Impact of pandemic on moving plans (Augusta, Waterville: for sale, real estate market, apartment)
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(1) Very high home prices in Maine
(2) Very few homes for sale that suit one's specific needs
(3) Difficulties of traveling from another state to view homes in Maine
(4) Near impossibility of selling my current house in time to buy a new one in Maine. There would be a period of time when I would be "between houses," which feels risky and unsettling.
(5) Can't have workers in the house to spiff it up for sale
. . . What is the best strategy for a move to Maine?
Granted, my current home has also gone up in value, but that doesn't really help me in the Maine housing market, as the Maine market may be rising faster than my local market.
I'm seeing my dream of moving to Maine dissolve. My fault entirely for not acting sooner (years ago). I see no alternative now except to wait for the market to change. But what hope do we have that prices will fall and there will be more houses on the market? And how many years will that take? I'm feeling quite discouraged.
Travel restrictions are an issue. We currently live In CA. Our local agent here that we used when we bought our current house referred us to a local agent that works for the same company there in Maine. We had several homes saved on Zillow that we liked. One of them saw a large price drop (something I am seeing regularly now on other properties we had saved) so we made plans to do a FaceTime virtual tour with the agent from the other side of the country. Unfortunately the cell service at the house wasn’t strong enough and the agent was unable to get the WiFi password at the time. So instead she took a VERY detailed 30 minute walk thru video of the entire house and much of the outside property. She pointed out all the features of the house as well as any issues she spotted.
After viewing the video walk thru we fell in love with the house even more. We called her and spoke to her, asked a few more questions about the house and her thoughts on it, and decided to pull the trigger. Made an offer on it. She sent us the stuff virtually to DocuSign and sent it to the seller agent. Buyer accepted without even countering. Our agent has been our eyes and ears on the ground there. She was present on sight for the home inspection (the first day anyway), she lined up two companies to give us estimates for the whole house water filter system we need as a result of the well water test and the radon mitigation system. We are moving right along and are on track to close escrow on April 30th on a home we have never personally set foot in and won’t see in person until we arrive on June 30th after a 3,700 mile cross country move.
As for selling our current house, we are in a hot market here and our current house has doubled in value in the 7 years we have owned it. All the comps in our area have gone under contract within a week for over asking prices. People are definitely still buying. And the low housing inventory being experienced everywhere right now really does make it a sellers market. We should net almost enough from the sale of our house here to'pirchase the new property in Maine for cash.
Bottom line, find yourself a good agent in Maine that will be your eyes and ears on the ground there. Ours has been absolutely fantastic thru this process so far. It’s a different world right now and the agents know it. They will do what it takes to help you find what you want.
(1) Very high home prices in Maine
(2) Very few homes for sale that suit one's specific needs
(3) Difficulties of traveling from another state to view homes in Maine
(4) Near impossibility of selling my current house in time to buy a new one in Maine. There would be a period of time when I would be "between houses," which feels risky and unsettling.
(5) Can't have workers in the house to spiff it up for sale
. . . What is the best strategy for a move to Maine?
Granted, my current home has also gone up in value, but that doesn't really help me in the Maine housing market, as the Maine market may be rising faster than my local market.
I'm seeing my dream of moving to Maine dissolve. My fault entirely for not acting sooner (years ago). I see no alternative now except to wait for the market to change. But what hope do we have that prices will fall and there will be more houses on the market? And how many years will that take? I'm feeling quite discouraged.
I would put your plans off for a year or so, the market here is insane. You'll end up paying far more than you should and probably end up with something your not happy with.
Bide your time, With the fools in DC creating trillions of dollars like there tossing quarters in a tip jar its only a matter of time before they kill the economy. wait for the bubble to pop and buy low.
Of course, like the stock market, it can be difficult to predict what the real estate market will do in the future with any confidence. Still, for the case of Maine, which has had a significant bump in demand that seems to be influenced by some people "fleeing" urban areas due to pandemic concerns and in some cases, new freedom to work remotely... it does seem likely that demand coming from those factors should diminish in 2022, hopefully that'll be the case with some relaxation in pricing.
(1) Very high home prices in Maine
(2) Very few homes for sale that suit one's specific needs
(3) Difficulties of traveling from another state to view homes in Maine
(4) Near impossibility of selling my current house in time to buy a new one in Maine. There would be a period of time when I would be "between houses," which feels risky and unsettling.
(5) Can't have workers in the house to spiff it up for sale
. . . What is the best strategy for a move to Maine?
We sold our home in Jan 2021. We had workers in the house before selling. Everyone wore a mask. When the movers came, I left the house so they could move heavy furniture without a mask. Open windows after they left. It's not as problematic as it seems.
We are renting a house in Virginia near my daughter. I've been "between houses" before. It's stressful and has lead to some bad real estate decisions. OTOH, I'm not happy about paying rent - it feels like throwing money away.
