ResalesCape Cod, Massachusetts Attracts Boomers, Say Local Realtors
Cape Cod has been one of the fastest growing southern New England mainland areas with the highest rate of homeownership in any county in Massachusetts, say local Realtors.
"The age group most rapidly increasing is the 50-65 range," says Realtor Donna Schulze. "Most of the homes are single-family (90 percent) with few renters. One in every three homes is a second home and this affects the rental market although recently more housing is available and rents are easier to find as inventory is increasing. Therefore we have some healthy and needed competition again."
About the market, Schulze observes, "Winter buyers and sellers are the most serious prospects/clients and probably the smartest. Buying during the off months is less stressful and negates the possibility of much more competition or multiple offers. Sellers do not have to be slaves to their yards because customers are much more forgiving.
"My suggestion is to have some seasonal photos, and also why not have a late closing and go away for the winter knowing the house is sold? We had a very slow start last spring due to one of the worst winters in recent history. This could happen again."
She advises, "Homesellers with property in excellent condition have experienced the joys of much more profit (10-15 percent in some cases) this year. Condition is key. Clean is key. Not every home is selling because buyers are very selective comparing not only location and features but condition and maintenance. This is the best season on the Cape to prepare your property and work on some needed items. Sellers should prepare themselves months in advance by enrolling the services of a licensed Realtor to help price your properties and discuss needed improvements to make the property more saleable and increase the net. The market is changing and much more inventory is now coming on. More than 15 or so homes are toured weekly on MLS tour compared to 6-7 last spring/summer. That"s double! This is not the time to be unrealistic about pricing if you want to sell especially if bank financing will be required to fund a home purchase."
Shulze adds, "Product over location is not the norm anymore making it difficult for buyers to make quick decisions on a purchase. Rebuilds and tear downs on select lots are plentiful. Remodeling and construction is robust on the Cape with the lack of available multi-unit housing, apartments or land. Our expected market should continue until build out in 2010 or so.
"Property values are still holding steady," she says. "Property assessments have risen 30 percent in Barnstable for 2004 increasing tax roles for owners with docks between $100,000-$500,000 in some areas. The cost of housing relative to yearly income is increasing too fast and no longer seems to apply to the one-week pay equals one-month mortgage standard. What this means is that several people are priced right out of the market and are moving to more economically feasible areas of the country like the south.My advice is please take advantage of the bank rates as they will be changing in the near future. Look for neglected, relocation,estate sale or abused properties but be sure to get certification of clear for termite or structural defects from by a licensed or ASHI inspector. Don"t forget that private septic systems need to be in compliance with local board of health regulations for Title 5 regulations."
Says Realtor Mark A. Stanley, "Once you have sand in your shoes, you"ll want to stay and live on Cape Cod."
Stanley explains, "Figures for 2003 show prices on Cape Cod continuing their rapid escalation. Thanks to low interest rates and a recovering economy the area enjoyed its strongest sales year ever in 2003. The Massachusetts Association of Realtors reported that the number of sales of single family homes rose 4.9 percent in 2003. The average single-family home-selling price in 2003 was $376,360.The Cape saw the sharpest price increase at around 18 percent."
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