Wells Market Analysis

By
Real Estate Agent with Ogunquit Sunrise Properties
It is now 2008 and buyers are realizing that it is now or never....prices have come down and interest rates are still doing well...Many buyers are hoping to come into the Maine market and get a lot for their money....but the truth is that many sellers have already marked prices as low as they possibly can....Sellers today are having to go to closing with some cash in order to clear title...

Buyers may want to understand the market that they are shopping in first of all.....for example Biddeford is a little different from Ogunquit....and the prices will dictate that....

It is nice to see buyers doing their homework over the internet before seeking to see a property, but keep in mind that many properties out there are in an up side down loan and sellers can decrease their prices just so far....

It is important for agents to educate their buyers, for example, a seller has a large mortgage on a property...it is important to know this before trying to just make a low ball offer....in todays market many sellers are either just breaking even or needing to come to the closing with cash.


ZIP Code: 04090

Location Characteristics: Wells is located in York County, and was the third town established in Maine, incorporated on July 5, 1653 from a portion of the town of Webbannet.

Named by Sir Fernando Gorges for the English city of the same name, Wells was first settled in 1641. It has the distinction of being the only Maine town not conquored during the various French and Indian wars between 1650 and 1730.

Its spectacular beaches have made it an attraction for centuries. Ogunquit, the resort community, was part of Wells until 1980.

The Rachel Carson National Wildlife Refuge consists of 3,600 acres of marsh and upland wildlife habitat. A mile-long trail (handicapped-accessible) offers vistas of the marshes and the ocean, plus many kinds of shorebirds, ducks, and geese. The trail begins at the refuge headquarters on Route 9 at the Wells/Kennebunk line.

The Wells National Research Reserve is an educational and research facility with 1,600 acres, 7 miles of trails that take you through old fields, woods, marshes and to the beach. During the summer there are guided tours, junior research programs and research projects on birds, the sea level and water.

County: York ~ School Dist/Dept: Wells-Ogunquit CSD ~ Senate District: 2 ~ House District: 147 , 149 ~ Congressional District: 1 ~ Population: 9400 ~ Area: 61.9 sq miles ~ Pop. Density: 163/sq mile ~ Longitude: W 70:37:34 ~ Latitude: N 43:19:39

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