(We spent most of 2020 alone without our kids. We are throwing money away on rent but I'm pretty happy about spending Easter, birthdays, Mother's and Father's Day as a family.)
We looked around Maine before moving to Virginia. We came from New York bypassing the 14 day quarantine issue.
Coming from Virginia, I need a covid test before leaving. It's actually pretty easy. I've gone to CVS pharmacy and received the results within a day or two. There are also instant tests where the results within 15 minutes. Testing is pretty widespread and much easier now.
The big problem is (1) Very high home prices in Maine and (2) Very few homes for sale that suit one's specific needs. I wish I knew the answer to this.
Good luck!
Last edited by YorktownGal; 03-14-2021 at 08:51 AM..
I would put your plans off for a year or so, the market here is insane. You'll end up paying far more than you should and probably end up with something your not happy with. . . . Wait for the bubble to pop and buy low.
I'm probably forced by circumstances to follow your advice. I've survived three recessions. I bought very low during the first one. Time isn't on my side in terms of my age. It seems like real estate cycles last 5 to 7 years. By that time I'll be sort of over the hill. My strategy for 2020 was to fix up the landscaping of my current home since no interior work can be done. At this point I may need to start doing interior remodeling and paint the exterior myself, with my limited abilities. (I have the skill but diminishing physical ability.)
Rising prices may also mean I'll have to look further east and inland in Maine, like up past Ellsworth. All I've found in my under $160,000 range are big old houses that look like they should be demolished. There was a time not too long ago when that would have bought a decent house, especially as I'm looking for a small house.
Some areas of Maine are still affordable. Just depends where you are looking. And I would highly advise against buying a home without seeing it in person. Unless money is no object. How much in a hurry are you? There will be many with buyer's remorse and the market will come back to reality. Maine isn't foe everyone. Be patient and smart. It may take a little more time.
(1) Very high home prices in Maine
(2) Very few homes for sale that suit one's specific needs
(3) Difficulties of traveling from another state to view homes in Maine
(4) Near impossibility of selling my current house in time to buy a new one in Maine. There would be a period of time when I would be "between houses," which feels risky and unsettling.
(5) Can't have workers in the house to spiff it up for sale
. . . What is the best strategy for a move to Maine?
Shopping from a distance is certainly a challenge, but since the lion's share of homes purchased in Maine during 2020 were purchased by buyers from MA, CT and NY, those challenges can clearly be overcome.
Regarding some of your concerns...
(3) I think most travel restrictions have been lifted. In Maine, real estate was considered an essential business during all of 2020 so people could visit for RE shopping purposes.
(5) Why can't you have workers in the house?
My wife and I feel somewhat the same way. We have been looking in Maine for over 20 years but we have seen prices rise and fall several times over that period. I watched one lot go unsold for 15 years until it was finally sold this past summer. I've seen the same properties get bought and sold multiple times over that period. It's all cyclical. You do need to take steps to be nimble, however. So if that means fixing up your current home and selling and moving in to an interim rental, that may be the best approach.
I recently finished a 15-month assignment working in Augusta and Waterville and many of the locals think that a lot of the newcomers who have moved in year-round will pack it in after 2 or 3 years and return to MA, CT or NY. This winter has been pretty mild but a couple of decent ice storms or a month of below zero wind-chill will temper people's enthusiasm pretty quick. That 20 minute drive from Belgrade to the Walmart in Augusta doesn't seem too bad in September but it's quite different when you get caught in a snow squall in February.
Some areas of Maine are still affordable. Just depends where you are looking. And I would highly advise against buying a home without seeing it in person. Unless money is no object. How much in a hurry are you? There will be many with buyer's remorse and the market will come back to reality. Maine isn't foe everyone. Be patient and smart. It may take a little more time.
I can't possibly imagine buying a house without seeing it! What a huge risk.
What areas, other than far northern Maine, do you suggest I look at for affordable homes? I've visited Milbridge and love that area, but I would feel isolated there year round. I'm not in a hurry, other than to outrun the Grim Reaper. I have to sell my current house.
[quote=gf2020;60606287 Why can't you have workers in the house?[/quote]
Health reasons (senior citizen). "Maybe" that will change when I'm vaccinated.
I actually can travel to Maine without restrictions. I'm several hours from the area I want to live in. But I would NOT go to Maine to see houses during the pandemic. I'm not vaccinated yet (will be soon) and it will be some time before I trust the effectiveness of the vaccine. This is sort of a moot point because even before the pandemic I searched for a year and didn't find the type of house I'm looking for (small, in good condition). That just got much worse during 2020.
A possible strategy, I suppose, would be to sell my house soon, bank the extra cash, and rent something while waiting for the market to fall. But letting go of secure housing during a pandemic and stressed market seems like a very high risk. Many people have lost their secure housing. At least I have a roof over my head. Being able to live in your own home rather than an apartment is protection against the virus.
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