Real Estate: Maine Market Update

By Skylar Welch

Where is Maine headed? Maine’s real estate market already had higher-than-average prices on residential and multi-family homes before Covid, but once the pandemic came into full swing, the desire to experience ‘The way life should be’, exploded. The demand for spacious living, fresh air and lobster has totally taken precedence over the metro city life, and a wave of Massachusetts and New York residents unknowingly discovered an escape so close to home and work. The question is, ‘Why’?

The state has been in a sellers’ market for a while, so the lack of inventory has been an issue, but it currently seems, coastal living is back by popular demand and that means this issue is even greater now. Maine has always been ‘Vacationland’ to us 'Mainahs,’ and now that others were able to get a glimpse of this place for themselves, unexpectedly during quarantine, we now see that the secret is out. Within two years, will we even recognize the Old Port? I think where Maine is headed, even Mainer’s don’t expect high demand with zero inventory to offer, out of state buyers outbidding Mainers’ looking to find their second home, and an influx in a general interest in the state makes Maine feel like the ‘Gold Rush’ of 2021, and it doesn’t stop there.

Millennials have flooded the Portland market to take advantage of the growing startup scene of biotech and bioscience and it’s only a matter of time before more demands are implemented into Maine due to the rapid flock of out-of-state residents.’ Jobs in marketing and advertising are becoming more prevalent, and the visual pulse of the Southern Maine area is growing. Maine’s laws are attracting many Texans and Californians, winter here seems to get shorter, but many see it is more doable than winter in a big city. Everyday I’m asked by anxious buyers questions on how they can make their offer more attractive and what they can do to guarantee themselves a spot closer to scoring a home in this hectic market, and all I can recommend, is to position themselves in the best place to be the strongest offer.

When you understand the feeling you have, of being in Maine you then realize the seemingly drastic moves made to this state, are reasonable. There is a cozy and safely spaced feeling, when living in Maine. Portland gives the amazing feeling of a quaint and busy city, with a creative essence that engulfs anyone on a casual stroll through it. You can beach it, surf, and experience east skiing like no other within the same day, and even run into the secret service in Kennebunk. You’ll probably know your neighbor and there’s a great chance, someone leaving the pub will attempt to accurately display how much room you have from the other car, as you parallel park in the Old Port. These are things people didn’t realize they missed and needed until a pandemic forced them to see, the way life should be. 

If your dream is to become a homeowner in Maine, it is extremely important to be sure you are positioning yourself in the very best position to purchase a home! This means getting prequalified by a local mortgage broker, finding yourself a real estate agent who is current with the market and making sure you are ready to get competitive and practice patience. The Spring market is in full swing and it’s shaping up to my a crazy one <

Skylar Welch owns Maine Pointe Lending is at 202 US Route 1, Suite 102 in Falmouth. Call 207-949-3568 or find them online at www.mainepointelending.com. They’re also on Facebook at https://www.facebook.com/skyeclosesmaine/