Maine house sales are down, however prices are escalating – WMTW Portland

23July 2020

House sales might be down 4 percent compared to this time last year, however costs are skyrocketing.Maine property brokers say the coronavirus outbreak is triggering some sellers to wait, but buyers are still swooping in with money offers.According to real estate agent Lynn Hallett, many of those buyers are from out-of-state. She says she has 25 showings lined up for a three-unit apartment house on the marketplace for $695,000 in Portland’s West End.”I have actually been told to expect deals, I think it will go,” Hallett said.Hallett has seen bookings amongst sellers, as a lot of do not desire complete strangers entering their home throughout the coronavirus break out.”A lot of sellers who had planned to sell this spring backed off and (are) just waiting to see what happens,” Hallett said.According to real estate broker Pete Molloy, purchasers with monetary ways have the upper hand. And the majority of those purchasers are “from away.””It is such a desirable location to live. It’s cost effective compared to a few of these other areas of the country and people feel like they’re getting more bang for their buck because they’re getting Portland, they’re getting mountains, ocean, lakes– so their quality of life is much better than to be in New York City or remain in San Francisco where the worths are far, far greater,” Molloy said.The message for buyers: Don’t get prevented and act quickly, however be prepared to provide above the asking price.PORTLAND, Maine

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