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.
What a busy time! It’s so busy on the Cape! The weather has been fantastic, the Cape League baseball is in full swing, and the bargain hunters are out in full force. And the bargains are to be had. Reading the sales report for today, final selling price is nowhere near the original asking price. Sellers: wise up!! Price your property correctly from the start. The Boston Globe had a great article on this on Sunday. Buyers: work with a competent agent who will do the necessary research to bring your offer in at the right place. Don’t just “take a stab at it.” The market “correction” continues and prices are falling, not yet stabilizing. It’s still a great time to buy on Cape Cod.