My home has been on the market for 2 years with just a few showings. What are people buying in the mid-coast?

Asked by Grandma, Rockland, ME Tue Jul 20, 2010

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Amy’s answer
Amy, , Rockland, ME
Tue Jul 20, 2010
People really like the old homes with character, but old homes don't seem to be getting very high offers. Also, with the large number of homes in foerclosure or short sale status, everyone wants to pay 50% of the asking price. Short sales and bank owned properties are really making it hard for typical seller who just wants to downsize. Just remember, even if you have to sell your home for less, you will also be purchasing your next home at a discount as well. People buying up will make out better than people downsizing.
2 votes
Steven M Dyer, , 04841
Tue Jul 20, 2010
Hi Grandma,

The MidCoast has been dominated over the past 2 years by homes under $150,000. We have started to see a lot of buyers over the past couple of months buying homes in different price ranges. As you know, the MidCoast usually starts to see an influx of tourists from the 4th of July through the Labor Day holiday. That will be your best opportunity to sell you home.

Do you get feedback from your agent on the showings that have occurred? That feedback is essential. That potential buyer took the time to look at your home and they formed an opinion to not pursue purchasing it. The feedback would allow you to make modifications that may make it more desirable to the next potential buyer.

Steven M. Dyer, CRS
Keller Williams Realty
50 Sewall St., 2nd Floor
Portland, ME 04102
1 vote
Pam Gushee, Agent, Camden, ME
Wed Jul 21, 2010
Buyers are looking for "deals" and are targeting motivated sellers. You may want to sit down with your agent and have another comparative market anlysis done to see if your property is priced correctly for this market.
1 vote
Charlene Ham…, Agent, Camden, ME
Wed Jul 21, 2010
I don't know the specifics of your listing, but I do know that we are seeing an increased level of activity. If your home is not getting showings, then it is due to your property being too high priced for the area/condition, the marketing of your house, or a combination of the two. How does your house compare to the competition - meaning all the other properties on the market right now in your price range? If you have a property listed by an agent, have you looked at your listing online to see how your agent is marketing it? Have they put in 20+ pictures and a virtual tour? Or did they do the minimum 8 pictures in the MLS and are relying on a sign on the road to drive traffic? If you are listing it yourself, how did you come up with the price? And how are you marketing it?

I have some listings that have sat for over 6 months, but I listed a house on thursday that went under contract on saturday. The buyers are out there, but there is a lot of inventory for them to choose from. The more you can showcase and market your house - and make sure it is competitively priced - the better your chances of selling.
0 votes
Nancy Carlet…, Agent, Bath, ME
Wed Jul 21, 2010
The market is a moving target right now! We are experiencing increased activity since the 15th and more showing requests are coming in. There is a lot of inventory out there. Even though, I typically only look at sold prices when doing a price analysis, I am starting to include what else is out there in a similar price range. A lot of competition requires that you look at your properties position relative to other homes as well as the recent sold prices. Properties in all price ranges are selling...$150,000 to $800,000 and up!
0 votes
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