Martha's Vineyard real estate: Looking back - part 2 of 3
Bill LeRoyer, Harborside Realty: 2011 was very slow for sellers and slow for buyers, although it was definitely a buyer's market. There wasn't a lot of buyer confidence although those who can buy can get a very good deal. While interest rates are at an all-time low, there are stricter requirements for financing.
Karen Overtoom, Karen M. Overtoom Real Estate: 2011 was an absolutely phenomenal year for buyers but a painful one for sellers. For people who are selling a property and buying again on the Island, they can take advantage of lower purchasing prices, but for those who are selling and not buying again, it was very tough. Houses are selling very close to assessment, although those that are waterview or waterfront still sell for more.
Sharon Smith Purdy, Sandpiper Realty: 2010 and 2011 were similar, both a buyer's market. The fall of 2011 has reflected a better recognition on the sellers' part about the change in values. That's encouraged sales this fall. By and large, 2011 was a tad bit better than 2010. For the broker, that meant a good year since sales did occur; but it's not good for the seller when values are down.
Fred Roven, Martha's Vineyard Buyer Agents: After a slow spring in 2011, partially due to weather, there has been a slow and sometimes erratic increase in sales although prices have remained steady after two to three years of falling. Through the third quarter, total sales are about even with 2010. We're seeing a small burst of activity in early December and banks and attorneys are reporting the fourth quarter will show the most transactions of the year and higher than 2010.