Maine Home Sold for $300,000 Over Asking Price Before It Even Hit the Market
Editor's note: This article was written by a Townsquare Media Northern New England contributor and may contain the individual's views, opinions, or personal experiences.
In case you forgot how crazy last year's real estate market was.
Back in May of 2022, homes were selling for incredible prices everywhere in Maine. Anyone who had been looking for a home knew it was a seller's market and homes were snatched up fast in Maine. According to MaineBiz, a gorgeous home on Lone Pine Lane in Yarmouth sold for $315,000 over the list price. And it sold before it ever went on the market to avoid a bidding war.
The five-bedroom beautiful home is turnkey thanks to renovations in 2019 and 2020. It sold for $1.71 million. And yes, it was sold to a buyer out of state. BUT, and as you can see it's a big but, the wife is from Maine and wanted to move back. They had been trying to buy something ever since the rental they were in (a transitional home) was sold. They were outbid until they decided to be the ones to do the outbidding. Pete Molloy of Town & Shore Real Estate brokered the deal.
It was a matter of a bit of luck, a love of the house, and a jump on everyone else. The seller was willing to entertain the offer. It was going to list at $1.395 million. Imagine, with that price range the buyers were being outbid!
So if you didn't have a couple of million dollars to play with, you didn't outbid anyone. The big question was - is this market ever going to calm down? As Pete Molloy told MaineBiz, of course, it will correct itself...but it could take a while. In the meantime, hang in there it's going to be a bumpy ride. Currently, it is still a seller's market, but story like this one from last year are few and far between.