With real estate prices climbing and people moving to Maine in record numbers, it’s not easy to find a home you love. “Ten years ago, we were trying to sell the Maine mystique, and now it’s basically sold,” says Scott Horty, owner of Camden Real Estate Company. “Any time a market escalates as rapidly as this has, things get a little crazy.” Median home prices jumped nearly 12 percent last year in Maine, and the supply of homes for sale hit all-time lows. Horty and his son, broker Kessler Horty, offer some tips on how to navigate the buying process in a competitive housing market.
Be Prepared.
Many homes come on the market and are getting multiple offers over the asking price, so you’ve got to be ready 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 don’t recommend waiving contingencies like inspections and appraisals. But in this market the reality is you may be competing with buyers who are willing to do so. If you do waive an inspection, try to get a contractor to walk through the property or to do a virtual walk-through to look for issues and/or give you estimates for work that needs to be done.
Make Some Trade-Offs.
You may have your heart set on living on the coast but given how high prices have escalated and how few homes are on the market, you may need to extend your search criteria and look in other towns. In the Camden area, for example, a lot of people are starting to look at communities like Warren and Union, because they can get more for their money and they’re still within 20 minutes of the ocean.
Don’t Give Up.
It’s a hot market and it’s important to work with an experienced broker who can advise you through the offer process, work through all the nuances of the transaction, and get you across the finish line. The Camden Real Estate Team has the experience and the knowledge to get you home.
