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Updated: 2 hours ago

Older sellers are fueling a boom in second-home market, says broker

An exterior view shows an entry path to a building. Photo / Courtesy Benchmark Real Estate The sellers of a condo at Portland House, at 45 Eastern Promenade in Portland, were among clients who said that a faster sale was more important than getting top dollar.
By Laurie Schreiber

Older sellers are fueling a temporary softening in certain residential real estate segments — especially the condominium market and second-home properties along the coast, in the lakes region and near the mountains, according to a report by Tom Landry, owner of Benchmark Real Estate.

“For many older sellers, it’s no longer about squeezing every dollar out of the sale,” Landry said. “It’s about simplifying, controlling the process and moving forward on their own terms.”

Landry cited a recent transaction that illustrated the shift, Benchmark represented the sellers of a luxury Portland condominium. The property was priced competitively and “beautifully presented,” he said.

When no immediate offers surfaced, the sellers dropped the price by $150,000 within two weeks — a move driven by their desire for a quick, stress-free sale, he said.

“We went under contract almost immediately after the reduction,” Landry said. “I told them we were priced effectively and that they might be leaving money on the table, but they made it clear: time was more important than price.”

Landry said he’s heard a number of reasons from older sellers about why they’re willing to move on rather than wait for top price.

  • Their house has appreciated beyond their expectations
  • They don't have time to wait for a buyer who might pay more
  • They’re considering assisted living options
  • They don’t use the second home as much and want to simplify
  • They don’t have energy to prep the home for photos and showings
  • Leaving the home during showings is a challenge. 

The softening market, especially in the condo sector, could be an opportunity for buyers but won’t necessarily last, he said. 

“Maine doesn’t overbuild, and inventory remains limited,” he said. 

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