This story is part of the BDN’s Home Buying series that shares stories of Mainers who became homeowners despite the state’s volatile real estate market. Want to share your experience buying a home in Maine? Email kobrien@bangordailynews.com.
After more than a decade of renting in Bangor, this couple decided it was time to buy a home when they realized rental prices were equal to, or more than, what monthly mortgage payments would be.
LaRae LaBouff and her husband, Jordan, were preparing to return home to Bangor in July after traveling for six months during his sabbatical from work. They had given up their apartment while traveling and planned to stay with friends while searching for a new unit to rent, as they had for the last 15 years.
However, their plans changed when they realized Bangor rents were equal to or more than what a mortgage payment would be, LaRae LaBouff said.
“Rather than take that risk of renting from someone else, the price going up and maybe having to move again, we decided that it was time to go ahead and buy a house,” she said.
The couple’s decision points to how rental prices in Bangor have risen significantly in recent years to the point where buying property can be more advantageous for those who are looking to put down roots and can handle the upfront costs, even though home prices have soared as well.
A housing study performed in Bangor last year found median rental fees in the city rose by $110 from 2020 to 2022 when they had jumped by only $80 over the seven years prior to that. Today, average rental prices for a unit in Bangor have surpassed $1,500 a month, according to Zillow.
The family also decided to pursue homeownership when they noticed the market shifting to favor buyers rather than sellers, as had been the case for years since the pandemic when prices shot up and availability was slim.
Now, home prices have remained steady in recent months and Maine saw healthy inventory through much of the summer and into the fall. This gives prospective buyers more choices and the leverage to negotiate more favorable prices and agreement terms.
“That’s one of the reasons why I said we should go ahead and do this now is because I knew that markets are volatile and things change really quickly,” LaRae LaBouff said.
The family looked for only a few weeks before finding their future home, which is tucked away in the lower portion of Bangor’s Little City neighborhood. However, LaRae LaBouff said she had been browsing Zillow in her free time for about two years despite not being interested in buying.
Built in 1880, the 1,700-square-foot house fit the couple’s size needs, as they didn’t want a home larger than 2,000 square feet, she said. They also wanted three bedrooms and a spacious backyard that was preferably already fenced in, so their dog could have space to run without a leash. The home even has a deck, which was on the couple’s wish list.
“We got exactly what we wanted,” LaRae LaBouff said. “It just turned out to be the right time for the sellers and us.”
Their realtor and a trusted friend guided them on a virtual tour of the home while they were out of town and pointed out any appealing features as well as anything that would need to be addressed immediately.
The family closed on July 13, two days after they returned to Bangor, and began moving in that day, LaRae LaBouff said.
It was listed in late May for just under $275,000 and the couple snatched it up less than two months later for $267,500, well below their $300,000 limit.
The home last sold in 2015 for $112,500 before it was listed again in July 2024 for nearly $280,000, according to Zillow records. It bounced on and off the market for roughly the same price for several months until the LaBouffs found it.
The family previously bought a home in Waco, Texas, in 2007, which they owned for nearly a decade before moving to Maine. This is their first time owning a house in Maine.
Aside from the space the property offers, LaRae LaBouff said she and her husband were drawn to the home’s layout and the touches of character that can be found in a nearly 150-year-old building, such as crown and baseboard moulding.
Meanwhile, Jordan LaBouff was drawn to the home’s “warm and welcoming” atmosphere as well as the entryway and staircase, he said. The family is also looking forward to cooking in the large kitchen and hosting friends and family in the dining room.
“I also realized recently that it looks a little bit like the Anne of Green Gables house on Prince Edward Island,” LaRae LaBouff said. “It just felt like our style.”
For those who are interested in becoming homebuyers soon, LaRae LaBouff recommended finding an experienced and trustworthy real estate agent to work with.
“They’re going to be able to give you information and advice that you might otherwise not even think about,” she said. “If you tell them exactly what you’re looking for, they know the market really well and can help you find something that you may not be able to find on your own.”