Well, here goes. The start to our trek North to Maine, our new home-state. (Portland: income, versus)

[karen_in_nh_2012]

Originally Posted by LarryLogger

Make sure to get really good info on private water source. Wells in waldo and Searsmont had issues in recent summers

I'm in exactly your same situation but am in a short term rental in Belfast. I've probably looked at the same houses you have and have the same checklist. I am extremely cautious about private water sources

What were the issues? i.e. the water quality (which is potentially a quick fix) or wells going dry?

[jonesg]

Originally Posted by Cuffler

Thanks for all the imput and sharing your experiences. This ISN'T what I expected in Maine. I expected a leisurly drive in the countryside as we were able to select from a dozen or so houses on the shelf. I didn't expect a "Filene's Boston Basement" experience! (Only New England people will know what I'm talking about. You had to see women & men stripping off their clothes to try stuff on in the isles to believe it!) But this is what's happening.

Now an interesting comment from my broker caught me totally by surprize. We were looking at one home that had just gotten bid on before we could see it. I thought that maybe we'd go and look at it anyway. You never know, right? Well she said that one thing she will object to is us going into a bidding war with another buyer. Why? Not because she was concerned about our bank account but because she believed seriously that this buying frenzy in Maine will abate......and maybe sooner than later. The last thing she said she wanted for any of her buyers was for them to go underwater when the market cools quickly or if Maine goes into a bit of a recession and property values go down.

A lot of what were seeing on the market in the $250 range is shopworn or needing a lot of updating. If you want to spend more you'll find some nice places in the $300-$350 range. These are the houses that I thought would be in the $250 range. Duh. These $250 homes still have a lot of life and will serve well with the attention but the prices they are commanding are just exaggerated. I would say by at least $50k. It's like "Martha, let's put the old place up for sale and see what happens!" IF you don't think so just do a search for properties in a particular town. Wait two days, then go back and do another search. You'll be surprized to see another small bunch of places being added.

I've said this before that the population of the entire state of Maine is less than Philadelphia. As we drive throught the bucolic countryside on these roads (which are mostly in VERY GOOD condition btw) there's a house here or there and then nothing. Its' not like here in CT where huge swaths of neighborhoods all begin to sell at once. There is no synergy driving this as far as I can see. It's just happening. The cities are dominated by older properties and THEY TOO have benefited from this property serge. It's happening right before my eyes and it's hard to fathom.

Well, we're going to quickly pack and jump into the car and head back to Maine for our meeting at 3:30. We'll stop at Yummies (!) on the way up or back and also have another lunch/dinner at Young's too. We're going to stay in Camden tonight again, also becasue we just don't feel like doing 10 hours on the road. We'll get a chance to visit with our son which is always a treat.

And.....maybe.....just maybe we'll be putting down our ernest money and making an offer. The fireplace, btw, is really beautiful but just not real. Yes, it is pretty straight forward to put a real insert in and brick it up. There's a slab under this house so there's no additional footings needed. There is a straight shot through the ceiling for a flu, too. So, it can (will) be done and really is the only thing I have to reduce the price a bit just to save some money. In my book this house will be instant equity by at least $20k when we close because its under priced which is why we're shocked it isn't sold. It's 15 mins from Belfast and Camden area and all that shopping, restaurants, and supplying....and doctors and prescriptions. It's 20 mins from Lincoln beach and the shore. But it's nestled quietly in the woods on 2 acres. I can't wait to show it to my boy. More to come including some pics if things go well.

Our broker kept telling me another buyer was on his way from Germany to view the house in 2 days, he didn't want to accept the check, too bad.
If you want to make an offer they should covey the offer, its not theres to refuse +$ offers.
As it was the other buyer bought the house next door, he's a great neighbor, ex-military wounded.

I have a friend in Belfast, seems very nice and not too far away from everything in Bangor.
With 2 acres you need a tractor and a snowblower or plow, its the law.

[nm9stheham]

Just another anecdotal story about the sudden demand.... I communicated with a realtor today in far SW MT, Madison County, NW of Yellowstone. She relates that there is a sudden surge in people shopping for land there. I've seen similar demand increases in WY too.

[jonesg]

Originally Posted by nm9stheham

Just another anecdotal story about the sudden demand.... I communicated with a realtor today in far SW MT, Madison County, NW of Yellowstone. She relates that there is a sudden surge in people shopping for land there. I've seen similar demand increases in WY too.

they might be looking for an emergency bug out location rather than a new homestead.

[nm9stheham]

Roger..... Either way, it is driving up demand and prices right now. I may be holding off on buying to see if this demand and price surge passes.

