Actually the selling prices on Cape Cod across the board of all the towns have pretty much stayed the same from last year!

The key word in your question is soon. Although prices year over year are down (and at the time of the your question only by about 6%) based on averages for all of Barstable County there are still areas where they are up. Provincetown was still up by over 20% and Brewster was up by 5.6% for example. You need to very specific and then address the differences between condo versus single family, different price points, etc. Three things can be said for certain: Real Estate goes in cycles, it is a long term investment , and is there any place on the Cape where prices were higher in 1997 than they are in 2007.

You asked your question way back in September - prices have since been lowered. Now that winter is here, as a buyer, you are in a great negotiating position. Beware of short sales, unless you are willing to deal with MUCH aggravation. May be worth it in the end, just a super hassle of a journey to get there. REO's are the same - all are AS IS. The mortgage company /bank that owns the property will want to approve you themselves even it you have been approved by your own lender. Get a strong buyer agent for those - they need to stay vigilante. But jump in - the buying is great and so are the interest rates.

Peggy Gabour

Keep coming down!... to meet what the shortsales, foreclosures and bank owned properties are selling for. Check out my website http://www.JeanSOLDMyhouse.com to see all lisitngs with addressesfor FREE.
Great time to buy, so if you are getting less for your property, take it, move on and pay less for your upgrade
Regards, Jeanne

Hello Sara:

As you may know, the Cape has many second homeowners. Most second homeowners are financially stable and usually do not need to sell. Thus, I do not think prices have fallen that much, except in cases where the property was over-priced to begin with! if a house should have been $300,000 but the Seller listed it for $400,000 and then reduced it to $350,000.......I do not consider that as "prices are falling". It is important that if you are buying, that you use a reputable Buyer's Agent. A good Buyer's Agent will be able to explain the overall market here on the Cape. And, as a side note, as noted on the Barnstable County Registry of Deeds website- volume and prices are higher! Here in Provincetown, volume is also up!

Prices are bottoming out. I have a property that I listed for $675K---a beautiful view and > 3300 sq ft home--it is assessed at $730K and when I re-fi'd last December, it appraised at $775K. I dropped the price to $649K awhile ago. Still no success. I will keep it where it is, but consider all offers, even a short sale, if that gives you any idea as to where we are at!!! Jeannie

Well, Cape Cod is full of second homes. Second homes are the first to be sold during financial troubles. I think you will see price drops in Cape Cod until the spring. Good luck, Jon

Hi Sara,
A lady Jeanne posted that she has a house in Harwich that she needs to sell. I've sent her a link to your question. Maybe she will contact you and you can make a deal!
Sorry, I don't know the market well enough to answer you, but thought it would be cool to get you two together!