My name is Trish Graham and I have had over 30 years of experience in the financial and real estate markets. Commodities, like real estate, oil, metals, run in cycles.
Trying to capture the bottom of the market increases the probability that you will miss it. Think of the real estate cycle as the face of a clock. 12 is the height of the market and 6 is the bottom. It is virtually impossible in a dynamic market to pinpoint the top or the bottom until after the fact. The goal should be to buy between 4 and 8 and sell between 10 and 2. In my estimation we are between 6 and 7 right now.
I am an accredited buyers representative, and have managed an investment advisory practice for over 30 years. I have owned everything from strip malls, apartments, manufacturing space, rental properties, even hospitality properties. If you need assistance buying a retirement home or an investment property, give me a call.
508-963-9666 or email me @ firstname.lastname@example.org
44.3% increase in the number of units sold (all real estate) over last year
48.3% increase in total dollar volume in the same period (single family/condos)
10.3% increase in the average sales price for single family properties
6.5% increase in median sales price for single family properties
With interest rates at historic lows and prices attractive, the window for buying with optimum purchase power seems to be .....now. Increased demand combined with level inventory will inexorably lead to rising prices.
*Per Cape & Islands MLS statistics.
Property values can go down a lot further. Rates are so low, which is trying to help, but try values are based on demand and ones ability to pay.
The cape has many second home owners and those that have retired. Second homeowners will let those homes go firest to save their primary home. Those that retire and sell their primary home at a lower price will have less to buy their retirement property.
I don't believe I'm telling you anything your didn't already know. But all that said, if you like a home, can afford the home and are buying it for those reasons, not caring if it increases or decreases in value, then buy it.
If you are always going to try to catch the market, go to VEGAS
It seems like we are bouncing along the bottom. Some properties are selling for prices higher than I would expect, others are still being reduced to lower than what I'd expect before they go under agreement. One thing is for sure, you don't know you've hit the rock bottom until you've passed it. For buyers, the most important variable right now is the amazingly low interest rates. We don't know how long these rates will last. Experts seem to agree that there will not be significant appreciation in real estate until 2015 at the earliest. The converging factors of low interest rates, low prices, and high inventory make this a "perfect storm" for buyers. Right now is the best opportunity for buyers on Cape Cod. That's why my phone is ringing off the hook for showings this weekend! Sincerely, Amy Harbeck