Yarmouth, located in Cumberland County, Maine, stretches across the coast of Casco Bay. Offering ocean views and known for its strong community and lifestyle, Yarmouth is a place of nautical history with a little bit of everything, for everyone.
Visiting the Main Street Village, you’ll find access to a local bookstore, markets, shops, restaurants and stunning traditional New England architecture. Royal River Park is embedded in the Village, and offers walking, biking or hiking trails, as well as river canoeing and kayaking. Home to breweries, farm-to-table restaurants, and the annual Clam Festival, Yarmouth is a lively community. Its top-rated education, marinas, and nature spots make Yarmouth an exceptional location to buy, sell, or invest.
Yarmouth, Maine's housing market forecast 2023
The 2023 housing market forecast in Yarmouth, Maine, indicates continuing price increases. In Cumberland County, from February through April 2022, the number of homes sold was 589 at an average sale price of $491,947. From February through April 2023, there have only been 484 houses sold, but at a higher average sales price of $520,000. Home values may continue to rise, due to high demand and insufficient inventory.The Federal Reserve raised interest rates almost a dozen times in 2022, and experts expect this to continue as we move through 2023. With this in mind, those looking to buy a home should start the process now; it will take more work to afford to do so as the year progresses, as prices are predicted to grow another 5.4%.
Effects of COVID-19
Investing in this current market
Navigating today's market for sellers and buyers
As a seller in Yarmouth, you should exercise patience — a seller may no longer expect to receive multiple offers in the first few days after listing. Even with the help of an expert agent, the process might take longer than expected. The right agent can help price your home to sell, expediting a favorable sale.
Staging your home is a crucial part of a successful sale. Buyers nationwide want to see homes in optimal condition. The National Association of Realtors (NAR) found that 23% of seller agents reported a 1% to 5% price increase on offers for staged homes.
Meanwhile, as a buyer, you might be tempted to pass on a home inspection to increase your chances of going under contract. Home inspections educate the buyer, and apprise you of needed repairs. They reveal important information about the home that you intend to buy, and provide the opportunity to learn intimate details or detect serious deficiencies prior to closing. At times, a home inspection can be a bargaining tool.
Buyers should also do their due diligence when researching lenders. Compare terms and rates to learn what would be the most favorable. With knowledge of your credit score and mortgage affordability, surprises can be avoided.
Finally, the most crucial tip for buyers and sellers is to hire an expert real estate agent, a Realtor. Agents, with the Realtor designation, are professionals who can help orchestrate your purchase or sale. If you’re buying or selling in Maine, work with Town & Shore Real Estate a group of experienced professionals that has a 70-year history in southern Maine as a firm. When you work with Town & Shore Real Estate, your Realtor can help you find the perfect home, and neighborhood. Town & Shore Real Estate professionals can navigate the complex processes of buying and selling a home in the Yarmouth real estate market. Contact the team today to find out how they can help you.