In an article today on the front page of the Wall Street Journal, the verdict is in! Vacation home buying on Cape Cod (and elsewhere) is coming back. Low interest rates, stronger stock market, better economic outlook all indicate that 2011 will be a banner year for Cape Cod Real Estate.
To read the article, follow this link:http://online.wsj.com/article_email/SB10001424052748704482704576071984006994652-lMyQjAxMTAxMDEwMDExNDAyWj.html
Citing information from the above article, sales from coast to coast show significant increases.Quoting from the article in WSJ: "The comback,NAR economist, Lawrence Yun said, has been helped by gains in the stock market and an imporving economy, which have made wealthier Americans more upbeat about the future. 'It also implies that prices in some markets have come down so much that people are fighting for those properties', Mr Yun said, noting that demand is strongest in areas close to stable labor markets."
Cape Cod is very near Boston, which is a diversified and strong labor market. With many universities,bio tech, high tech and health care jobs at top employers, values on Cape Cod have fallen, but not as much as remote vacation destinations. The Cape has commuters and is an easy destination for weekend second homeowners-from the whole Northeast.
I am personally seeing the phones ringing on a wide spectrum of property prices and locations since January 1. The buyers are coming off the sidelines to make decisions, before interest rates or rising prices for the most desirable locations cause homes to be out of reach.
Come on down-the weather in winter isn't perfect, but pretty good for New England. We love our outdoor activities in the winter-come see!
Deb Schilling--Selling Cape Cod Real Estate One Yard at a Time
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