In Maine, median home sale prices saw an increase of over 6% to almost $250,000 in the first half of 2020, statistics from the Maine Association of Realtors reveal. However, the number of completed sales ended up falling by 13% to just over 4,000 homes. Local residents and out-of-state buyers are attracted to Maine for its small population and beautiful scenery, as well as its peaceful environment.
Upsizing In Maine
Competition among buyers in Maine is high, as homes in the range of $250,000-$450,000 typically draw numerous offers. Current circumstances are further fueling sales as people look for larger homes across the state to keep their families safe and comfortable. “You are competing with people who aren’t even here to see it and are willing to make an offer just by what we provide online and face time, that’s very unusual,” says Liam McCoy, a broker for Portside Real Estate Group. “Now they are saying we need to get out of our 900 square foot apartment that we share with our children, we need to move around a bit.” Moreover, the process of buying and selling homes is being made even easier by online mortgage lenders, Crediful reports. In contrast to the traditional mortgage banking industry, online lenders conduct the entire home loan process virtually. With the help of interactive tools, borrowers can make the best decisions for their situations.
Luxury Home Sales
Luxury home sales are also on the rise in Maine — 104 homes valued at $500,000+ sold in April across the state, compared to just 89 in the same period last year, according to the Multiple Listing Service. Bridgette Vermette’s Team at Keller Williams Realty reports selling 14 luxury properties since January. Half of the buyers were from outside of Maine. Some buyers are deciding to move to Maine permanently, while others are up-sizing their second homes.
Maine’s Hottest Towns
“Maine’s Hottest Towns” — an annual list compiled by Rob Edgerley of Maine Life Real Estate in Scarborough — highlights the areas showing the biggest increase in home sales in 2019. Hampden takes first place as Maine’s most popular town, with a 17.6% increase in sales. The town has an attractive village feel, while still allowing residents to commute to Bagnor for work in under half an hour. As for Maine’s other popular towns, Augusta, Scarborough, Lewiston, Kennebunk, Waterboro, Bridgton, Kittery, Cape Elizabeth, and Cumberland are currently experiencing strong demand.
Maine continues to be a popular location for those looking to upgrade and upsize. Despite the recent dip in sales, it’s sure to remain a big draw for those looking to relocate in the future.
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