Selling On Cape Cod

Cape Cod Real Estate Market Update June 2019

May Review:

  Year over year the inventory is up 6.1% and has also been steadily increasing since January.  With new listings down from last year and flat compared to last month we will be keeping an eye on how this will affect inventory going forward though.  What will also be influencing the market for the foreseeable future is the incredibly low mortgage rate.  At the time of writing Cape Cod Five and the Cooperative Bank of Cape Cod both have their 30 year fixed mortgage rates at 3.875%, which is exceptionally low and certainly an aid to buyers.  Furthermore the median price for single family homes is essentially flat from this time last year and only slightly up from last month.  Do we know what the future holds?  Nope.  But we can say that right now the market is fairly well balanced between buyers and sellers which means it is a good time to both sell and buy.

 

Recent Market Summary

  Mar Apr May
    Closed Sales   291   331   441 
   Inventory    1,837   1,982   2,032 
   Median Sales Price   $421.5K     $425K     $427K  
   Avg Days on Market   120   120   101 
   Avg % of Original Price   93%   94%   95% 

 

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    Check out a video clip featuring Paul and Dennis'   

    initiative to keep the beaches clean   

      

Cape Cod Market Update May 2019

April Review:

We are glad to see inventory building up in 2019.  With approximately 5.8 months of inventory of single-family homes the market is reaching sustainability (particularly favoring neither buyers nor sellers).  It is also worth noting that the year-over-year comparisons of month's supply has been up since July 2018 which could indicate that we have passed the minimum supply level in this market cycle.  However ever increasing median sales prices led to a 2% drop in affordability in April (down to 85), a point of growing concern for the long-term health of the Cape Cod real estate market.  While single-family homes continue to be below 100 on the affordability index the condominium market has essentially been increasing its affordability since October 2018.  Condominium affordability is at 144 on the index, which means Barnstable County's median household income is 144% of what is necessary to qualify for the median priced condominium.

Recent Market Summary

  Feb Mar Apr
    Closed Sales   201   291   331 
   Inventory    1,693   1,837   1,982 
   Median Sales Price   $408K     $421.5K    $425K 
   Avg Days on Market   130   120   120 
    Avg % of Original Price   91%   93%   94% 

 

    Ask Agnes: Best Freshwater Beaches on Cape Cod          

    DIY Cape Cod Homeowner Tips to

    Sell Your House For More - Keep Your Roof Clean!

      

DIY Cape Cod Homeowner Tips to Sell Your House For More - Keep Your Roof Clean!

For this blog we delve into the wealth of knowledge accumulated by Ed over his (undisclosed) years spent working in the yard on Cape Cod.  With the cold wetness this spring in particular we wanted to share some pro-tips to keep lichens from taking over your roof and improve the curb appeal of your home.

Lichens and mosses hold water on your roof shortening its lifespan, lichens slowly dissolve the asphalt and other components in your roof shingles and tiles, and a roof that looks like a garden is unsightly and can turn off potential buyers - so managing these species is a worthwhile endeavor.

One very simple thing is to remove overhanging branches that shade your roof.  Sunlight is your best friend when it comes to keeping a roof clean, so trim those extra branches and try to keep organic material off of the roof (like pine needles and leaves) as this creates more opportunity for lichens and mosses to get a foothold.  In the photo below the roof has a mostly north facing aspect so shade is the reality no matter what.  In this case, products exist that use chemicals and herbicides to kill living things on your roof and specialty companies use high-pressure washers that blast these organisms off of your roof.  Since Ed isn't a fan of damage from power-washing and, with kids and dogs running around, tries to stay away from nasty chemicals, we asked for his safe and easy lichen-removing recipe.  Here it is with some photographic proof of its effectiveness

 

1 gallon white vinegar

1 cup epsom salt

1 squirt of dish soap or laundry detergent

 

This roof was a test case two years ago.  Notice the section on the left is significantly cleaner that the section on the right (there is a fairly obvious square on the left which was the only spot sprayed).  Ed used this mixture on the roof once when the forecast showed a stretch of hot dry days. He used a hand atomizer while standing on the ladder and got this much of the roof without a lot of trouble.  If you are doing this yourself we would recommend using a larger pump sprayer to maximize the surface you can reach from one spot. An added benefit of this mixture is that it can also be used for weeding in shell driveways, gravel walkways, and on patios.

For more pro-tips give Chatelain Real Estate a call to put two generations of tradition (and yard work) and three decades of experience in your pocket.  And to see a few houses that don't need this treatment take a look at some of our listings here.  Or for some more tips for homeowners check out our blogs tagged here.