[WhoFanMe]

The low supply, high demand phenomenon has been with us for 3-4 years, I haven't seen or heard of anybody who has decided to move to the Greater Portland area because of the virus - yet. I do expect that there will be some of that as companies develop long-term strategies to retain top talent. Robust and reliable internet connection and proximity to an airport will be important.

With our current situation, fewer potential sellers want to have people trek through their homes and often they don't have another place to move to, which further decreases supply. Add in record low interest rates and you have the current situation - rapidly escalating prices, fewer seller concessions for repairs and appraisal issues which complicate financing.

[LarryLogger]

The issue was drought conditions last summer, now considered by the State to be "abnormally dry. That’s a step below drought conditions" to quote state officials, who are also saying that we've had pretty good rainfall in April and May



According to local newspapers, homeowners who experienced problems with private water wells either used bottled water and did laundry at a laundromat in town or had well drillers come out and sink deeper wells.


I have zero first-hand information and only know what I read in paper and saw on tv while living in the immediate area.


So, as I said, I'm just going to be cautious and try to get info about any specific house that is on a well. If that means getting a water well expert to check pressure, I'd consider it just part of home inspection.


I haven't written off any of my possible houses because its on a well or septic

[LilyMae521]

I don't know about you guys, but I am on the edge of my seat waiting for an update from Cuffler. I so hope he and his wife were successful yesterday.

[Cuffler]

Ok, LilyMae, you deserve a quick answer:

Y E S !!

.......but is wasn't easy as nothing seems to be with this endeavor. But, we were successful in the long run and I can tell you that as of 5:11 EST our realtor called to say our offer was accepted. Here's what happened.

We left Enfield at 0900 with a 1-1/2 hour window so we could grab lunch before our 3:30 appointment. We were also picking up my architect son in Boston at the Masspike and NEwton T station. WE would head up 95 to our meeting. Well, we were not on the pike for about 5 minutes when we came to a dead stop and ended up creeping on the pike for exactly 1 hr and 10 minutes. After picking up my boy we made it to our meeting within 10 minues of our appointed time. Enough side bar.

We met with the realtor, I broke out my camera and tape measure and my wife did the same. We scoured this house top to bottom and came away more impressed this time than the first. It's really pristine. My son did his thing and even took a drone video for us. We were very very happy, my wife very satisfied which is, of course, is critical. We called the realtor in and I handed her our earnest money. We shook her hand (gloved of course) and she would send us electronic docs within an hour for our signature.
We all left knowing that we had done the right thing and couldn't wait to tell everyone we had finally been successful but wanted to wait until our offer was officially accepted. So, we headed North to Camden and Young's Lobster pound for another sumptuous Maine dinner. As we were waiting for our food the phone rang. It was our realtor.....early.....and that's not a great sigh.

She proceeds to tell me that unbeknownst to her or the other listing broker, two other people had decided to put in bids on this house too! Wow. Talk about a bummer. I was crestfallen, flabbergastsed and just disappointed big time. I broke the news to my son and wife and they, too, were shocked. The realtor told me that the listing broker had no idea they were coming in. There was no activity recently and none scheduled except for ours. However, someone put a bug in someone's ear that we were serious and they decided to take their shot. We were to wait until 5pm Sunday night when the bidding expired and the homeowner had made their decision. We were convinced that we would lose out and that put a huge pall on our long drive home. You could tell we were all exhausted from the hours of driving and sleeping poorly (although the hotel was once again wonderful). So 5pm arrives and my phone is quiet until 5:10. Our broker is there and that's when she said that we weren't up against one bidder but two. Then she said "congratulations, you're a Mainer!" Jokingly of course about the Mainer part. But we're going to do our best.

I told my wife that this phone call was going to change the trajectory of our lives: either we'll be moving in the next two months or our home search is going to begin once again. As it turns out our closing will be on the 31st of July giving us plenty of time to make our moving arrangements as well as seI'll uplling Mom's house! How wonderful and convenient. So, as so many others had said it would all work out in the end and it looks like it will. Somehow, however, I know there will be some issues to overcome but nothing critical. Our dream of livinging in Maine is now going to come true. I wish both my wife's mom and my mom were around to enjoy this with us. Unfortunately my youngest daughter isn't happy that we're moving North. Family never is I've read.

I'll update this blog and put up some pics when I get them online. This has been a very long road. We've learned a lot, mostly that we should have bought years back. But we were successful in the end. Good luck to any of you who are beginning your search. All I can tell you is that this is a strange market.

[LilyMae521]

And tonight you two will sleep well.


Congratulations. :-)