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As you entertain the idea of buying a permanent residence or vacation home on Martha’s Vineyard, questions and uncertainties may circle through your mind. Instead of letting these doubts weigh heavy on your spirit, you can learn all you need to know about the local real estate market from our friends at Martha’s Vineyard Buyer Agents before beginning your home buying journey. Once you have a clear understanding of the real estate market conditions and specifics, you can go into the purchase process with confidence and excitement. Here are 10 quick tips you need to know about Martha’s Vineyard real estate.
Neighborhood Characteristics Vary
Each neighborhood across this 87-square mile island has its own unique personality and appearance that sets it apart from the rest. From the iconic Oak Bluffs gingerbread cottages to the upscale Edgartown stately white Greek Revival houses, there is a neighborhood and property style to match your distinctive character.
Expect a Close-Knit Community Atmosphere
Many people return to the island for vacations through several generations before finally settling down there in their golden years. As a result, most neighborhoods have tight-knit, supportive communities filled with lifelong friends and family members.
Market Growth Remains Steady
Due to its lasting reputation as an incredibly popular, upscale vacation spot, properties on Martha’s Vineyard typically remain in the family for generations. As a result, market growth cannot match the rate of comparable vacation locations, despite the constant demand.
Housing Inventory Naturally Low
With market growth remaining steady, housing inventory stays relatively low nearly year-round. Along with property values, inventory rates tend to increase right before the vacation season as buyers start to think about adding an island home to their real estate roster.
Competition is Fierce Before the Vacation Season
With buyers wishing to obtain a property right before the vacation season, competition for each home on the market increases considerably. The most desirable homes may only remain listed for just a few days before a winning bid is selected.
Prompt Response is Key
You must keep your ear to the ground and respond right away to property listings and open houses to remain competitive in your search for the perfect residence or vacation home. When you find a property that matches your search requirements, do not hesitate to schedule a showing before the listed open house date, if possible.
Bidding Wars are Common
If two or more buyers wish to purchase a property, the sale may depend on the completion of a bidding war. When this happens, the final sales price of the property in question tends to rise well above the initial asking price.
Inspections are a Must
Despite feeling rushed to purchase a property, never forego an inspection. This important part of the buying process allows you to pinpoint costly problems that could sour your vacation plans or completely decimate your future budget.
Prices May Decrease in the Fall
If you wish to avoid the rush and potential bidding wars, think about delaying your purchase until the Fall season. Property owners may wish to sell their locations at a lower price after the summer months to avoid having to perform inspections and maintenance during the off season.
Buyers Agents Can Help
To best navigate the complicated real estate landscape in Martha’s Vineyard, it is a smart move to get a buyer’s agent on your side. With professional support, you can anticipate and respond to market changes that could otherwise derail your plans or end up costing you in the long run.
If you are ready to begin your homebuying journey, contact the team at Martha’s Vineyard Buyer Agents for the best quality of service and support. We are here to help you find and acquire a vacation home or permanent residence that perfectly meets your expectations.
