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Fred Roven

Luxury Homes on Martha's Vineyard

03-12-08
Fred Roven

When you buy a luxury home, you are also looking for a luxury experience from the moment your search begins. As Martha's Vineyard's exclusive buyer agents, we will help you find your ideal home on the Island. With over 10 years of experience in Martha's Vineyard Real Estate, we know our island and we know our market.

Martha's Vineyard Buyer Agents are your eyes and ears on the Island - uncovering exclusive properties that match your unique needs - while you attend to your daily life. As your exclusive buyer agents and as realtors, we only represent you. Unlike a seller's agent, we do not take listings, and we do not work both sides of the table. We always work for you; our goal is to find you the perfect Vineyard home.Ferry view to island

Our services cater to the level of care you expect. We are known for our high standards of professionalism, integrity and personal service throughout the real estate process. Whether you are in the U.S. or abroad, we have the expertise to manage the details of your home search and luxury purchase.

We are passionate about luxury real estate and about Martha's Vineyard; we look forward to finding you your dream home on our Island.

Clients and Prices

02-16-08
Fred Roven

I am pleasantly surprised with the surge of people visiting the island this weekend not to mention the e-mails and phone calls. Maybe sellers have finally realized what Exclusive Buyer Agents have know for a long time. Prices were just way to high. As new listigs come on the market at realistic prices there seems to be enough buyers out there for the house to sell quickly and with little effort. The key is how to I convince buyers that this the time for which they have been waiting.Snow covered stone wall and distant view

Where do we go from here?

02-01-08
Fred Roven
Our clients continue to ask opinions on where the market and interest rates are headed. From my vantage point, we are looking at another cut in March of the rate at which the FED loans funds. This would bring the rate down to 2.5%. That is still not as low as we have seen in recent years but along with a good economic stimulus package will at least firm up home prices and make equity loans more accessible. We may see a further drop in mortgage loan interest rates but as Treasury note return goes up the end of a drop in mortgage interest rates might be seen before the end of 2008. One hope I have is that the jumbo limit for Fannie Mae and Freddie MAC will not be raised over $500,000. First time home buyers and young people still depend on low rate equity loans as part of a package to get into their dream home. We are already seeing a stabilizing of prices on the Vineyard and a surge in activity. There were two articles in the Vineyard Gazette discussing the current market. Island Housing Starts Were Up (Notice typo in headline!) and Sale of Homes Fell Last Year Wells Fargo continues to be an excellent source for comment on the economy. Their Financial Market Strategies seems as reliable a forecast as any.

What about the slide?

01-23-08
Fred Roven
Last Thursday Ben Bernanke announced his intention to recommend a further cut in the prime rate charged to banks. My market currently has 20% fewer listings this winter than last. Interest rates had been declining for a week prior to that announcement and have continued the slide possibly in anticipation of the rate cut. If (and that is a big if after seeing home stocks declining in value) the slide in mortgage rates continue after the actual announcement, I anticipate the turn around is close. I heard a suggestion that there be a one time large reduction in rates as opposed to these smaller cuts. Problem is I am not sure buyers on the fence would believe it and that would defeat its purpose. I heard an interesting posit to buyers. "If interest rates go up and prices go up, can you afford to buy? If someone needs or wants to move and is not concerned about short term gain, the answer is simple.

The Rates they are a'falling

01-23-08
Fred Roven
I just had a phone call from a mortgage broker. His rates have dropped tonight to 5.25 for conforming loans. Their re-fi's have spiked over 30%. This is activity and rates not seen since mid 2005. I expect another rate reduction at the scheduled FED meeting, possibly another 1/4 point. If resale home prices have bottomed out and begin any signs of moving up again, the interest rates will soon follow in that direction. The days after the FED meeting the end of the month could be an optimum time for sales and investor purchases particularly if little confidence is shown in the stock market. I see the first 2 weeks of February as having a combination of lowest interest rates, lowest home prices, and decreasing number of properties on the market. This last item will be the key item that will begin to push rates and prices in the opposite direction.