Out of State Homebuyers Increase in Maine

It has been a busy year for The Benner Group. Even faced with a “Pandemic Pause” in early Spring, Maine has seen 347 more homes sold through the first 9 months of this year (13,647 in all) than had been sold over the same stretch of 2019 with:

• Multiple Offers

• Sight-unseen Offers

• And Offers well above the asking price $$$

Typically, out-of-state buyers account for 1 in 4 purchases but this year the ratio has risen to 1 in 3, according to Tom Cole, President of the Maine Association of Realtors.

These numbers are what we are seeing at The Benner Group. Over 30% of our buyers this year have been from out-of-state, specifically Massachusetts, Connecticut, Florida and most recently, Philadelphia, PA. As a Relocation Specialist for Berkshire Hathaway HomeServices Northeast Real Estate, Sherrie Benner routinely works with clients from out-of-state that are being work-relocated to Maine. However, these past few months have seen even more buyers coming to Maine with a single purpose. Yes, they are coming for “Maine the Way Life Should Be” but now that time honored slogan has taken on a new meaning. These buyers are escaping to Maine for health and safety concerns.

COVID-19 has forced businesses to adapt. We have discovered that we can successfully work from home, anywhere that Home might be located. One of Sherrie’s recent buyers, Melissa from Connecticut, has an ailing relative living in Maine. Her job can be done remotely. Her employer had only one mandated request that all employees attend a day long meeting once a month for status updates. She is now able to continue with her job while taking care of family and most importantly, dine weekly at her favorite Lobster House in Maine. Like many of our other buyers, it took several rounds of multiple offers, utilization of The Benner Group Buying Hacks and $20,000 over asking price, but she is now a new Maine Homeowner. Welcome to Maine, Melissa.

For more articles and resources regarding the current market conditions:

Why Selling This Fall May Be Your Best Move

Maine Home Sales Jump 22.78%, Values Increase by 19.56% in September

Maine Home Sales Jump 23% Driven By Out of State Demand