Hot properties: sizzling housing market causing potential troubles for buyers and sellers

NOW: Hot properties

The temperatures may not have heated up yet, but there's one thing that is sizzling in Maine; the real estate market. Realtors say inventory is tighter than just about any time they can remember, especially in the $250,000 price range.

"I think this market makes you not be specific, unfortunately," says Ashley Bernard. First time homebuyers Ashley and Ed Bernard say they initially set out to find a home with a big back yard and open concept. They've been searching for about three months. They've put in three offers, only to have each one outbid by another buyer. The newlyweds are now starting to keep a more open mind about their wish list. "We found we are not the only people looking for the same things," Ed Bernard says with a chuckle.

The Bernard's aren't alone. "We do not have enough inventory on the market right now," says Realtor Raylene Estabrook. As President of the Greater Portland Board of Realtors, she says she regularly sees multiple offers on a home and quick sales. "If sellers price right, they're likely going to see it gone in five days," Estabrook says.

While that sounds like great news for sellers, there's a potential problem. Sellers often times have no where to go because of the lack of inventory. "It is absolutely a double edged sword for sellers, because right now we have a lot of sellers sitting on the fence. They're kind of resisting putting their homes on the market," she says. "They're biggest fear is where do I go once my home sells."

Estabrook says that keeps the lack of inventory cycle going, leaving buyers like the Bernard's searching, waiting and hoping they'll find a place to call home.
 

© 2017 WCSH-TV


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