Cape Cod Real Estate
2009 Mid Year update
Greetings
With the 2nd quarter of 2009 almost at an end, we see a glimmer of light at the end of the Cape Cod Real Estate tunnel. There are positive signs of energy in the market, but tempered with caution on the buyer side. I view the daily Multiple Listing updates, which show new listings (many), price reductions (considerable), ‘pending’ sales (stronger) and sales (stronger at the end of each month), and anecdotally feel there is movement.
The Statistics we see in newspaper and on TV and the Web are largely based on actual ‘sales’ (closed transactions), which means those properties went under agreement about 45+- days earlier. The real action is in the showings and the pending sales, and is not as quantifiable, since I am not privy to showings that other agents actually have on their listings, nor do we know price that ‘pendings’ are selling for until they sell.
Where is the good news, then? In the years I have been practicing real estate on Cape Cod, action is followed by building momentum. The momentum in this market is coming with caution, as buyers evaluate their decision to purchase real estate in light of ‘value’, and then emotional connection to the property. Even if the Buyer ‘loves’ the property, the offers I see go together finally are a result of careful pricing of the property for the market to generate initial interest, and then both sides seeing some kind of win-win at the end.
I do not see prices on Cape Cod strengthening soon, but what seems best prediction is that as the lower priced properties sell, it may create more movement in higher priced properties-a trickle up effect, if you will. I believe second home buyers are back, but aggressively negotiating this discretionary purchase, young families are getting into the market, and may be able to stretch to buy a little larger house for their families to grow into (and stay in longer than the typical 5-7 years), and Baby Boomers+ looking to move to smaller homes or those with less maintenance.
The potential exists for strong market activity on Cape Cod as we enter the second half of 2009, but Sellers need to remain realistic on pricing, and Buyers need good education from an experienced agent. Any offer that comes in is a GOOD offer, because it means momentum on your property, and my job is to work diligently to squeeze out the best position we can to allow both principals in the transaction to feel good about it at the end.
Price, preparation and location have never been more important to both Buyer and Sellers of Cape Cod Real Estate.
If I can help you with any of your Cape Cod real estate concerns, I bring 23 years of experience in listing and selling properties—in ALL market conditions!!
Feel free to contact me at any time for an evaluation on your property to sell, or if you are making a move, to counsel you on the steps needed to buy in the current market.
Certified Residential Specialist
Graduate Realtor Institute
Accredited Buyer Representative