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Cape Cod Market Update April 2019

March Review:

We'll go ahead and say it now, "this was a decent winter for weather."  Why does this matter for the real estate market on Cape Cod? With the seasonality of sales here an easy winter sets up sellers to get their properties on the market earlier in the year: i.e. February and March instead of March and April.  Last month inventory was up 10% from 2018 and this month it is up 15%.  This leaves us with 5.3 months of inventory in Barnstable County which, while still slightly seller favored, is more sustainable and healthy than the 4.7 months of inventory we saw at this time last year.  We do notice that the percent of original asking price received is down from last year, but up from February.  Finally, average days on market is 120 which brings up an important consideration.  Imagine paying two extra months of your mortgage, utilities, taxes and insurance. Now weigh that against a lower list price that will more quickly attract a buyer and result in a sale.  If you are considering selling we recommend working with professional Realtors so that you can devise a pricing and marketing strategy that accounts for your needs as a seller. 

Recent Market Summary

  Jan Feb Mar
    Closed Sales   229   201   291 
   Inventory    1,626   1,693   1,837 
   Median Sales Price   $395K     $408K     $421.5K  
   Avg Days on Market   112   130   120 
    Avg % of Original Price   92%   91%   93% 

 

Ask Agnes: What Improvements

add value to my home?

Spring cleaning tips

from an expert in...tips

     

Ask Agnes: Cost Recovery and Home Improvements

Consider doing the garage door, but that's it!It's that time again, Spring.  The daffodils are starting to poke up through the ground, afternoons are getting warmer, and homeowners are starting to take a long hard look at the shambles of their yards and homes after the winter.  We decided to take a bit of time for another installment of "Ask Agnes" and focus on home improvements and how much value they add to a home. 

"Hi Agnes! It's been a while since we've had a chance to do this and we are excited to be back."

"Me too.  What can I do for you today?"

"I'd like to sell and need to know which major home improvements I should do to maximize my sale price?  Should I finally renovate my bathroom"

"The short answer is don't do it."

"Truly? Even my bathroom?  Everyone loves new bathrooms right?"

"The cost recovered on most home improvements just don't pay back"

"Can you explain a little about this 'cost recovered' to start?"

"Sure.  Cost recovered is a way to measure how much value a home improvement adds to your home compared to what you spent to make the improvement .  Here is a quick example: you have a lemonade stand that is worth $10 and you spend $5 improving the sign and painting the stand.  You then sell the stand for $15.  We are interested in how much value that $5 improvement added to the property and in this case it is $5, so you recovered 100% of your investment.  This means you only broke even and the improvement, while it added value to the property, didn't net you any extra money."

"Wait, isn't a 100% return an amazing investment?"

"In the stock market it sure would be because they are considering a "Return on Investment' or ROI, which is a little different.  For home improvements we are interested in the cost recovered so anything less than 100% means you lost some money."

"Right, that makes sense now.  So to get back to the bathroom how do you know it isn't a good investment?"

"Well based on the report here a mid-range bathroom remodel in New England costs $21,891 and adds $15,777 in value to your home at resale.  That is a 72% cost recovery which means you lost $4,333.  The cost recovered is even worse nationwide at only 60%.  

"What are some other examples? What about kitchens or re-siding?"

"People do like new kitchens but a mid-range minor kitchen remodel in New England only returns about 81%, more extensive remodels closer to 60%.  Siding is about 89%, backyard patios are 57% and the list goes on and on."

"Is there anything I can do that will actually earn a profit"

"According to the report new garage doors are the only thing that does.  And in this case a $3629 improvement nets only $267."

"Yikes, forget home improvements then huh?"

"That thinking isn't quite right either for two reasons.  Sometimes an improvement is actually maintenance and deferred maintenance may reduce the value and marketability of your home. For example, a leaking roof will lessen the value of your home through water damage and should be repaired regardless of the cost. The important thing is to consult with your realtor before making improvements to sell your home.  They will advise you as to which projects are worthwhile and which are not. My final thought here is that you shouldn't be waiting to improve your home!  Enjoy it and make it work for you.  If you want to add a back deck by all means do it and enjoy an improvement in both your home and your quality of life.  Don't hold back from an improvement if it is something you will enjoy."

Well Agnes, as always we appreciate your sage advice and experience here in the Cape Cod real estate market.  Please contact us with questions about buying and selling on the Cape and stay tuned for our next installment of Ask Agnes.

Cape Cod Market Update March 2019

February Review:

February saw the beginning of the Spring market on Cape Cod and the numbers tell an interesting tale.  We notice that average days on market has been steadily increasing while average percent of original price received has been declining.  It seems that buyers in the market are responding to overpriced houses by waiting longer to make offers and ultimately offering less.  We see this time and time again in smaller markets too, take an analysis we did for a client recently: Brewster Single Family sales in 2018. 

I'll explain briefly: 

Blue columns indicate the current price as a % of the original asking price.  In other words, the price that actually attracted a buyer.

Orange columns indicate the sale price as a % of the original price.

The three groups of columns show the houses that sold the fastest selling (left group at less than 25 days), median (middle group), and slowest selling (right group at more than 105 days).

