Happy 2013! I’ve been asked about the status of the Brewster house and barn in the June 26th post, and happily it is sold. As mortgage rates hit historically low rates, properties on Cape Cod that are priced correctly and Staged are being snapped up quickly. Land is beginning to move again as well. Four homes in my immediate area sold recently for surprisingly high prices. In the third quarter of 2012, days on market for residential property decreased only 2.6% over the previous 3rd quarter, and median values decreased nearly 7%, but volume sold is up over 19%. See the entire report here.
Preliminary CC&IMLS Statistics for September 2009 compared with September 2008:
Total number of transactions is down 13%
Total dollar volume is down 7%
Single family sales are down 11% and median price is $329,000
Condominium sales are down 8% and median price is $235,000
Pending sales for September 2009 (445) are higher than they were in September 2008 (367) and higher than they were in August 2009 (367)! ( So October closing numbers will be good.)
Preliminary CC&IMLS Statistics for Year to Date 01/01/09-09/30/09 compared with same period 2008:
Total number of transactions is down 18%
Total dollar volume is down 30%
Median single family sale price is $318,000
Median condo price is $225,000
Of all sales, 74% were cooperative and 26% were in-house: This means that the agent made their own sale 26% of the time, and companies had 2 agents in the sale 26% of the time.
(as reported by CCIAOR President Lynnette Helms)
There Will Always be Realtors
By Jamie Regan, REALTOR, CCIAOR President
On a recent Sunday, the Cape Cod Times ran a syndicated column from the west coast suggesting a diminished role for real estate agents in the Internet Age. While there may be a trend in that direction in California, here in the east – and especially on Cape Cod and the Islands – Realtors remains an invaluable linchpin between home buyers and sellers.
No matter how sophisticated the online listings become, a trained, knowledgeable and experienced agent will always make the difference between a successful purchase and sale, and the risk of a transaction falling apart.
With the daily demands of work and family, the prospective home seller and buyer are short on research time. They will always benefit from the guidance of a Realtor who has “been there, done that” hundreds or even thousands of times. With a personalized touch, Realtors provide property research and disclosures, sales comparisons and data that foster objective decision-making. And they operate under a strict code of ethics.
What’s more, this challenging economy has presented new opportunities to the buyer and seller. Federal lawmakers realize that the way back from recession is through a rejuvenated housing market. Thus they have enacted a new $8,000 tax credit (often with the money up front) to encourage first-time homebuyers to invest now, while home prices are deeply discounted.
Realtors are schooled to understand mortgage financing, and they know where local loan money can be found. Because they live and work here, Realtors know about the quality of schools and tax rates from one town to another. They can assist with obtaining legal forms, inspections and most of all, offers and counter-offers.
Anyone who has been through the purchase and sale process knows the comfort of having an experience professional by your side. Timing is everything in life – and in real estate – and one bad move made on your own could result in calamity and the potential loss of thousands of dollars.
A recent survey by the Massachusetts Association of Realtors showed that a commanding percentage of all home buyers were helped by a Realtor. In fully half the transactions, Realtors served clients by pointing out unnoticed features or faults with properties they wanted to buy.
Here on Cape Cod, there are about 1,000 homes now available for less than $300,000 and a few hundred for around $200,000. These present historic opportunities for first-time buyers and second homeowners to realize their long-held dream of home ownership on Cape Cod. What once was thought to be an impossible dream is, in fact, achievable in 2009.
Why would anyone not seize this moment without skilled professional help? By going online to MLS, prospective buyers can find a local Realtor and see houses that are currently open for inspection. In the Internet Age, online resources and local Realtors have become a priceless team.