Anyone who is buying a house in the Lewiston-Auburn or the Augusta Market -- or even just checking up on the market -- is likely to find that some of the rules of the game seem to have shifted. Particularly anyone expecting to be overwhelmed by the kind of amazing deals being offered in the last few years should see what I mean.
The Maine Association of Realtors continues to paint an upbeat picture, at least when it comes to bargain-priced properties, the days of multiple bids and ‘offers above asking price’ are back (for properties priced competitively). If you are weighing the advantages of buying a house in Lewiston, Auburn, or Augusta before interest rates and prices rise in earnest, it should be useful to take a look at some strategies that work -- and some that virtually never work:
1. Blanket Low-balling – Running around writing up a bunch of low-ball offers is a surefire way to get yourself ignored, or worse, miss out on an otherwise great property. A better approach? Work with a knowledgeable agent whose expertise in the Lewiston-Auburn or Augusta market will allow you to check on the most recent comps, then write an offer the seller will consider.
2. Imperfect Properties – The degree of your success in buying a house in Central Maine can depend on starting out with a reality check: only very rarely is a property totally perfect for you and priced absolutely right.
3. Highest and Best - Unfortunately, the tempting low prices listed for some Central Maine bank-owned homes also means that it’s increasingly common to encounter the dreaded “multiple offer situation.” If you find yourself there, be prepared to submit your highest and best offer first -- you may not have another shot.
This changing market doesn’t mean we are headed into the kind of fever-induced ‘bubble’ we saw in the mid- 2000’s. But for those seeking a deal and waiting for the bottom of the market before buying a house in Lewiston-Auburn, the market does not seem to be waiting. 2013 is clearly the time to jump in!
If you’re looking for a great investment, or just looking to make a personal move, give us a call at (20&) 689-9880 to set up a low-key consultation on what opportunities are out there! Or browse every current listing in the MLS at www.MaineRealEstateInformation.com.