BANGOR — If you’re thinking about moving to Bangor, now is the time to start looking.
“It is nearly the best I’ve seen in the last 14 years,” said Renee Hudgens, a broker at Realty of Maine. “To sell your home, you can get the most value for it right now.”
Realtors said homes in the Greater Bangor Area are selling at faster rates than they’ve ever seen before.
“A lot of it has to do with low inventory and low interest rates, so it’s really making things go a lot faster and making it a really competitive market,” said Tim McClary, an associate broker for Realty of Maine.
The Wall Street Journal and Realtor.com recently named Bangor number nine in its Top 20 Emerging Markets for Summer 2021 list.
“We have been really slow for quite a while, kind of until 2017 is really when I started to see any sort of change, but we just boomed kind of a few months after COVID started,” said Ashlee Black, and associate broker at Realty of Maine.
Reilly Bowlin, who recently bought a house in Bangor, said she put in four different offers before one was accepted.
“People are offering well over asking price, so you never really know what the next best offer is, so that’s been the biggest struggle, just not knowing what my competitors are offering,” said Bowlin.
They said home prices and Bangor’s location have been drawing a lot of families to the area.
“The emerging economy, the safety of Maine, obviously the beautiful state that we live in and all that it has to offer naturewise,” said Wally Fenlason, a broker at Realty of Maine.
According to the realtors, it’s important for folks looking to buy to be prepared.
“Don’t hesitate because if you do hesitate, unfortunately, you are gonna lose out on that house,” said Kortnie Mullins, a broker for Realty of Maine.