As values began to sink, real estate practitioners and prognosticators tried to figure out how not to let the firestorm spread throughout the fleet. They came up with the all too familiar slogan, “All real estate is local”. I suppose that gave some people comfort as markets in Florida, Nevada, Arizona and Southern California were sinking with no bottom in sight.
Although all real estate is local just like we as people are all the same but different, the overall effect of the economy impacted real estate in practically every corner of America as well as overseas in Europe.
Today the economy is starting to show some glimmer of hope that we are in the beginning stages of a recovery and that recovery will be lead by the real estate market along with the job market.
One of the markets I take a personal interest in is Florida. I was reading an article about the Southwest coast of Florida housing market and a broker who was being quoted said something that I believe is beginning to ring true here on Martha’s Vineyard. She said, “Smart buyers have stopped looking for bargains”. I know, that sounds ridiculous because it is human nature to always look for a bargain. The key to being a savvy shopper is to know when the price has reached the point where it is as good as it is going to get. That is when you stop shopping and start negotiating. In other words, as it pertains to real estate, when the trend has flattened out and is on the verge of reversing itself.
The broker went on to say, speaking about her clients, “They don't even bother asking about list prices anymore; they just drive around and when they see something they like, they offer the owner what they think the property is worth.” What have I been saying for years? Offer what it is worth to you. I am not talking about throwing irresponsible uninformed numbers around. My clients know the market and what values are or should be because I concentrate on educating them about the Martha’s Vineyard market.
I know what you’re thinking, you agree that now is a good time to buy but there is one problem. I hear this quite often: “There is nothing out there that I like or think is a good opportunity.” Sure, that can be just an excuse not to buy, but I have to agree to a certain extent because there is a lot of junk on the market – overpriced junk. However, if you look through this update and at the properties that are selling, properties under contract or being negotiated you will see that the better properties are selling. I think most sellers have finally realized, in this market we are no longer the goose that laid the golden egg and more than ever before the market is very price sensitive.
When buying a property on Martha’s Vineyard you have to realize that ‘perfection’ is hard to find; it is up to you to create that perfection. Give me a chance and I will do my best to get you as close as I can to the beginning of Your Perfection.
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