STATE OF THE MARKET

We’re surrounded by water. About 55% of the Island is held in some form of conservation. Our Town Meeting enacts zoning changes yearly to help curb development.

We also follow nationwide real estate trends. So, we are not immune to what you read about right now in the press (or on the internet). We are, however, different in some respects. It depends on what you want to buy, what area of the Island you are looking in, and, of course, the price. (Let’s remember the supply/demand theory put forth by Adam Smith.)

Our inventory of homes and land for sale has increased. We have seen corresponding “price adjustments” in some homes in some areas. Not all.

If you want to buy waterfront property it’s still appreciating. There is much less of it.

If you want a specific area of the Island you might not find exactly what you want, or, you might find the pickings slim so you’ll pay a fair price.

If your price range is under a certain level you might find there are some homes or parcels of land available, but maybe not in your price range.

If you are a second home buyer you are probably going to be buying from a Seller who is selling their second home. Most Sellers don’t have to sell, just like you might not have to buy. You are buying because you want to, they are selling because they want to. Maybe the price of that home is not as flexible.

Except for a few areas of the Island, no two houses are exactly the same. Thus, making direct comparisons to help determine the selling price is more difficult, especially if one does not know the interior of the home that is being used for comparison. How many homes do you think I’ve seen the inside of since I’ve been in business? Sometimes experience counts.

Next....

Here’s what I’ve found works best.

Send me an email telling me if you are interested in Buying or Selling. Tell me the best day and time for me to call you. We can go from there.

Thanks, and I look forward to hearing from you!

UPDATE: November, 2008. The summer selling season was OK until the credit crisis hit and the stock market went haywire. Sales have slowed down, thus making good properties available at more reasonable prices. Cash Buyers are finding good values. Mortgage money is still around and, actually, not difficult to obtain. Plan on 25% or even 30% down.

If you are looking to buy and haven't checked out Nanahumacke Preserve please do so! A completed home at 8 Nanahumacke Lane came on the market July 4th weekend and had 3 offers with the successful family buying a brand new, 4 bedroom home overlooking the Pond and Land Bank property for $1,930,000! (List price was $1,965,000) We also have 10 Nanahumacke Lane under contract to be sold. (List price: $1,995,000) The builder is completing it for the new owners. Plans have just been approved for 12 Nanahumacke Lane and it is being offered at $1,995,000, also. These are excellent values! Oh, it includes the land, completed home, and landscaping!!

I would anticipate a fairly significant buying opportunity to continue throughout the winter months. Then, as the 2009 summer approaches, people start to firm up on their prices. This is the fourth slowdown I have experienced in my career so if I can supply you with more details please email or give me a call.