Foreclosure in Falmouth>Question Details

Sara P, Home Buyer in Massachusetts

Are home prices on Cape Cod ikely to stabalize soon, or are they predicted to keep coming down?

Asked by Sara P, Massachusetts Thu Sep 27, 2007

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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.
2 votes Thank Flag Link Tue Dec 11, 2007
Sara home prices have been declining since 2005 on the Cape but sellers on the Cape still think that their properties are still worth what they used to be worth in 2005. The good news is that home prices are always negotiable especially with the sellers who are overpriced and sitting on the market for months. So there isnt a good reason to sit on the fence if you have an Agent like me who knows how to negotiate and knows the market!! let me know if I can help
0 votes Thank Flag Link Sun Feb 3, 2013
No one has a crystal ball but you can be sure the hardest hit markets will continue on a decline until the overall economy makes a bounce back. In addition, a lot of the struggling markets are so flooded with foreclosures and short sales that even if the economy took a turn and stabilized the inventory recovery period could take years.
There is always opportunity in markets like this but you need to be prepared to hold your investment for 5 plus years in order to hit the jackpot.

Good luck!
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0 votes Thank Flag Link Mon Nov 28, 2011
Home prices continue to decline on the Cape. Home values continue to decline on the Cape for the first quarter of 2011. Incredibly rates mixed with stabilizing home prices continued to push housing affordability in the third quarter near its highest levels in more than two decades, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index.
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0 votes Thank Flag Link Mon Nov 28, 2011
I think prices on Cape are out of sync with the market and the current economy. A 400 sq ft cottage is priced at over $600/sq ft???? Are you kidding me? You can get a condo in the heart of Boston for less than $600/sq ft. What gives????
0 votes Thank Flag Link Fri May 13, 2011
If you are selling into a price range that has a lot of the distressed sales you will be heading down I am afraid as this market continues to slide with economic stress still hitting the Cape hard. I feel some of the water access location are holding up better that the general market. Retirement homes will continue to have a market here on the Cape as the crush of baby boomers fully enter retirement. So much of how the market feels to a seller depends on what he has to sell..
0 votes Thank Flag Link Sun Feb 20, 2011
Prices of most Cape properties have come down a lot and most home owners realize that when they sell their homes there is a lot of other homes on the market and are more open to offers now. Another agent did state in their answer that a lot of property owners on the Cape are second home owners and do not need to sell their property, I agree with this view but they still have to be realistic in today's market.
The important things for a buyer to do when they are ready to purchase a home are: have a preapproval ready so you know what you can afford, check out various web sites to see what type of location and styles are available to you and then work with a good buyer's agent. They will listen to you wish list and try to locate just what you want in the price range you have to work with and then guide you in the buying process and negotiate the offer then help you with the rest of the sales process.
0 votes Thank Flag Link Wed Dec 1, 2010
Actually the selling prices on Cape Cod across the board of all the towns have pretty much stayed the same from last year!
0 votes Thank Flag Link Tue Dec 11, 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
0 votes Thank Flag Link Thu Nov 29, 2007
Keep coming down!... to meet what the shortsales, foreclosures and bank owned properties are selling for. Check out my website 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
0 votes Thank Flag Link Thu Nov 29, 2007
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!
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0 votes Thank Flag Link Sun Sep 30, 2007
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
0 votes Thank Flag Link Thu Sep 27, 2007
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
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0 votes Thank Flag Link Thu Sep 27, 2007
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!
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0 votes Thank Flag Link Thu Sep 27, 2007
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