In my 32 years as a licensed real estate broker in Maine, the last two years have shattered all past market activity. There have been negotiation frenzies. Showings are scheduled back-to-back, with overlapping showings happening like never before. Real estate agents have seen houses on the market for two days with many cash offers and over the listed price, with a daunting amount of offers submitted. Sellers and brokers often have a day or two to decide.
That is where the “Real Estate Love Letters” have come in. The buyers appeal to the heartstrings of the sellers and provide familial information that Fair Housing would prohibit insofar as it creates a disadvantage to protected classes. This frenetic market has challenged a lot of the Standard practices. North Country Properties discourages the use of these letters from buyers. The personal information provided can work against a buyer too.
Then there has been the new negotiation technique, the “Escalation Addendum.” This is another sketchy practice, in my opinion. A buyer will provide with their offer an escalation clause that says that if another offer comes in that is higher than their offer, the buyer will raise their offer, to a certain ceiling dollar amount. This is a slippery slope for several reasons. First, what previously was confidential information, the amt and terms of an offer are divulged. And this practice encourages an upward moving price.
The best course of action if you see a property that interests you, is to make an offer sooner than later. The market is still brisk for quality residential homes, and for vacation properties. Those that are in better than average condition, that are attractively and simply decorated get buyer’s interest. Light pastel colors with attention to the details and the property do not last long on the market.
The coming year looks strong for Maine real estate transactions. Let one of the North Country Properties agents assist you in obtaining a pre-qualification letter from a bank, credit union, or mortgage broker. Decide what you are looking for in a property and what characteristics are essential. How large a parcel? We can set up a subscription to listings that will automatically be forwarded to interested buyers. We are here to help from the start of the home-buying process to the day of closing and getting the keys to your new home! Call (207) 307-2161 or fill out a request for information on our site.