Yarmouth Home Sold for $300,000 Over Asking Price Before it Even Hit the Market
The buyer wanted to avoid the competition, and they did.
No one has to say how crazy the real estate market is. Anyone who has been looking for a home knows that it's a seller's market and things are being snatched up fast in Maine. According to MaineBiz, a gorgeous home on Lone Pine Lane in Yarmouth recently sold for $315,000 over the list price. And it sold before it ever went on the market to avoid a bidding war.
The five-bedroom beautiful home is turnkey thanks to renovations in 2019 and 2020. It sold for $1.71 million. And yes, it was sold to a buyer out of state. BUT, and as you can see it's a big but, the wife is from Maine and wanted to move back. They have been trying to buy something ever since the rental they were in (a transitional home) was sold. They've been outbid until they decided to be the ones to do the outbidding. Pete Molloy of Town & Shore Real Estate brokered the deal.
It was a matter of a bit of luck, a love of the house, and a jump on everyone else. The seller was willing to entertain the offer. It was going to list at $1.395 million. Imagine, with that price range the buyers were being outbid!
So if you don't have a couple of million dollars to play with, the question is - is this market ever going to calm down? As Pete Molloy told MaineBiz, of course it will correct itself...but it could take a while. In the meantime, hang in there it's going to be a bumpy ride.