Day in the Life

Buyers, Don't Lose Hope

June is National Homeownership Month, a time when we raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans. The typical Maine home now costs over $398,000 (a new record) and the national median cost of a home reached $442,500 in May, 2024. It can be intimidating, daunting, frustrating, and terrifying to purchase a home. So why do we do it?  We have been told that buying a home builds wealth and it goes without saying that it is also one of the largest decisions we will make. With all the financial benefits of owning your own home, you have to ask yourself, “Can I afford to continue renting?” and “Why should I be paying my landlord’s mortgage when I can be paying my own?” For many new homeowners, owning a home represents stability and independence. Because of today’s market, people may be waiting longer to buy homes, but that first home is still considered a major milestone to achieve. With high home prices and mortgage rates, the housing market is a challenging place for many buyers right now. Here are a few of their stories. 

Current buyers Corey and Courtney describe being first time home buyers akin to being on a non-stop roller coaster of emotions. But it’s a ride they know will pay off in the end. Recently, they were under contract but faced an unforeseen hiccup with financing. It was devastating news for them. They gave themselves a moment to process and then re-evaluate their search process. “My fiancé and I truly believe having the right team in your corner is the way to go. From your lender wanting to fight to get you the best numbers and your realtor being your cheerleader, determined to find the right house to start your new life in, it truly makes the process entirely worth it. Being comfortable and confident in our team is what makes us know our house is out there waiting for us to find it.” With better financing, they are moving forward with not just finding a house … we are finding their new HOME. Christine and Dustin recently purchased their first home in Winslow. Although they were renting in Southern Maine and Dustin working in the Mid Coast area, they found the housing prices in those areas to be well beyond their budget. We widened their property search criteria to the Central Maine area and found a sweet, 2 bedroom home with room to expand – perfect for their needs. 

Christine shares that, “we definitely came into this process blindly, and maybe a bit impulsively, but working with Sherrie made it easier than we could have ever imagined.” It has been a month since the closing, and they have discovered that there is a lot to learn about being a homeowner. But they are enjoying every step in making the house theirs. Both agree that the relaxation garnered in knowing they have finally claimed a house as their own … is priceless. 

Danielle, husband Marshall, brother Sean, and daughter Zoe (along with a menagerie of pets) faced a difficult challenge. Their property criteria needed to have a usable workshop area for the guys’ businesses, a large kitchen, and plenty of room for extended family visits. Growing up in Boston, Danielle’s long-time dream was to move the family to Maine. With no specific location in mind, along with all 3 working from home, and a healthy budget, they had the entire state to explore, as long as there was wi-fi. That freedom of location considerably aided in their home search. It gave them more opportunities for property viewings. We looked at numerous properties, and just like Goldilocks, none were just right. Fortunately, a few homes went under contract sooner than expected when they were hesitating about committing to a purchase. Although disappointing at the time, it allowed them to connect with the perfect-you-couldn’t-ask-for-a better-home property that was still waiting for them to find. The family was appreciative of the knowledge I shared of my home state, my understanding of their needs and preferences, never pressuring them to make a decision, and truly listening and offering guidance. 

Client Lindsey was an interesting challenge. Because of a really low budget, we were looking at land upon which she would add a tiny home. She also had hopes of finding a cheap fixer-upper instead that she could move in and renovate but still at a perhaps unrealistic low price, or otherwise known as finding a unicorn. We were looking at possible land opportunities throughout the Mid Coast and Western Maine. She was hopeful for each property until I would research the land locked issues, or the numerous rights-of-ways, some with or without official road maintenance agreements, or those restricted to seasonal only, and the ones with excessive wet lands or numerous restrictions with shoreland zoning. During the course of her home buying journey, she would weekly narrow her search. She was focusing on the western part of the state in the mountains but ultimately ended up closer to the east near a tranquil pond. The property has water frontage and is located in a quaint little town whose population was 721, now 722. Lindsay is glad that I had not restricted her search parameters so when that perfect home popped up, she saw it and bought it.  It was waterfront property with a condemned house. The land alone was worth more than the asking price even taking into consideration the cost of demolition of the existing structure. Her advice to other buyers is to be creative and flexible with your mindset. She now faces the challenges of demolition of the existing home in terms of the process and the expenditures, but is confident it will all be doable over time. The feeling of calm that envelopes her as she stands on the shore overlooking the water is worth more than any monetary amount. She is HOME. 

In spite of multiple offers, low inventory, and financing issues, these buyers have either successfully made their dream of home ownership a reality or are confidently continuing in their process. These happy endings are the result of working with a Buyer’s Agent. As agents we can help buyers understand the homebuying process and the resources available to make it easier to get a foot in the door. It is important to note that buyer’s agents differ from seller’s agents (or listing agents). Listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller. Buyer agents, on the other hand, are legally bound to help buyers. Their sole responsibility is to help home shoppers overcome affordability challenges and fierce competition to land a great home. 

Every family deserves to have the opportunity to reap the benefits of homeownership, from building generational wealth to building memories for years to come. As a member of the National Association of REALTORS®, I am here to help consumers navigate the homeownership experience, providing critical support and serving as a trusted advisor through one of the biggest financial decisions of their lifetime. 

Owning a home is about more than putting a roof over your family’s head — it is part of the American Dream. I am there to make your dreams a reality.