PORTLAND, Maine (NEWS CENTER)-- The end of 2017 set the tone for the 2018 real estate market in Maine, according to the experts. This year, fortune will favor the sellers in the housing market, but there are tips you can take from the pros to prepare and ease the process of buying or selling a home.
On Thursday, hundreds of Maine's top real estate experts will gather at Holiday Inn by the Bay in Portland for the 2018 Annual Forecast Conference and Member Showcase by MEREDA. There, they'll forecast this year's housing market.
Dava Davin, owner of Portside Real Estate Group saying the current economics of supply and demand will make 2018 an opportune time to sell a home.
"Right now, Maine is an inbound state, so we have more people coming to Maine than are leaving," Davin explained. "So we have more buyers than the available inventory."
Nationally, home prices are up with the median sales price coming in at $248,800, according to the National Association of Realtors. The latest numbers from the Maine Association of Realtors indicate MSP of a home in Maine to be $200,000, up 4.24% from last year. However, as Davin explains, that average price will vary from town to town.
"Portland, the median sale price is up closer to $300,000," Davin said as she gave an example. "If we go to Westbrook, it's going to be closer to $200,000."
Davin says Winter is the time to buy. While less homes are posted, listing prices are lowest this time of year. But do your research ahead of time, know exactly what your must-haves are. Also, a seller is more likely to accept a cash offer over financing, even if it's lower.
"Cash is king," Davin said. "Nationally, 29% of home sales are cash, and we see that in Maine."
If you find yourself often being outbid by other buyers, talk to a realtor about an escalation clause.
"Offer a defined amount," Davin said. "Offer, you know, a thousand dollars over the highest offer up to some sort of ceiling."
If you're looking to sell your home in 2018, Davin says shoot for a late summer sale when prices are higher and buyers are plentiful. Stay competitive by staging your home to show best online, where most buyers are looking first. But be prepared to move quickly, Davin says that right now, homes are only on the market an average of 15 days.