Real Estate Report: Seller's market
PORTLAND (WGME) -- It can be a tough time to buy a home in Maine, but for sellers, it might be the best market experts have ever seen.
People come to Maine and fall in love, with its coastal beauty, booming food scene and character. That's why real estate experts say Vacationland is becoming more of a place to call home year-round.
Tom Landry, owner of Benchmark Residential and Investment Real Estate, says demand is high, but inventory is low.
“The market is incredibly competitive; we have a shortage of inventory all throughout greater Portland,” Landry said.
That means buyers have more to consider.
“You have to be ready to potentially look at a property as soon as it's listed, even on the same day that it's listed,” Landry said. “And that you may have a situation where you're competing with other people."
Multiple offers are coming in, making the process even more competitive.
For sellers, it sounds ideal, but Landry has a warning for them, too.
“We're seeing some folks put properties in contract, only sort of as a placeholder, they take it off the market for themselves, they do their inspections and a lot of times they're asking for significant price drops for those inspections,” Landry said.
And it's all about making sure the listing price is right.
“We're seeing those type of properties listed too high, have to take many and multiple price drops and sometimes I believe selling for less than if they started at the right place," Landry said.