April 2023 Market Update
Happy April!
Out like a lion, in like a lamb. Maybe for weather, at least! I was grateful to get one last ski weekend in before the upcoming warmer weather.
The past few weeks have seen a welcome shift in inventory as more homes are becoming available in the spring market. Inventory is still down from last year, keeping well priced homes competitive and in high demand.
Here are this months tips and tricks for success in this market:
Put your best foot forward: We are seeing more opportunities to negotiate, although they are not unlimited. Crafting an offer that is strong in as many areas as possible, while allowing some negotiation, has been most successful. Sellers are more willing to take some risks when they feel the contract is strong in other areas.
Keep new construction front of mind: New construction opportunities continue to be great choices for my buyers. It avoids multiple offer situations, is move in ready, and there are even customization choices!
Look off market. On todays call alone, brokers in our office shared 15+ listings available off market or coming soon. Having an agent in tune with the market is key!
Multifamily investors: For the second month in a row, we are seeing the list to sale price settle and longer days on market across the multifamily space in Portland.
Recent successes
Perfect home in Gorham. Our buyers put their best foot forward to beat out 11 other offers, with a house to sell.
New construction condos. Our investor clients put a new construction condo under contract with no competition - flexibility in closing date was key!
East End gem. Our buyers put an incredible East End home under contract with no competition - their ability to offer flexible closing terms were key.
Daymark opportunities. In the past week, we have put 3 condos under contract at Daymark. The building is fully complete and the amenity space looks incredible! Great opportunities still remain.
New listing in Casco. Check out 1675 Evergreen, our newest listing in Casco. Join the Point Sebago community and gain access to a golf course, marina, tennis courts, restaurants and more! Contact us for a private showing today.
Portland Women Investors. If you’re a female real estate investor, don’t forget to attend our next meetup, Wednesday, April 12th from 5-6:30 at Cloudport in Portland. This months topic features a panel of women speaking about how they got started in real estate investing, and where they are headed next! Join our private Facebook group to stay up to date.
Want to know more about the market or discuss your specific situation? We’re always happy to have a low pressure conversation about your unique situation and help you make a plan for success that works for you.