Seasonal weather anomalies are cooling East Coast beach waters, and real estate, too, say local Realtors.
"Although we had rain and cold weather up to a few weeks ago, the real estate market is hot - especially $300,000- $400,000 homes," says Realtor Donna Schulze. "The last quarter proved very interesting with much more inventory on the market (4541 properties approximately active); 1329 sold and 1552 currently pending. The most popular profile sold price for 3 or 4 bedroom homes."
Schulze suggests, "In my experience, features and condition seem to far outway some locations because of the lack of inventory. The current days on the market is 89 for closed and pending sales and currently active homes are on the market 104 days. With additional inventory and an average days on the market longer it seems as though the market is shifting to a more competitive market for sellers. The average price over last year is up significantly - 24 percent in some cases and barely 5 percent in other more common property. Homesellers with property in excellent condition will experience the joys of much more profit (15 percent-20 percent in some cases). Sellers should consider listing now for positioning in the fall market for maximum selling price.This is the second hottest selling season on the Cape. Sellers please enroll the services of a licensed appraiser or local Realtors to help price your properties. This is not the time to be unrealistic especially if bank financing will be required to fund a home purchase. A few homes have not been making value on appraisals. Buyers have much more inventory to choose from now as we are up from 4077 to 4541properties cape wide on the market (per MLS statistics.) Properties over $500,000 are taking much longer to sell.
She continues, "Our Osterville office has been very busy with all types of buyers, first timers,move up, retirement & investors. Open houses on property priced below $300,000 yields over a dozen visitors. Several of these buyers have or intend to have their property on the market or are move up buyers.
"Condominium sales prices are down from unbelievable averages of $263,000 to $228,000 showing 580 active units. The $250,000 to $300,000 price range is experiencing multiple bids, if in good condition."Product" over "location" seems to be prevailing in most situations making it difficult for buyer's to make quick decisions on a purchase. Rebuilds and tear downs on select waterfront lots are plentiful. Remodeling & construction is robust with the help of Mr. Greenspan. Recently, a few of our customers/clients had lost out on super buying opportunities by waiting a day to make a decision. Know the market and be ready to move quickly, especially now with a change in available homes under $300,000."
Realtor Karen Stefani says, "As has been the rule for some time, if you are in the under $400,000 price range, homes that are in good condition sell quickly. This is why it is important to "connect" with a Realtor who is going to represent you and your interests in a transaction."
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Published: August 12, 2003
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