Blog :: 03-2020

After more than 25 years of living, working and playing on Cape Cod we have a lot to share about the area.  Our blog topics run the gamut from fun things to do, working with contractors, and homeownership tips and tricks, so check back frequently to see what's new.  If you have questions or would like to learn more about Cape Cod or owning property on this beautiful peninsula please contact us for more information and to set up a showing for any listing. 

Cape Cod Market Update March 2020

February Review:

As 2020 starts rolling into the Spring market, February brought some interesting happenings. February closings, inventory and supply of homes are all down nearly 20% compared to 2019.  We did see a 15% increase in pending sales last month which may portend more closings in March.  Inventory compared to January is on the rise, a trend that is indicative of the start of the Spring market. One ongoing and significant market force is the lack of inventory. This dearth of supply may continue to put upward pressure on prices and favors sellers.  However, buyers are not at an absolutely terrible disadvantage as mortgage rates continue to decline (and bizarre things are happening in the mortgage market at the time of writing).  We would also be remiss to not mention COVID-19 and the more recent economic turmoil.  Do we know how this will affect the local market? Nope. Frankly we are in uncharted territory here folks.  Stay healthy and safe!

Contact us today, we are always glad to discuss the market in further detail if you have questions. For more market data check out our blog category Real Estate Trends.

Recent Market Summary

    Dec     Jan     Feb  
    Closed Sales    350     270     324  
   Inventory     1,346     1,397     1,426  
   Median Sales Price   $436K     $431K     $435K  
   Avg Days on Market    109     108     120  
   Avg % of Original Price    93%     93%     93%  

 

Do this to get a higher offer on your home when selling

Buyers are looking for homes that sparkle.  Some homes for sale on Cape Cod have been recently renovated and benefit from fresh paint, new floors or carpets, and updated appliances in the kitchen, bath or both.  A home with newer updates is definitely more appealing to buyers (but worth it? Please see our thoughts here) and with our simple trick you too can make your home look its best without spending thousands of dollars.

Ready? Vinegar, warm water, elbow grease.  No kidding.  Too often we see homes that are, quite simply, dirty.  Many sellers do a decent job cleaning their homes by sweeping, vacuuming, and mopping floors.  What so many people miss are the walls!  Spend a little time with some diluted white vinegar and wash every surface in your home.  You will be amazed at how much grime can appear on a rag from, what you thought was, a 'clean' flat wall.  Spend a little extra time by beds, furniture, paintings, and anywhere that people touch (light switches, around door knobs etc...).  Haven't you noticed that light discoloration on the wall when you move the bureau?  When your home is empty and that bureau is gone, every potential buyer walking through will notice it as well.  Another great tip: use a 'Magic Eraser' or similar product for larger marks, but be careful, these can change the texture of paint which is very visible in certain light.  

If you are trying to squeeze every ounce of potential value out of your homes consider this inexpensive way to make it more appealing to buyers.  When someone walks in and can see everything that is wonderful about your home without the distraction of dirty walls, you give yourself a great shot at a higher sale price!

If you are considering listing your home, please give us a call to put two generations of tradition 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.