For years I have listened to vacationers to Martha's Vineyard talk about how they wished they had bought 10 years ago when they had the opportunity.
The opportunity is here in terms of home prices, inventory availability and mortgage rates. I was reminded of this again yesterday during our weekly agent open houses. The tour this week was in Chilmark, a town recently declared the smallest town with the highest property values in the country by Business Week. ("Small Towns with Big Money")
Median home value is $2.237 million in Chilmark and is home to 953 year-round residents. Chilmark certainly contains the most beautiful beaches on Martha's Vineyard and is contained in many "best beaches of the world" lists. Yesterday I toured a dozen or so homes in Chilmark, many with ocean views and at the least a substantial home on picturesque lot, and the price range was $850,000 to $2.2 million.
The point here is that there are many homes available in this always in demand community at prices not seen in many years. The views pictured here are all available for under $2 million. Our sales have been growing, possibly ahead of the rest of the country and yet I am not able to convince probable Chilmark buyers that this is the time.
It is only a buyer's market if you actually buy!