If there is one thing that no one could fully predict when the pandemic would break out, it is that people will start flocking to Maine like never before. Not on vacation, but literally gathering and moving here from all over the country. This caused a real confusion in the local real estate market.
What makes us so special?
In accordance with Fox ABC Maine and the Wall Street JournalBangor ranks as the 9th most popular real estate market in the entire US. In a way, it makes sense. Especially when you compare what is happening here with what is happening in Portland. Down there, houses are mostly priced at local market prices.
Here in Bangtown, you can still find a pretty decent home for decent money. Well, this is getting harder as the local inventory gets a little tighter all the time. A quick look at Zillow.com reveals that there are currently only about 40 homes available in Bangor at prices ranging from $ 80,000 to $ 750,000.
Realtors beat while the iron is hot.
Almost three years ago, when my wife and I sold our house in Bangor to move to Hampden, we got the full price of our house in about a day and a half. These days, if I were to list the same house for sale, we would probably be over asking price, which seems to be the current trend.
Reilly Bowlin, a recent home buyer in Bangor, told Fox the following:
People are bidding way above their asking price, so you never know what the next best deal will be, so that was the biggest problem just not knowing what my competitors were offering.
How long can this last?
Who knows how long this will last, but over time, you may have to slow down. The pandemic will gradually go away, and people will think less about moving away. But for now, people are likely to come in droves. We might as well greet them and try to make them real mainners before they try to make us New Yorkers.
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