With soaring real estate prices and record numbers of people moving to Maine, it’s not easy to find a home you love. “Ten years ago we were trying to sell the mystique of Maine, and now it’s pretty much sold out,” says Scott Horty, owner of Camden Real Estate Company. “Whenever a market escalates as quickly as this, things get a little crazy.” Median home prices jumped nearly 12% last year in Maine, and the supply of homes for sale hit historic lows. Horty and his son, broker Kessler Horty, offer some tips on how to navigate the buying process in a competitive real estate market.
Many homes come on the market and receive multiple bids above the asking price, so you need to be prepared if you want to make a winning bid. Make a cash offer with proof of funds if you can, or submit your offer with a mortgage pre-approval letter from your lender.
Do your due diligence.
We do not recommend foregoing contingencies such as inspections and appraisals. But in this market, the reality is that you can compete with buyers who are willing to do so. If you forgo an inspection, try having a contractor walk through the property or take a virtual tour to look for issues and/or give you an estimate of the work to be done.
You may want to live on the coast, but with soaring prices and few homes on the market, you may need to broaden your search criteria and look in other cities. In the Camden area, for example, many people are starting to look to communities like Warren and Union, because they can get more bang for their buck and they’re still less than 20 minutes from the ocean. .
Do not abandon.
It’s a hot market and it’s important to work with an experienced broker who can guide you through the offer process, go over all the nuances of the transaction and get you over the finish line. Camden’s real estate team has the experience and knowledge to bring you home.