FALL REAL ESTATE SEASON STARTS SOON, AND IT LOOKS LIKE BUYER'S MARKET


Well, it's been a great summer on Cape Cod (if you like it hot), but the kids are back to school shortly and our Fall Real Estate Season starts soon.

I think it's going to be a strong buyers market on Cape Cod - prices are headed lower, interest rates are being held artificially low, the economy is stalling and the next few years look sketchy all around.

Sellers are thinking this Fall may represent the best price they'll get for a good long while. Our national real estate surveys show people expect prices (and home values) are headed lower for at least a year.


Conditions are Good for Cape Cod Buyers


WILL PRICES GO MUCH LOWER?

Who knows - I think we have at least another 10-15% to go, but don't wait for the absolute bottom - if you miss it you will kick yourself for years. Timing the market is difficult - enjoying your Cape house for years is not. If you find something, make an offer - no one likes stories about the one that got away!!


IS BUYING NOW A WISE MOVE?

That depends on where you are in life. This unsettling economy may last for years - if you remember the '70's you know what I mean. Buy now and enjoy your house for many years at absurdly low mortgage rates. The market value may go up or down, but that's irrelevant if this is your vacation OR retirement home.


WOULD IT BE BETTER TO BUY GOLD?

Maybe, but a Cape Cod vacation home is a real thing you can sleep in, rent, let the kids use, whatever. One tank of gas gets you here from DC, New York or Boston. No matter what happens - a 1929 type market crash, a 1972 type oil thing or a 1994 type political upset, THERE WILL BE A SUMMER, people from the cities will vacation here and they will pay something of value for that.

Our Spring Market was Very Weak


The Cape's spring market was minimal - prices and interest rates were both down, and the first time home buyer stimulus helped a bit.

There were some good signs, but sales so far this summer are disappointing. There is no doubt a lot of people WANT TO SELL - making this Fall a great buying opportunity!!

If you are looking to do the backyard ATM thing, that's another story - speculation in this market is not for the faint of heart. Work with an experienced broker who really knows the area and you can find opportunities and avoid disasters.

Let Me Know If What I'm Sending Is Helpful

I've been sending you information on houses for a while now - let me know if it's helpful.

Are you getting the types of house and areas you want? Are there too many houses? Do we need to adjust price ranges? Would you like it better if you could search the MLS on your own, with your own user name and password?

Just click on the "Change Stuff" button to e-mail me and tell me how I can help.




Give me a call or text me at 508.241.3547, or e-mail me at steveg@capecodera.com Let me know when you're coming down, and we'll look at properties together.

I look forward to seeing you.

VIDEOS & BROKER REVIEW OF YARMOUTH HOMES WEEKLY

Every week we go on the local Yarmouth MLS Tour, where local brokers preview properties coming on the market.

I listen to them to develop a 'consensus' opinion about the various properties - are they priced right? Should we recommend them to our prospective buyers?

I make a video on each property and post it on my blog, Mom's Cape House, along with the opinions and comments.

If you are looking for honest, candid evaluations of the market, come by each Wednesday to see the new properties.

That's www.momscapehouse.com

WATCH OUR REVIEWS!!


TO BUY IN THIS MARKET, YOU MUST HAVE YOUR ACT TOGETHER!!

This is a Buyer's Market, but it's extremely challenging to actually buy right now.

Some seller's don't care about market conditions and are holding out for unrealistic prices. There are some fabulous buying opportunities, but good deals on nice houses happen very quickly.

Mortgage rates are low, but banks don't want to lend unless you have gold plated, AAA, top-tier credit rating and a solid work history.

Cash is king right now - a lower, all cash offer beats one contingent upon financing every time. Put yourself in the Seller's shoes - would you take your house off the market when prices are going DOWN on the chance someone you don't know MIGHT BE ABLE TO GET A MORTGAGE?

And cash, by the way, is CASH. Not a house that needs to be sold. Not a 401K that needs to be cashed in. Not a thousand other things you might think of - an all cash offer must involve VERIFIABLE CASH.

If you must finance, HAVE YOUR PRE-APPROVAL LETTER with you. Your offer is worthless without it. Pre-qualification won't fly - you must have a firm commitment from a bank to lend you a specific amount of money.

There are a lot of cash buyers out there right now - if you think you can scoop up some great deal on a foreclosed property or short sale when you need to get a mortgage, GET REAL. There are good deals out there, but they go fast to people with cash - real verifiable cash.