Martha's Vineyard Real Estate : Q & A with Sheila Morse of Island Real Estate
Martha's Vineyard real estate sales appear to have fallen a little in volume and a lot in price. Is that your office's experience? If not, what has been your experience? And, what is your office doing that's new to energize the real estate market on Martha's Vineyard?
Sheila Morse: Certainly the market has changed considerably. The inventory is at a higher level than we have seen in the past. This presents a wonderful opportunity for anyone considering buying real estate on Martha's Vineyard, as they have more choices at lower prices than we have seen in recent times. Even though the volume has risen, the pricing of homes has become more realistic. Our office at Island Real Estate has found that pricing a home where it should be priced for sale is key in the success of selling a property. Educating both buyers and sellers in this market is important.
Service, service, service. Our team at Island Real Estate tries to pay close attention to every detail and give the best customer service possible so that we have buyers and sellers who have a positive experience in a transaction that is most likely their biggest financial commitment. We believe that returning phone calls and emails in a timely manner is absolutely necessary. Sending a seller new listings that compare to their house as well as keeping a buyer informed on new listings and price reductions is very important. In this competitive environment, Island Real Estate finds that service of both buyer and seller is critical.
The fall and the spring have traditionally been the big real estate sales periods on Martha's Vineyard. Are buyers adhering to that longstanding pattern, or is there another pattern developing?
Sheila Morse: There is always that flurry of extra activity right after the New Year for buyers who want to purchase a property prior to the following season. If a buyer is purchasing the property as an investment, the timing of the purchase allows them the time to customize/renovate if necessary and secure rentals for the coming season. Island Real Estate is really a year-round office that sells all year. We show and sell through out the year, including the summer months. Different buyers have different needs, whether it is a year-round family looking for their first home or a couple looking to retire on the island. We have a very active office with capable, seasoned agents that are committed to seeing a transaction through.
What are you telling buyers and sellers about what they should expect in terms of pricing, volume of desirable listings, length of time a seller may expect to see his property on the market?
Sheila Morse: We are telling buyers that now is a great time to buy a home. Because the inventory is so high, there are many opportunities as well as choices. Island Real Estate has placed first time home buyers in great properties priced below $400,000, which had been a true challenge in past markets. Sellers who realize that they have to sell are more flexible in settling on a price when a qualified buyer shows interest.
We are trying to help our sellers understand that it is currently a buyer's market. With so much competition, it is certainly taking homes longer to sell properties. We are letting our sellers know when the house is shown and try to give them any feedback we get. When you have a market that has 44 homes for sale in Vineyard Haven alone between $500,000 and $700,000 (according to LINK), you just do your best to keep the seller informed."
