September: Fall, Fishing and Finessing property prices

It's September (already) and there's a universal opinion on the island that, despite having the same number of weeks as any other year, this summer went faster than most! The prime July and August weeks flew by but as always we are squeezing out that extra month of September, with its bright blue skies, fluffy white clouds, spectacular sunsets, quieter roads and restaurants and of course the fishing Derby. 

The Martha's Vineyard property market is as boyant as the sailboats that bob on Menemsha harbor, and here at Tea Lane Associates, we've been consistently selling real estate throughout this first half of 2017, with a total of 27 transactions year to date.  This summer was one of the busiest we can remember, (which is no doubt the reason it flew by!), and June 1st - Sept 11th saw 18 of those sales.    Click here to see our most recent properties bought/sold.  

The Fall is a key time for buyers to make a move on the Marthas Vineyard home that they've been mulling over and for brokers to catch them before too much time passes since their summer vacation and there becomes an element of "out of sight out of mind".  The same can be said of many sellers, aware of the thought that their homes could be on the market for another year, and certainly another winter  - do they reduce the price and try to sell now or stick to their guns and take those repeat summer rentals already inquiring for 2018?

As such the next couple of selling months are key for us to,  1) persuade sellers to "finesse" their pricing and 2) persuade buyers to make their move. And as we write the copy for the October Real Estate Guide and read alerts on the LINK/MLS broker forums, we see words like "motivated seller" and "cash buyer" creeping into the vocabulary!

Here are two Tea Lane Associates listings that have had price reductions recently:  

This substantial home at 54 Post Oak Road in Chilmark.  A 4 bedroom, 3,300 square foot home on 4.4 acres.  With great interior/exterior spaces,  located down a quiet private road with excellent rental history. It originally came to  the market in June 2016 for  $1,595,000 and is now listed for $1,295,000 (an 18% price reduction).  THIS PROPERTY SOLD ON December 21 2017 for $1,250,000

Also this West Tisbury home, at 645 State Road, in the heart of the village and close to everything. A 2,500 square foot rennovated farmhouse that was originally built in the 1800's and has lovely charm and features. First came to market in June 2016, and is now listed for $795,000 (a 14 % reduction from its original asking price of $925,000)

If you're ready to "make that move" either to buy or to sell a property on MV,  contact us on 508 696 9999 to connect with a Tea Lane Associates salesperson.