if your budget and desired location aren’t lining up.