‘We’re seeing unprecedented need’: Maine sees surge in out-of-state house buyers – WMTW Portland

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

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