After asking Island real estate professionals to summarize the 2011 market (responses published in December issues of The Times), we asked them for insight into 2012. The second set of responses are below.
Karen Overtoom, Karen M. Overtoom Real Estate:
Sharon Smith Purdy, Sandpiper Realty, Inc.:
No major election year is a year of massive improvement or change. Until the election falls out, I don’t envision a major change in the market. If worldwide factors get worse, the real estate market here could get worse. The election and subsequent Congress will dictate and we’re very much tied to New York and the markets. People with money are taking advantage of the down market.
Fred Roven, Martha’s Vineyard Buyer Agents:
The pending home sale index is a strong indicator of what is to come both nationally and locally. Nationally, that index has been on the rise for most of 2011 and, if our experience is an indication, that will continue to be true through the end of 2011. The future is hard to gauge. Many buyers are still on the sidelines waiting to see if the gains continue and are keeping a close eye on the stock market and on the economy locally, regionally, and around the world.
Alan Schweikert, Ocean Park Realty, Inc.:
It looks like things are coming slowly out of the recession. All indicators are strong. I think 2012 will be better but with steady growth, no big jump.
Art Smadbeck: Priestley Smadbeck & Mone Real Estate:
Our real estate market is tied to the overall economy. I’m optimistic that we’ll see a continued firming, hopefully moving into a place where values will begin to hold.
Neal Stiller, Cronig’s Real Estate:
I’m hopeful that 2012 will bring a good market for sellers and brokers. Fall 2011 has been quite busy and we’re very pleased with October and November. I hope the trend continues.