You come to the island every summer; It's tradition, its habit, its compulsive, and you know you will eventually buy property on Martha's Vineyard, the question is when.
The answer is Fall.
Sellers have been patiently analyzing the showing feedback we give them from buyers who have seen their home over the busy summer months, and they are reassessing their listing prices. There were 20 price reductions posted in Link MV this week, and after the holiday weekend this will continue. If a seller has been seeing frequent showings, positive buyer feedback and zero offers, they are faced with two choices. The first is to wait. The Martha's Vineyard Real Estate Market is primarily a second home market, which is a talking point we encounter regularly when counseling sellers. No one "needs" to make this purchase, it can happen next year or the one after. We have amazing properties in our inventory that sit on the market for multiple seasons because they have not yet attracting that perfect buyer. In cases like this it doesn't mean the price is off, sometimes it just takes time. The second choice is to stimulate activity on the listing by reducing the price. Even though no one "needs" to make a purchase on Martha's Vineyard, a strategic listing price can be the final push that some buyers need to take the plunge and make an offer.
Anywhere you want. The price reductions this week span from a pristine, darling cape in Oak Bluffs' Lagoon Heights Neighborhood at $465,000 to a West Tisbury Waterfront Compound with a rich island history and life altering views at $10,500,000. Fall prices do not discriminate.
For a successful property search approach check last week's post. If you want to know when to buy a property on Martha's Vineyard, you have probably already started your search. There have been huge changes lately in how buyers search for real estate, refer to our Zillow Trulia merger post for reference on why this is not the best route for finding properties on Martha's Vineyard. The absolute best way to find a property for sale on Martha's Vineyard is to get access to our local multiple listing service, LINK MV. All you need to do is contact your real estate agent and ask for it; I'll give you link access. It's also great for checking sales data.
What will buying a home on Martha's Vineyard do for you?
- Reserves you a vacation home with no landlords, security deposits, checkin times, gross towels, bad yards, uncomfortable beds…etc
- Generates rental income for the summer weeks that you can't be on the island
- Secures an investment for the future - ask me about why 2014 is a better time to by than 2020 -
- Brings you into a community that you have previously only been "visiting"
- Hint: this is the best part - this is a special place, with special people, you should be one of them
Enjoy your Labor Day weekend!
Shuck clams, cracks lobsters, take your last dip in the ocean and let your love of the island soak into your life and make you and your family & friends happy and satisfied people.
Rose Ryley Courcier
Call or email me to talk about it 508-939-6500 firstname.lastname@example.org