Real Estate Confidential is a weekly chit-chat about new listings, sales, or other insider info on the Martha’s Vineyard Real Estate market, presented by Fred Roven, owner/broker of Martha’s Vineyard Buyer Agents. It appears each Friday in The Minute.
Every year, there is a highly anticipated buying day for eager shoppers looking for the lowest prices of the year. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a special best day for the home-buying process? Believe it or not, there is.
According to realtor.com, the week of September 22 is the best time of year to buy a home, making it the best time for homebuyers. Realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.”
What’s so different about the first week of fall? George Ratiu, Senior Economist with realtor.com says, “As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again … as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.”
If you want to take advantage, the following are some excellent opportunities.
You can spend a Katama fantasy summer at 59 Schoolhouse Road in Edgartown. List price is $1,225,000. The home is a Classic Cape Cod in Edgartown Estates — an ideal location with proximity to South Beach, downtown Edgartown and of course Morning Glory Farm. A beautiful landscaped lot invites you to this traditional Cape with an open floor plan, gas fireplace and skylights. A spacious kitchen has granite countertops and sliding glass doors that lead to the generous deck with hot tub, outdoor shower, and large back yard. There are polished wood floors throughout plus, the home is being offered furnished.
The best value in the group certainly is 246 Tashmoo Avenue in Vineyard Haven with a list price of $799,900. It is the perfect property for an Island family as it sits on a lot large enough to have a guest house or garage with a studio above; an excellent source of added income to make this work for a lucky family. It features high ceilings, a living room, a family room, formal dining room, kitchen, breakfast nook, and mudroom with half bath are all on the first floor. The walkout basement boasts an office, 10-foot ceilings, and is waiting to be finished off to create more living space. And, do not forget access to Tashmoo Opening Beach and community tennis courts are all a part of this lovely home.
My favorite of this group is 302 Chappaquiddick Road on Chappy and priced at $1,350,000. The home is an expansive four-bedroom contemporary convenient to all the wonderful amenities and beauty Chappaquiddick has to offer. The open layout is ideal for entertaining. A large first-floor master suite, with recently renovated bath, requisite screened-in porch and swim spa are just a few attributes that make this property stand out among the rest. The full basement with extra high ceilings offers an additional 2,000 square feet which can be easily finished to create the ultimate workshop or rainy day rec room. The property is large at over three acres with a six-bedroom septic system; enough to be expanded to any configuration you choose including guest house. A truly extraordinary value at the price.
Any buyer who wants all the amenities possible for a Vineyard home would be remiss in not considering the new construction at 48 Sandpiper Lane in Vineyard Haven priced at $1,259,000. This elegant and uniquely styled home in desirable Tashmoo Woods is sited on the last remaining lot within view of Mink Meadows Golf Course. Tashmoo Woods has numerous amenities including association tennis, swimming pool, clubhouse, dock and private beach access. And all within minutes to Lake Tashmoo, Mink Meadows Golf, West Chop Club, Vineyard Haven Yacht Club, restaurants, shopping and ferry. The large custom kitchen with cream cabinets (including oversized upper cabinets and numerous roll out shelves) beautiful mink colored auartz countertops, complementary sea glass backsplash and stainless steel appliances with a cook’s gas stove. The home has wide oak flooring throughout, not a carpet in sight!! Multi-zone central air conditioning and forced hot air Heat. Move-in ready!
Click here for more information on these and other opportunities for the prime buying season.
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