East Chop Light
Sales are down by 20% from this time last year. Median home prices down another 8%. Where do you stand in selling your property?
Predictably, many of the unsold homes from this past year have gone into hibernation (Off Market Status). Reasons include practical considerations; heat, electricity, storage, as well as the obvious drop off in island visitors. Many homeowners are of the opinion that when a property goes “off market” then they ate giving it a rest, so as not to have a “stale” listing.
At this time last year our home inventory dropped from @550 island- wide to a low of 358 during the winter months. As soon as the weather started warming up we were quickly back up in the mid 5’s as sellers hustled to get the summer traffic. Is this a viable strategy to managing a listing? Not if you really want to sell the property.
There are hundreds of real estate agents operating diligently to market your property on the Vineyard. Once it gets into the island-wide database all offices and agents have access to the information, and will send the listing out to their interested buyers. If you are working with a REALTOR office then you are even further along, with database platforms reaching out to the 50 states. Removing your property from the market does not erase it from people’s minds.
If the property has been well marketed your buyers pool have seen it as available last year and see it again this year. It is perceived as a continual process, not an interrupted “oh well it was no longer available for sale”. Keep your home for sale front and center. There is momentum built and maintaining interest is more effective than the removal and reappearance of an unsold property. The longer it sits the more likely buyers will wonder what is wrong with the property.
Here is the link to the latest statistics from our LINK database. All relevant sales and market info from the 3rd Quarter.
2014 – Q3 – Martha’s Vineyard Quarterly Sales Summary
Send questions and comments to;
We hope everyone had a great summer! This fall is a time of re-group and re-fresh for most of us on the Island. Breakwater — Martha’s Vineyard Real Estate is my new Real Estate Brokerage Firm. It is over a year old now! Feel free to check us out as we grow this fall.
Have a gorgeous Fall 2014!
We hope everyone on Martha’s Vineyard stays safe and smart during the storm Sandy.
The State of Massachusetts has called this a “State of Emergency” and has listed some things on their site that we can do to keep updated and safe : http://www.mass.gov/alert/alertlanding.html. They have also mentioned an app that can help with information : http://www.mass.gov/eopss/agencies/mema/ping4/get-emergency-information-on-your-smartphone.html
The Red Cross also has an app called the First Aid App : http://www.redcross.org//mobile-apps/first-aid-app
The MV Times has updates here : http://www.mvtimes.com/2012/10/29/sandy-ae-storm-alerts-continuously-updated-13119/
And the Weather Channel is excellent : http://www.weather.com/weather/videos/news-41/top-stories-169/my-powers-out-now-what-31913
— Kerry Quinlan-Potter
We found an article from Sovereign Bank about the “Election Year Theory”. There are tons of “Election Year Theories” in various areas: mortgage, stocks, abortion, etc. The article we found from Sovereign Bank regarding Interest Rates posted the chart below.
So, is the Federal Reserve Board “under political pressure to keep interest rates stable or lower prior to an election in order to make it more attractive for voters to vote for the incumbent?” If the theory is true then mortgage rates would drop immediately after a presidential election. Is it true? According to the article, “History says no.”
||3 Months Before Election
||3 Months After Election
||6 Months After Election
|1972 – RICHARD NIXON (Republican)
|1976 – JIMMY CARTER (Democrat)
|1980 – RONALD REAGAN (Republican)
|1984 – RONALD REAGAN (Republican)
|1988 – GEORGE H.W. BUSH (Republican)
|1992 – BILL CLINTON (Democrat)
|1996 – BILL CLINTON (Democrat)
|2000 – GEORGE W. BUSH (Republican)
|2004 – GEORGE W. BUSH (Republican)
|2008 – BARACK OBAMA (Democrat)
Obviously due to the economy, the numbers have been low for a good stretch of time. We shall see what this election year brings.
Like every trade, Real Estate has it’s own lingo. While reading an article recently on the Real Estate Forecast for 2013 by a Forbes contributor, I noted after a couple paragraphs that some of the terminology may be outside the box for non-real estate readers.
So, here are a few definitions of words noted in the beginning of this article.
Short sales: This is when a real estate sale’s proceeds fall short of the balance of debts held against the property. The owner has to accept less than the amount owed in debt.
Shadow inventory: This can be real estate that is in foreclosure and not yet sold or homes that the owner will put on the market when the prices improve.
Upside-down mortgages: When the value of an asset used to secure a loan is less than the outstanding balance on the loan and the security is real estate with a mortgage, you end up with negative equity and the assets are “underwater”, then the loan/borrower with this mortgage would have an “upside down mortgage”.
If you are interested in talking real estate, feel free to contact me.