Given all of that, we see houses that sell faster sell for closer to the asking price.  Homes that are on the market for longest are reduced to 94% of the original asking price before they attract a buyer and sell for only 90% of the original asking price. The takeaway is clear: if you price your house too high, it could spend more time on market and receive significantly less than the original asking price - ultimately costing you money.  It is important to work with local real estate experts to be sure you are well informed about how pricing strategies ultimately affect your bottom line.  

Recent Market Summary

  Dec Jan Feb
   Closed Sales 290 229 201
   Inventory 1,614 1,626 1,693
   Median Sales Price $385K $395K $408K
   Avg Days on Market 95 112 130
   Avg % of Original Price 93% 92% 91%

 

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Comments

  1. michael myslinski on

    I enjoy your updates. Thanks, Mike
    • Paul Chatelain on

      Thank you. We are happy to do it
  2. Michael Haidas on

    I too enjoy your updates. Best darn realtors on the Cape.
    • Paul Chatelain on

      Thanks Mike. Your vote of confidence is very much appreciated

Announcing Chatelain Real Estate

 

 

 

 

 

We are proud to announce that Cape Cod's newest independent real estate firm is here with 57 combined years of experience and two generations of tradition in real estate on Cape Cod. As Chatelain Real Estate we are pleased to offer a full suite of real estate services from buyer and seller representation to rental marketing and property management. We look forward to continuing to provide a client experience second to none and working for you and your friends and family soon. For more information about us and the services we offer, please check out our website at www.ChatelainRealEstate.com, follow us on facebook, or drop by the office at 708 Route 134, Suite 9, South Dennis. If you aren't already receiving our monthly e-newsletter, click here to subscribe.

 

November Market Update

October Review: 

Median Sales prices continue to climb in both the single family and condominium markets and, as a result, we saw a considerable drop in the affordability index for Barnstable County in October.  The inventory of homes dropped less than 2% since September and the current months of inventory, 6.6, is considered a healthy amount in a residential market.  Additionally average days on market increased and percent of original sales price decreased, indicating a better market for buyers.  The strong economic metrics and assurance the Fed will raise rates coupled with booming jobs reports and increasing wages could mean some changes in the real estate market here in Barnstable County.

 

Recent Market Summary

  Aug Sept Oct
Closed Sales 358 370 378
Inventory 2,182 2,291 2,252
Median Sales Price $420K $437K $480K
Avg Days on Market 90 89 98
Avg % of Original Price 95% 95% 94%

 

Featured Search - Condos with 2 beds or more!

Get ready for your photography appointment

with these helpful tips

Making your home photo ready

Photos! Photos! Photos!  Are crucial to attracting buyers to your home and getting them in the door.  Since all of our listings are syndicated to numerous websites it is essential that your first showing (your online photos) are done right the first time.  Here are some tips for sellers to prepare your home for an excellent photography appointment.  

~ Stay out of the shots, and Fido too ~

Family photos on the fridge, stairwell and mantlepiece are necessary to making your house feel like home - YOUR home.  However, potential buyers need to be able to picture themselves in the space, so consider removing some or all of these personal items.  And while photos are being enjoy a nice relaxing walk with the dog (or cat) so the photographer can do their work uninterrupted.

 

~ Arrange furniture for guests ~

We mean a couple of different things here but the main idea is that simplicity is the heart of elegance.  Remove excess furniture and decoration so that rooms feel more open, just like you would for a party.  Set out your patio furniture, create separate sitting areas that feel inviting and intimate (but not cramped).  Here is a nice example of the warmth that a patio set can bring.  47 Asack Drive in South Dennis has a beautiful deck that is even more appealing because your imagination inserts corn on the cob and iced tea.

 

~ Declutter ~

And don't take this the wrong way, we all live busy lives and have that pile of unread magazines on the coffee table.  But it doesn't look any nicer if you just straighten up the edges,  why not get rid of it completely?  Reduction is the most important point here; counter tops, coat racks, end tables, and refrigerators should all be clean and empty.  For a nice touch consider a modest centerpiece as an accent though.  Here is a great example of decluttering at a water view listing, 13 Beachwood Road in Yarmouth.  The shelves are clean and filled with only one accent piece, coat rack is empty and the beds are made without a pile of stuffed animals.

 

 

Check out some of our other blogs on selling your home here and, as always, give the Chatelains a call for all of your buying and selling needs.

September 2018 Market Update

August Review:  The big news here is that inventory continues to grow.  We currently have 6.4 months of single family home inventory in Barnstable County as well as increasing number of homes for sale (labeled as inventory in the table below).  Generally a market with around 5 and 6 months of inventory is considered healthy so we are relieved to see these numbers up again.  We also tend to see a spike in listings this time of year simply because people are done using their summer homes, but we'll have to wait and see if the trend continues.

 

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What's New in Barnstable County?  Find out here

Recent Market Summary

  June July August
Closed Sales 413 330 358
Inventory 1,992 2,071 2,182
Median Sales Price $438K $440K $420K
Avg Days on Market 95 83 90
Avg % of Original Price 95% 96% 95%