Maine is a hidden jewel of a state. It’s a mix of rough-hewn coast, lush forests and, as you move further north, plenty of space. Some of these open areas have been taken up by million-dollar homes.
The typical price of residential property in Maine averages around $300,000. This means a seven-figure home can be enormous and a great value for a buyer. At the same time, it should be a profit maker when you’re ready to sell. A realtor from Legacy Properties Sotheby’s International Realty will help you navigate these five crucial factors that will maximize your profits when selling your million-dollar home.
1. Choose the Right Time to Sell
There are certain times in other parts of the country where the housing market is at its best. Late spring and early summer are common because it’s the time when kids are out of school. Winter isn’t a good time due to the weather and holidays.
It’s different in Maine. In addition to the summer, which is the tourist season for the state, there is also a robust autumn selling season as the conditions are still prime for house buyers.
2. Understand the Local Market
It doesn’t matter whether you’re near Portland or in a rural area, you’re still part of the housing market. Thus, nearby property values and amenities are reflected on the selling price. This is critical for a million-dollar home.
For example, a seller might get more than the selling price if their seven-figure residential property is situated along the coastline. Even if it’s far away from shopping, dining or other amenities. Sometimes, this picturesque seclusion is what people want. On the other hand, if the million-dollar home is located far from anything, the seller might not get the same responses.
Your Legacy Properties realtor will research your local market before listing your home for sale. They will review recent purchases of similar residences and determine if you can get the price you want.
3. Understand All the Hidden Costs
There’s a lot to consider when selling your million-dollar home in Maine. That’s especially true for the hidden costs that whittle away at your profits. Before you know it, your return on investment isn’t as great as you first thought.
What can take away from sales profits? Staging is one thing. This can cost several thousand dollars for a large home. Possible repairs, though small, can eat up more profits. Concessions to sell the home also take a chunk. Then, you have to factor in the cost of moving your items to a new residence. Some properties are even sold furnished because of the cost and hassle of packing and moving furniture.
Your Legacy Properties realtor will help determine any hidden costs that can reduce the amount of profit. From there, together you can find ways to whittle these down to maximize the amount you get for your million-dollar home.
4. Set the Right Price
Setting at the right price involves a few factors, such as the location, any wear and tear and what’s left of the mortgage. Another item to consider is the current state of the market.
For instance, the first half of 2021 saw home prices increase by double-digits each month. Nevertheless, there was always a chance for the real estate bubble to burst. Therefore, overpricing a million-dollar home could have hurt the owner. In other words, they would’ve needed to repeatedly reduce the selling price.
Your Legacy Properties realtor will look at the market in your area of Maine to determine your home’s list price, ensuring it is appealing and also realistic for potential buyers.
5. Be Willing to Negotiate
A hot housing market doesn’t mean you have carte blanche to stop negotiating. Though houses might be at a premium, a seller can always find another million-dollar home where the owners are willing to make a deal. If that’s the case, then your property might get stale as it remains on the market without a prospect.
Your Legacy Properties realtor is an expert at negotiating. Listen to their advice, whether is it agreeing to minor repairs, a reduction of costs or coverage of closing fees to get the buyers to the table. They will ensure you never feel desperate enough to take a deal you feel uncomfortable about.