15September 2020

The coronavirus pandemic is sustaining an increase of people from out-of-state acquiring houses in Maine.”We’re seeing unprecedented demand,”Standard Real estate owner Tom Landry said.Landry said he put a remodelled three-bedroom, three-bathroom house in Portland on the market Tuesday and anticipates to receive interest from buyers from Boston, New York and Washington, D.C.”Where people can have their own house, and they’re most likely not because shared environment,” Landry said.Landry stated be just recently sold a West End house to someone from New york city City. He stated he offered another house sight unseen to another out-of-state buyer.Usually, 10% of Maine house purchasers are from out of state. This summertime that number almost tripled to 29%. Coronavirus and the ability to work from home is driving the demand. Information showed 7% of purchasers were from Massachusetts, 4% were from New Hampshire and 2% were from New York.”I think they’re fleeing a few of what they experienced in New york city and Boston and locations where they have actually needed to shelter in location in a big building,” Landry said.With more Mainers staying put, less homes have been for sale this year. Lower supply and greater need is triggering home prices in the Greater Portland area to increase 9%. The median sale price of a single-family home was $324,500 last year, and is up to $352,000 this year.”So there is this level of being priced of out Portland, right, and it’s a real issue, you understand, we have to increase the amount of inventory that occurs here, or it becomes this elitist enclave,” Landry said.Landry said buyers from costly cities are seeing the reverse of sticker shock in Maine by getting more square footage for their money.PORTLAND, Maine
anticipates to receive interest
from purchasers from Boston, New York and Washington, D.C.”Where individuals can have their own house, and they’re most likely not in that shared environment,”Landry said. Landry said be just recently offered a West End house to somebody from
New york city City. He said he offered another house sight unseen to another out-of-state purchaser. Generally, 10 %of Maine home
purchasers are from out of state. This summer that number nearly tripled to 29 %. Coronavirus and the ability to work from house is driving the demand.
Data revealed 7% of buyers were from Massachusetts, 4%were from New Hampshire and 2%were from New york city.”I think they’re leaving a few of what they experienced in New york city and Boston and locations where they’ve had to shelter in place in a big structure,”Landry stated. With more Mainers staying put,
less houses have actually been for sale this year. Lower supply and higher demand is causing house prices in the Greater Portland location to increase 9 %. The typical price of a single-family home was $324,500 in 2015, and is up to$ 352,000 this year. “So there is this level of being priced of out Portland, right, and it’s a genuine issue, you understand, we need to increase
the amount of inventory that occurs here, or it becomes this elitist enclave,”Landry said.
Landry stated purchasers from expensive cities are seeing the reverse of sticker shock in Maine by getting more square footage for their cash. Source: wmtw.com