BLOG: Insider Tips to Navigate the Nantucket Real Estate Market

As we approach the new year, the real estate market stays as complex as ever — and the local market in Nantucket is no exception. If you’re considering buying or selling a home in 2024, it's important to outline a strategic approach to make the most of your goals. As an experienced real estate agent in Nantucket, I have valuable insights to share with both prospective buyers and sellers to help streamline the process.

If you’re like any other prospective home buyer, you have a vision of your dream home. To make the vision a reality, it’s essential to delineate between must-haves and nice-to-haves. This defined list will refine your vision and will be a tool in the planning stages with your agent to determine which line items fit within your budget, and then categorize the bonus items. It will also help narrow down neighborhoods that are feasible with your budget. With this pragmatic approach, your agent can present you with properties that fall within your budget and align with your wishlist.

Throughout the island, there are unique neighborhoods with distinct qualities that define residents’ lifestyle. Before researching these neighborhoods, you will work with your agent to define your ideal lifestyle. What kind of amenities are important to you? What could you live without? Put yourself in the mindset of day-to-day living, and from here you can narrow down which Nantucket neighborhoods fit into that lifestyle.

In 2020 we saw a surge in offers made on homes that waived inspections to put their offer in front of others. With buyers eager to purchase property in the competitive market, there was often unprecedented, and sometimes reckless, decision-making — like waiving home inspection contingencies. In my opinion, a home inspection is non-negotiable. Getting a home inspection is more than a peace-of-mind approach, it allows potential buyers to uncover inconspicuous issues and budget for these anticipated repairs. Many prospective home buyers forget that home repairs should be accounted for in their home-buying budget similar to closing costs.

First impressions matter! If you’re ready to move on from your property, it's time to evaluate its current condition. Step into a prospective home buyer’s shoes and walk your property. You’ll want to ask yourself a few questions — Is this home outdated? Does the landscape need some TLC? What minor cosmetic improvements can I make? Does this home have fading patches of paint? What other minor repairs can I make to have a major visual impact? Improving your home’s curb appeal will make it more inviting in property photos and when buyers arrive. By prioritizing curb appeal, you set the tone for how your home will be initially perceived.

Your real estate agent will help you set a competitive price to sell your home by evaluating a few key factors. Firstly, they will conduct a market analysis to explore recent sales data of comparable homes — square footage, number of bedrooms, unique home features, outdoor space, etc. They’ll also analyze your neighborhood, as nearby amenities and school zones play a large role in a home’s value.

From here, you will align on a pricing strategy that positions your property competitively within the current market. An experienced and knowledgeable agent will make strategic suggestions based on local market trends, and supply and demand.

With your property in ready-to-list condition, and a competitive price decided, it is time to establish a successful marketing and sales strategy. A key element of an effective listing strategy is creating a comprehensive package of neighborhood information that showcases key details for potential buyers. You will want to highlight local schools, programs, nearby amenities, and any lifestyle perks of your neighborhood. With your agent, you will paint a picture of what it is like to live on this property in everyday life.

Successfully navigating the Nantucket real estate market in 2024 requires thoughtful planning and an informed approach. That’s why working with an experienced real estate professional is crucial. By understanding your priorities and conducting thorough research, your agent will navigate you through a smooth and successful real estate transaction.

If you’re ready to purchase property on Nantucket or you're ready to sell your home, let’s connect! I am Nantucket’s go-to real estate matchmaker for both buyers and sellers. Let’s work together, contact me today!