Third Quarter and September 2009 Market report
Preliminary summary using sources (see below) there is much positive news amidst the negative. Although prices continue to drop (down 11.1% as compared to Sept. 08 Median), prices are not falling as much month over month, leading us to conclude we may be bouncing 'along the bottom.'
With Second Home and Retirement Property Buyers making a strong appearance (as Buyers-not just shoppers), and the positive impact of the First Time Buyer tax credit, it is safe to say that there is very little inventory in the below $350,000 price range in my primary Market area of the Town of Barnstable (see below) especially outside of Hyannis.
I expect to see good buying activity through Thanksgiving, as this season is often Opportunity Time in any market. I was contacted for an article in Smart Money in 1997, and they did an article about buying Vacation homes, featuring a Buyer Client of mine. The article's subject was 'Second Home News-in the Market for a Summer Retreat? Think about Buying Now', and it cited my client's purchase of a waterfront property in Cotuit (on Cape Cod), and his successful negotiations which concluded in October.
For Sellers and Buyers, Fall is a great time. Properties sell for the price the market commands, and not for what Buyers 'hope' to pay, or what Sellers 'hope' to gain. Negotiations may be intense, and if all parties are truly willing, then I prepare my clients to treat every negotiation as an opportunity for success.
Now-lighten up-enjoy some fall beauty from here on Cape Cod-a cranberry bog adjacent to one of my listings in Marstons Mills in Mid October
Sources: Barnstable County Registry of Deeds (courtesy of Barnstable Patriot newspaper report), and Cape Cod and Islands (preliminary Sept and YTD figures) and Cape Cod Times newspaper report
Town of Barnstable villages: Barnstable village,Centerville, Cotuit, Hyannis,Marstons Mills, Osterville, West Barnstable
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