Maine Real Estate Bargains Abound During 'Clearance Event'

maine real estateThe Maine real estate market tried to jump-start sales last week, by staging a week-long "Clearance Event." Inspiration or desperation?

"We got over a foot of snow today, it doesn't feel like spring around here," according to Mike LePage, President of the Maine Association of Realtors. "We hoped this would jump start the spring market."

To be included in the event, properties had to drop their prices at least $10,000. And with many hundreds of properties involved, Maine Realtors are hoping this new campaign will bring sales and movement to their market.
Mike LePage is also a Realtor at RE/MAX Heritage in Yarmouth, Me., and his office has six properties involved in the Clearance Event.

"I don't think anybody's ever done this before," says LePage. "Some properties made small
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adjustments of $10,000, but we have over five that reduced by $100,000 or more. And there's also land that was $34,000 that reduced to $24,000 so there is the full range."

Marc Chadbourne is a broker/owner of Century 21 Mason Realty in Winslow, Me., and has three properties in the sale. He says he considered who to ask to participate with great result. "The people I chose to ask were quite willing, and some were also about to lower their prices so it was good for them to take advantage of the event. The really positive thing about this event was to have a venue for brokers to talk to sellers about a sensitive subject: pricing their properties."

Pat Friedman is one of Chadbourne's clients taking place in the event, although when he first approached her she wasn't so keen to include her property, a 3 bedroom, 1½ bath home located in Waterville, Me.

"I was taken aback at first, because it sounds more like jargon that belongs in another industry and that is in fact what makes it effective. It's a creative approach to meeting the needs of the new market."

Friedman loves the Waterville area, but will be moving to nearby Mid-Coast. She has a time line she hopes to meet, but is working backward from that date. "Everyone needs a Plan B and Plan C. You have to in this volatile, teetering market."

And who knows, maybe this will be the start of a new trend in real estate?

As Chadbourne explains, "I haven't heard from anyone outside our state yet, but news travels fast. I suspect when we go to D.C. for our meetings in May, we may get asked a few questions about it."

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