- Above-asking offers now the norm
- Major imbalance between unprecedented demand and limited supply
Agents’ Comments about Requirements for New England Buyers
According to Bill Farmer, a broker with Beachfront RealtyÂ in Provincetown, â€œIf youâ€™re a buyer that wants to get into the market, you need to have nerves of steel and unlimited financing.â€
Patience is also a fundamental requirement.Â Farmer has clients who have and will wait for three or four years for a single-family home to come on the market.
Jane Austen, an agent with Keller WilliamsÂ in Vermontâ€™s Mad River Valley, said, â€œThereâ€™s hardly anything on the market at all right now.Â Iâ€™ve got buyers and nothing to sell them.Â When we do get something to sell, a lot of the times it doesnâ€™t even hit the market.â€
Unprecedented Demand and Sparse Supply
Most agents/brokers in Marthaâ€™s Vineyard, Vermontâ€™s Mad River Valley and the Outer Cape are professionally connected with six to ten people waiting for a single-family home listing.
Joshua D. Wild, managing partner with Elevated Realty,Â said, “Second homes, which are usually always available on the Cape and Islands, arenâ€™t being sold because those owners are the exact people that are staying there for the fall to work remotely.Â Without that usual inventory hitting the market, itâ€™s really down to your primary homeowner who needs to sell, and they have nowhere else to go because of how expensive and limited the inventory is.â€
Take a look at year-over-year sales, according to Douglas Elliman Real Estate:Â
- Marthaâ€™s Vineyard – +64% y/y
- Barnstable County (all of Cape Cod) – +83% y/y
No Time to Think about Splurging
Either clients do or they donâ€™t want a second home in New England. Â If they do, they’ve already decided they’ll need to splurge on the price.
The typical number of days a Marthaâ€™s Vineyard property remained on the market during Q1 2021 was 44â€¦a 71% drop from Q1 2020.
Cameron Parry, an agent with Douglas EllimanÂ based in Marthaâ€™s Vineyard, said, â€œItâ€™s so competitive that you shouldnâ€™t expect a counteroffer in this market.Â If you know your outer price limit and you really want that property, I recommend you get ready to go to your outer limit right away.â€
Lakes Region in New Hampshire Has More Supply
Though it may look like it, inventory isnâ€™t quite as tight in the Lakes Region and north in New Hampshire as in Massachusettsâ€™ Provincetown and Barnstable and Berkshire Counties.
Andrew Smith the Franconia-based broker and owner of Peabody & Smith Realty, said, â€œPeople are putting houses on the marketâ€¦theyâ€™re just selling faster than they ever used to.Â Itâ€™s the velocity and the volume that make it look like thereâ€™s nothing to buy.â€
Thanks to Douglas Elliman Real Estate, Beachfront Realty, Keller Williams, Peabody & Smith Realty and realestateboston.com.
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