For years I have listened to vacationers to Martha's Vineyard talk about how they wished they had bought 10 years ago when they had the opportunity.
The opportunity is here in terms of home prices, inventory availability and mortgage rates. I was reminded of this again yesterday during our weekly agent open houses. The tour this week was in Chilmark, a town recently declared the smallest town with the highest property values in the country by Business Week. ("Small Towns with Big Money")
Median home value is $2.237 million in Chilmark and is home to 953 year-round residents. Chilmark certainly contains the most beautiful beaches on Martha's Vineyard and is contained in many "best beaches of the world" lists. Yesterday I toured a dozen or so homes in Chilmark, many with ocean views and at the least a substantial home on picturesque lot, and the price range was $850,000 to $2.2 million.
The point here is that there are many homes available in this always in demand community at prices not seen in many years. The views pictured here are all available for under $2 million. Our sales have been growing, possibly ahead of the rest of the country and yet I am not able to convince probable Chilmark buyers that this is the time.
It is only a buyer's market if you actually buy!
Thanksgiving thoughts are traditionally very personal spiritually or family oriented. I certainly love and cherish my family and friends (and dog of course) although this year my thoughts seem to be much broader and maybe in some ways selfish. The airwaves (ok, and wires) contain quite enough bad news about the world and its new global economy, thank you very much. And yet, there seems to be more hope in the air than I have experienced in a long time. As the incoming administration forms, their popularity is on an increase, a trend we have not seen for quite some time. I am as proud of my country as I can remember. An end to an unpopular war and a return to focus on our and the world's security seems close at hand. At least for now, there is a significant rebound in the stock market. Mortgage interest rates have already dropped a full point in response to FED action. FHA loans are scheduled to increase in 2009 to a 12% market share. Home prices, locally, are at the lowest point in almost 4 years. Buyer agency becomes more and more important as the market goes through an uncertain stretch and our office is seeing as good a year as ever. For the first time in a year we have as many sold and under contract properties as new listings. Please join me in plans to greet a new paradigm. And what would Thanksgiving be without a good old fashioned Turkey Shoot? Enjoy the day in a place of peace and expectation!
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I am pleasantly surprised with the surge of people visiting the island this weekend not to mention the e-mails and phone calls. Maybe sellers have finally realized what Exclusive Buyer Agents have know for a long time. Prices were just way to high. As new listigs come on the market at realistic prices there seems to be enough buyers out there for the house to sell quickly and with little effort. The key is how to I convince buyers that this the time for which they have been waiting.
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