When I was a young boy, my school mates and I couldn’t wait for the last school bell to ring and for summer to begin! Later we would get our report cards and learn whether we were invited on to the next grade—I snuck through every year! Little league was always in full swing by then and we would ride our bikes 3 miles to the field with gloves slid over our handle bars. Days were spent with my friend and his brothers, swimming at Seal Cove Pond, looking for frogs, and playing king of the raft. They were glorious carefree days of summer in small town, Maine. What a great time and area to grow up! I can smell the wet raft drying in the hot sun even now.
In mid-June, “people from away” would arrive and we’d have lost tourists asking directions to get to Southwest Harbor or Bar Harbor. Sometimes my friends would give them the wrong directions (I never did that!). We’d see vehicles from all over the country– I couldn’t blame them for wanting to come to Maine for vacation.
We’ve finally made it to our summer season, and it’s a hot seller’s market! Home values continue to climb to heights none of us could have imagined. Just yesterday I was mowing a lawn at Melissa’s latest renovation in South Portland. A couple neighbors stopped to talk about the house and asked what the listing price was going to be. When I told them, and they both started laughing in surprise! Hmmm, I thought. Funny response. But was it? What do you think the value of your home is? Do you know or are you guessing?
Home sale prices here are unusual. Some homes are going anywhere from $5,000 to $80,000 above asking price! That’s right… $80,000 over asking price.
There’s a home in So Portland I’ve been interested in for a few years now. The exterior needs a lot of work, the grass is often a foot or more long and the roof needed new shingles a few years ago. I’m not sure what the insides look like, but I imagine it needs some TLC! I always wanted to see what magic Melissa could work on that house— it could be gorgeous once again! Just found out last week the owner sold it for $200,000! I almost fell off my chair. A quick look at the MLS confirmed what I thought. That home was worth at least $240,000 in AS IS condition. With some heavy cosmetics, paint, new floors, new kitchen and bathroom that home would sell for $450,000! Oh My! The owners had left money on the table!
So, what is driving up our prices? Is it our location? Maybe. Is it our great economy in Southern Maine? Maybe. Sixty buyers came to last Open House. A few times during the open, I went outside to confirm what I thought was happening. The cars lining up had license plates from all over! There were plates from Maine, Massachusetts, New York, Rhode Island and New Hampshire but mostly Massachusetts! Buyers relocating to our area are also having a BIG impact on our home values.
Inventory is still very low, making it a great time to sell! I would like you to consider what the value of your home is but don’t take action until you talk with a South Portland real estate specialist! There is so much going on here and you need to consider everything when pricing your home.
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