Hindsight is always 20/20, but in looking back over this past year, I discovered two things about the personality of the buyers actively involved in the market here on the Outer Cape. Buying real estate is now a desirable long term investment, and they are making a lifestyle choice for personal and their family futures. There has been a building of pent up demand on those who can buy after sitting on the sidelines during the economic changes. As well, there is a willingness to participate in the market due to buyers watching the market carefully. Sellers are attracting attention because they are willing to negotiate with price reductions, yet some are confined to their homes for not willing or unable to cut prices. Issues of value pricing, home condition, location, and how much home they should own have been the criteria used to encourage their participation.
In the high end market, homes/condos which have sold are selling on average at 12% under assessed price, and some 25% off the original listing price. Beneficiaries of the current market are sellers who correctly positioned the price of their home creating value to buyers matching their lifestyle and investment interests. Monthly statements from banks are being replaced with buyers looking to enjoy secondary homes over the next several years, they have redefined their idea of value, and 11% of second home buyers will eventually make that second home their primary residence.
It’s hard to predict the future market, but we continue to be optimistic based on the activity during the second half of 2011. With interest rates at historic lows, buying power is tremendous. As rates rise, some will look back in a few years and be thankful participants rather than woulda, shoulda, or coulda bystanders kicking themselves. Now is the time to jump in...dont loose your desired property
over a few thousand dollars!
Feel free to call me anytime, and let’s discuss the market and its opportunity.
I can put you in contact with local lenders to assist you in determining your buying ability in the current market. Summer enjoyment is fast approaching, and I would like to be your realtor/partner in obtaining your goals!
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