How To Win In The Southern Maine Home Buying Game

We've bid farewell to the roaring 'unicorn' era of real estate, yet the current market in places like South Portland and Brunswick is still vibrant due to the lean supply of homes for sale. If you're eyeing the Southern Maine real estate scene this season, be aware that while the bidding war bonanza has cooled, multiple-offer situations are not extinct.

Here's some savvy advice on how to strut your best stuff when presenting an offer on a home in Southern Maine.

1. Bank On A Skilled Real Estate Professional

I'm here to back your home buying aspirations and to clarify the current landscape of the housing market. As a real estate professional with a pulse on both local and national trends, my expertise will equip you with the data you need to move boldly.

What's more, I understand the strategies that have worked for other buyers in our region and what sellers are likely seeking in an offer. As a Forbes article aptly points out:

"Getting to know a local realtor where you’re hoping to buy can also potentially give you a crucial edge in a tight housing market."

2. Secure Pre-Approval For A Home Loan

In the face of today's affordability challenges, being clear about your budget is pivotal. One surefire way to gauge what you can borrow is to get pre-approved for a home loan by collaborating with a lender.

This step not only fortifies your financial confidence by giving you a clear understanding of your finances but also demonstrates to sellers your seriousness, giving you a competitive edge in multiple-offer instances.

3. Present A Reasonable Offer

While it's human nature to desire the finest deal on a home, presenting an exceedingly low offer carries risks. You wouldn't want your offer to be immediately discarded, as suggested by Realtor.com:

". . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”

With the expertise I bring to the table, you'll stay competitive and pinpoint a price that respects both your and the seller's perspective.

4. Rely On Your Agent's Insight Throughout Negotiations

In the high-paced 'unicorn' years, some buyers bypassed home inspections or refrained from requesting seller concessions to secure the winning bid. But as Bankrate mentions, this practice has decreased:

“While the market has largely calmed down since then, sellers are still very much in the driver’s seat in this era of scarce housing inventory. It’s not as common for buyers to waive inspections anymore, but it does still happen. . . . It’s in the buyer’s best interest to have a home inspected . . . Inspections alert you to existing or potential problems with the home, giving you not just an early heads up but also a useful negotiating tactic.”

In today's market, you may have more room to negotiate. I'll guide you through the offer process, highlighting which factors you might consider bending on and which are non-negotiable.

Final Word

Planning to buy a home in Southern Maine this summer? Reach out to me, Sam Pecor at Sam Sells Homes. Together, we'll put your best offer forward.