Selling a House? Don’t Overprice It

Selling a House? Don’t Overprice It  That's if you truly want to sell it in the least amount of time for the most money!

Homes for Sale on Martha's Vineyard Today!

Here are the stats for single family homes for sale on Martha's Vineyard as of today, July 9th, 2013.

Edgartown - 143 single family homes are on the market for sale.  Average asking price = $2,060,000.  Median asking price = $1,325,000.  Average Days on the Market = 233

Oak Bluffs - 104 single family homes are on the market for sale.  Average asking price $900,460.  Median asking price = $677,500.  Average Days on the Market - 283

Vineyard Haven - 88 single family homes are on the market for sale.  Average asking price = $1,768,000.  Median asking price = $1,024,000.  Average Days on the Market - 277

There is still time to buy a home here before the mortgage rates increase!  

We have a new listing in Menemsha - here's a photo of the 3 bedroom 2 bath home located close to the fun in the harbor.

Kathleen Kendrick will be hosting an Open House here this Saturday, July 13th from 11:00 - 1:00.  Call her at 617-291-6775 for additional information.

HomesonMarthasVineyard.com

MVSummerRentals.com

Buying a House? 3 Reasons to Do it Now!

Buying a House? 3 Reasons to Do it Now!

Selling a House? 5 Reasons You Should Do It Now

Selling a House? 5 Reasons You Should Do It Now

One Month of Vineyard Real Estate Activity

In the last month (May 10th through today - June 10th), 109 properties came on the market for sale on the Island.  The median asking price for these properties is $795,000.

41 properties sold (passed title) in the last 30 days.  Median price of $440,000 and the average days on the market were 375!

20 properties have had a price adjustment (down) in the last 7 days to a median of $587,000.  Average days on the market are 271 (so far).

Last week we executed the purchase and sale agreement on this beautiful new home on Whaler's Walk in Edgartown.

We also have some new listings:

This Aquinniah condominium:

This Edgartown/Katama home:

And a new home will be going up on a piece of land in Vineyard Have.  Stay tuned for details!

Housings Impact on the Economy

When economists talk about the housing industry, many don't realize the many other industries impacted by housing's ups and downs.  Here (courtesy of the KCM Blog) is a breakdown on theeconomic impact of the average home sale.

Recently the research team at the National Association of Realtors (NAR) looked at studies done by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors and the Joint Center for Housing Studies at Harvard. After reviewing the data, they determined the total economic impact of a typical home sale in the United States is an astonishing $56,464.

Here is the breakdown of their report:

Economic Contributions are derived from:

▪                Home construction

▪                Real estate brokerage

▪                Mortgage lending

▪                Title insurance

▪                Rental and Leasing

▪                Home appraisal

▪                Moving truck service

▪                Other related activities

When a House is Sold in the United States:

$14,958 – Income generated from real estate related industries

$5,647 – Additional expenditure on consumer items such as on furniture, appliances, and paint service

$3,509 – Expenditure on remodeling within 2 years of purchase

It generates an economic multiplier impact. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $11,575

Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the U.S. to be: $20,775

When you add the numbers up it comes to over $56,000!

Expert Advice Does Not Mean Perfect Advice by THE KCM CREW on MAY 16, 2013

Don’t be afraid of those two words-expert advice. Remember:

• An expert doesn’t mean you’re going to give perfect advice.
• An expert means you’re going to give excellent advice.

Here’s the difference:

If you go to a doctor with a serious illness, she can’t tell you how it’s all going to wind up in the end. She can’t know for sure. Therefore, she can’t offer perfect advice.

However, your doctor can only give you excellent advice. She can tell you about your illness and your options, whether it be surgery or medications. She can also explain what she believes to be the best option for you based on your history, symptoms, and overall health. Ultimately, though, you’re going to make the final decision of whether you go through with the treatment plan.

Once you make that decision, your doctor will take you by the hand and walk you down the road to recovery. She will explain to you that there might be adjustments that need to be made to the treatment plan, because no one can know for certain how things will turn out.

She might have to adjust your medications or increase or decrease your treatment schedule. But every step of the way, she’s there with you, helping you get to your ultimate goal. This is called excellent advice. (By the way, does this sound like what we do with our clients?)

Similarly, if you went to an attorney, he can’t tell you how the case is going to end up or how the judge or jury will rule. That would be perfect advice. What an expert attorney can do is explain your options. He might pick one or two he believes to be the best ones to pursue. He will then leave you to make the decision on which option you want to take. Once you decide, he will help put a plan together based on the facts at hand. He will help you get to the best possible resolution of the case. And along the way, he’ll make whatever changes are needed. This is excellent advice. (Again, does it sound similar to how we help our clients?)

Your role as a real estate professional is similar to the role of the doctor and lawyer. You can’t give buyers or sellers perfect advice because you don’t know what’s going to happen—you can’t know the future. However, you can give excellent advice based on the information and situation at hand. You can guide them through the process and help them make the necessary changes along the way. And that’s exactly what your clients want…and deserve!

Today’s post is an excerpt from our newest eGuide, Real Estate’s New Market Reality, which explains how the role of the real estate professional has changed and what you can do to successfully help more buyers and sellers. You can download the entire eGuide at www.NewMarketReality.com. – The KCM Crew