It’s nothing short of astonishing. All across Maine, demand among buyers for homes is at an absolute fever pitch. In a stunningly short amount of time, “Sell your house - NOW!” has become the most sure-fire financial success strategy imaginable. As the Portland Press Herald noted, this is all about a housing marketing that is “breaking records…with sales and prices through the roof!”
WHY has “Sell your house - NOW!” become such a smart strategy? Much of it has to do with the pandemic. Let’s see why …
Housing Inventory Tumbles
You remember the start of 2020 all too well. The sudden word of a global pandemic coming at us. The fear and anxiety we felt. The economic uncertainty. Well, all that had an acute impact on the number of houses available for sale in Maine. Suddenly, no one was selling.
But within just a few months, this changed the real estate situation dramatically - in two powerful ways that were both extremely advantageous for home sellers:
- Home sellers now command all-time-high prices for houses, with WABI-TV News just reporting that the median sales price for a home has now skyrocketed more than 20 percent in the past year;
- Buyers are in RABID competition with each other for nearly every house that enters the market—in a way that ITSELF is completely unprecedented. “In most markets across Maine,” reports Tom Cole, recent President of the Maine Association of Realtors™, “Realtors are reporting MULTIPLE offer situations on move-in ready listings.” As Mr. Cole reports, this is a direct result of “historically low for-sale inventory availability.”
Other Factors Generating the “Sales Surge”
Another prime factor making “Sell Your House - NOW!” such an attractive option is the number of people from “away” who have been spurred by the pandemic to finally live their dream—buying a house in Maine. Out-of-staters are now buying houses in Maine at a 3 times faster clip than they have historically, representing 30 percent of the market rather than the historic 10 percent.
Meanwhile, interest rates still are historically low, making it a perfect time for home buyers. But this - and, indeed MANY things about the current real estate market—will be influenced by the pandemic and the speed of our recovery. As just reported by Time magazine, “If the vaccine is effectively implemented and it, along with more stimulus spending from the government, spurs economic growth, then we’re likely to see mortgage rates rise.”
And that of course would mean fewer home buyers out there, ready to snap up your house at a handsome profit to you. Considering this (and everything else we’ve just looked at) shouldn’t you cash in and sell your house NOW?