Winter Watch

Winter is a stark, beautiful season. I enjoy it when our “Gray Lady of the Sea” gets a dusting of powdery snow. Downtown looks like a movie set, a spectacular winter wonderland. The frosty mornings and bright, crisp days followed by quiet and cozy evenings at home are a welcomed change of scenery. The peace and solitude are a nice counter balance to the fast-paced summer season. It is a special time of year when you can feel the soul of the island.

Winter is also an excellent time to pay attention to the real estate market. There is real estate activity even though the island may feel dormant. Last winter, 74 real estate transactions closed in the first quarter, about 18% of the sales year-to-date.

With mortgage rates dramatically doubling in 2022, it was predicted that prices would fall, but that isn’t what happened due to very low inventory and continued high demand. During the 4th quarter, however, we see this delayed effect with pricing tapering off and multiple price reductions on several properties.

As we move into the Winter season, it may be an opportune time to revisit your real estate goals.

Clearly, there is less competition for buyers in the winter for a few reasons.  Many people feel it can be more challenging to travel to the island. Families are pre-occupied with work and school as well as tired after all the holidays. The lessened competition may give buyers willing to make the journey the opportunity to negotiate for a better deal. The reduced island activity will also allow you to navigate the island easier and spend more time looking at the inventory. And sellers are usually more eager to move the property during these months.

Moreover, it is an easier time of year to get things done and set yourself up for success in the upcoming summer season. It is simpler to schedule movers in the off-season. Moreover, a winter closing gives the buyer additional time to purchase art and order appliances, furniture, and other items to stage the house. The home inspectors are more readily available. And finally, meeting with architects, painters, landscapers, caretakers, designers, decorators, and other contractors can be a better experience.

One of the added benefits of seeing a property this time of year with trees without leaves is a more open and unobstructed view of the property and neighborhood.

Finally, closings are generally faster because all parties are traditionally quieter without all the holiday interruptions.

So plan a visit to the “Gray Lady” this winter. The unique beauty and mood of the island are unforgettable. Dress warm and be prepared for a delightful surprise of what Nantucket offers you.