Mooers Realty Maine Real Estate Blog
How Do I Make My Maine House, Home Worth More?
The question "how do I make my Maine house, home worth more" gets asked a lot while listing the property at the kitchen table.
Real estate values in Maine, anywhere is local. Fixed position and the answer given to the question is not being flip, a wise guy response.
If I lean back and respond "you would have to move it to Boca Raton Florida, Scottsdale Arizona, Marblehead Massachusetts, Newport Rhode Island or downtown Manhattan", the eyebrows raise.
But other than a few repairs, updates and a good cleaning out of debris, junk and light bulb replacement, window washing, the value is the value. In small town rural Maine.
The "what's it worth now" not enhanced a lot with adding a garage. And not at all with a backyard in ground pool. You learn quickly as the agent or broker. There is a tipping point, a drop off where your spending makes it so you can not touch the bottom that falls out of the market. On the return of investment poured into country list and selling real estate properties.
The local items a place for sale has to have is a list hammered out by the local buyers in the market first.
Out of state home, house buyer have a different list they run by. As they nipple away at a greater share of the market their must haves, have nots on the list of features kicks in. But the local market value means pricing the Maine property listing, the house, home, whatever real estate in line with the current local market value. That someone working with a local wage could swing. And juggle the other monthly bills to keep their head above water. The check book balanced. Out of the red.
Putting in another $10,000 to try to double your money on a Maine home is not the rule in Vacationland. A low priced property listing New England state parked up on the Canadian border. Up here in the northeast corner, upper right hand area of the country. Where it is meat and potato easy, uncomplicated with our properties, with simpler day to day living.
The higher the price the thinner the buyers happens too when the local real estate pricing is tied to the lower pay scale. DFlush with cash and out to impress with palatial homes, swanking real estate with lots of glitter is not what you find with our Maine real estate buyers.
They are into natural settings, like the less people per square mile saturation of Maine's sixteen counties. Especially Northern Maine, Aroostook County where there are more animals, lakes, woodlots and only 11 people per square mile.
So back to the fixed position aspect of real estate in Maine.
The fact that unlike a new car you want but nothing meaning it has to come from the local dealership. Although you should always try to buy local. Pay a little extra for the neighbor who provides the best service. And creates jobs in the local economy that is so important to maintain schools. Having a population to spread out the burden of property taxes to keep the vital services going in a small Maine town.
In Maine the small town, rural real estate market is not one that spikes $100,000 one way and then drops double that amount out of the blue.
It is an insulated real estate marketplace with steady as she goes pricing. Not the major pendulum swing up high and down low.
Our marketing time extends or shortens a little but the pricing is pretty much the same.
Except with a little inflation edging the values up but very slowly. extremely predictable.
Maine, It is not like that many other places.
But small rural markets are not influenced as much like urban ones with pressure, crime, high cost of living and let's face it.
Just too many people.
And all the problems being jammed in a small expensive space causes.
Like trying to herd forty cattle into an area large enough for the comfort of ten critters. Just the reality of the living situations and plain spacing restrictions, limitations.
Maine, big state, less people, more fun to live, work, play here. Make the trip, see for yourself. Then make the call, email and start the changes in your life to get here quick as you can.